N-CSR

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)

Brooke A. Fapohunda, 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: (800) 201-6984

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2017

Item 1: Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the fiscal year ended December 31, 2017

Table of Contents

1	A Letter to Shareholders
3	Investment Comparison
4	Information About Your Fund’s Expenses and Holdings Presented by Sector
6	Schedule of Investments
45	Statement of Assets and Liabilities
46	Statement of Operations
47	Statements of Changes in Net Assets
48	Financial Highlights
50	Notes to Financial Statements
64	Report of Independent Registered Public Accounting Firm
65	Supplemental Information to Shareholders

Lord Abbett Series Fund – Bond Debenture Portfolio
Annual Report

For the fiscal year ended December 31, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,     Daria L. Foster Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 9.21%, 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 3.54% over the same period.

During the 12-month period the leveraged credit sectors of the U.S. fixed income market, including high yield bonds and loans, experienced positive returns, outperforming traditional government

related and investment grade securities. Despite some episodes of heightened volatility, high yield corporate spreads continued to compress during the period and returns within the high yield market were driven primarily by the lower quality segment, as CCC rated bonds meaningfully outperformed the broader market for the 12- month period.

As it has in the past, the Fund maintained a significant allocation to high yield bonds, as we remained positive on the high yield market from a fundamental

1

perspective. The Fund’s exposure to high yield bonds contributed to relative performance, as the high yield market significantly outperformed investment grade bonds, as represented by the Fund’s benchmark the Bloomberg Barclays U.S. Aggregate Bond Index.

The Fund maintained an allocation to equities throughout the period, which also contributed to relative performance, as the asset class outperformed fixed income segments of the market, including the Bloomberg Barclays U.S. Aggregate Bond Index.

The Fund’s modest allocation to government-related and securitized products detracted from performance, as these securities lagged risk assets during the period.

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.

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, 2017. 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.

2

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 Merrill Lynch 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, 2017

	1 Year	5 Years	10 Years
Class VC	9.21%	6.36%	7.12%

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.

3

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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.

4

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†
	7/1/17	12/31/17	7/1/17 – 12/31/17
Class VC
Actual	$1,000.00	$1,042.40	$4.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.67	$4.58

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Asset Backed	1.86	%
Automotive	1.84	%
Banking	8.74	%
Basic Industry	9.97	%
Capital Goods	3.53	%
Consumer Goods	3.45	%
Energy	12.10	%
Financial Services	4.09	%
Foreign Government	3.81	%
Healthcare	6.59	%
Insurance	2.38	%
Leisure	4.21	%
Media	3.36	%
Municipal	3.97	%
Real Estate	1.47	%
Retail	5.48	%
Services	3.22	%
Technology	6.90	%
Telecommunications	2.90	%
Transportation	3.14	%
U.S. Government	1.44	%
Utility	4.33	%
Repurchase Agreement	1.22	%
Total	100.00	%

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

5

Schedule of Investments

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 99.38%
ASSET-BACKED SECURITIES 1.92%
Automobiles 0.11%
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%		6/15/2022	$	979	$	964,024
Westlake Automobile Receivables Trust 2016-3A B†	2.07%		12/15/2021		277		276,180
Total							1,240,204
Other 1.81%
ALM XIX Ltd. 2016-19A C†	5.709% (3 Mo. LIBOR + 4.35%	)#	7/15/2028		462		475,152
ALM XVIII Ltd. 2016-18A C†	5.709% (3 Mo. LIBOR + 4.35%	)#	7/15/2027		500		515,353
AMMC CLO XII Ltd. 2013-12A DR†	4.11% (3 Mo. LIBOR + 2.47%	)#(a)	11/10/2030		391		393,625
Anchorage Capital CLO 8 Ltd. 2016-8A D†	5.578% (3 Mo. LIBOR + 4.20%	)#	7/28/2028		250		253,845
Anchorage Capital CLO 9 Ltd. 2016-9A D†	5.359% (3 Mo. LIBOR + 4.00%	)#	1/15/2029		1,150		1,177,136
Apex Credit CLO Ltd. 2015-2A B1†	3.753% (3 Mo. LIBOR + 2.40%	)#	10/19/2026		1,500		1,501,565
Ascentium Equipment Receivables Trust 2016-2A B†	2.50%		9/12/2022		417		415,210
BlueMountain CLO Ltd. 2016-1A D†	6.163% (3 Mo. LIBOR + 4.80%	)#	4/20/2027		500		508,882
Conn Funding II LP 2017-B C†	5.95%		11/15/2022		2,250		2,273,600	(b)
Engs Commercial Finance Trust 2016-1A A2†	2.63%		2/22/2022		832		828,109
Guggenheim 5180-2 CLO LP 2015-1A A2B†	4.012% (3 Mo. LIBOR + 2.55%	)#	11/25/2027		2,500		2,507,979
Jamestown CLO VII Ltd. 2015-7A BR†	3.017% (3 Mo. LIBOR + 1.65%	)#(a)	7/25/2027		1,202		1,203,006
KKR Financial CLO Ltd. 2013-2A C†	5.113% (3 Mo. LIBOR + 3.75%	)#	1/23/2026		500		501,285
Marble Point CLO XI Ltd. 2017-2A A†	2.793% (3 Mo. LIBOR + 1.18%	)#(a)	12/18/2030		1,800		1,802,610
Regatta III Funding Ltd. 2014-1A CR†	4.659% (3 Mo. LIBOR + 3.30%	)#	4/15/2026		400		402,931
Regatta IV Funding Ltd. 2014-1A DR†	4.667% (3 Mo. LIBOR + 3.30%	)#	7/25/2026		1,300		1,300,761
Sound Point CLO XI Ltd. 2016-1A D†	6.013% (3 Mo. LIBOR + 4.65%	)#	7/20/2028		2,000		2,045,240
Voya CLO Ltd. 2016-2A C†	5.607% (3 Mo. LIBOR + 4.25%	)#	7/19/2028		750		760,662
Voya CLO Ltd. 2017-4A A1†	2.514% (3 Mo. LIBOR + 1.13%	)#(a)	10/15/2030		1,059		1,062,121
West CLO Ltd. 2014-2A BR†	3.111% (3 Mo. LIBOR + 1.75%	)#(a)	1/16/2027		459		459,542

6 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Westcott Park CLO Ltd. 2016-1A D†	5.713% (3 Mo. LIBOR + 4.35%	)#	7/20/2028	$	850	$	861,103
Total							21,249,717
Total Asset-Backed Securities (cost $22,092,665)							22,489,921
				Shares (000)
Common Stocks 14.62%
Aerospace/Defense 0.30%
Huntington Ingalls Industries, Inc.					7		1,744,887
Mercury Systems, Inc.*					35		1,805,825
Total							3,550,712
Air Transportation 0.20%
Allegiant Travel Co.					7		1,121,937
Wizz Air Holdings plc†*(c)				GBP	26		1,263,568
Total							2,385,505
Auto Loans 0.15%
Credit Acceptance Corp.*					5		1,734,823
Auto Parts & Equipment 0.09%
Chassix Holdings, Inc.					59		1,085,419
Automakers 0.10%
Oshkosh Corp.					13		1,199,566
Banking 0.72%
BOK Financial Corp.					7		634,146
Cullen/Frost Bankers, Inc.					12		1,119,426
LegacyTexas Financial Group, Inc.					28		1,201,128
Northern Trust Corp.					12		1,177,303
Sberbank of Russia PJSC ADR					120		2,026,877
SVB Financial Group*					10		2,290,712
Total							8,449,592
Beverages 0.79%
Brown-Forman Corp. Class B					36		2,447,673
Constellation Brands, Inc. Class A					5		1,223,307
Monster Beverage Corp.*					19		1,178,396
Remy Cointreau SA(c)				EUR	20		2,710,690
Treasury Wine Estates Ltd.(c)				AUD	142		1,767,632
Total							9,327,698

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares (000)		Fair Value
Brokerage 0.10%
Cboe Global Markets, Inc.		10	$	1,200,798
Building Materials 0.21%
Owens Corning		27		2,465,923
Chemicals 0.55%
Potash Corp. of Saskatchewan, Inc. (Canada)(d)		117		2,413,345
Venator Materials plc (United Kingdom)*(d)		51		1,128,695
Versum Materials, Inc.		30		1,149,883
Westlake Chemical Corp.		17		1,761,900
Total				6,453,823
Discount Stores 0.40%
Amazon.com, Inc.*		1		1,160,114
Dollar Tree, Inc.*		11		1,178,371
Wal-Mart Stores, Inc.		24		2,370,593
Total				4,709,078
Diversified Capital Goods 0.10%
Rockwell Automation, Inc.		6		1,169,461
Electric: Integrated 0.67%
El Paso Electric Co.		29		1,596,405
IDACORP, Inc.		18		1,657,727
NextEra Energy, Inc.		11		1,734,021
Pampa Energia SA ADR*		25		1,678,636
Public Service Enterprise Group, Inc.		23		1,189,650
Total				7,856,439
Electronics 0.49%
Keyence Corp.(c)	JPY	2		1,106,090
Littelfuse, Inc.		6		1,117,287
Nintendo Co., Ltd.(c)	JPY	3		1,213,525
Rogers Corp.*		7		1,194,322
Trimble, Inc.*		29		1,161,857
Total				5,793,081
Energy: Exploration & Production 1.06%
Carrizo Oil & Gas, Inc.*		57		1,206,108
Chaparral Energy, Inc.*		12		291,648
Chaparral Energy, Inc. Class A*		59		1,386,955
Concho Resources, Inc.*		8		1,196,202

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Shares (000)			Fair Value
Energy: Exploration & Production (continued)
Continental Resources, Inc.*		74		$	3,917,979
Extraction Oil & Gas, Inc.*		58			831,654
Jagged Peak Energy, Inc.*		65			1,018,788
Peabody Energy Corp.		–	(e)		10,613
SM Energy Co.		58			1,274,016
Templar Energy LLC Class A Units		46			101,682
WildHorse Resource Development Corp.*		67			1,232,734
Total					12,468,379
Food: Wholesale 0.31%
Costco Wholesale Corp.		6			1,191,168
Hormel Foods Corp.		32			1,169,938
TreeHouse Foods, Inc.*		25			1,231,752
Total					3,592,858
Forestry/Paper 0.10%
Potlatch Corp.		23			1,138,419
Gaming 0.87%
Aristocrat Leisure Ltd.(c)	AUD	71			1,300,097
Caesars Entertainment Corp.*		88			1,114,389
Penn National Gaming, Inc.*		80			2,498,599
Scientific Games Corp. Class A*		44			2,257,149
VICI Properties, Inc.*		29			597,759
Wynn Resorts Ltd.		14			2,423,144
Total					10,191,137
Hotels 0.10%
Hilton Grand Vacations, Inc.*		29			1,195,575
Investments & Miscellaneous Financial Services 0.71%
Ameriprise Financial, Inc.		14			2,344,956
BlackRock, Inc.		2			1,182,560
Federated Investors, Inc. Class B		34			1,215,680
SEI Investments Co.		16			1,178,576
T. Rowe Price Group, Inc.		23			2,379,183
Total					8,300,955
Machinery 0.63%
Deere & Co.		16			2,459,085
DMG Mori Co., Ltd.(c)	JPY	55			1,130,253

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

Investments	Shares (000)		Fair Value
Machinery (continued)
Gardner Denver Holdings, Inc.*		37	$	1,249,302
Komatsu Ltd.(c)	JPY	35		1,270,311
Terex Corp.		26		1,245,330
Total				7,354,281
Media: Content 0.10%
Netflix, Inc.*		6		1,189,192
Medical Products 0.05%
Align Technology, Inc.*		3		572,806
Metals/Mining (Excluding Steel) 0.22%
Sumitomo Metal Mining Co. Ltd.(c)	JPY	57		2,603,785
Monoline Insurance 0.19%
FNF Group		29		1,144,984
MGIC Investment Corp.*		76		1,065,968
Total				2,210,952
Non-Electric Utilities 0.16%
Aqua America, Inc.		48		1,873,860
Oil Field Equipment & Services 0.15%
RPC, Inc.		70		1,776,097
Oil Refining & Marketing 0.16%
HollyFrontier Corp.		37		1,896,677
Pharmaceuticals 0.78%
Bio-Rad Laboratories, Inc. Class A*		5		1,145,616
Bluebird Bio, Inc.*		15		2,628,222
Blueprint Medicines Corp.*		39		2,933,675
Juno Therapeutics, Inc.*		27		1,221,828
Loxo Oncology, Inc.*		14		1,187,191
Total				9,116,532
Printing & Publishing 0.10%
S&P Global, Inc.		7		1,144,975
Real Estate Development & Management 0.15%
CoStar Group, Inc.*		6		1,779,027
Real Estate Investment Trusts 0.15%
Goodman Group(c)	AUD	260		1,705,272

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Shares (000)		Fair Value
Restaurants 0.30%
Dunkin’ Brands Group, Inc.		19	$	1,237,824
McDonald’s Corp.		7		1,159,400
Shake Shack, Inc. Class A*		26		1,122,207
Total				3,519,431
Software/Services 1.05%
2U, Inc.*		18		1,165,051
Black Knight, Inc.*		13		556,952
Blackbaud, Inc.		17		1,620,503
FleetCor Technologies, Inc.*		9		1,751,690
InterXion Holding NV (Netherlands)*(d)		10		603,090
MSCI, Inc.		9		1,157,208
Rheinmetall AG(c)	EUR	5		619,671
Snap, Inc. Class A*		36		531,190
Tableau Software, Inc. Class A*		16		1,105,539
Twitter, Inc.*		81		1,940,560
VMware, Inc. Class A*		10		1,263,978
Total				12,315,432
Specialty Retail 1.21%
Canada Goose Holdings, Inc. (Canada)*(d)		43		1,349,190
Children’s Place, Inc. (The)		9		1,293,615
Columbia Sportswear Co.		17		1,250,712
Five Below, Inc.*		18		1,200,127
Kering(c)	EUR	4		1,796,765
Maisons du Monde SA†(c)	EUR	16		709,264
Moncler SpA(c)	EUR	56		1,752,640
Ollie’s Bargain Outlet Holdings, Inc.*		25		1,307,287
Polaris Industries, Inc.		9		1,140,708
Skechers U.S.A., Inc. Class A*		33		1,244,936
VF Corp.		16		1,176,674
Total				14,221,918
Support: Services 0.53%
Ashtead Group plc(c)	GBP	46		1,233,788
Bright Horizons Family Solutions, Inc.*		13		1,200,192
ManpowerGroup, Inc.		9		1,172,823
TopBuild Corp.*		17		1,316,361
Total System Services, Inc.		16		1,242,425
Total				6,165,589

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2017

Investments			Shares (000)		Fair Value
Technology Hardware & Equipment 0.21%
Marvell Technology Group Ltd.				50	$	1,074,874
Tokyo Electron Ltd.(c)			JPY	8		1,352,921
Total						2,427,795
Transportation: Infrastructure/Services 0.10%
Landstar System, Inc.				11		1,170,813
Trucking & Delivery 0.36%
Knight-Swift Transportation Holdings, Inc.	27	1,184,812
Old Dominion Freight Line, Inc.	23	3,001,182
Total						4,185,994
Total Common Stocks (cost $151,846,041)						171,499,669
	Interest Rate	Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 0.30%
Automakers 0.10%
Tesla, Inc.	1.25%	3/1/2021	$	1,035		1,121,681
Investments & Miscellaneous Financial Services 0.10%
Square, Inc.†	0.375%	3/1/2022		709		1,159,658
Software/Services 0.10%
RealPage, Inc.†	1.50%	11/15/2022		976		1,212,680
Total Convertible Bonds (cost $3,582,358)						3,494,019
	Dividend Rate		Shares (000)
CONVERTIBLE PREFERRED STOCKS 0.25%
Personal & Household Products 0.20%
Stanley Black & Decker, Inc.	5.375%			19		2,381,350
Software/Services 0.05%
Mandatory Exchangeable Trust†	5.75%			3		565,167
Total Convertible Preferred Stocks (cost $2,388,060)						2,946,517

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
FLOATING RATE LOANS(f) 3.20%
Advertising 0.15%
Southern Graphics, Inc. 1st Lien Initial Term Loan	–	(g)	12/8/2022	$	1,507	$	1,516,992
Southern Graphics, Inc. Delayed Draw Term Loan	–	(g)	12/31/2022		243		244,926
Total							1,761,918
Building Materials 0.13%
Zodiac Pool Solutions LLC 1st Lien Tranche B1 Term Loan	5.693% (3 Mo. LIBOR + 4.00%	)	12/20/2023		1,514		1,524,153
Department Stores 0.10%
Neiman Marcus Group, Inc. Other Term Loan	4.642% (3 Mo. LIBOR + 3.25%	)	10/25/2020		1,456		1,193,017
Electric: Generation 0.48%
EFS Cogen Holdings I LLC Advanced Term Loan B	4.95% (3 Mo. LIBOR + 3.25%	)	6/28/2023		503		508,048
Lightstone Holdco LLC Refinanced Term Loan B	6.069% (3 Mo. LIBOR + 4.50%	)	1/30/2024		2,521		2,536,457
Lightstone Holdco LLC Refinanced Term Loan C	6.069% (3 Mo. LIBOR + 4.50%	)	1/30/2024		161		161,964
Sandy Creek Energy Associates, L.P. Term Loan	5.693% (3 Mo. LIBOR + 4.00%	)	11/9/2020		1,547		1,300,697
Viva Alamo LLC Term Loan B	5.819% (3 Mo. LIBOR + 4.25%	)	2/20/2021		1,182		1,170,487
Total							5,677,653
Electronics 0.10%
EXC III Holding Corp. 1st Lien Initial Term Loan	5.161% (3 Mo. LIBOR + 7.50%	)	12/1/2025		1,141		1,151,874
Energy: Exploration & Production 0.15%
California Resources Corp. Initial Term Loan	–	(g)	12/31/2022		589		587,896
Chief Exploration & Development LLC 2nd Lien Term Loan	7.959% (3 Mo. LIBOR + 6.50%	)	5/16/2021		1,179		1,162,299
Total							1,750,195
Gaming 0.30%
Cowlitz Tribal Gaming Authority Term Loan B	12.069% (1 Mo. LIBOR + 10.50%	)	12/6/2021		2,182		2,449,716	(h)
Stars Group, Inc. (The) 1st Lien Initial Term Loan B3 (Netherlands)(d)	5.193% (3 Mo. LIBOR + 3.50%	)	8/1/2021		1,106		1,113,688
Total							3,563,404

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Health Services 0.10%
Genoa, a QoL Healthcare Company, LLC 1st Lien Amendment No. 1 Term Loan	4.819% (1 Mo. LIBOR + 3.25%	)	10/28/2023	$	1,095	$	1,103,628
Investments & Miscellaneous Financial Services 0.07%
VFH Parent LLC Initial Term Loan	5.135% (3 Mo. LIBOR + 3.75%	)	12/30/2021		861		869,478
Media: Diversified 0.11%
UFC Holdings, LLC 2nd Lien Term Loan	9.052% (1 Mo. LIBOR + 7.50%	)	8/18/2024		1,231		1,255,109
Metals/Mining (Excluding Steel) 0.06%
Oxbow Carbon LLC 2nd Lien Initial Term Loan	10.50% (3 Mo. LIBOR + 7.50%	)	1/4/2024		650		652,438
Personal & Household Products 0.14%
Britax US Holdings, Inc. Initial Dollar Term Loan	5.193% (3 Mo. LIBOR + 3.50%	)	10/15/2020		1,896		1,614,488
Real Estate Development & Management 0.09%
Capital Automotive L.P. 2nd Lien Initial Tranche B Term Loan	7.57% (1 Mo. LIBOR + 6.00%	)	3/24/2025		1,051		1,082,920
Recreation & Travel 0.24%
Intrawest Resorts Holdings, Inc. Term Loan B1	4.819% (3 Mo. LIBOR + 3.25%	)	7/31/2024		2,088		2,106,928
Kingpin Intermediate Holdings LLC 1st Lien Term Loan	5.73% (3 Mo. LIBOR + 4.25%	)	6/29/2024		679		687,360	(h)
Total							2,794,288
Software/Services 0.08%
Misys Ltd 2nd Lien Dollar Term Loan	8.729% (3 Mo. LIBOR + 7.25%	)	6/13/2025		965		970,307
Specialty Retail 0.56%
Bass Pro Group, LLC Term Loan B	–	(g)	9/25/2024		1,731		1,728,499
Container Store, Inc. Term Loan B	8.693% (3 Mo. LIBOR + 7.00%	)	8/18/2021		899		873,345
Forterra Finance, LLC Term Loan	–	(g)	10/25/2023		1,267		1,188,708
J.C. Penney Corp., Inc. 2016 Term Loan B	5.729% (3 Mo. LIBOR + 0.425%	)	6/23/2023		1,295		1,214,005

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
PetSmart, Inc. Tranche B2 Term Loan	4.57% (1 Mo. LIBOR + 3.00%	)	3/11/2022	$	1,965	$	1,578,615
Total							6,583,172
Support: Services 0.03%
Pike Corp. 2017 Initial Term Loan	5.07% (3 Mo. LIBOR + 3.50%	)	9/20/2024		328		333,550
Telecommunications: Satellite 0.05%
Intelsat Jackson Holdings S.A. Tranche Term Loan B5 (Luxembourg)(d)	–	(g)	1/2/2024		602		609,402
Transportation: Infrastructure/Services 0.26%
Uber Technologies, Inc. Term Loan B	5.552% (3 Mo. LIBOR + 4.00%	)	7/13/2023		2,984		3,006,644
Total Floating Rate Loans (cost $36,927,667)							37,497,638
FOREIGN BONDS(c) 0.45%
France 0.21%
CMA CGM SA†	5.25%		1/15/2025	EUR	657		787,844
CMA CGM SA†	6.50%		7/15/2022	EUR	1,377		1,737,916
Total							2,525,760
Netherlands 0.24%
Hema Bondco I BV†	6.25% (3 Mo. Euribor + 6.25%	)#	7/15/2022	EUR	2,291		2,812,733
Total Foreign Bonds (cost $4,971,412)							5,338,493
FOREIGN GOVERNMENT OBLIGATIONS 3.47%
Argentina 0.89%
City of Buenos Aires†(d)	7.50%		6/1/2027		1,275		1,422,262
City of Buenos Aires†(d)	8.95%		2/19/2021		1,125		1,251,563
Province of Santa Fe†(d)	6.90%		11/1/2027		1,521		1,614,009
Provincia de Mendoza†(d)	8.375%		5/19/2024		2,025		2,263,059
Provincia of Neuquen†(d)	7.50%		4/27/2025		540		579,150
Provincia of Neuquen†(d)	8.625%		5/12/2028		719		808,566
Republic of Argentina(d)	7.50%		4/22/2026		2,208		2,503,099
Total							10,441,708
Australia 0.33%
Australian Government(c)	4.25%		4/21/2026	AUD	2,084		1,828,570
Queensland Treasury Corp.†(c)	4.00%		6/21/2019	AUD	2,500		2,007,947
Total							3,836,517

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Bahamas 0.29%
Commonwealth of Bahamas†(d)	5.75%	1/16/2024	$	1,100	$	1,150,930
Commonwealth of Bahamas†(d)	6.00%	11/21/2028		2,200		2,299,000
Total						3,449,930
Bermuda 0.23%
Government of Bermuda†	4.138%	1/3/2023		1,350		1,422,387
Government of Bermuda†	4.854%	2/6/2024		1,175		1,277,965
Total						2,700,352
Canada 0.21%
Province of British Columbia Canada(c)	2.85%	6/18/2025	CAD	3,000		2,453,007
Cayman Islands 0.04%
Cayman Islands Government†	5.95%	11/24/2019	$	425		459,045
Ghana 0.14%
Republic of Ghana†(d)	7.875%	8/7/2023		1,541		1,697,396
Greece 0.16%
Hellenic Republic†(c)	4.375%	8/1/2022	EUR	1,500		1,869,605
Honduras 0.21%
Honduras Government†(d)	6.25%	1/19/2027	$	2,300		2,465,830
Jamaica 0.35%
Government of Jamaica(d)	6.75%	4/28/2028		2,373		2,696,321
Government of Jamaica(d)	8.00%	3/15/2039		1,110		1,364,701
Total						4,061,022
Nigeria 0.08%
Republic of Nigeria†(d)	6.50%	11/28/2027		857		895,807
Senegal 0.15%
Republic of Senegal†(d)	6.25%	5/23/2033		1,661		1,758,095
Sri Lanka 0.20%
Republic of Sri Lanka†(d)	6.20%	5/11/2027		2,209		2,336,501
United Arab Emirates 0.10%
Abu Dhabi Government International†(d)	3.125%	5/3/2026		1,255		1,241,282
Uruguay 0.09%
Republic of Uruguay†(c)	8.50%	3/15/2028	UYU	30,282		1,057,655
Total Foreign Government Obligations (cost $38,491,810)						40,723,752

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGH 1.45%
Federal National Mortgage Assoc.(i) (cost $17,124,134)	3.50%	TBA	$	16,600	$	17,054,477
HIGH YIELD CORPORATE BONDS 69.02%
Advertising 0.19%
Clear Channel Worldwide Holdings, Inc.	6.50%	11/15/2022		1,579		1,612,554
Lamar Media Corp.	5.75%	2/1/2026		566		606,327
Total						2,218,881
Aerospace/Defense 0.78%
Bombardier, Inc. (Canada)†(d)	7.50%	12/1/2024		1,068		1,086,690
Bombardier, Inc. (Canada)†(d)	8.75%	12/1/2021		1,010		1,116,050
Bombardier, Inc.(Canada)†(d)	7.50%	3/15/2025		4,079		4,129,988
Huntington Ingalls Industries, Inc.†	3.483%	12/1/2027		1,711		1,708,861
Huntington Ingalls Industries, Inc.†	5.00%	11/15/2025		1,048		1,123,980
Total						9,165,569
Air Transportation 0.56%
Air Canada (Canada)†(d)	7.75%	4/15/2021		1,140		1,305,300
Air Canada 2015-2 Class A Pass-Through Trust (Canada)†(d)	4.125%	6/15/2029		818		859,111
American Airlines 2013-2 Class B Pass-Through Trust†	5.60%	1/15/2022		647		670,626
Azul Investments LLP†	5.875%	10/26/2024		3,049		3,037,566
Latam Finance Ltd.†	6.875%	4/11/2024		656		685,520
Total						6,558,123
Auto Parts & Equipment 0.72%
Allison Transmission, Inc.†	5.00%	10/1/2024		1,250		1,292,188
American Axle & Manufacturing, Inc.†	6.25%	4/1/2025		2,056		2,169,080
American Axle & Manufacturing, Inc.†	6.50%	4/1/2027		2,296		2,436,630
Gates Global LLC/Gates Global Co.†	6.00%	7/15/2022		1,617		1,661,467
International Automotive Components Group SA (Luxembourg)†(d)	9.125%	6/1/2018		257		254,591
TI Group Automotive Systems LLC (United Kingdom)†(d)	8.75%	7/15/2023		584		629,260
Total						8,443,216
Automakers 0.70%
BMW US Capital LLC†	2.80%	4/11/2026		1,199		1,173,195
Tesla, Inc.†	5.30%	8/15/2025		7,365		7,061,194
Total						8,234,389

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banking 8.13%
ABN AMRO Bank NV (Netherlands)†(d)	4.75%		7/28/2025		$	3,251	$	3,457,438
Ally Financial, Inc.	8.00%		11/1/2031			901		1,175,805
American Express Credit Corp.	3.30%		5/3/2027			1,891		1,920,659
ANZ New Zealand Int’l Ltd. (United Kingdom)†(d)	2.125%		7/28/2021			1,510		1,480,189
Associated Banc-Corp.	4.25%		1/15/2025			1,000		1,030,940
Astoria Financial Corp.	3.50%		6/8/2020			1,393		1,399,122
Australia & New Zealand Banking Group Ltd. (United Kingdom)†(d)	6.75% (USD Swap + 5.17%	)#	–	(j)		1,415		1,613,100
Banco de Bogota SA (Colombia)†(d)	4.375%		8/3/2027			900		900,000
Banco de Bogota SA (Colombia)†(d)	6.25%		5/12/2026			1,000		1,080,800
Banco de Galicia y Buenos Aires SA (Argentina)†(d)	8.25% (5 Yr Treasury Note CMT + 7.16%	)#	7/19/2026			1,000		1,116,200
Banco do Brasil SA†	6.25% (10 Yr Treasury Note CMT + 4.40%	)#	–	(j)		1,983		1,829,318
Banco General SA (Panama)†(d)	4.125%		8/7/2027			2,275		2,277,685
Banco Mercantil del Norte SA (Mexico)†(d)	7.625% (10 Yr Treasury Note CMT + 5.35%	)#	–	(j)		1,077		1,183,354
Banistmo SA (Panama)†(d)	3.65%		9/19/2022			1,390		1,376,100
Bank of America Corp.	4.45%		3/3/2026			2,201		2,352,798
Bank of Montreal (Canada)(d)	3.803% (USSW5 + 1.43%	)#(k)	12/15/2032			2,220		2,197,534
BankUnited, Inc.	4.875%		11/17/2025			2,525		2,688,121
BNP Paribas SA (France)†(d)	6.75% (5 Yr Swap rate + 4.92%	)#	–	(j)		1,817		1,971,445
Citigroup, Inc.	4.45%		9/29/2027			1,473		1,560,868
Citizens Financial Group, Inc.	4.35%		8/1/2025			831		865,539
Comerica, Inc.	3.80%		7/22/2026			1,258		1,278,219
Commonwealth Bank of Australia (Australia)†(d)	4.50%		12/9/2025			973		1,020,003
Compass Bank	3.875%		4/10/2025			2,100		2,109,490
Credit Suisse Group AG (Switzerland)†(d)	7.50% (5 Yr Swap rate + 4.60%	)#	–	(j)		1,075		1,230,821
Fifth Third Bancorp	8.25%		3/1/2038			1,708		2,614,111
First Republic Bank	4.625%		2/13/2047			1,161		1,245,575
Goldman Sachs Group, Inc. (The)	3.50%		11/16/2026			1,520		1,530,081
Goldman Sachs Group, Inc. (The)	6.75%		10/1/2037			2,100		2,814,370
Home BancShares, Inc.	5.625% (3 Mo. LIBOR + 3.58%	)#	4/15/2027			2,396		2,513,404
HSBC Holdings plc (United Kingdom)(d)	4.25%		8/18/2025			3,671		3,812,202
Intesa Sanpaolo SpA (Italy)†(d)	5.71%		1/15/2026			3,212		3,388,439
Intesa Sanpaolo SpA (Italy)†(d)	7.70% (5 Yr Swap rate + 5.46%	)#	–	(j)		2,717		2,954,737
Itau Unibanco Holding SA†	6.125% (BADLAR + 3.98%	)#	–	(j)		1,186		1,186,709

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banking (continued)
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028		$	1,306	$	1,329,845
JPMorgan Chase & Co.	3.90%		7/15/2025			1,150		1,206,460
JPMorgan Chase & Co.	6.75% (3 Mo. LIBOR + 3.78%	)#	–	(j)		1,688		1,913,770
Lloyds Banking Group plc (United Kingdom)(d)	7.50% (5 Yr Swap rate + 4.76%	)#	–	(j)		1,519		1,725,964
Macquarie Bank Ltd. (United Kingdom)†(d)	6.125% (5 Yr Swap rate + 3.70%	)#	–	(j)		1,794		1,868,003
Macquarie Group Ltd. (Australia)†(d)	6.00%		1/14/2020			725		772,729
Manufacturers & Traders Trust Co.	3.40%		8/17/2027			526		532,622
Morgan Stanley	3.125%		7/27/2026			2,144		2,116,476
Morgan Stanley	3.625%		1/20/2027			2,026		2,075,324
Morgan Stanley	4.00%		7/23/2025			937		981,810
National Savings Bank (Sri Lanka)†(d)	5.15%		9/10/2019			950		964,155
People’s United Bank NA	4.00%		7/15/2024			1,100		1,112,281
Popular, Inc.	7.00%		7/1/2019			1,625		1,698,125
Royal Bank of Scotland Group plc (United Kingdom)(d)	5.125%		5/28/2024			584		620,152
Royal Bank of Scotland Group plc (United Kingdom)(d)	6.10%		6/10/2023			1,517		1,672,171
Royal Bank of Scotland Group plc (United Kingdom)(d)	6.125%		12/15/2022			506		555,140
Royal Bank of Scotland Group plc (United Kingdom)(d)	7.50% (5 Yr Swap rate + 5.80%	)#	–	(j)		2,235		2,369,100
Royal Bank of Scotland Group plc (United Kingdom)(d)	8.625% (5 Yr Swap rate + 7.60%	)#	–	(j)		1,571		1,773,266
SVB Financial Group	3.50%		1/29/2025			999		1,002,718
Toronto-Dominion Bank (The) (Canada)(d)	3.625% (5 Yr Swap rate + 2.21%	)#	9/15/2031			750		748,974
Turkiye Garanti Bankasi AS (Turkey)†(d)	5.25%		9/13/2022			1,150		1,175,588
UBS AG	7.625%		8/17/2022			606		709,444
UBS Group AG (Switzerland)(d)	7.00% (5 Yr Swap rate + 4.87%	)#	–	(j)		1,000		1,135,000
UniCredit SpA (Italy)(d)	6.375% (5 Yr Swap rate + 5.51%	)#	5/2/2023			1,149		1,163,752
Washington Mutual Bank(l)	6.875%		6/15/2011			1,250		125	(m)
Wells Fargo & Co.	4.90%		11/17/2045			1,759		1,993,800
Zenith Bank plc (Nigeria)†(d)	7.375%		5/30/2022			900		938,880
Total								95,330,850

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages 0.43%
Bacardi Ltd.†	2.75%	7/15/2026	$	1,149	$	1,105,843
Brown-Forman Corp.	4.50%	7/15/2045		1,572		1,782,240
PepsiCo, Inc.	3.60%	3/1/2024		1,653		1,734,482
PepsiCo, Inc.	4.25%	10/22/2044		419		463,118
Total						5,085,683
Brokerage 0.21%
E*TRADE Financial Corp.	3.80%	8/24/2027		1,167		1,165,188
Freedom Mortgage Corp.†	8.125%	11/15/2024		1,255		1,281,669
Total						2,446,857
Building & Construction 1.24%
Ashton Woods USA LLC/Ashton Woods Finance Co.†	6.75%	8/1/2025		1,087		1,091,076
Ashton Woods USA LLC/Ashton Woods Finance Co.†	6.875%	2/15/2021		1,023		1,047,296
Beazer Homes USA, Inc.	6.75%	3/15/2025		705		746,419
Boral Finance Pty Ltd. (Australia)†(d)	3.75%	5/1/2028		1,306		1,318,021
ITR Concession Co. LLC†	5.183%	7/15/2035		785		831,940
Lennar Corp.	4.75%	11/15/2022		1,304		1,374,090
Lennar Corp.	4.75%	5/30/2025		830		865,275
PulteGroup, Inc.	5.00%	1/15/2027		1,959		2,054,501
PulteGroup, Inc.	6.375%	5/15/2033		2,250		2,531,250
Toll Brothers Finance Corp.	5.625%	1/15/2024		1,000		1,101,250
William Lyon Homes, Inc.	5.875%	1/31/2025		1,500		1,535,625
Total						14,496,743
Building Materials 1.05%
Builders FirstSource, Inc.†	5.625%	9/1/2024		752		785,426
FBM Finance, Inc.†	8.25%	8/15/2021		1,003		1,070,703
Hillman Group, Inc. (The)†	6.375%	7/15/2022		1,311		1,314,278
James Hardie International Finance DAC (Ireland)†(d)	4.75%	1/15/2025		485		491,063
Lennox International, Inc.	3.00%	11/15/2023		1,081		1,068,668
Martin Marietta Materials, Inc.	4.25%	7/2/2024		1,146		1,206,851
Owens Corning	4.30%	7/15/2047		1,763		1,741,517
Standard Industries, Inc.†	5.00%	2/15/2027		1,121		1,149,025
Standard Industries, Inc.†	5.375%	11/15/2024		934		980,980
Standard Industries, Inc.†	6.00%	10/15/2025		1,786		1,915,485
U.S. Concrete, Inc.	6.375%	6/1/2024		552		594,780
Total						12,318,776

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Cable & Satellite Television 1.34%
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.125%		5/1/2027		$	2,134	$	2,107,325
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%		2/15/2026			1,575		1,639,969
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.875%		4/1/2024			1,785		1,865,325
CSC Holdings LLC†	10.875%		10/15/2025			2,647		3,149,930
DISH DBS Corp.	7.75%		7/1/2026			3,658		3,859,190
UPCB Finance IV Ltd.†	5.375%		1/15/2025			1,929		1,951,955
Ziggo Secured Finance BV (Netherlands)†(d)	5.50%		1/15/2027			1,122		1,123,402
Total								15,697,096
Chemicals 1.32%
Albemarle Corp.	5.45%		12/1/2044			1,524		1,803,523
CF Industries, Inc.†	4.50%		12/1/2026			1,640		1,712,231
Chemours Co. (The)	5.375%		5/15/2027			647		671,262
Chemours Co. (The)	7.00%		5/15/2025			1,380		1,504,200
GCP Applied Technologies, Inc.†	9.50%		2/1/2023			459		510,638
Halcyon Agri Corp. Ltd. (Singapore)(d)	4.50% (H15T2Y + 8.31%	)#	–	(j)		758		754,033
Kraton Polymers LLC/Kraton Polymers Capital Corp.†	10.50%		4/15/2023			1,025		1,163,375
Olin Corp.	5.125%		9/15/2027			1,992		2,101,560
Sociedad Quimica y Minera de Chile SA (Chile)†(d)	4.375%		1/28/2025			1,092		1,138,410
TPC Group, Inc.†	8.75%		12/15/2020			1,133		1,138,665
Tronox Finance LLC†	7.50%		3/15/2022			1,772		1,856,170
Westlake Chemical Corp.	3.60%		8/15/2026			1,108		1,116,105
Total								15,470,172
Consumer/Commercial/Lease Financing 1.00%
Nationstar Mortgage LLC/Nationstar Capital Corp.	6.50%		7/1/2021			892		907,053
Navient Corp.	5.00%		10/26/2020			964		979,665
Navient Corp.	6.125%		3/25/2024			3,319		3,377,082
Navient Corp.	6.75%		6/25/2025			2,669		2,749,070
Quicken Loans, Inc.†	5.25%		1/15/2028			3,532		3,495,620
TMX Finance LLC/TitleMax Finance Corp.†	8.50%		9/15/2018			189		173,880
Total								11,682,370
Department Stores 0.35%
Kohl’s Corp.	5.55%		7/17/2045			2,288		2,241,109
Macy’s Retail Holdings, Inc.	4.375%		9/1/2023			1,868		1,886,287
Total								4,127,396

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Discount Stores 0.79%
Amazon.com, Inc.†	4.25%		8/22/2057	$	2,075	$	2,272,354
Amazon.com, Inc.	4.80%		12/5/2034		4,062		4,778,610
Amazon.com, Inc.	5.20%		12/3/2025		1,950		2,241,559
Total							9,292,523
Diversified Capital Goods 0.80%
BCD Acquisition, Inc.†	9.625%		9/15/2023		1,561		1,721,002
Griffon Corp.	5.25%		3/1/2022		1,163		1,180,445
Siemens Financieringsmaatschappij NV (Netherlands)†(d)	3.25%		5/27/2025		1,235		1,256,461
SPX FLOW, Inc.†	5.625%		8/15/2024		873		923,198
SPX FLOW, Inc.†	5.875%		8/15/2026		1,465		1,560,225
Valmont Industries, Inc.	5.25%		10/1/2054		2,656		2,756,919
Total							9,398,250
Electric: Distribution/Transportation 0.20%
Oklahoma Gas & Electric Co.	4.15%		4/1/2047		960		1,046,191
Pennsylvania Electric Co.†	3.25%		3/15/2028		1,334		1,315,008
Total							2,361,199
Electric: Generation 1.06%
Acwa Power Management & Investments One Ltd. (United Arab Emirates)†(d)	5.95%		12/15/2039		1,386		1,424,725
Calpine Corp.	5.75%		1/15/2025		1,886		1,798,772
Dynegy, Inc.†	8.125%		1/30/2026		1,517		1,663,011
Infraestructura Energetica Nova SAB de CV (Mexico)†(d)	4.875%		1/14/2048		766		738,233
Minejesa Capital BV (Netherlands)†(d)	4.625%		8/10/2030		2,170		2,223,284
NSG Holdings LLC/NSG Holdings, Inc.†	7.75%		12/15/2025		1,763		1,943,755
Talen Energy Supply LLC	4.60%		12/15/2021		1,287		1,184,040
TerraForm Power Operating LLC†	5.00%		1/31/2028		1,486		1,472,998
Total							12,448,818
Electric: Integrated 1.68%
Aegea Finance Sarl (Brazil)†(d)	5.75%		10/10/2024		1,132		1,154,640
Arizona Public Service Co.	2.95%		9/15/2027		1,333		1,314,123
El Paso Electric Co.	5.00%		12/1/2044		1,953		2,161,595
Emera, Inc. (Canada)(d)	6.75% (3 Mo. LIBOR + 5.44%	)#	6/15/2076		916		1,035,080
Enel Finance International NV (Netherlands)†(d)	3.625%		5/25/2027		2,137		2,126,802
Entergy Arkansas, Inc.	4.95%		12/15/2044		1,909		2,000,350
Entergy Mississippi, Inc.	2.85%		6/1/2028		625		605,752

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Integrated (continued)
Indianapolis Power & Light Co.†	4.05%	5/1/2046	$	2,203	$	2,298,890
Louisville Gas & Electric Co.	4.375%	10/1/2045		1,017		1,133,347
Monongahela Power Co.†	3.55%	5/15/2027		942		961,992
NRG Energy, Inc.†	5.75%	1/15/2028		1,059		1,072,237
Puget Sound Energy, Inc.	7.02%	12/1/2027		314		405,637
Rochester Gas & Electric Corp.†	3.10%	6/1/2027		1,113		1,102,749
Southern California Edison Co.	3.90%	3/15/2043		1,000		1,053,636
Southern California Edison Co.	4.00%	4/1/2047		1,237		1,330,812
Total						19,757,642
Electronics 1.41%
Applied Materials, Inc.	4.35%	4/1/2047		2,370		2,662,923
Corning, Inc.	4.375%	11/15/2057		2,595		2,585,459
Nokia OYJ (Finland)(d)	4.375%	6/12/2027		928		919,648
NVIDIA Corp.	3.20%	9/16/2026		2,872		2,885,187
Qorvo, Inc.	7.00%	12/1/2025		2,479		2,779,579
Trimble, Inc.	4.75%	12/1/2024		3,132		3,384,274
Xilinx, Inc.	2.95%	6/1/2024		1,345		1,337,468
Total						16,554,538
Energy: Exploration & Production 5.44%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.	7.875%	12/15/2024		1,563		1,721,254
Anadarko Petroleum Corp.	6.60%	3/15/2046		1,740		2,244,384
Bill Barrett Corp.	7.00%	10/15/2022		1,042		1,066,748
Bill Barrett Corp.	8.75%	6/15/2025		548		608,280
California Resources Corp.†	8.00%	12/15/2022		1,484		1,229,865
Carrizo Oil & Gas, Inc.	6.25%	4/15/2023		1,916		1,997,430
Centennial Resource Production LLC†	5.375%	1/15/2026		1,155		1,179,544
CNX Resources Corp.	8.00%	4/1/2023		1,091		1,172,280
CNX Resources Corp.	5.875%	4/15/2022		740		759,425
Concho Resources, Inc.	4.875%	10/1/2047		2,658		2,915,919
Continental Resources, Inc.	3.80%	6/1/2024		3,564		3,537,270
Continental Resources, Inc.	4.50%	4/15/2023		4,919		5,029,677
Eclipse Resources Corp.	8.875%	7/15/2023		1,322		1,363,312
Endeavor Energy Resources LP/EER Finance, Inc.†	5.50%	1/30/2026		849		865,980
EP Energy LLC/Everest Acquisition Finance, Inc.†	8.00%	11/29/2024		1,138		1,180,675
EP Energy LLC/Everest Acquisition Finance, Inc.†	8.00%	2/15/2025		437		321,195
Gulfport Energy Corp.	6.00%	10/15/2024		259		260,295
Gulfport Energy Corp.	6.375%	5/15/2025		327		329,861

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
Gulfport Energy Corp.†	6.375%	1/15/2026	$	658	$	664,580
Halcon Resources Corp.†	6.75%	2/15/2025		1,097		1,146,365
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.00%	12/1/2024		2,553		2,540,235
Jonah Energy LLC/Jonah Energy Finance Corp.†	7.25%	10/15/2025		1,853		1,869,214
Kosmos Energy Ltd.†	7.875%	8/1/2021		1,175		1,207,313
MEG Energy Corp. (Canada)†(d)	6.375%	1/30/2023		1,661		1,420,155
MEG Energy Corp. (Canada)†(d)	6.50%	1/15/2025		1,354		1,342,153
MEG Energy Corp. (Canada)†(d)	7.00%	3/31/2024		3,196		2,712,605
Murphy Oil Corp.	6.875%	8/15/2024		517		553,190
Newfield Exploration Co.	5.625%	7/1/2024		3,041		3,284,280
Oasis Petroleum, Inc.	6.875%	3/15/2022		1,100		1,131,625
PT Saka Energi Indonesia (Indonesia)†(d)	4.45%	5/5/2024		948		964,259
Range Resources Corp.	4.875%	5/15/2025		2,379		2,307,630
Range Resources Corp.	5.875%	7/1/2022		726		744,150
Sanchez Energy Corp.	6.125%	1/15/2023		2,564		2,185,810
SM Energy Co.	6.50%	1/1/2023		1,867		1,913,675
Southwestern Energy Co.	7.75%	10/1/2027		1,714		1,831,837
SRC Energy, Inc.†	6.25%	12/1/2025		1,455		1,495,012
Texaco Capital, Inc.	8.625%	11/15/2031		1,223		1,881,577
Ultra Resources, Inc.†	7.125%	4/15/2025		918		919,148
WPX Energy, Inc.	6.00%	1/15/2022		1,242		1,304,100
YPF SA (Argentina)†(d)	6.95%	7/21/2027		1,361		1,448,104
YPF SA (Argentina)†(d)	7.00%	12/15/2047		1,180		1,172,330
Total						63,822,741
Food & Drug Retailers 0.10%
Ingles Markets, Inc.	5.75%	6/15/2023		1,158		1,178,265
Food: Wholesale 1.08%
Arcor SAIC (Argentina)†(d)	6.00%	7/6/2023		890		946,738
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		1,312		1,395,640
Cosan Luxembourg SA (Luxembourg)†(d)	7.00%	1/20/2027		1,664		1,797,120
Kernel Holding SA (Ukraine)†(d)	8.75%	1/31/2022		1,185		1,308,117
Lamb Weston Holdings, Inc.†	4.625%	11/1/2024		1,299		1,344,465
McCormick & Co., Inc.	4.20%	8/15/2047		613		647,979
MHP SE (Ukraine)†(d)	7.75%	5/10/2024		1,597		1,734,981
Pilgrim’s Pride Corp.†	5.875%	9/30/2027		1,148		1,185,310
Post Holdings, Inc.†	5.75%	3/1/2027		1,235		1,259,700
Simmons Foods, Inc.†	5.75%	11/1/2024		1,095		1,086,787
Total						12,706,837

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Foreign Sovereign 0.14%
Instituto Costarricense de Electricidad (Costa Rica)†(d)	6.375%	5/15/2043	$	1,801	$	1,669,563
Forestry/Paper 0.55%
Klabin Finance SA (Luxembourg)†(d)	4.875%	9/19/2027		1,313		1,299,214
Norbord, Inc. (Canada)†(d)	6.25%	4/15/2023		1,991		2,182,634
Rayonier AM Products, Inc.†	5.50%	6/1/2024		1,145		1,146,431
Rayonier, Inc.	3.75%	4/1/2022		1,262		1,278,682
West Fraser Timber Co. Ltd. (Canada)†(d)	4.35%	10/15/2024		600		590,622
Total						6,497,583
Gaming 1.62%
CRC Escrow Issuer LLC/CRC Finco, Inc.†	5.25%	10/15/2025		2,286		2,315,261
Eldorado Resorts, Inc.	6.00%	4/1/2025		552		579,600
Everi Payments, Inc.†	7.50%	12/15/2025		1,494		1,484,662
GLP Capital LP/GLP Financing II, Inc.	5.375%	4/15/2026		704		756,800
International Game Technology plc†	6.50%	2/15/2025		593		665,643
Jacobs Entertainment, Inc.†	7.875%	2/1/2024		1,033		1,107,892
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.	5.625%	5/1/2024		544		582,080
MGM Resorts International	6.00%	3/15/2023		3,631		3,930,557
MGM Resorts International	7.75%	3/15/2022		416		475,280
Mohegan Gaming & Entertainment†	7.875%	10/15/2024		2,065		2,124,369
Penn National Gaming, Inc.†	5.625%	1/15/2027		1,226		1,275,040
River Rock Entertainment Authority(l)	9.00%	11/1/2018		431		104,518
Scientific Games International, Inc.	10.00%	12/1/2022		1,460		1,607,825
Station Casinos LLC†	5.00%	10/1/2025		1,110		1,118,325
Wynn Macau Ltd. (Macau)†(d)	5.50%	10/1/2027		823		834,316
Total						18,962,168
Gas Distribution 1.74%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	6.25%	10/15/2022		398		422,764
Blue Racer Midstream LLC/Blue Racer Finance Corp.†	6.125%	11/15/2022		1,057		1,104,565
Cheniere Corpus Christi Holdings LLC	5.125%	6/30/2027		1,162		1,204,878
Cheniere Corpus Christi Holdings LLC	5.875%	3/31/2025		1,059		1,149,677
Cheniere Corpus Christi Holdings LLC	7.00%	6/30/2024		1,017		1,159,380
Dominion Energy Gas Holdings LLC	3.60%	12/15/2024		1,175		1,202,093
Energy Transfer Equity LP	5.875%	1/15/2024		347		366,085
Florida Gas Transmission Co. LLC†	4.35%	7/15/2025		1,895		2,026,737

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Gas Distribution (continued)
IFM US Colonial Pipeline 2 LLC†	6.45%	5/1/2021	$	1,400	$	1,537,124
LBC Tank Terminals Holding Netherlands BV (Belgium)†(d)	6.875%	5/15/2023		1,419		1,484,629
National Fuel Gas Co.	3.95%	9/15/2027		1,975		1,970,497
NGPL PipeCo LLC†	4.875%	8/15/2027		1,339		1,394,234
Rockies Express Pipeline LLC†	5.625%	4/15/2020		1,600		1,684,000
Rockies Express Pipeline LLC†	6.875%	4/15/2040		1,360		1,536,800
Southern Star Central Corp.†	5.125%	7/15/2022		1,145		1,190,800
Williams Cos., Inc. (The)	3.70%	1/15/2023		543		543,000
Williams Cos., Inc. (The)	4.55%	6/24/2024		457		476,422
Total						20,453,685
Health Facilities 1.97%
Ascension Health	3.945%	11/15/2046		1,017		1,077,133
CHS/Community Health Systems, Inc.	8.00%	11/15/2019		1,203		1,025,557
Dignity Health	3.812%	11/1/2024		675		697,389
HCA, Inc.	5.25%	4/15/2025		1,612		1,708,720
HCA, Inc.	5.25%	6/15/2026		763		810,687
HCA, Inc.	5.50%	6/15/2047		1,683		1,683,000
HCA, Inc.	5.875%	3/15/2022		1,715		1,839,337
HCA, Inc.	7.05%	12/1/2027		390		430,950
HCA, Inc.	7.50%	2/15/2022		2,467		2,781,542
HCA, Inc.	7.58%	9/15/2025		552		634,800
HCA, Inc.	7.69%	6/15/2025		1,240		1,410,500
HCA, Inc.	8.36%	4/15/2024		261		309,938
Kindred Healthcare, Inc.	8.75%	1/15/2023		1,190		1,267,350
Memorial Sloan-Kettering Cancer Center	4.20%	7/1/2055		2,978		3,225,668
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		1,770		1,862,635
NYU Hospitals Center	4.368%	7/1/2047		1,191		1,285,286
RegionalCare Hospital Partners Holdings, Inc.†	8.25%	5/1/2023		1,034		1,096,040
Total						23,146,532
Health Services 0.81%
ASP AMC Merger Sub, Inc.†	8.00%	5/15/2025		1,405		1,355,825
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†	7.50%	10/1/2024		596		646,660
Jaguar Holding Co. II/Pharmaceutical Product Development LLC†	6.375%	8/1/2023		1,109		1,122,863
MPH Acquisition Holdings LLC†	7.125%	6/1/2024		1,034		1,103,795
Polaris Intermediate Corp. PIK 8.5%†	8.50%	12/1/2022		1,603		1,667,120

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Health Services (continued)
Sterigenics-Nordion Holdings LLC†	6.50%		5/15/2023	$	1,483	$	1,549,735
West Street Merger Sub, Inc.†	6.375%		9/1/2025		2,006		2,021,045
Total							9,467,043
Hotels 0.30%
ESH Hospitality, Inc.†	5.25%		5/1/2025		1,095		1,108,688
Hilton Domestic Operating Co., Inc.	4.25%		9/1/2024		1,254		1,269,675
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.†	6.125%		12/1/2024		1,070		1,172,987
Total							3,551,350
Insurance Brokerage 0.30%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer†	8.25%		8/1/2023		1,639		1,725,048
Farmers Insurance Exchange†	4.747% (3 Mo. LIBOR + 3.23%	)#(k)	11/1/2057		1,750		1,759,275
Total							3,484,323
Insurance-Reinsurance 0.36%
Berkshire Hathaway, Inc.	2.75%		3/15/2023		907		913,436
Berkshire Hathaway, Inc.	3.125%		3/15/2026		907		917,988
Validus Holdings Ltd.	8.875%		1/26/2040		1,581		2,342,725
Total							4,174,149
Integrated Energy 1.26%
Cenovus Energy, Inc. (Canada)(d)	6.75%		11/15/2039		2,678		3,244,944
Exxon Mobil Corp.	3.043%		3/1/2026		2,101		2,135,138
Hess Corp.	4.30%		4/1/2027		552		554,225
Hess Corp.	5.80%		4/1/2047		602		671,814
Petrobras Global Finance BV (Netherlands)(d)	5.625%		5/20/2043		2,500		2,243,475
Petrobras Global Finance BV (Netherlands)(d)	7.375%		1/17/2027		1,200		1,323,600
Petroleos Mexicanos (Mexico)(d)	5.50%		6/27/2044		1,275		1,176,137
Shell International Finance BV (Netherlands)(d)	6.375%		12/15/2038		2,473		3,451,922
Total							14,801,255
Investments & Miscellaneous Financial Services 1.54%
Cboe Global Markets, Inc.	3.65%		1/12/2027		874		901,635
FMR LLC†	5.35%		11/15/2021		800		873,182
GrupoSura Finance SA†	5.50%		4/29/2026		1,015		1,102,544
Moody’s Corp.†	3.25%		1/15/2028		2,326		2,303,658
MSCI, Inc.†	5.75%		8/15/2025		1,338		1,443,368

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Investments & Miscellaneous Financial Services (continued)
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.50%	3/15/2027	$	1,938	$	2,041,595
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		4,097		4,189,989
OM Asset Management plc (United Kingdom)(d)	4.80%	7/27/2026		1,571		1,629,031
S&P Global, Inc.	6.55%	11/15/2037		1,391		1,868,328
Unifin Financiera SAB de CV SOFOM ENR (Mexico)†(d)	7.25%	9/27/2023		1,100		1,156,155
VFH Parent LLC/Orchestra Co-Issuer, Inc.†	6.75%	6/15/2022		550		580,250
Total						18,089,735
Life Insurance 0.73%
Lincoln National Corp.	3.625%	12/12/2026		1,176		1,201,957
Northwestern Mutual Life Insurance Co. (The)†	3.85%	9/30/2047		2,206		2,240,051
Nuveen Finance LLC†	4.125%	11/1/2024		1,453		1,535,382
Teachers Insurance & Annuity Association of America†	4.27%	5/15/2047		1,889		2,000,878
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044		1,424		1,631,283
Total						8,609,551
Machinery 0.09%
Xylem, Inc.	3.25%	11/1/2026		1,004		1,000,345
Managed Care 0.91%
Anthem, Inc.	3.65%	12/1/2027		1,434		1,464,245
Centene Corp.	4.75%	1/15/2025		1,797		1,832,940
Centene Corp.	6.125%	2/15/2024		2,044		2,166,640
Kaiser Foundation Hospitals	4.15%	5/1/2047		2,048		2,216,549
WellCare Health Plans, Inc.	5.25%	4/1/2025		2,829		2,991,667
Total						10,672,041
Media: Content 1.17%
Activision Blizzard, Inc.	3.40%	9/15/2026		1,101		1,116,001
AMC Networks, Inc.	4.75%	8/1/2025		1,741		1,730,119
Gray Television, Inc.†	5.125%	10/15/2024		151		151,000
Gray Television, Inc.†	5.875%	7/15/2026		481		494,227
iHeartCommunications, Inc.	9.00%	3/1/2021		3,492		2,514,240
Netflix, Inc.	4.375%	11/15/2026		1,705		1,675,162
Netflix, Inc.†	4.875%	4/15/2028		1,307		1,282,494
Netflix, Inc.	5.875%	2/15/2025		1,661		1,768,965

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Media: Content (continued)
Sirius XM Radio, Inc.†	5.00%	8/1/2027	$	1,792	$	1,805,440
Sirius XM Radio, Inc.†	6.00%	7/15/2024		1,075		1,139,500
Total						13,677,148
Media: Diversified 0.25%
21st Century Fox America, Inc.	4.75%	11/15/2046		2,576		2,991,453
Medical Products 0.66%
Boston Scientific Corp.	7.00%	11/15/2035		1,785		2,312,104
Fresenius Medical Care US Finance II, Inc.†	4.75%	10/15/2024		1,613		1,722,790
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA†	6.625%	5/15/2022		2,325		2,348,250
Stryker Corp.	4.625%	3/15/2046		644		733,662
Teleflex, Inc.	4.625%	11/15/2027		641		648,885
Total						7,765,691
Metals/Mining (Excluding Steel) 4.16%
Alcoa Nederland Holding BV (Netherlands)†(d)	6.75%	9/30/2024		2,477		2,712,315
Aleris International, Inc.†	9.50%	4/1/2021		1,184		1,255,040
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.†	7.50%	5/1/2025		1,363		1,453,299
Anglo American Capital plc (United Kingdom)†(d)	4.00%	9/11/2027		1,321		1,313,881
Anglo American Capital plc (United Kingdom)†(d)	4.75%	4/10/2027		2,386		2,500,297
Cleveland-Cliffs, Inc.†	5.75%	3/1/2025		2,458		2,353,535
Corp. Nacional del Cobre de Chile (Chile)†(d)	4.50%	8/1/2047		910		981,581
First Quantum Minerals Ltd. (Canada)†(d)	7.25%	4/1/2023		1,150		1,242,000
Freeport-McMoRan, Inc.	3.55%	3/1/2022		4,670		4,629,137
Freeport-McMoRan, Inc.	3.875%	3/15/2023		4,941		4,941,000
Glencore Funding LLC†	4.00%	3/27/2027		1,958		1,969,009
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.†	7.375%	12/15/2023		686		738,273
Hudbay Minerals, Inc. (Canada)†(d)	7.25%	1/15/2023		1,039		1,106,535
Imperial Metals Corp. (Canada)†(d)	7.00%	3/15/2019		1,037		979,965
Indika Energy Capital III Pte Ltd. (Singapore)†(d)	5.875%	11/9/2024		1,182		1,186,401
Indo Energy Finance II BV (Netherlands)†(d)	6.375%	1/24/2023		1,408		1,450,467
Kinross Gold Corp. (Canada)(d)	5.125%	9/1/2021		1,175		1,230,812
Kinross Gold Corp. (Canada)(d)	5.95%	3/15/2024		1,322		1,455,852
Lundin Mining Corp. (Canada)†(d)	7.875%	11/1/2022		964		1,036,300
Mirabela Nickel Ltd. (Australia)(d)(l)	1.00%	9/10/2044		15		2	(m)
New Gold, Inc. (Canada)†(d)	6.375%	5/15/2025		481		511,063
Novelis Corp.†	5.875%	9/30/2026		1,000		1,022,500

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Metals/Mining (Excluding Steel) (continued)
Novelis Corp.†	6.25%	8/15/2024	$	974	$	1,022,700
Peabody Energy Corp.†	6.00%	3/31/2022		1,099		1,144,334
Peabody Energy Corp.†	6.375%	3/31/2025		2,810		2,932,937
Peabody Energy Corp.(l)	10.00%	3/15/2022		1,310		131	(m)
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%	4/1/2025		2,127		2,321,089
Rain CII Carbon LLC/CII Carbon Corp.†(c)	8.50%	1/15/2021	EUR	475		586,855
Samarco Mineracao SA (Brazil)†(d)(l)	4.125%	11/1/2022	$	1,620		1,109,700
Teck Resources Ltd. (Canada)†(d)	8.50%	6/1/2024		1,169		1,323,892
Vedanta Resources plc (India)†(d)	6.125%	8/9/2024		2,272		2,323,938
Total						48,834,840
Monoline Insurance 0.35%
Acrisure LLC/Acrisure Finance, Inc.†	7.00%	11/15/2025		2,449		2,366,371
Fidelity National Financial, Inc.	5.50%	9/1/2022		406		448,313
MGIC Investment Corp.	5.75%	8/15/2023		1,204		1,319,885
Total						4,134,569
Multi-Line Insurance 0.15%
American International Group, Inc.	4.70%	7/10/2035		1,576		1,747,084
Non-Electric Utilities 0.12%
Brooklyn Union Gas Co. (The)†	3.407%	3/10/2026		1,368		1,397,343
Oil Field Equipment & Services 1.60%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(d)	4.60%	11/2/2047		2,329		2,401,828
Ensco plc (United kingdom)(d)	4.50%	10/1/2024		1,035		874,575
Ensco plc (United kingdom)(d)	5.20%	3/15/2025		1,368		1,169,640
Eterna Capital Pte Ltd. PIK 6.00% (Singapore)(d)	6.00%	12/11/2022		70		73,541	(b)
Eterna Capital Pte Ltd. PIK 8.00% (Singapore)(d)	8.00%	12/11/2022		252		243,549	(b)
Forum Energy Technologies, Inc.	6.25%	10/1/2021		1,300		1,309,750
National Oilwell Varco, Inc.	3.95%	12/1/2042		2,614		2,321,090
Precision Drilling Corp. (Canada)(d)	5.25%	11/15/2024		1,804		1,709,290
Precision Drilling Corp. (Canada)(d)	6.50%	12/15/2021		182		186,322
Precision Drilling Corp. (Canada)(d)	7.75%	12/15/2023		553		583,415
Rowan Cos., Inc.	4.75%	1/15/2024		1,114		985,890
Rowan Cos., Inc.	7.375%	6/15/2025		553		567,516
Transocean Phoenix 2 Ltd.†	7.75%	10/15/2024		921		1,011,619
Transocean Proteus Ltd.†	6.25%	12/1/2024		899		946,303

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Oil Field Equipment & Services (continued)
Transocean, Inc.†	7.50%	1/15/2026	$	1,992	$	2,044,888
Unit Corp.	6.625%	5/15/2021		1,136		1,150,200
Weatherford International Ltd.	9.875%	2/15/2024		1,071		1,143,292
Total						18,722,708
Oil Refining & Marketing 0.65%
Andeavor	4.50%	4/1/2048		1,092		1,107,899
Citgo Holding, Inc.†	10.75%	2/15/2020		1,985		2,138,838
HollyFrontier Corp.	5.875%	4/1/2026		876		976,012
Marathon Petroleum Corp.	4.75%	9/15/2044		1,042		1,091,926
Raizen Fuels Finance SA (Luxembourg)†(d)	5.30%	1/20/2027		1,051		1,102,289
Tupras Turkiye Petrol Rafinerileri AS (Turkey)†(d)	4.50%	10/18/2024		1,168		1,156,537
Total						7,573,501
Packaging 0.87%
BWAY Holding Co.†	7.25%	4/15/2025		3,369		3,486,915
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		1,295		1,515,150
Pactiv LLC	7.95%	12/15/2025		1,152		1,310,400
Plastipak Holdings, Inc.†	6.25%	10/15/2025		1,732		1,788,290
Sealed Air Corp.†	6.875%	7/15/2033		1,850		2,159,875
Total						10,260,630
Personal & Household Products 0.53%
FGI Operating Co. LLC/FGI Finance, Inc.	7.875%	5/1/2020		1,582		359,905
Gibson Brands, Inc.†	8.875%	8/1/2018		1,725		1,457,625
Mattel, Inc.	2.35%	8/15/2021		2,885		2,584,787
Mattel, Inc.†	6.75%	12/31/2025		839		852,382
SC Johnson & Son, Inc.†	4.75%	10/15/2046		805		942,520
Total						6,197,219
Pharmaceuticals 1.11%
Johnson & Johnson	2.90%	1/15/2028		4,318		4,328,561
Pfizer, Inc.	5.60%	9/15/2040		1,578		2,058,076
Valeant Pharmaceuticals International, Inc.†	5.625%	12/1/2021		2,885		2,830,906
Valeant Pharmaceuticals International, Inc.†	7.00%	3/15/2024		1,332		1,428,570
Valeant Pharmaceuticals International, Inc.†	7.50%	7/15/2021		1,451		1,481,834
Zoetis, Inc.	3.95%	9/12/2047		889		909,619
Total						13,037,566

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Property & Casualty 0.33%
Allstate Corp. (The)	4.20%	12/15/2046	$	1,244	$	1,361,815
Arch Capital Finance LLC	4.011%	12/15/2026		1,507		1,571,430
Chubb INA Holdings, Inc.	3.35%	5/3/2026		876		894,722
Total						3,827,967
Rail 0.39%
Central Japan Railway Co. (Japan)†(d)	4.25%	11/24/2045		1,524		1,691,519
Rumo Luxembourg Sarl (Luxembourg)†(d)	7.375%	2/9/2024		1,659		1,789,397
Watco Cos. LLC/Watco Finance Corp.†	6.375%	4/1/2023		1,072		1,114,880
Total						4,595,796
Real Estate Development & Management 0.23%
Country Garden Holdings Co. Ltd. (China)(d)	4.75%	9/28/2023		1,076		1,071,535
Kaisa Group Holdings Ltd. (China)(d)	9.375%	6/30/2024		1,663		1,624,837
Total						2,696,372
Real Estate Investment Trusts 0.64%
Alexandria Real Estate Equities, Inc.	3.95%	1/15/2028		1,627		1,664,200
Digital Realty Trust LP	3.70%	8/15/2027		1,132		1,142,195
Digital Realty Trust LP	4.75%	10/1/2025		989		1,076,669
Goodman US Finance Four LLC†	4.50%	10/15/2037		1,137		1,178,002
Goodman US Finance Three LLC†	3.70%	3/15/2028		769		764,454
VEREIT Operating Partnership LP	3.95%	8/15/2027		1,748		1,730,946
Total						7,556,466
Real Estate Management & Development 0.22%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)†(d)	3.875%	3/20/2027		2,539		2,597,938
Recreation & Travel 0.83%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op†	5.375%	4/15/2027		1,144		1,204,060
LTF Merger Sub, Inc.†	8.50%	6/15/2023		591		628,676
Royal Caribbean Cruises Ltd.	3.70%	3/15/2028		1,186		1,177,346
Royal Caribbean Cruises Ltd.	7.50%	10/15/2027		2,950		3,812,314
Silversea Cruise Finance Ltd.†	7.25%	2/1/2025		1,587		1,717,928
Viking Cruises Ltd.†	5.875%	9/15/2027		1,144		1,166,880
Total						9,707,204
Restaurants 0.73%
Arcos Dorados Holdings, Inc. (Uruguay)†(d)	5.875%	4/4/2027		1,199		1,270,532
Arcos Dorados Holdings, Inc. (Uruguay)†(d)	6.625%	9/27/2023		880		986,269

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Restaurants (continued)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC†	4.75%	6/1/2027	$	762	$	781,050
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC†	5.00%	6/1/2024		1,610		1,664,338
McDonald’s Corp.	3.70%	1/30/2026		2,699		2,817,474
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC†	5.875%	5/15/2021		975		994,500
Total						8,514,163
Software/Services 2.58%
Alibaba Group Holding Ltd. (China)(d)	3.125%	11/28/2021		2,150		2,178,966
Alibaba Group Holding Ltd. (China)(d)	4.20%	12/6/2047		426		444,260
Alibaba Group Holding Ltd. (China)(d)	4.40%	12/6/2057		747		779,591
Autodesk, Inc.	3.50%	6/15/2027		2,322		2,281,581
Citrix Systems, Inc.	4.50%	12/1/2027		1,722		1,750,561
First Data Corp.†	5.75%	1/15/2024		2,996		3,122,581
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.†	6.00%	7/15/2025		1,095		1,157,962
Match Group, Inc.†	5.00%	12/15/2027		1,154		1,174,195
Microsoft Corp.	3.30%	2/6/2027		2,122		2,190,742
Microsoft Corp.	4.00%	2/12/2055		3,817		4,091,147
Oracle Corp.	4.375%	5/15/2055		2,565		2,872,160
Rackspace Hosting, Inc.†	8.625%	11/15/2024		1,065		1,139,550
Solera LLC/Solera Finance, Inc.†	10.50%	3/1/2024		1,010		1,141,280
Sophia LP/Sophia Finance, Inc.†	9.00%	9/30/2023		700		743,750
VeriSign, Inc.	4.625%	5/1/2023		872		899,250
VeriSign, Inc.	5.25%	4/1/2025		1,593		1,742,344
Visa, Inc.	3.15%	12/14/2025		477		488,012
VMware, Inc.	3.90%	8/21/2027		2,091		2,114,345
Total						30,312,277
Specialty Retail 0.76%
Alimentation Couche-Tard, Inc. (Canada)†(d)	4.50%	7/26/2047		1,095		1,143,310
Brookstone Holdings Corp. PIK 10.00%	10.00%	7/7/2021		44		2,409	(b)
Claire’s Stores, Inc.†	9.00%	3/15/2019		1,464		962,580
Hot Topic, Inc.†	9.25%	6/15/2021		1,564		1,493,620
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.†	7.875%	10/1/2022		1,475		1,493,438
Rent-A-Center, Inc.	4.75%	5/1/2021		960		912,000
Tapestry, Inc.	4.125%	7/15/2027		1,682		1,697,562
Tiffany & Co.	4.90%	10/1/2044		1,133		1,146,934

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Specialty Retail (continued)
VF Corp.	6.00%	10/15/2033	$	8	$	10,037
Total						8,861,890
Steel Producers/Products 0.51%
Allegheny Technologies, Inc.	5.95%	1/15/2021		235		240,875
Allegheny Technologies, Inc.	7.875%	8/15/2023		849		918,508
ArcelorMittal (Luxembourg)(d)	6.125%	6/1/2025		2,346		2,712,562
Joseph T Ryerson & Son, Inc.†	11.00%	5/15/2022		815		913,819
Steel Dynamics, Inc.†	4.125%	9/15/2025		604		610,040
Steel Dynamics, Inc.	5.00%	12/15/2026		502		532,120
Total						5,927,924
Support: Services 2.70%
AECOM	5.125%	3/15/2027		1,418		1,447,991
AECOM	5.875%	10/15/2024		999		1,087,112
Ahern Rentals, Inc.†	7.375%	5/15/2023		1,190		1,124,550
Ashtead Capital, Inc.†	4.375%	8/15/2027		1,393		1,417,378
BakerCorp International, Inc.	8.25%	6/1/2019		507		468,975
BlueLine Rental Finance Corp./BlueLine Rental LLC†	9.25%	3/15/2024		1,040		1,112,800
Brand Industrial Services, Inc.†	8.50%	7/15/2025		1,787		1,880,817
Brink’s Co. (The)†	4.625%	10/15/2027		1,509		1,482,592
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		1,100		1,239,624
Cloud Crane LLC†	10.125%	8/1/2024		990		1,118,700
GW Honos Security Corp. (Canada)†(d)	8.75%	5/15/2025		1,182		1,273,605
H&E Equipment Services, Inc.†	5.625%	9/1/2025		1,122		1,175,295
IHS Markit Ltd. (United kingdom)†(d)	4.00%	3/1/2026		1,698		1,704,367
Jurassic Holdings III, Inc.†	6.875%	2/15/2021		1,467		1,254,285
Marble II Pte Ltd. (Singapore)†(d)	5.30%	6/20/2022		2,199		2,235,816
Metropolitan Museum of Art (The)	3.40%	7/1/2045		1,350		1,304,740
Monitronics International, Inc.	9.125%	4/1/2020		1,185		989,475
Prime Security Services Borrower LLC/Prime Finance, Inc.†	9.25%	5/15/2023		1,601		1,781,112
Ritchie Bros Auctioneers, Inc. (Canada)†(d)	5.375%	1/15/2025		1,130		1,169,550
Sotheby’s†	5.25%	10/1/2022		837		863,366
United Rentals North America, Inc.	4.625%	10/15/2025		1,138		1,149,380
United Rentals North America, Inc.	4.875%	1/15/2028		1,328		1,337,960
United Rentals North America, Inc.	5.875%	9/15/2026		755		810,681
Weight Watchers International, Inc.†	8.625%	12/1/2025		2,134		2,235,365
Total						31,665,536

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Technology Hardware & Equipment 0.81%
CDW LLC/CDW Finance Corp.	5.50%	12/1/2024	$	1,425	$	1,556,813
Dell International LLC/EMC Corp.†	6.02%	6/15/2026		2,552		2,817,805
Dell International LLC/EMC Corp.†	7.125%	6/15/2024		3,055		3,345,964
Western Digital Corp.	10.50%	4/1/2024		1,489		1,729,101
Total						9,449,683
Telecommunications: Satellite 0.40%
Intelsat Connect Finance SA (Luxembourg)†(d)	12.50%	4/1/2022		1,225		1,078,000
Intelsat Jackson Holdings SA (Luxembourg)(d)	7.25%	10/15/2020		1,719		1,624,455
Intelsat Jackson Holdings SA (Luxembourg)(d)	7.50%	4/1/2021		2,183		1,997,445
Total						4,699,900
Telecommunications: Wireless 1.31%
GTH Finance BV (Netherlands)†(d)	7.25%	4/26/2023		1,939		2,184,051
SBA Communications Corp.	4.875%	9/1/2024		663		682,890
Sprint Corp.	7.625%	2/15/2025		3,410		3,580,500
Sprint Corp.	7.875%	9/15/2023		1,686		1,799,805
T-Mobile USA, Inc.	6.375%	3/1/2025		2,386		2,558,985
T-Mobile USA, Inc.	6.50%	1/15/2026		4,228		4,624,375
Total						15,430,606
Telecommunications: Wireline Integrated & Services 1.17%
Equinix, Inc.	5.875%	1/15/2026		4,621		4,973,351
GCI, Inc.	6.875%	4/15/2025		1,480		1,583,600
IHS Netherlands Holdco BV (Netherlands)†(d)	9.50%	10/27/2021		1,050		1,133,333
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC	8.25%	10/15/2023		1,578		1,526,715
West Corp.†	8.50%	10/15/2025		1,201		1,191,993
Wind Tre SpA (Italy)†(d)	5.00%	1/20/2026		2,186		2,089,816
WTT Investment Ltd. (Hong Kong)†(d)	5.50%	11/21/2022		1,168		1,191,088
Total						13,689,896
Transportation: Infrastructure/Services 0.79%
Adani Ports & Special Economic Zone Ltd. (India)†(d)	4.00%	7/30/2027		1,579		1,569,425
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)†(d)	6.75%	3/30/2029		1,200		1,318,500
Autopistas del Sol SA (Costa Rica)†(d)	7.375%	12/30/2030		1,418		1,516,917
Autoridad del Canal de Panama (Panama)†(d)	4.95%	7/29/2035		1,000		1,118,750
Delhi International Airport Ltd. (India)†(d)	6.125%	10/31/2026		1,706		1,816,890
DP World Ltd. (United Arab Emirates)†(d)	6.85%	7/2/2037		1,030		1,270,539
Stena AB (Sweden)†(d)	7.00%	2/1/2024		677		639,342
Total						9,250,363

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Trucking & Delivery 0.10%
XPO CNW, Inc.	6.70%	5/1/2034	$	1,155	$	1,206,975
Total High Yield Corporate Bonds (cost $781,005,212)						809,706,965
MUNICIPAL BONDS 4.29%
Air Transportation 0.09%
Miami Dade Cnty, FL	3.982%	10/1/2041		970		993,930
Education 1.12%
California St Univ	3.899%	11/1/2047		2,675		2,822,526
Ohio Univ	5.59%	12/1/2114		1,000		1,201,300
Permanent University Fund - Texas A&M University System	3.66%	7/1/2047		7,640		7,651,002
Univ of California Bd of Regents	6.548%	5/15/2048		1,000		1,421,690
Total						13,096,518
General Obligation 1.37%
California	7.55%	4/1/2039		1,000		1,577,630
Chicago Transit Auth, IL	6.899%	12/1/2040		1,000		1,358,760
Chicago, IL	5.432%	1/1/2042		2,292		2,212,926
Chicago, IL	6.314%	1/1/2044		2,167		2,315,244
District of Columbia	5.591%	12/1/2034		1,445		1,789,286
Honolulu City & Cnty, HI	5.418%	12/1/2027		740		876,944
Los Angeles Unif Sch Dist, CA	5.75%	7/1/2034		1,000		1,277,910
New York City	5.985%	12/1/2036		1,134		1,467,192
Ohio St Univ	4.048%	12/1/2056		676		728,120
Pennsylvania	5.45%	2/15/2030		1,336		1,583,494
The Bd of Governors of the Univ of North Carolina	3.847%	12/1/2034		855		926,623
Total						16,114,129
Government Guaranteed 0.05%
City & County of San Francisco CA	5.45%	6/15/2025		460		535,284
Lease Obligation 0.06%
Wisconsin	3.294%	5/1/2037		790		756,212
Miscellaneous 0.59%
Dallas Convention Center Hotel Dev Corp., TX				1,960		2,668,834
Pasadena Public Fing Auth				2,945		4,304,883
Total						6,973,717

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments		Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Tax Revenue 0.65%
Massachusetts Sch Bldg Auth		5.715%		8/15/2039	$	2,220	$	2,833,697
Memphis-Shelby County Industrial Development Board, TN		7.00%		7/1/2045		1,225		1,303,633
New York City Indl Dev Agy†		11.00%		3/1/2029		2,585		3,523,225
Total								7,660,555
Transportation: Infrastructure/Services 0.19%
Chicago Transit Auth, IL		6.20%		12/1/2040		330		430,591
Port of Seattle, WA		3.571%		5/1/2032		650		658,827
Port of Seattle, WA		3.755%		5/1/2036		1,105		1,130,967
Total								2,220,385
Utilities 0.17%
San Antonio, TX		5.718%		2/1/2041		1,480		1,991,384
Total Municipal Bonds (cost $48,577,067)								50,342,114
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY 0.38%
Caesars Palace Las Vegas Trust 2017-VICI D† (cost $4,421,759)		4.354%	#(a)	10/15/2034		4,354		4,448,033
		Dividend Rate			Shares (000)
PREFERRED STOCK 0.03%
Energy: Exploration & Production
Templar Energy LLC Units (cost $387,546)	Zero Coupon					39		368,169
Total Long-Term Investments (cost $1,111,815,731)							$	1,165,909,767

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2017

Investments		Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
SHORT-TERM INVESTMENTS 1.40%
FOREIGN GOVERNMENT OBLIGATION 0.17%
Uruguay
Uruguay Treasury Bill(c) (cost $2,023,057)	Zero Coupon		5/4/2018	UYU	58,901	$	1,981,978
REPURCHASE AGREEMENT 1.23%
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $12,225,000 of U.S. Treasury Bond at 7.875% due 2/15/2021; value: $14,756,895; proceeds: $14,466,016 (cost $14,465,148)				$	14,465		14,465,148
Total Short-Term Investments (cost $16,488,205)							16,447,126
Total Investments in Securities 100.78% (cost $1,128,303,936)							1,182,356,893
Liabilities in Excess of Other Assets(n) (0.78%)							(9,135,662	)
Net Assets 100.00%						$	1,173,221,231

AUD	Australian dollar.
CAD	Canadian dollar.
EUR	euro.
GBP	British pound.
JPY	Japanese yen.
UYU	Uruguayan Peso.
ADR	American Depositary Receipt.
BADLAR	Banco de la Republica Argentina.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
Units	More than one class of securities traded together.
†	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.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2017.
*	Non-income producing security.
(a)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(b)	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.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Foreign security traded in U.S. dollars.
(e)	Amount is less than $1,000.
(f)	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, 2017.
(g)	Interest rate to be determined.
(h)	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.

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

(i)	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.
(j)	Security is perpetual in nature and has no stated maturity.
(k)	Variable Rate is Fixed to Float: Rate remains fixed until designated future date.
(l)	Defaulted (non-income producing security).
(m)	Level 3 Investment as described in Note 2(o) in the Notes to Financials. Security fair valued by the Pricing Committee.
(n)	Liabilities in Excess of Other Assets include net unrealized appreciation/depreciation on open forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at December 31, 2017⁽¹⁾:

Referenced Index	Central Clearing party	Fund Pays		Termination Date	Notional Amount		Notional Value		Payments Upfront(2)			Unrealized Depreciation(3)
Markit CDX. NA.IG.29(4)(5)	Credit Suisse		1.00%	12/20/2022	$	12,998,000	$	13,307,723	$	(265,992	)	$	(43,731	)
Markit CDX. NA.IG.28(4)(5)	Credit Suisse		1.00%	6/20/2022		81,136,000		82,943,995		(1,298,219	)		(509,776	)
Markit CDX. NA.EM.28(6)(7)	Credit Suisse		1.00%	12/20/2022		39,101,670		38,750,011		1,497,815			(1,146,156	)
					$	133,235,670	$	135,001,729	$	(66,396	)	$	(1,699,663	)

(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 Clearinghouse are presented net of amortization (See Note 2(m)).
(3)	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $1,699,663.
(4)	Central Clearinghouse: Chicago Mercantile Exchange (CME).
(5)	The Referenced Index is for Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade issuers.
(6)	Central Clearinghouse: Intercontinental Exchange (ICE).
(7)	The Referenced Index is for Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets soverign Issuers. (See Note 2(m)).

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2017

Open Forward Foreign Currency Exchange Contracts at December 31, 2017:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Danish krone	Buy	Barclays Bank plc	1/10/2018		2,166,000	$	344,034	$	349,244	$	5,210
Danish krone	Buy	J.P. Morgan	1/10/2018		2,189,000		348,532		352,953		4,421
Danish krone	Buy	J.P. Morgan	1/10/2018		3,645,000		581,129		587,717		6,588
euro	Buy	Barclays Bank plc	2/16/2018		263,000		311,440		316,360		4,920
euro	Buy	Deutsche Bank AG	2/16/2018		782,000		927,940		940,661		12,721
euro	Buy	Standard Chartered Bank	2/16/2018		295,000		349,698		354,853		5,155
euro	Buy	State Street Bank and Trust	2/16/2018		780,000		925,771		938,255		12,484
euro	Buy	UBS AG	2/16/2018		361,000		430,334		434,244		3,910
Swiss franc	Buy	J.P. Morgan	1/5/2018		572,000		582,758		587,038		4,280
Swiss franc	Buy	J.P. Morgan	1/5/2018		201,000		205,040		206,284		1,244
Swiss franc	Buy	State Street Bank and Trust	1/5/2018		457,000		466,569		469,015		2,446
British pound	Sell	State Street Bank and Trust	1/19/2018		258,941		350,135		349,787		348
Swiss franc	Sell	Barclays Bank plc	1/5/2018		1,230,000		1,270,370		1,262,337		8,033
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	71,760

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

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	J.P. Morgan	1/19/2018		616,000	$	812,222	$	832,117	$	(19,895	)
British pound	Sell	State Street Bank and Trust	1/19/2018		265,000		348,594		357,972		(9,378	)
British pound	Sell	State Street Bank and Trust	1/19/2018		432,000		583,130		583,562		(432	)
British pound	Sell	State Street Bank and Trust	1/19/2018		73,500		98,924		99,287		(363	)
British pound	Sell	State Street Bank and Trust	1/19/2018		140,000		188,566		189,117		(551	)
Danish krone	Sell	Barclays Bank plc	1/10/2018		8,000,000		1,268,174		1,289,915		(21,741	)
euro	Sell	Barclays Bank plc	2/16/2018		391,000		468,618		470,330		(1,712	)
euro	Sell	State Street Bank and Trust	2/16/2018		500,000		583,971		601,445		(17,474	)
euro	Sell	State Street Bank and Trust	2/16/2018		13,900,000		16,455,822		16,720,181		(264,359	)
euro	Sell	State Street Bank and Trust	2/16/2018		586,000		698,481		704,894		(6,413	)
Japanese yen	Sell	Barclays Bank plc	1/26/2018		633,000,000		5,580,953		5,623,724		(42,771	)
Japanese yen	Sell	J.P. Morgan	1/26/2018		26,272,000		232,749		233,407		(658	)
Japanese yen	Sell	J.P. Morgan	1/26/2018		145,284,000		1,286,340		1,290,738		(4,398	)
Japanese yen	Sell	State Street Bank and Trust	1/26/2018		39,648,000		350,291		352,242		(1,951	)
Japanese yen	Sell	State Street Bank and Trust	1/26/2018		119,226,000		1,053,340		1,059,232		(5,892	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(397,988	)

Open Futures Contracts at December 31, 2017:

							Notional			Notional			Unrealized
Type	Expiration		Contracts		Position		Amount			Value			Appreciation
U.S. 10-Year Treasury Note		March 2018		1,061		Short	$	(131,988,847	)	$	(131,613,734	)	$	375,113
U.S. Ultra Treasury Bond		March 2018		95		Short		(12,743,071	)		(12,688,437	)		54,634
U.S. Long Bond		March 2018		986		Short		(151,232,890	)		(150,858,000	)		374,890
Totals							$	(295,964,808	)	$	(295,160,171	)	$	804,637

							Notional			Notional			Unrealized
Type	Expiration		Contracts		Position		Amount			Value			Depreciation
U.S. 2-Year Treasury Note		March 2018		207		Long	$	44,385,667		$	44,320,641		$	(65,026	)
U.S. 5-Year Treasury Note		March 2018		1,875		Long		218,922,537			217,807,618			(1,114,919	)
Ultra Long U.S. Treasury Bond		March 2018		11		Short		(1,838,441	)		(1,844,219	)		(5,778	)
Totals							$	261,469,763		$	260,284,040		$	(1,185,723	)

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Asset-Backed Securities
Other	$	–	$	18,976,117	$	2,273,600	$	21,249,717
Remaining Industries		–		1,240,204		–		1,240,204
Common Stocks(3)
Air Transportation		1,121,937		1,263,568		–		2,385,505
Auto Parts & Equipment		–		1,085,419		–		1,085,419
Banking		6,422,715		2,026,877		–		8,449,592
Beverages		4,849,376		4,478,322		–		9,327,698
Electronics		3,473,466		2,319,615		–		5,793,081
Energy: Exploration & Production		12,064,436		403,943		–		12,468,379
Gaming		8,891,040		1,300,097		–		10,191,137
Machinery		4,953,717		2,400,564		–		7,354,281
Metals/Mining (Excluding Steel)		–		2,603,785		–		2,603,785
Real Estate Investment Trusts		–		1,705,272		–		1,705,272
Software/Services		11,695,761		619,671		–		12,315,432
Specialty Retail		10,672,513		3,549,405		–		14,221,918
Support: Services		4,931,801		1,233,788		–		6,165,589
Technology Hardware & Equipment		1,074,874		1,352,921		–		2,427,795
Remaining Industries		75,004,786		–		–		75,004,786
Convertible Bonds		–		3,494,019		–		3,494,019
Convertible Preferred Stocks
Personal & Household Products		2,381,350		–		–		2,381,350
Software/Services		–		565,167		–		565,167
Floating Rate Loans
Advertising		–		1,761,918		–		1,761,918
Building Materials		–		1,524,153		–		1,524,153
Department Stores		–		1,193,017		–		1,193,017
Electric: Generation		–		5,677,653		–		5,677,653
Electronics		–		1,151,874		–		1,151,874
Energy: Exploration & Production		–		1,750,195		–		1,750,195
Gaming		–		1,113,688		2,449,716		3,563,404
Health Services		–		1,103,628		–		1,103,628
Investments & Miscellaneous Financial Services		–		869,478		–		869,478
Media: Diversified		–		1,255,109		–		1,255,109
Metals/Mining (Excluding Steel)		–		652,438		–		652,438
Personal & Household Products		–		1,614,488		–		1,614,488
Real Estate Development & Management		–		1,082,920		–		1,082,920
Recreation & Travel		–		2,106,928		687,360		2,794,288
Software/Services		–		970,307		–		970,307
Specialty Retail		–		6,583,172		–		6,583,172
Support: Services		–		333,550		–		333,550
Telecommunications: Satellite		–		609,402		–		609,402
Transportation: Infrastructure/Services		–		3,006,644		–		3,006,644

42 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investment Type(2)	Level 1			Level 2			Level 3		Total
Foreign Bonds	$	–		$	5,338,493		$	–	$	5,338,493
Foreign Government Obligations		–			42,705,730			–		42,705,730
Government Sponsored Enterprises Pass-Through		–			17,054,477			–		17,054,477
High Yield Corporate Bonds
Banking		–			95,330,725			125		95,330,850
Metals/Mining (Excluding Steel)		–			48,834,707			133		48,834,840
Oil Field Equipment & Services		–			18,405,618			317,090		18,722,708
Specialty Retail		–			8,859,481			2,409		8,861,890
Remaining Industries		–			637,956,677			–		637,956,677
Municipal Bonds		–			50,342,114			–		50,342,114
Non-Agency Commercial Mortgage-Backed Security		–			4,448,033			–		4,448,033
Preferred Stock		–			368,169			–		368,169
Repurchase Agreement		–			14,465,148			–		14,465,148
Total	$	147,537,772		$	1,029,088,688		$	5,730,433	$	1,182,356,893
Other Financial Instruments
Centrally Cleared Credit Default Swap
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(1,699,663	)		–		(1,699,663	)
Forward Foreign Currency Exchange Contracts
Assets		–			71,760			–		71,760
Liabilities		–			(397,988	)		–		(397,988	)
Futures Contracts
Assets		804,637			–			–		804,637
Liabilities		(1,185,723	)		–			–		(1,185,723	)
Total	$	(381,086	)	$	(2,025,891	)	$	–	$	(2,406,977	)

(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 Investment along with the valuation technique utilized.
(3)	Securities in the amount of $4,540,867 were transferred from Level 1 to Level 2 during the fiscal year ended December 31, 2017, due to a change in valuation technique. As of December 31, 2017, the Fund utilized adjusted valuations (as described in Note 2(a)), which resulted in Level 2 inputs. As of December 31, 2016, the Fund utilized the last sale or official closing price on the exchange or system on which the securities are principally traded, which resulted in Level 1 inputs.

See Notes to Financial Statements. 43

Schedule of Investments (concluded)

December 31, 2017

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

	Asset-Backed Securities			Common Stocks			Floating Rate Loans			High Yield Corporate Bonds			Non-Agency Commercial Mortgage-Backed Securities
Balance as of January 1, 2017	$	1,057,410		$	18,476		$	765,335		$	6,521		$	63,006
Accrued Discounts (Premiums)		2			—			22,471			9			(616	)
Realized Gain (Loss)		—			(184,855	)		(4,676	)		—			(10,306	)
Change in Unrealized Appreciation (Depreciation)		23,898			166,379			63,748			(8,982	)		3,697
Purchases		2,249,700			—			688,733			322,209			—
Sales		—			—			(790,860	)		—			(55,781	)
Transfers into Level 3		—			—			2,392,325			—			—
Transfers out of Level 3		(1,057,410	)		—			—			—			—
Balance as of December 31, 2017	$	2,273,600		$	—		$	3,137,076		$	319,757		$	—
Change in unrealized appreciation/depreciation for the year ended December 31, 2017 related to Level 3 investments held at December 31, 2017	$	23,898		$	—		$	59,602		$	(8,982	)	$	—

44 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $1,128,303,936)	$	1,182,356,893
Deposits with brokers for derivatives collateral		5,401,326
Receivables:
Interest and dividends		13,175,966
Investment securities sold		2,433,271
Capital shares sold		2,304,378
From advisor (See Note 3)		19,493
Unrealized appreciation on forward foreign currency exchange contracts		71,760
Prepaid expenses and other assets		5,975
Total assets		1,205,769,062
LIABILITIES:
Payables:
Investment securities purchased		27,245,511
Management fee		487,650
Capital shares reacquired		404,440
Variation margin on futures contracts		332,810
Directors’ fees		142,474
Fund administration		39,572
Variation margin for centrally cleared credit default swap agreements		1,309,673
To Bank		1,262,062
Unrealized depreciation on forward foreign currency exchange contracts		397,988
Accrued expenses		925,651
Total liabilities		32,547,831
NET ASSETS	$	1,173,221,231
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,114,654,666
Undistributed net investment income		110,404
Accumulated net realized gain on investments, futures contracts, swaps and foreign currency related transactions		6,806,619
Net unrealized appreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		51,649,542
Net Assets	$	1,173,221,231
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		94,751,471
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.38

See Notes to Financial Statements. 45

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends (net of foreign withholding taxes of $49,117)	$	1,903,871
Interest and other (net of foreign withholding taxes of $4,910)		54,655,194
Interest earned from Interfund Lending (See Note 11)		261
Total investment income		56,559,326
Expenses:
Management fee		5,561,682
Non 12b-1 service fees		2,813,390
Shareholder servicing		1,206,394
Fund administration		449,927
Reports to shareholders		103,143
Professional		96,885
Custody		72,550
Directors’ fees		31,419
Other		60,532
Gross expenses		10,395,922
Expense reductions (See Note 9)		(10,277	)
Fees waived and expenses reimbursed (See Note 3)		(262,281	)
Net expenses		10,123,364
Net investment income		46,435,962
Net realized and unrealized gain (loss):
Net realized gain on investments		54,252,097
Net realized loss on futures contracts		(5,804,820	)
Net realized loss on foreign currency exchange contracts		(1,524,163	)
Net realized loss on swap contracts		(1,511,322	)
Net realized gain on foreign currency related translations		36,421
Net change in unrealized appreciation/depreciation on investments		10,225,785
Net change in unrealized appreciation/depreciation on futures contracts		(1,516,229	)
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts		(443,457	)
Net change in unrealized appreciation/depreciation on swap contracts		(1,283,037	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		7,177
Net realized and unrealized gain		52,438,452
Net Increase in Net Assets Resulting From Operations	$	98,874,414

46 See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
INCREASE IN NET ASSETS	December 31, 2017			December 31, 2016
Operations:
Net investment income	$	46,435,962		$	44,967,399
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		45,448,213			(4,832,421	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		6,990,239			77,190,459
Net increase in net assets resulting from operations		98,874,414			117,325,437
Distributions to shareholders from:
Net investment income		(47,823,337	)		(47,075,516	)
Net realized gain		(11,266,291	)		—
Total distributions to shareholders		(59,089,628	)		(47,075,516	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		146,613,258			148,838,089
Reinvestment of distributions		59,089,628			47,075,515
Cost of shares reacquired		(138,899,244	)		(177,659,555	)
Net increase in net assets resulting from capital share transactions		66,803,642			18,254,049
Net increase in net assets		106,588,428			88,503,970
NET ASSETS:
Beginning of year	$	1,066,632,803		$	978,128,833
End of year	$	1,173,221,231		$	1,066,632,803
Undistributed (distributions in excess of) net investment income	$	110,404		$	(133,148	)

See Notes to Financial Statements. 47

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
12/31/2017	$	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	)
12/31/2015		11.89		0.47		(0.65	)		(0.18	)		(0.49	)		(0.08	)		(0.57	)
12/31/2014		12.31		0.54		(0.01	)		0.53			(0.61	)		(0.34	)		(0.95	)
12/31/2013		12.21		0.62		0.39			1.01			(0.65	)		(0.26	)		(0.91	)

(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.

48 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 (%)
$12.38		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
11.14		(1.53	)		0.90		0.94		3.91		978,129		116
11.89		4.35			0.90		0.93		4.26		913,108		90
12.31		8.17			0.90		0.93		4.89		861,130		50

See Notes to Financial Statements. 49

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 twelve separate portfolios. 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 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 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.

50

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 income 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, 2014 through December 31, 2017. 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 futures contracts, swaps and 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 loss on futures contracts, swaps and 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.

51

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 futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies 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 loss on futures contracts, swaps and foreign currency related transactions 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

52

Notes to Financial Statements (continued)

	market value of the underlying securities, according to the procedures described under “Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
(k)	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 indices. These credit indices are comprised of a basket of securities representing a particular sector of the market. During the fiscal year, the Fund entered into credit default swaps based on CMBX indexes, CDX indices and single issuers, which are comprised of a basket of commercial mortgage-backed securities, a basket of investment grade securities, a basket of emerging markets sovereign issuers and a corporate issuer, respectively.
	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

53

Notes to Financial Statements (continued)

	obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.
	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where the Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.
	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default.
(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.

54

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, 2017, the Fund had unfunded loan commitments:

Itron Inc., 2017 Bridge Loan	$	1,158,000
Centene Corp. Bridge Loan		3,340,000
Total	$	4,498,000

(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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies the Fund with investment management services and executive and other personnel,

55

Notes to Financial Statements (continued)

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, 2017, 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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 .90%. 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.

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	55,855,286	$	47,075,516
Net long-term capital gains		3,234,342		–
Total distributions paid	$	59,089,628	$	47,075,516

56

Notes to Financial Statements (continued)

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	7,105,534
Undistributed long-term capital gains		1,672,887
Total undistributed earnings		8,778,421
Temporary differences		(142,473	)
Unrealized gains – net		49,930,617
Total accumulated gains – net	$	58,566,565

As of December 31, 2017, 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	$	1,130,022,861
Gross unrealized gain		61,039,858
Gross unrealized loss		(11,112,803	)
Net unrealized security gain	$	49,927,055

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, forward currency contracts, futures, swaps, amortization of premium and wash sales.

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Undistributed Net Investment Income		Accumulated Net Realized Gain
	$1,630,927		$(1,630,927)

The permanent differences are primarily attributable to the tax treatment of foreign currency transactions, certain securities, premium amortization, certain distributions, and principal paydown gains and losses.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
	$220,070,606		$1,188,332,857		$203,165,074		$1,140,619,750

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, 2017, the Fund engaged in cross-trades purchases of $2,219,524 and sales of $19,814,409, which resulted in net realized gains of $959,076.

57

Notes to Financial Statements (continued)

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2017 (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, 2017 (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, 2017 (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.

As of December 31, 2017, 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		Credit Contracts
Forward Foreign Currency Exchange Contracts(1)		–	$	71,760		–
Futures Contract(2)	$	804,637		–		–
Liability Derivatives
Forward Foreign Currency Exchange Contracts(3)		–	$	397,988		–
Futures Contracts(2)	$	1,185,723		–		–
Centrally Cleared Credit Default Swap Contracts(4)		–		–	$	1,699,663

(1)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
(3)	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(4)	Statements 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.

58

Notes to Financial Statements (continued)

Transactions in derivative instruments for the year ended December 31, 2017, were as follows:

	Interest Rate Contracts			Forward Currency Contracts			Credit Contracts
Net Realized Gain (Loss)
Credit Default Swaps Contracts(1)		–			–		$	(1,511,322	)
Forward Foreign Currency Exchange Contracts(2)		–		$	(1,524,163	)		–
Futures Contracts(3)	$	(5,804,820	)		–			–
Net Change in Unrealized Appreciation/Depreciation
Credit Default Swaps Contracts(4)		–			–		$	(1,283,037	)
Forward Foreign Currency Exchange Contracts(5)		–		$	(443,457	)		–
Futures Contracts(6)	$	(1,516,229	)		–			–
Average Number of Contracts/Notional Amounts*
Credit Default Swaps Contracts(7)		–			–		$	80,603,205
Forward Foreign Currency Exchange Contracts(7)		–		$	27,615,707			–
Futures Contracts(8)		2,572			—			–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2017.
(1)	Statements of Operations location: Net realized gain (loss) on swap contracts.
(2)	Statements of Operations location: Net realized gain (loss) on foreign currency exchange contracts.
(3)	Statements of Operations location: Net realized gain (loss) on future contracts.
(4)	Statements of Operations location: Net Change in unrealized appreciation/depreciation on swap contracts.
(5)	Statements of Operations location: Net change in unrealized appreciation/depreciation on foreign currency exchange contracts.
(6)	Statements of Operations location: Net change in unrealized appreciation/depreciation on future contracts.
(7)	Amount represents notional amounts in U.S. dollars.
(8)	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
Forward Foreign Currency Exchange Contracts	$	71,760	$	–	$	71,760
Repurchase Agreements		14,465,148		–		14,465,148
Total	$	14,536,908	$	–	$	14,536,908

59

Notes to Financial Statements (continued)

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		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)
Barclays Bank plc	$	18,163	$	(18,163	)	$	–	$	–		$	–
Deutsche Bank AG		12,721		–			–		–			12,721
Fixed Income Clearing Corp.		14,465,148		–			–		(14,465,148	)		–
J.P. Morgan Chase		16,533		(16,533	)		–		–			–
Standard Chartered Bank		5,155		–			–		–			5,155
State Street Bank and Trust		15,278		(15,278	)		–		–			–
UBS AG		3,910		–			–		–			3,910
Total	$	14,536,908	$	(49,974	)	$	–	$	(14,465,148	)	$	21,786

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	$	397,988	$	–	$	397,988
Total	$	397,988	$	–	$	397,988

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(b)
Barclays Bank plc	$	66,224	$	(18,163	)	$	–	$	–	$	48,061
J.P. Morgan Chase		24,951		(16,533	)		–		–		8,418
State Street Bank and Trust		306,813		(15,278	)		–		–		291,535
Total	$	397,988	$	(49,974	)	$	–	$	–	$	348,014

(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, 2017.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

60

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

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 fiscal year ended December 31, 2017, the Fund participated as a lender in the Interfund Lending Program. The average amount loaned and interest rate were $4,958,199 and 1.01%, respectively. The Fund earned interest of $261, which is included in the Statement of Operations. There were no interfund loans outstanding as of December 31, 2017.

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. 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

61

Notes to Financial Statements (continued)

greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

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

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

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

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

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

62

Notes to Financial Statements (concluded)

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.

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, 2017			Year Ended December 31, 2016
Shares sold		11,707,991			12,721,182
Reinvestment of distributions		4,788,463			3,949,141
Shares reacquired		(11,090,027	)		(15,163,582	)
Increase		5,406,427			1,506,741

63

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Bond-Debenture Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Bond-Debenture Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Bond-Debenture Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and agent banks; 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 15, 2018

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

64

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

65

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004).   Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009).   Other Directorships: None.

66

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012).   Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

67

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

68

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

69

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 appropriate 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board

70

Approval of Advisory Contract (continued)

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 necessary. After reviewing these and related factors, the Board concluded that the Fund’s investment performance was reasonable and supported the continuation of the Agreement.

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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoint in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

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

71

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

72

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 2% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $8,031,949 and $3,234,342, respectively, represent short-term capital gains and long-term capital gains.

73

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by		LASFBD-2
LORD ABBETT DISTRIBUTOR LLC.	Bond-Debenture Portfolio	(02/18)

 

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Calibrated Dividend Growth Portfolio

For the fiscal year ended December 31, 2017

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
26	Report of Independent Registered Public Accounting Firm
27	Supplemental Information to Shareholders

Lord Abbett Series Fund — Calibrated Dividend Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2017

 

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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 — Calibrated Dividend Growth Portfolio for the fiscal year ended December 31, 2017. 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,

 

Daria L. Foster

Director, President and Chief Executive Officer

 For the fiscal year ended December 31, 2017, the Fund returned 19.12%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the S&P 500^® Index¹, which returned 21.83% over the same period.

 Domestic equity markets (as represented by the S&P 500^® Index¹) returned 21.83%, ending the year with their strongest quarterly performance in two years and marking their first calendar year with 12 consecutive months of positive performance. Much of the market

momentum was driven by the anticipation of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast of U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as threats from North Korea, U.S. political tensions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

1

During the year, the National Federation of Independent Business Index of Small Business Optimism reached a 34 year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence measure for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth-oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. GDP grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve raised target rates three times during the year, changing the target range in December 2017 from 1.00–1.25% to 1.25–1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

The Fund underperformed its index for the period. The Fund’s stock selection in the information technology sector detracted from relative performance. Within information technology, an underweight position in Apple, Inc. detracted. The

consumer electronics company’s stock rose throughout the year as Apple was viewed as a potential beneficiary of tax reform and reported strong initial sales of its much-anticipated updated iPhone X model. Similarly, the Fund’s underweight position in Facebook Inc., detracted from the Fund’s relative performance as the stock rose. The social networking company benefited from strong advertising revenue growth, increasing operating margins, and a growing user base.

Stock selection in the consumer staples sector also detracted from the Fund’s performance relative to its benchmark. Within consumer staples, an overweight position in Walgreens Boots Alliance, Inc., a provider of drug store services, detracted. The company’s stock declined after the company reported a decline in same-store-sales amid an increase in cheaper generic drugs. The company also continued to struggle after it failed to get approval from the Federal Trade Commission to purchase as many Rite Aid stores as it had initially planned.

Stock selection in the industrials sector was a positive contributor to the Fund’s performance, relative to its benchmark, during the period. Within industrials, one of the largest contributors was 3M Co., a manufacturer of industrial, safety, and consumer products. 3M benefited from strong organic growth and an undervalued balance sheet, as well as above-average returns and margins. An underweight position in General Electric Co., also

2

contributed to relative performance as the technology and financial services company’s stock price declined throughout the year. The company’s stock was hurt after its CEO resigned and the new CEO cut earnings guidance, labeled 2018 a “reset year”, and committed to a rethinking of the company’s entire business model.

Stock selection in the health care sector also contributed positively to the Fund’s performance relative to its benchmark. Within health care, an

overweight position in AbbVie Inc., helped relative performance. The biopharmaceutical company advanced as the company’s Humira drug forecasts improved following an intellectual property case resolution.

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 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, 2017. 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 and the S&P 900^® 10-Year Dividend 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 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.

 

The S&P 900^® 10-Year Dividend Growth Index is a custom index that, along with changes in the Fund’s investment strategy, the Fund began disclosing in its prospectus effective September 27, 2012.

Average Annual Total Returns for the

Periods Ended December 31, 2017

	1 Year	5 Years	10 Years
Class VC	19.12%	13.87%	8.47%

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.

²   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. Performance for the index began on September 27, 2012.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,113.50	$4.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.92	$4.33

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	9.90	%
Consumer Staples	17.36	%
Energy	4.96	%
Financials	7.00	%
Health Care	11.10	%
Industrials	21.48	%
Information Technology	12.24	%
Materials	5.30	%
Telecommunication Services	3.39	%
Utilities	6.41	%
Repurchase Agreement	0.86	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.03%
Aerospace & Defense 5.36%
General Dynamics Corp.		11,700	$	2,380
Lockheed Martin Corp.		10,192		3,272
Northrop Grumman Corp.		7,500		2,302
Raytheon Co.		12,500		2,348
Total				10,302
Air Freight & Logistics 2.17%
FedEx Corp.		16,700		4,167
Banks 0.40%
People’s United Financial, Inc.		40,900		765
Beverages 4.14%
Brown-Forman Corp. Class B		7,500		515
Coca-Cola Co. (The)		89,668		4,114
PepsiCo, Inc.		27,824		3,337
Total				7,966
Biotechnology 2.91%
AbbVie, Inc.		57,899		5,599
Building Products 0.94%
A.O. Smith Corp.		29,500		1,808
Capital Markets 2.86%
Ameriprise Financial, Inc.		13,900		2,356
Eaton Vance Corp.		20,400		1,151
S&P Global, Inc.		9,500		1,609
T. Rowe Price Group, Inc.		3,700		388
Total				5,504
Chemicals 5.03%
Air Products & Chemicals, Inc.		4,600		755
Ecolab, Inc.		11,200		1,503
International Flavors & Fragrances, Inc.		8,700		1,328
Monsanto Co.		18,395		2,148
PPG Industries, Inc.		16,506		1,928
RPM International, Inc.		24,300		1,274
Sherwin-Williams Co. (The)		1,800		738
Total				9,674

Investments	Shares		Fair Value (000)
Commercial Services & Supplies 0.76%
Waste Management, Inc.		16,800	$	1,450
Containers & Packaging 0.26%
Sonoco Products Co.		9,400		499
Diversified Telecommunication Services 3.39%
AT&T, Inc.		66,608		2,590
Verizon Communications, Inc.		74,000		3,917
Total				6,507
Electric: Utilities 3.66%
Edison International		15,500		980
Eversource Energy		18,100		1,143
NextEra Energy, Inc.		14,821		2,315
Southern Co. (The)		27,300		1,313
Xcel Energy, Inc.		26,600		1,280
Total				7,031
Food & Staples Retailing 7.91%
Costco Wholesale Corp.		12,500		2,326
CVS Health Corp.		31,400		2,277
Kroger Co. (The)		27,900		766
Sysco Corp.		41,600		2,526
Wal-Mart Stores, Inc.		44,180		4,363
Walgreens Boots Alliance, Inc.		40,421		2,935
Total				15,193
Food Products 1.55%
Archer-Daniels-Midland Co.		9,400		377
Flowers Foods, Inc.		19,300		373
General Mills, Inc.		21,000		1,245
J.M. Smucker Co. (The)		7,900		981
Total				2,976
Health Care Equipment & Supplies 5.37%
Abbott Laboratories		78,600		4,486
Becton, Dickinson & Co.		10,000		2,140
Medtronic plc (Ireland)(a)		38,091		3,076
West Pharmaceutical Services, Inc.		6,200		612
Total				10,314

8

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Health Care Providers & Services 0.96%
AmerisourceBergen Corp.		5,500	$	505
Cardinal Health, Inc.		21,948		1,345
Total				1,850
Hotels, Restaurants & Leisure 2.53%
McDonald’s Corp.		28,274		4,866
Household Products 3.74%
Clorox Co. (The)		4,400		655
Kimberly-Clark Corp.		30,135		3,636
Procter & Gamble Co. (The)		31,600		2,903
Total				7,194
Industrial Conglomerates 3.16%
3M Co.		20,417		4,806
Roper Technologies, Inc.		4,900		1,269
Total				6,075
Information Technology Services 4.60%
Accenture plc Class A (Ireland)(a)		22,200		3,398
Automatic Data Processing, Inc.		11,300		1,324
International Business Machines Corp.		26,787		4,110
Total				8,832
Insurance 3.73%
Aflac, Inc.		5,000		439
Brown & Brown, Inc.		11,500		592
Chubb Ltd. (Switzerland)(a)		25,564		3,736
Hanover Insurance Group, Inc. (The)		7,500		810
RenaissanceRe Holdings Ltd.		12,700		1,595
Total				7,172
Leisure Products 0.80%
Hasbro, Inc.		16,900		1,536

Investments	Shares		Fair Value (000)
Machinery 5.01%
Caterpillar, Inc.		4,800	$	756
Cummins, Inc.		13,800		2,438
Graco, Inc.		19,500		882
Illinois Tool Works, Inc.		15,800		2,636
Pentair plc (United Kingdom)(a)		24,100		1,702
Stanley Black & Decker, Inc.		7,200		1,222
Total				9,636
Multi-Utilities 2.75%
Consolidated Edison, Inc.		11,500		977
Dominion Energy, Inc.		42,600		3,453
SCANA Corp.		21,298		847
Total				5,277
Oil, Gas & Consumable Fuels 4.96%
Chevron Corp.		52,849		6,616
Occidental Petroleum Corp.		39,573		2,915
Total				9,531
Pharmaceuticals 1.85%
Johnson & Johnson		25,419		3,552
Professional Services 0.97%
Robert Half International, Inc.		33,700		1,872
Road & Rail 2.69%
J.B. Hunt Transport Services, Inc.		5,700		655
Ryder System, Inc.		6,100		513
Union Pacific Corp.		29,900		4,010
Total				5,178
Semiconductors & Semiconductor Equipment 5.30%
Analog Devices, Inc.		24,900		2,217
Microchip Technology, Inc.		21,866		1,922
QUALCOMM, Inc.		46,757		2,993
Texas Instruments, Inc.		29,300		3,060
Total				10,192

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Software 2.33%
Microsoft Corp.		52,300	$	4,474
Specialty Retail 4.55%
Lowe’s Cos., Inc.		51,125		4,752
Ross Stores, Inc.		35,200		2,825
TJX Cos., Inc. (The)		15,400		1,177
Total				8,754
Textiles, Apparel & Luxury Goods 2.00%
NIKE, Inc. Class B		39,500		2,471
VF Corp.		18,600		1,376
Total				3,847
Trading Companies & Distributors 0.39%
W.W. Grainger, Inc.		3,200		756
Total Common Stocks (cost $165,520,463)				190,349

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.86%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $1,400,000 of U.S. Treasury Bond at 7.875% due 2/15/2021; value: $1,689,951; proceeds: $1,654,266 (cost $1,654,166)	$	1,654	$	1,654
Total Investments in Securities 99.89% (cost $167,174,629)				192,003
Other Assets in Excess of Liabilities(b) 0.11%				219
Net Assets 100.00%			$	192,222

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

Open Futures Contracts at December 31, 2017:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2018	10	Long	$1,333,306	$1,338,000	$4,694

10 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	190,349	$	–	$	–	$	190,349
Repurchase Agreement		–		1,654		–		1,654
Total	$	190,349	$	1,654	$	–	$	192,003
Other Financial Instruments
Futures Contracts
Assets	$	5	$	–	$	–	$	5
Liabilities		–		–		–		–
Total	$	5	$	–	$	–	$	5

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 11

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $167,174,629)	$	192,002,960
Deposits with brokers for futures collateral		45,000
Receivables:
Interest and dividends		237,547
Investment securities sold		211,784
From advisor (See Note 3)		59,888
Capital shares sold		19,178
Prepaid expenses		913
Total assets		192,577,270
LIABILITIES:
Payables:
Management fee		122,118
Capital shares reacquired		43,662
Directors’ fees		21,798
Fund administration		6,513
Variation margin for futures contracts		4,865
Accrued expenses		156,608
Total liabilities		355,564
NET ASSETS	$	192,221,706
COMPOSITION OF NET ASSETS:
Paid-in capital	$	167,422,362
Distributions in excess of net investment income		(21,797	)
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(11,884	)
Net unrealized appreciation on investments and futures contracts		24,833,025
Net Assets	$	192,221,706
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		12,001,154
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.02

12 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$	4,595,595
Interest		2,031
Total investment income		4,597,626
Expenses:
Management fee		1,348,403
Non 12b-1 service fees		449,717
Shareholder servicing		191,755
Fund administration		71,915
Professional		56,451
Reports to shareholders		24,041
Custody		20,832
Directors’ fees		4,998
Other		14,252
Gross expenses		2,182,364
Expense reductions (See Note 9)		(1,640	)
Fees waived and expenses reimbursed (See Note 3)		(652,535	)
Net expenses		1,528,189
Net investment income		3,069,437
Net realized and unrealized gain (loss):
Net realized gain on investments		9,936,031
Net realized gain on futures contracts		227,659
Net realized loss on foreign currency related transactions		(352	)
Net change in unrealized appreciation/depreciation on investments		18,391,849
Net change in unrealized appreciation/depreciation on futures contracts		8,819
Net realized and unrealized gain		28,564,006
Net Increase in Net Assets Resulting From Operations	$	31,633,443

See Notes to Financial Statements. 13

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	3,069,437		$	2,757,601
Net realized gain on investments, futures contracts and foreign currency related transactions		10,163,338			11,315,945
Net change in unrealized appreciation/depreciation on investments and futures contracts		18,400,668			5,544,702
Net increase in net assets resulting from operations		31,633,443			19,618,248
Distributions to shareholders from:
Net investment income		(3,082,034	)		(2,760,683	)
Net realized gain		(10,510,653	)		(10,343,840	)
Total distributions to shareholders		(13,592,687	)		(13,104,523	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		21,128,282			87,781,663
Reinvestment of distributions		13,592,687			13,104,523
Cost of shares reacquired		(31,869,957	)		(41,085,594	)
Net increase in net assets resulting from capital share transactions		2,851,012			59,800,592
Net increase in net assets		20,891,768			66,314,317
NET ASSETS:
Beginning of year	$	171,329,938		$	105,015,621
End of year	$	192,221,706		$	171,329,938
Distributions in excess of net investment income	$	(21,797	)	$	(19,946	)

14 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$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	)
12/31/2015		15.55		0.27		(0.60	)		(0.33	)		(0.27	)		(1.35	)		(1.62	)
12/31/2014		16.27		0.27		1.60			1.87			(0.29	)		(2.30	)		(2.59	)
12/31/2013		14.22		0.26		3.68			3.94			(0.28	)		(1.61	)		(1.89	)

(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.

16 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 (%)
	$16.02		19.12			0.85		1.21		1.71		$192,222		58
	14.47		15.10			0.85		1.25		1.89		171,330		75
	13.60		(2.13	)		0.85		1.28		1.76		105,016		70
	15.55		11.54			0.85		1.25		1.63		118,300		79
	16.27		27.93			0.85		1.27		1.62		128,593		65

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 twelve separate portfolios. This report covers Calibrated 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 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 income 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, 2014 through December 31, 2017. 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 futures contracts and 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 on futures contracts and 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.
(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.
(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

19

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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.

20

Notes to Financial Statements (continued)

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	.70%
Over $2 billion	.65%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of .39% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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 .85%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017			Year Ended 12/31/2016
Distributions paid from:
Ordinary income		$	9,776,911		$	4,821,625
Net long-term capital gains			3,815,776			8,282,898
Total distributions paid		$	13,592,687		$	13,104,523

21

Notes to Financial Statements (continued)

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	784,137
Undistributed long-term capital gains		999,614
Total undistributed earnings		1,783,751
Temporary differences		(21,797	)
Unrealized gains – net		23,037,390
Total accumulated gains – net	$	24,799,344

As of December 31, 2017, 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	$	168,970,264
Gross unrealized gain		25,957,970
Gross unrealized loss		(2,920,580	)
Net unrealized security gain	$	23,037,390

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in Excess of Net Investment Income	Accumulated Net Realized Loss
$10,746		$(10,746	)

The permanent differences are attributable to the tax treatment of foreign currency transactions, and certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$103,771,724	$111,246,519

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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, 2017, the Fund engaged in cross-trades purchases of $835,131 and sales of $613,929, which resulted in net realized gains of $28,248.

22

Notes to Financial Statements (continued)

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, 2017 (as described in note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2017, the Fund had futures contracts with unrealized appreciation of $4,694, which is included in the Schedule of Investments. Only the current day’s variation margin is reported within the Fund’s Statement of Assets and Liabilities. Amounts of $227,659 and $8,819 are included in the Statement of Operations related to futures contracts under the captions Net realized gain on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the period was 10.

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		$1,654,166	$	–	$	1,654,166
Total		$1,654,166	$	–	$	1,654,166

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		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.		$1,654,166	$	–	$	–	$	(1,654,166	)	$	–
Total		$1,654,166	$	–	$	–	$	(1,654,166	)	$	–

(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, 2017.

23

Notes to Financial Statements (continued)

8. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9. EXPENSE REDUCTIONS  

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

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 fiscal year ended December 31, 2017, 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.

24

Notes to Financial Statements (concluded)

13. 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.

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, 2017			Year Ended December 31, 2016
Shares sold		1,365,645			6,045,995
Reinvestment of distributions		854,365			893,876
Shares reacquired		(2,057,388	)		(2,821,771	)
Increase		162,622			4,118,100

25

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Calibrated Dividend Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Calibrated Dividend Growth Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Calibrated Dividend Growth Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

26

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

27

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009).
		Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

28

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

29

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

30

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

31

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 appropriate 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. 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 and below the median

32

Approval of Advisory Contract (continued)

for the one- and five-year periods. The Board considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

33

Approval of Advisory Contract (concluded)

services. 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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

34

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 46% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $6,705,975 and $3,815,776, respectively, represent short-term capital gains and long-term capital gains.

35

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. Calibrated Dividend Growth Portfolio	SFCS-PORT-3 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Classic Stock Portfolio

For the fiscal year ended December 31, 2017

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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Supplemental Information to Shareholders

Lord Abbett Series Fund – Classic Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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 - Classic Stock Portfolio for the fiscal year ended December 31, 2017. 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,

 

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 16.84%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to its benchmark, the Russell 1000^® Index,¹ which returned 21.69% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market

momentum was driven by the anticipation of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast of U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as North Korea, U.S. political tensions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

During the year the National Federation of Independent Business Small Business

1

Confidence Index reached a 34 year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. gross domestic product (GDP) grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve (Fed) gradually raised the Fed Funds rate over the trailing 12-month period by raising interest rates by 25bps three times, ultimately reaching a target range of 1.25-1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

The Fund underperformed its index for the period. The largest detractors to relative performance during the trailing 12-month period were the information technology and energy sectors. Within the information technology sector, shares of Qualcomm, Inc., a manufacturer of digital wireless communication equipment, dropped early

in the year following Apple’s lawsuit, which accused Qualcomm’s patent of violating competition laws. Trading volatility in shares of Oracle Corp., a supplier of software and information management, detracted from relative performance. Additionally, shares of Oracle fell following disappointing sales forecasts for the company’s cloud-based software and services. Within the energy sector, shares of Range Resources Corp., an independent natural gas, natural gas liquids, and oil company, were hurt by the weakness in gas prices driven by above average winter temperatures. Shares further declined after the company posted disappointing third-quarter production guidance. Shares of Anadarko Petroleum Corp., an oil and gas company, dropped after the company came under pressure after a fire broke out from one of Anadarko’s oil tanks, resulting in the death of two individuals.

Among the largest contributors to relative performance during the trailing 12-month period were the health care and industrials sectors. Within the health care sector, shares of Abbott Laboratories, a diversified global medical products company, advanced in the beginning of 2017 after Abbott completed its acquisition of St. Jude Medical, Inc. and gained approval by the FDA for the Assurance MRI pacemaker and Tendril MRI pacing lead. Shares continued to rise after the company expanded its implantable cardioverter defibrillator market share with the MRI compatibility of its Ellipse ICD, and

2

when the FDA approved the FreeStyle Libre Flash Glocose Monitoring system. Shares of UnitedHealth Group, Inc., a diversified health company, rose from strong financial performance and solid growth across all business lines. Within the industrials sector, the Fund’s holding of CSX Corp., a rail-based freight transportation company, contributed to performance as shares of the company jumped in the beginning of the year due to speculation that Canadian Pacific’s former CEO, Hunter Harrison, would be installed as CEO of CSX via activism. Despite his sudden death at the end of 2017, investors appeared to be confident that Harrison, who became CEO of CSX in March 2017, implemented

necessary structural changes throughout the year in order to drive future performance. Shares of Honeywell International Inc., a diversified technology and manufacturing company, rose after the company reported strong earnings throughout the year. Shares continued to increase over positive sentiment after Honeywell announced its intention to spin off into two separate companies.

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 1000 Index^® measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represent approximately 92% of the total market capitalization of the Russell 3000 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, 2017. 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 Russell 1000^® Index and 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. 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, 2017
		1 Year	5 Years	10 years
Class VC		16.84%	13.03%	6.74%

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 -  12/31/17
Class VC
Actual	$1,000.00	$1,099.00	$5.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.42	$4.84

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	15.53	%
Consumer Staples	6.18	%
Energy	3.57	%
Financials	16.67	%
Health Care	13.29	%
Industrials	7.32	%
Information Technology	23.25	%
Materials	3.76	%
Real Estate	2.68	%
Telecommunication Services	1.25	%
Utilities	1.99	%
Repurchase Agreement	4.51	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.04%
Banks 4.87%
Citizens Financial Group, Inc.	36,044	$	1,513
East West Bancorp, Inc.	11,320		689
Total			2,202
Beverages 1.81%
Coca-Cola Co. (The)	12,542		575
PepsiCo, Inc.	2,023		243
Total			818
Biotechnology 1.92%
Vertex Pharmaceuticals, Inc.*	5,788		867
Capital Markets 3.63%
Charles Schwab Corp. (The)	8,966		461
Morgan Stanley	22,462		1,178
Total			1,639
Chemicals 3.86%
DowDuPont, Inc.	12,286		875
PPG Industries, Inc.	7,454		871
Total			1,746
Consumer Finance 1.76%
Discover Financial Services	10,335		795
Diversified Telecommunication Services 1.28%
AT&T, Inc.	14,910		580
Electric: Utilities 2.05%
NextEra Energy, Inc.	5,923		925
Electrical Equipment 1.35%
AMETEK, Inc.	8,421		610
Electronic Equipment, Instruments & Components 1.61%
Corning, Inc.	22,807		730
Energy Equipment & Services 0.58%
Halliburton Co.	5,395		264

Investments	Shares		Fair Value (000)
Equity Real Estate Investment Trusts 2.76%
Boston Properties, Inc.	5,027	$	654
Prologis, Inc.	9,177		592
Total			1,246
Food & Staples Retailing 2.11%
Wal-Mart Stores, Inc.	9,639		952
Food Products 0.52%
Mondelez International, Inc. Class A	5,550		238
Health Care Equipment & Supplies 3.09%
Abbott Laboratories	8,230		470
Baxter International, Inc.	14,372		929
Total			1,399
Health Care Providers & Services 3.83%
UnitedHealth Group, Inc.	7,847		1,730
Hotels, Restaurants & Leisure 2.74%
McDonald’s Corp.	3,576		616
Yum! Brands, Inc.	7,613		621
Total			1,237
Household Durables 0.56%
Lennar Corp. Class A	4,021		254
Household Products 1.34%
Clorox Co. (The)	3,276		487
Colgate-Palmolive Co.	1,584		120
Total			607
Industrial Conglomerates 2.56%
Honeywell International, Inc.	7,554		1,158
Information Technology Services 0.76%
Vantiv, Inc. Class A*	4,658		343
Insurance 6.85%
Allstate Corp. (The)	13,716		1,436
Chubb Ltd. (Switzerland)(a)	7,239		1,058
Hartford Financial Services Group, Inc. (The)	10,744		605
Total			3,099

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Internet & Direct Marketing Retail 5.23%
Amazon.com, Inc.*	1,161	$	1,358
Netflix, Inc.*	5,254		1,008
Total			2,366
Internet Software & Services 7.58%
Alibaba Group Holding Ltd. ADR*	5,036		868
Alphabet, Inc. Class A*	1,202		1,266
Facebook, Inc. Class A*	7,325		1,293
Total			3,427
Machinery 2.49%
Caterpillar, Inc.	1,244		196
ITT, Inc.	9,160		489
Parker-Hannifin Corp.	2,217		442
Total			1,127
Media 4.04%
Charter Communications, Inc. Class A*	658		221
Comcast Corp. Class A	11,844		474
Walt Disney Co. (The)	10,509		1,130
Total			1,825
Oil, Gas & Consumable Fuels 3.09%
Devon Energy Corp.	21,238		879
EOG Resources, Inc.	4,783		516
Total			1,395
Pharmaceuticals 4.80%
Bristol-Myers Squibb Co.	5,368		329
Johnson & Johnson	8,282		1,157
Novartis AG ADR	8,158		685
Total			2,171
Professional Services 0.35%
Nielsen Holdings plc	4,359		159

Investments	Shares		Fair Value (000)
Road & Rail 0.76%
CSX Corp.	6,236	$	343
Semiconductors & Semiconductor Equipment 1.65%
Tower Semiconductor Ltd. (Israel) *(a)	21,885		746
Software 7.87%
Microsoft Corp.	21,311		1,823
Nintendo Co. Ltd. ADR	14,230		642
Oracle Corp.	23,122		1,093
Total			3,558
Specialty Retail 2.34%
Burlington Stores, Inc.*	3,713		457
Home Depot, Inc. (The)	3,164		599
Total			1,056
Technology Hardware, Storage & Peripherals 4.40%
Apple, Inc.	11,756		1,989
Textiles, Apparel & Luxury Goods 1.04%
Kering ADR	9,971		469
Tobacco 0.56%
Altria Group, Inc.	3,539		253
Total Common Stocks (cost $37,353,648)			44,323

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 4.63%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $2,190,000 of U.S. Treasury Note at 1.125% due 2/28/2021; value: $2,136,082; proceeds: $2,092,499 (cost $2,092,373)		$2,092	$	2,092
Total Investments in Securities 102.67% (cost $39,446,021)				46,415
Liabilities in Excess of Cash and Other Assets (2.67)%				(1,208	)
Net Assets 100.00%			$	45,207

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

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	44,323	$	–	$	–	$	44,323
Repurchase Agreement		–		2,092		–		2,092
Total	$	44,323	$	2,092	$	–	$	46,415

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $39,446,021)	$46,414,653
Cash	238
Receivables:
Interest and dividends	36,412
From advisor (See Note 3)	8,726
Capital shares sold	284
Prepaid expenses	255
Total assets	46,460,568
LIABILITIES:
Payables:
Investment securities purchased	1,139,812
Management fee	26,889
Directors’ fees	6,310
Capital shares reacquired	4,535
Fund administration	1,537
Accrued expenses	74,074
Total liabilities	1,253,157
NET ASSETS	$45,207,411
COMPOSITION OF NET ASSETS:
Paid-in capital	$37,485,393
Distributions in excess of net investment income	(6,310	)
Accumulated net realized gain on investments	759,696
Net unrealized appreciation on investments	6,968,632
Net Assets	$45,207,411
Outstanding shares (50 million shares of common stock authorized, $.001 par value)	3,391,864
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$13.33

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$	752,888
Interest		1,394
Total investment income		754,282
Expenses:
Management fee		310,111
Non 12b-1 service fees		110,764
Shareholder servicing		46,603
Professional		42,786
Reports to shareholders		20,107
Fund administration		17,721
Custody		4,230
Directors’ fees		1,251
Other		5,509
Gross expenses		559,082
Expense reductions (See Note 8)		(402	)
Fees waived and expenses reimbursed (See Note 3)		(137,815	)
Net expenses		420,865
Net investment income		333,417
Net realized and unrealized gain:
Net realized gain on investments		3,973,533
Net change in unrealized appreciation/depreciation on investments		2,600,901
Net realized and unrealized gain		6,574,434
Net Increase in Net Assets Resulting From Operations	$	6,907,851

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	333,417		$	483,688
Net realized gain on investments		3,973,533			1,660,746
Net change in unrealized appreciation/depreciation on investments		2,600,901			2,623,332
Net increase in net assets resulting from operations		6,907,851			4,767,766
Distributions to shareholders from:
Net investment income		(358,909	)		(442,540	)
Net realized gain		(3,672,218	)		(1,677,064	)
Total distributions to shareholders		(4,031,127	)		(2,119,604	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		1,448,843			29,910,562
Reinvestment of distributions		4,031,127			2,119,575
Cost of shares reacquired		(8,346,425	)		(23,123,823	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,866,455	)		8,906,314
Net increase in net assets		10,269			11,554,476
NET ASSETS:
Beginning of year	$	45,197,142		$	33,642,666
End of year	$	45,207,411		$	45,197,142
Distributions in excess of net investment income	$	(6,310	)	$	(221	)

12 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$12.51		$0.10		$ 1.99			$ 2.09			$(0.11	)		$(1.16	)		$(1.27	)
12/31/2016		11.66		0.14		1.31			1.45			(0.13	)		(0.47	)		(0.60	)
12/31/2015		14.15		0.11		(0.23	)		(0.12	)		(0.11	)		(2.26	)		(2.37	)
12/31/2014		14.77		0.10		1.25			1.35			(0.11	)		1.86			(1.97	)
12/31/2013		12.77		0.14		3.64			3.78			(0.15	)		(1.63	)		(1.78	)

(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 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 (%)
	$13.33		16.84			0.95		1.26		0.75		$45,207		71
	12.51		12.44			0.95		1.33		1.20		45,197		100
	11.66		(0.90	)		0.95		1.32		0.78		33,643		100
	14.15		9.14			0.95		1.30		0.68		43,297		50
	14.77		29.85			0.95		1.31		0.95		45,458		42

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 twelve separate portfolios. This report covers Classic Stock Portfolio (the “Fund”).

The Fund’s investment objective is growth of capital and growth of income consistent with reasonable risk. 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 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.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

16

Notes to Financial Statements (continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income 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, 2014 through December 31, 2017. 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 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.
(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

17

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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	.70%
Next $1 billion	.65%
Over $2 billion	.60%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of .39% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary

18

Notes to Financial Statements (continued)

to limit total net annual operating expenses, to an annual rate of .95%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017			Year Ended 12/31/2016
Distributions paid from:
Ordinary income		$	1,067,214		$	442,540
Net long-term capital gains			2,963,913			1,677,064
Total distributions paid		$	4,031,127		$	2,119,604

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	136,196
Undistributed long-term capital gains		684,291
Total undistributed earnings		820,487
Temporary differences		(6,310	)
Unrealized gains – net		6,907,841
Total accumulated gains – net	$	7,722,018

19

Notes to Financial Statements (continued)

As of December 31, 2017, 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	$	39,506,812
Gross unrealized gain		7,138,946
Gross unrealized loss		(231,105	)
Net unrealized security gain	$	6,907,841

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in Excess of Net Investment Income		Accumulated Net Realized Gain
	$19,403		$(19,403	)

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, 2017 were as follows:

Purchases	Sales
$30,915,016	$37,451,996

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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	$	2,092,373	$	–	$	2,092,373
Total	$	2,092,373	$	–	$	2,092,373

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		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.	$	2,092,373	$	–	$	–	$	(2,092,373	)	$	–
Total	$	2,092,373	$	–	$	–	$	(2,092,373	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

21

Notes to Financial Statements (concluded)

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. During the fiscal year ended December 31, 2017, 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. 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 growth stocks. This means the value of your 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. Large-cap value and growth stocks may perform differently than the market as a whole and differently than each other or other types of stocks, such as small company stocks. This is because different types of stocks tend to 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 may 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 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 its 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.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Shares sold		108,740			2,570,120
Reinvestment of distributions		302,332			169,122
Shares reacquired		(631,764	)		(2,011,279	)
Increase (decrease)		(220,692	)		727,963

22

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Classic Stock Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Classic Stock Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Classic Stock Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

23

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

24

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

26

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board

29

Approval of Advisory Contract (continued)

considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 equal to 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

30

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 58% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $709,765 and $2,963,913, 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.

Classic Stock Portfolio SFCLASS-PORT-3
(02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Developing Growth Portfolio

For the fiscal year ended December 31, 2017

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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Supplemental Information to Shareholders

Lord Abbett Series Fund — Developing Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 29.92%, 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 22.17% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market

momentum was driven by the anticipation of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast for U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as threats from North Korea, U.S. political tensions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

1

During the year, the National Federation of Independent Business Small Business Confidence Index reached a 34 year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence measure for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth-oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. GDP grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve raised target rates three times during the year, changing the target range in December from 1.00–1.25% to 1.25–1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

The leading contributor to the Fund’s relative performance during the period was security selection in the information technology sector. Within this sector, the Fund’s holdings of Shopify, Inc., an operator of a multi-faceted cloud-based commerce

platform utilized by businesses, contributed most. Shares of Shopify rose as continued platform enhancements and better than expected new merchant growth fueled accelerated revenue growth and market share gains. Another contributor within this sector over the past year was the Fund’s position in Universal Display Corp., a developer of organic light emitting technologies. Shares of Universal Display appreciated as it reported faster than expected revenue growth, which was driven by iPhone and OLED TV market penetration.

Security selection within the health care sector also positively impacted the Fund’s relative performance during the period. Within this sector, the Fund’s holdings of Exact Sciences, Inc., a molecular diagnostics company, contributed most. Exact Sciences released results that displayed faster than expected adoption of non-invasive colorectal cancer screening.

The leading detractor from the Fund’s performance, relative to the benchmark, during the period was stock selection within the materials sector. Within this sector, the Fund’s position in AK Steel Holding Corp., an operator of steel making and metallurgical coal plants, detracted. Shares of AK Steel were adversely affected by increased raw material costs, which put near-term pressure on the company’s pricing and margins. Additionally, the lack of progress on an infrastructure spending bill and the current administration’s delay in prioritizing section 232, an investigation

2

into steel imports’ relation to national security, were also headwinds. Another detractor within the sector was the Fund’s position in Cleveland-Cliffs, Inc., a mining and natural resources company. Shares of Cleveland-Cliffs declined as iron ore prices fell during the period.

Stock selection and an overweight in the financials sector were detractors from the Fund’s performance, relative to the benchmark, during the period. Within this sector, the Fund’s holdings of WisdomTree Investments, Inc., an asset manager

focused on exchange traded products, detracted. Shares of WisdomTree fell precipitously as higher than expected compensation expenses, pessimism around the company’s international business, and increasing industry pressure on fees, weighed on the stock.

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 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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2017. 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 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, 2017

	1 Year			5 Years			Life of Class
Class VC2		29.92	%		13.55	%		13.12	%

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.

²   The Class VC shares commenced operations on April 23, 2010. Performance for the Class began on May 1, 2010.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,151.10	$4.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.67	$4.58

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary		17.76	%
Energy		1.66	%
Financials		10.19	%
Health Care		21.42	%
Industrials		19.22	%
Information Technology		26.29	%
Materials		1.99	%
Real Estate		0.51	%
Repurchase Agreement		0.96	%
Total		100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.25%
Aerospace & Defense 3.58%
Aerojet Rocketdyne Holdings, Inc.*		8,591	$	268
Aerovironment, Inc.*		6,320		355
BWX Technologies, Inc.		6,328		383
Curtiss-Wright Corp.		3,400		414
Total				1,420
Air Freight & Logistics 2.92%
Atlas Air Worldwide Holdings, Inc.*		8,586		504
XPO Logistics, Inc.*		7,165		656
Total				1,160
Banks 7.79%
Cadence BanCorp*		11,406		309
CenterState Bank Corp.		17,572		452
Pinnacle Financial Partners, Inc.		6,038		400
Sterling Bancorp		11,697		288
Texas Capital Bancshares, Inc.*		4,365		388
Webster Financial Corp.		5,738		322
Western Alliance Bancorp*		10,550		597
Wintrust Financial Corp.		4,023		332
Total				3,088
Biotechnology 15.24%
Agios Pharmaceuticals, Inc.*		5,737		328
Avexis, Inc.*		4,793		530
Bluebird Bio, Inc.*		2,857		509
Blueprint Medicines Corp.*		9,308		702
Clovis Oncology, Inc.*		2,978		203
Exact Sciences Corp.*		9,250		486
FibroGen, Inc.*		6,877		326
Foundation Medicine, Inc.*		6,686		456
Insmed, Inc.*		7,484		233
Loxo Oncology, Inc.*		5,204		438
Repligen Corp.*		5,799		210
Sage Therapeutics, Inc.*		5,212		859
Sarepta Therapeutics, Inc.*		8,042		447

Investments	Shares		Fair Value (000)
Biotechnology (continued)
Spark Therapeutics, Inc.*		3,984	$	205
TESARO, Inc.*		1,345		112
Total				6,044
Building Products 2.34%
Builders FirstSource, Inc.*		24,342		530
Trex Co., Inc.*		3,670		398
Total				928
Capital Markets 2.20%
Evercore, Inc. Class A		4,902		441
Hamilton Lane, Inc. Class A		1,000		35
Moelis & Co. Class A		8,200		398
Total				874
Chemicals 0.79%
Minerals Technologies, Inc.		368		25
PolyOne Corp.		6,609		288
Total				313
Commercial Services & Supplies 0.64%
Brink’s Co. (The)		3,242		255
Communications Equipment 0.46%
Lumentum Holdings, Inc.*		3,735		183
Construction & Engineering 2.50%
MasTec, Inc.*		10,238		501
Quanta Services, Inc.*		12,506		489
Total				990
Construction Materials 1.21%
Eagle Materials, Inc.		4,225		479
Diversified Consumer Services 3.00%
Chegg, Inc.*		37,267		608
Grand Canyon Education, Inc.*		6,488		581
Total				1,189
Electronic Equipment, Instruments & Components 1.39%
Universal Display Corp.		3,183		550

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 4.99%
ABIOMED, Inc.*		710	$	133
Insulet Corp.*		12,572		868
Nevro Corp.*		4,653		321
Penumbra, Inc.*		6,993		658
Total				1,980
Health Care Providers & Services 1.23%
HealthEquity, Inc.*		6,208		290
Tivity Health, Inc.*		5,443		199
Total				489
Hotels, Restaurants & Leisure 4.49%
Dave & Buster’s Entertainment, Inc.*		5,635		311
Marriott Vacations Worldwide Corp.		3,101		419
Planet Fitness, Inc. Class A*		30,320		1,050
Total				1,780
Household Durables 2.94%
Roku, Inc.*		10,772		558
SodaStream International Ltd. (Israel)*(a)		8,668		609
Total				1,167
Information Technology Services 1.00%
EPAM Systems, Inc.*		3,674		395
Internet & Direct Marketing Retail 0.46%
Overstock.com, Inc.*		2,842		182
Internet Software & Services 10.55%
2U, Inc.*		13,286		857
Alarm.com Holdings, Inc.*		5,045		190
Cargurus, Inc.*		9,415		282
Coupa Software, Inc.*		5,324		166
Etsy, Inc.*		15,338		314
Five9, Inc.*		21,897		545
GrubHub, Inc.*		10,735		771
Mimecast Ltd.*		6,730		193
MuleSoft, Inc. Class A*		3,904		91
Okta, Inc.*		4,718		121

Investments	Shares		Fair Value (000)
Internet Software & Services (continued)
Stamps.com, Inc.*		2,057	$	387
Trade Desk, Inc. (The) Class A*		5,863		268
Total				4,185
Machinery 3.72%
Allison Transmission Holdings, Inc.		9,148		394
Chart Industries, Inc.*		8,472		397
Proto Labs, Inc.*		3,806		392
RBC Bearings, Inc.*		2,314		292
Total				1,475
Media 1.68%
Live Nation Entertainment, Inc.*		15,672		667
Multi-Line Retail 0.46%
Ollie’s Bargain Outlet Holdings, Inc.*		3,405		181
Oil, Gas & Consumable Fuels 1.66%
GasLog Ltd. (Monaco)(a)		29,664		660
Professional Services 0.49%
WageWorks, Inc.*		3,139		195
Real Estate Management & Development 0.52%
Redfin Corp.*		6,518		204
Semiconductors & Semiconductor Equipment 4.14%
Cavium, Inc.*		3,335		280
CEVA, Inc.*		8,614		398
Cirrus Logic, Inc.*		4,001		207
Inphi Corp.*		4,764		174
Monolithic Power Systems, Inc.		5,179		582
Total				1,641
Software 8.81%
Appian Corp.*		5,454		172
Blackline, Inc.*		6,076		199
Everbridge, Inc.*		8,939		266
HubSpot, Inc.*		8,432		745

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

Investments	Shares		Fair Value (000)
Software (continued)
Materialise NV ADR*		5,840	$	74
Paycom Software, Inc.*		7,051		566
Paylocity Holding Corp.*		5,442		257
Proofpoint, Inc.*		5,415		481
RingCentral, Inc. Class A*		11,267		545
Verint Systems, Inc.*		4,513		189
Total				3,494
Specialty Retail 3.28%
At Home Group, Inc.*		9,483		288
Camping World Holdings, Inc. Class A		8,745		391
Floor & Decor Holdings, Inc. Class A*		11,573		563
National Vision Holdings, Inc.*		1,466		60
Total				1,302
Textiles, Apparel & Luxury Goods 1.49%
Canada Goose Holdings, Inc. (Canada)*(a)		18,754		592
Thrifts & Mortgage Finance 0.22%
WSFS Financial Corp.		1,795		86
Trading Companies & Distributors 3.06%
Air Lease Corp.		12,829		617
Beacon Roofing Supply, Inc.*		9,365		597
Total				1,214
Total Common Stocks (cost $31,760,173)				39,362

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.96%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $325,000 of U.S. Treasury Bond at 7.875% due 2/15/2021; value: $392,310; proceeds: $379,738 (cost $379,716)	$	380	$	380
Total Investments in Securities 100.21% (cost $32,139,889)				39,742
Liabilities in Excess of Other Assets (0.21)%				(84	)
Net Assets 100.00%			$	39,658

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

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	39,362	$	–	$	–	$	39,362
Repurchase Agreement		–		380		–		380
Total	$	39,362	$	380	$	–	$	39,742

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $32,139,889)	$	39,741,593
Receivables:
Investment securities sold		117,511
Capital shares sold		23,412
From advisor (See Note 3)		10,480
Interest and dividends		5,530
Prepaid expenses		173
Total assets		39,898,699
LIABILITIES:
Payables:
Investment securities purchased		113,249
Capital shares reacquired		30,293
Management fee		25,370
Directors’ fees		2,269
Fund administration		1,353
Accrued expenses		67,849
Total liabilities		240,383
NET ASSETS	$	39,658,316
COMPOSITION OF NET ASSETS:
Paid-in capital	$	33,135,442
Accumulated net investment loss		(2,269	)
Accumulated net realized loss on investments		(1,076,561	)
Net unrealized appreciation on investments		7,601,704
Net Assets	$	39,658,316
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		1,407,406
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$28.18

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$	129,679
Interest		1,109
Total investment income		130,788
Expenses:
Management fee		258,012
Non 12b-1 service fees		86,130
Professional		40,892
Shareholder servicing		36,896
Custody		18,360
Reports to shareholders		15,734
Fund administration		13,761
Directors’ fees		945
Other		4,837
Gross expenses		475,567
Expense reductions (See Note 8)		(317	)
Fees waived and expenses reimbursed (See Note 3)		(165,636	)
Net expenses		309,614
Net investment loss		(178,826	)
Net realized and unrealized gain:
Net realized gain on investments		3,225,081
Net change in unrealized appreciation/depreciation on investments		5,999,258
Net realized and unrealized gain		9,224,339
Net Increase in Net Assets Resulting From Operations	$	9,045,513

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment loss	$	(178,826	)	$	(104,073	)
Net realized gain (loss) on investments		3,225,081			(1,968,606	)
Net change in unrealized appreciation/depreciation on investments		5,999,258			1,799,143
Net increase (decrease) in net assets resulting from operations		9,045,513			(273,536	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		9,093,518			15,087,712
Cost of shares reacquired		(7,085,462	)		(15,091,059	)
Net increase (decrease) in net assets resulting from capital share transactions		2,008,056			(3,347	)
Net increase (decrease) in net assets		11,053,569			(276,883	)
NET ASSETS:
Beginning of year	$	28,604,747		$	28,881,630
End of year	$	39,658,316		$	28,604,747
Accumulated net investment loss	$	(2,269	)	$	(1,760	)

12 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$21.69		$(0.13	)		$ 6.62			$ 6.49			$      –			$28.18
12/31/2016		22.28		(0.07	)		(0.52	)		(0.59	)		–			21.69
12/31/2015		24.46		(0.14	)		(1.86	)		(2.00	)		(0.18	)		22.28
12/31/2014		23.74		(0.16	)		1.03			0.87			(0.15	)		24.46
12/31/2013		16.43		(0.16	)		9.44			9.28			(1.97	)		23.74

(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:
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 (%)
	29.92			0.90		1.38		(0.52	)		$39,658		103
	(2.60	)		0.90		1.51		(0.34	)		28,605		222
	(8.21	)		0.90		1.56		(0.56	)		28,882		197
	3.71			0.90		2.02		(0.68	)		17,494		235
	56.68			0.90		6.47		(0.72	)		4,294		245

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 twelve separate portfolios. This report covers Developing Growth Portfolio (the “Fund”).

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

The 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 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 income 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, 2014 through December 31, 2017. 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 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.
(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

17

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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, 2017, the effective management fee, net of waivers, was at an annualized rate of 0.27% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary

18

Notes to Financial Statements (continued)

to limit total net annual operating expenses to an annual rate of 0.90%. This agreement may be terminated prior to April 30, 2018 only upon the approval of the Board.

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

Two Directors 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.

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Capital loss carryforwards*	$	(920,342	)
Temporary differences		(2,269	)
Unrealized gains – net		7,445,485
Total accumulated gains – net	$	6,522,874

* The capital losses will carry forward indefinitely.

As of December 31, 2017, 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	$	32,296,108
Gross unrealized gain		8,236,112
Gross unrealized loss		(790,627	)
Net unrealized security gain	$	7,445,485

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

19

Notes to Financial Statements (continued)

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Accumulated Net Investment Loss	Paid-in Capital
$178,317	$(178,317	)

The permanent differences are attributable to the tax treatment of net investment losses.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$36,536,142	$34,720,298

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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 year ended December 31, 2017, the Fund engaged in cross-trades purchases of $81,330 and sales of $159,651, which resulted in net realized gains of $27,972.

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		$379,716	$	–		$379,716
Total		$379,716	$	–		$379,716

20

Notes to Financial Statements (continued)

	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.		$379,716	$	–	$	–		$(379,716	)	$	–
Total		$379,716	$	–	$	–		$(379,716	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

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

21

Notes to Financial Statements (concluded)

During the fiscal year ended December 31, 2017, 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. INVESTMENT RISKS  

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

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

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Shares sold		371,336			738,518
Reinvestment of distributions		–			–
Shares reacquired		(282,612	)		(716,390	)
Increase		88,724			22,128

22

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Developing Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Developing Growth Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Developing Growth Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

23

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

24

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

26

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods. The Board considered that

29

Approval of Advisory Contract (continued)

Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoint in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

30

Approval of Advisory Contract (concluded)

services. 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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

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.   Developing Growth Portfolio SFDG-PORT-3
(02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Fundamental Equity Portfolio

For the fiscal year ended December 31, 2017

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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	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 – Fundamental Equity Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 12.57%, 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 13.66% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market momentum was driven by the anticipation

of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast of U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as North Korea, U.S. political tenions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

During the year the National Federation of Independent Business Index of Small Business Confidence reached a 34

1

year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. gross domestic product (GDP) grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve (Fed) gradually raised the Fed Funds rate over the trailing 12-month period by raising interest rates by 25bps three times, ultimately reaching a target range of 1.25-1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

The Fund underperformed its index for the period. During the trailing 12-month period, the largest detractors from relative performance were the financials and consumer staples sectors. Within the financials sector, shares of Signature Bank, a full-service commercial bank, fell after the bank had to write down its taxi

medallion portfolio due to increased pressure from the ride-share industry, which resulted in loan losses. TD Ameritrade Holding Corp., a brokerage, mutual fund, and banking company, found itself involved in a price war in the beginning of the year as competing firms lowered commissions on online retail trading, which led shares of the company to decline. Within the consumer staples sector, shares of CVS Health Corp., a pharmacy and health care provider, dropped after sales in the retail segment fell due to the impact of the three large hurricanes during the year. Shares further declined after analysts suggested that Amazon would be in the business of selling prescription drugs in the next few years. Shares of Mondelez International Inc., a manufacturer of snack food and beverage products, dropped due to disappointing organic sales after a cyberattack crippled the company’s corporate computer systems and disrupted the company’s ability to ship and invoice.

Among the largest contributors to relative performance during the trailing 12-month period were the industrials and the consumer discretionary sectors. Within the industrials sector, the portfolio’s holding of CSX Corp., a rail-based freight transportation company, contributed to performance as shares of the company jumped in the beginning of the year due to speculation that Canadian Pacific’s former CEO, Hunter Harrison, would be installed as CEO of CSX via activism. Despite his sudden

2

death at the end of 2017, investors appeared to be confident that Harrison, who became CEO of CSX in March 2017, implemented necessary structural changes throughout the year in order to drive future performance. Shares of Ametek, Inc., a global manufacturer of electric instruments and electromechanical devices, rose throughout the year after producing strong organic growth through its digital marketing investments and initiatives around sales force training and development coupled with the company’s successful “growth by M&A” strategy. Within the consumer discretionary sector,

shares of Lennar Corp., a homebuilding company, rose due to the company’s improving fundamentals and focus on technology to optimize returns. Shares of Burlington Stores, Inc., an owner and operator of clothing retail stores, also rose due to improving sales, efficient inventory management, and the growth of its online presence.

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 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, 2017. 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 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. Past performance is no guarantee of future results.

	Average Annual Total Returns for the
	Periods Ended December 31, 2017
	1 Year	5 Years	10 Years
Class VC	12.57%	12.85%	7.53%

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17		12/31/17		7/1/17 - 12/31/17†
Class VC
Actual		$1,000.00		$1,085.40		$6.04
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,019.41		$5.85

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary		5.55	%
Consumer Staples		7.85	%
Energy		11.90	%
Financials		27.81	%
Health Care		12.79	%
Industrials		9.99	%
Information Technology		11.64	%
Materials		3.26	%
Real Estate		1.61	%
Telecommunication Services		2.58	%
Utilities		3.15	%
Repurchase Agreement		1.87	%
Total		100.00	%

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

6

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.24%
Aerospace & Defense 1.27%
General Dynamics Corp.		24,349	$	4,954
Airlines 1.20%
Delta Air Lines, Inc.		83,296		4,665
Banks 16.72%
Bank of America Corp.		287,277		8,480
Citigroup, Inc.		115,079		8,563
Citizens Financial Group, Inc.		177,041		7,432
Comerica, Inc.		48,574		4,217
East West Bancorp, Inc.		95,245		5,794
JPMorgan Chase & Co.		174,621		18,674
Signature Bank*		34,789		4,775
Webster Financial Corp.		72,259		4,058
Wells Fargo & Co.		49,395		2,997
Total				64,990
Beverages 1.58%
Coca-Cola Co. (The)		62,221		2,854
PepsiCo, Inc.		27,500		3,298
Total				6,152
Building Products 1.05%
Owens Corning		44,554		4,096
Capital Markets 3.29%
Charles Schwab Corp. (The)		43,682		2,244
Goldman Sachs Group,
Inc. (The)		22,077		5,624
Invesco Ltd.		134,511		4,915
Total				12,783
Chemicals 2.39%
DowDuPont, Inc.		130,250		9,276
Communications Equipment 3.04%
Cisco Systems, Inc.		308,700		11,823
Consumer Finance 1.67%
Discover Financial Services		84,440		6,495

Investments	Shares		Fair Value (000)
Diversified Telecommunication Services 2.58%
AT&T, Inc.		258,469	$	10,049
Electric: Utilities 3.15%
Duke Energy Corp.		76,195		6,409
NextEra Energy, Inc.		37,402		5,842
Total				12,251
Electrical Equipment 1.61%
AMETEK, Inc.		86,404		6,262
Electronic Equipment, Instruments & Components 1.36%
Corning, Inc.		165,568		5,297
Energy Equipment & Services 1.30%
Halliburton Co.		103,208		5,044
Equity Real Estate Investment Trusts 1.62%
Boston Properties, Inc.		15,180		1,974
Prologis, Inc.		66,843		4,312
Total				6,286
Food & Staples Retailing 3.00%
CVS Health Corp.		47,802		3,466
Wal-Mart Stores, Inc.		82,839		8,180
Total				11,646
Food Products 0.81%
Mondelez International, Inc.
Class A		73,213		3,134
Health Care Equipment & Supplies 4.08%
Abbott Laboratories		174,600		9,964
Baxter International, Inc.		77,208		4,991
Boston Scientific Corp.*		37,363		926
Total				15,881
Health Care Providers & Services 2.22%
Aetna, Inc.		16,104		2,905
HCA Healthcare, Inc.*		26,949		2,367
UnitedHealth Group, Inc.		15,207		3,353
Total				8,625

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 1.42%
Carnival Corp.		37,015	$	2,457
Yum! Brands, Inc.		37,411		3,053
Total				5,510
Household Durables 0.35%
Lennar Corp. Class A		21,721		1,374
Household Products 1.38%
Clorox Co. (The)		21,930		3,262
Colgate-Palmolive Co.		28,000		2,112
Total				5,374
Industrial Conglomerates 1.99%
General Electric Co.		53,400		932
Honeywell International, Inc.		44,385		6,807
Total				7,739
Insurance 6.17%
Allstate Corp. (The)		73,700		7,717
Chubb Ltd. (Switzerland)(a)		45,800		6,693
Hartford Financial Services Group, Inc. (The)		87,663		4,934
MetLife, Inc.		91,659		4,634
Total				23,978
Internet Software & Services 0.72%
Alphabet, Inc. Class A*		2,652		2,794
Life Sciences Tools & Services 0.49%
Thermo Fisher Scientific, Inc.		10,030		1,904
Machinery 2.30%
Dover Corp.		51,175		5,168
ITT, Inc.		70,715		3,774
Total				8,942
Media 1.31%
Comcast Corp. Class A		54,906		2,199
Walt Disney Co. (The)		27,041		2,907
Total				5,106

Investments	Shares		Fair Value (000)
Metals & Mining 0.87%
Reliance Steel &
Aluminum Co.		39,572	$	3,395
Oil, Gas & Consumable Fuels 10.62%
Chevron Corp.		107,018		13,398
ConocoPhillips		139,300		7,646
Devon Energy Corp.		130,900		5,419
EOG Resources, Inc.		61,892		6,679
Exxon Mobil Corp.		23,727		1,984
Royal Dutch Shell plc Class A ADR		92,319		6,159
Total				41,285
Pharmaceuticals 6.02%
Allergan plc		14,991		2,452
Johnson & Johnson		97,900		13,679
Merck & Co., Inc.		34,505		1,942
Novartis AG ADR		63,275		5,312
Total				23,385
Road & Rail 0.57%
CSX Corp.		40,452		2,225
Semiconductors & Semiconductor Equipment 3.35%
Broadcom Ltd.		6,322		1,624
Intel Corp.		165,222		7,627
Marvell Technology Group Ltd.		123,826		2,659
QUALCOMM, Inc.		17,624		1,128
Total				13,038
Software 2.69%
Microsoft Corp.		62,564		5,352
Oracle Corp.		108,332		5,122
Total				10,474
Specialty Retail 2.47%
Burlington Stores, Inc.*		26,318		3,238
Home Depot, Inc. (The)		10,603		2,010
Lowe’s Cos., Inc.		46,806		4,350
Total				9,598

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

Investments	Shares		Fair Value (000)
Technology Hardware, Storage & Peripherals 0.49%
Apple, Inc.		11,159	$	1,888
Tobacco 1.09%
Altria Group, Inc.		27,640		1,974
Philip Morris
International, Inc.		21,520		2,273
Total				4,247
Total Common Stocks (cost $334,086,363)				381,965

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.88%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $6,165,000 of U.S. Treasury Bond at 7.875% due 2/15/2021; value: $7,441,821; proceeds: $7,294,890 (cost $7,294,452)	$	7,294	$	7,294
Total Investments in Securities 100.12% (cost $341,380,815)				389,259
Liabilities in Excess of Other Assets (0.12)%				(460	)
Net Assets 100.00%			$	388,799

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

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	381,965	$	—	$	—	$	381,965
Repurchase Agreement		—		7,294		—		7,294
Total	$	381,965	$	7,294	$	—	$	389,259

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $341,380,815)	$	389,258,795
Receivables:
Interest and dividends		300,285
Capital shares sold		14,536
From advisor (See Note 3)		13,935
Prepaid expenses		1,922
Total assets		389,589,473
LIABILITIES:
Payables:
Management fee		247,735
Capital shares reacquired		127,919
Directors’ fees		51,644
Fund administration		13,213
Accrued expenses		350,361
Total liabilities		790,872
NET ASSETS	$	388,798,601
COMPOSITION OF NET ASSETS:
Paid-in capital	$	340,527,645
Distributions in excess of net investment income		(51,644	)
Accumulated net realized gain on investments		444,620
Net unrealized appreciation on investments		47,877,980
Net Assets	$	388,798,601
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		20,613,386
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$18.86

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends (net of foreign withholding taxes of $10,944)		$8,256,136
Interest		10,620
Total investment income		8,266,756
Expenses:
Management fee		2,876,869
Non 12b-1 service fees		959,041
Shareholder servicing		409,660
Fund administration		153,433
Professional		57,005
Reports to shareholders		41,534
Custody		21,226
Directors’ fees		10,852
Other		28,979
Gross expenses		4,558,599
Expense reductions (See Note 8)		(3,487	)
Fees waived and expenses reimbursed (See Note 3)		(143,913	)
Net expenses		4,411,199
Net investment income		3,855,557
Net realized and unrealized gain:
Net realized gain on investments		31,007,779
Net change in unrealized appreciation/depreciation on investments		10,765,589
Net realized and unrealized gain		41,773,368
Net Increase in Net Assets Resulting From Operations	$	45,628,925

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
Operations:
Net investment income		$	3,855,557			$	4,564,594
Net realized gain on investments			31,007,779				7,678,555
Net change in unrealized appreciation/depreciation on investments			10,765,589				39,219,549
Net increase in net assets resulting from operations			45,628,925				51,462,698
Distributions to shareholders from:
Net investment income			(3,948,579	)			(4,325,749	)
Net realized gain			(29,231,636	)			(7,059,588	)
Total distributions to shareholders			(33,180,215	)			(11,385,337	)
Capital share transactions (See Note 13):
Proceeds from sales of shares			13,642,490				248,253,422
Reinvestment of distributions			33,180,215				11,385,337
Cost of shares reacquired			(57,991,110	)			(173,204,196	)
Net increase (decrease) in net assets resulting from capital share transactions			(11,168,405	)			86,434,563
Net increase in net assets			1,280,305				126,511,924
NET ASSETS:
Beginning of year		$	387,518,296			$	261,006,372
End of year		$	388,798,601			$	387,518,296
Distributions in excess of net investment income		$	(51,644	)		$	(48,682	)

12 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$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	)
12/31/2015		18.61		0.16		(0.79	)		(0.63	)		(0.21	)		(1.49	)		(1.70	)
12/31/2014		21.03		0.09		1.43			1.52			(0.10	)		(3.84	)		(3.94	)
12/31/2013		17.61		0.05		6.18			6.23			(0.05	)		(2.76	)		(2.81	)

(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 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 (%)
	$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
	16.28		(3.44	)		1.15		1.21		0.90		261,006		135
	18.61		7.14			1.15		1.19		0.43		442,860		132
	21.03		35.76			1.15		1.18		0.26		465,208		87

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 twelve separate portfolios. 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 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 income 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, 2014 through December 31, 2017. 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 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.
(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

17

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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	.70	%
Over $2 billion	.65	%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of .71% 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.

18

Notes to Financial Statements (continued)

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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 1.15%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	24,955,446	$	9,867,397
Net long-term capital gains		8,224,769		1,517,940
Total distributions paid	$	33,180,215	$	11,385,337

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	1,857,839
Undistributed long-term capital gains		1,013,879
Total undistributed earnings		2,871,718
Temporary differences		(51,644	)
Unrealized gains – net		45,450,882
Total accumulated gains – net	$	48,270,956

19

Notes to Financial Statements (continued)

As of December 31, 2017, 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	$	343,807,913
Gross unrealized gain		48,428,975
Gross unrealized loss		(2,978,093	)
Net unrealized security gain	$	45,450,882

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in Excess of Net Investment Income	Accumulated Net Realized Gain
$90,060	$(90,060	)

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, 2017 were as follows:

Purchases		Sales
	$398,304,735		$439,027,765

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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, 2017, the Fund engaged in cross-trades sales of $1,253,915 and sales of $1,319,228, which resulted in net realized gains of $145,896.

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 Gross Amounts		Recognized Assets Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	7,294,452	$	–	$	7,294,452
Total	$	7,294,452	$	–	$	7,294,452

	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	7,294,452	$	–	$	–	$	(7,294,452	)	$	–
Total	$	7,294,452	$	–	$	–	$	(7,294,452	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

21

Notes to Financial Statements (continued)

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2017, 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. 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

22

Notes to Financial Statements (concluded)

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.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Shares sold		723,908			15,238,804
Reinvestment of distributions		1,762,529			620,615
Shares reacquired		(3,047,575	)		(10,720,561	)
Increase (decrease)		(561,138	)		5,138,858

23

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Fundamental Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Fundamental Equity Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Fundamental Equity Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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 Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC   90 Hudson Street   Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990.   Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC   90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994.   Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014).   Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

26

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

27

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

28

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

29

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 appropriate 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-, five-, and ten-year periods and below the

30

Approval of Advisory Contract (continued)

median for the one-year period. The Board considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable.

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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

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

31

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

32

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 33% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $21,026,825 and $8,224,769, respectively, represent short-term capital gains and long-term capital gains.

33

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
(02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth and Income Portfolio

For the fiscal year ended December 31, 2017

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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth and Income Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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 and Income Portfolio for the fiscal year ended December 31, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 13.38%, 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 13.66% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market

momentum was driven by the anticipation of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast of U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as North Korea, U.S. political tensions, and Hurricanes Harvey, Irma and Maria all had the potential to derail the market’s forward progress.

During the year the National Federation of Independent Business Small Business

1

Confidence Index reached a 34 year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. gross domestic product (GDP) grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve (Fed) gradually raised the Fed Funds rate over the trailing 12-month period by raising interest rates by 25bps three times, ultimately reaching a target range of 1.25-1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

The Fund underperformed its index for the period. During the trailing 12-month period, the largest detractors from relative performance were the financials and consumer staples sectors. Within the financials sector, shares of Signature Bank, a full-service commercial bank, fell after the bank had to write down its taxi medallion portfolio due to increased

pressure from the ride-share industry, which resulted in loan losses. TD Ameritrade Holding Corp., a brokerage, mutual fund, and banking company, found itself involved in a price war in the beginning of the year as competing firms lowered commissions on online retail trading, which led shares of the company to decline. Within the consumer staples sector, shares of Mondelez International Inc., a manufacturer of snack food and beverage products, dropped due to disappointing organic sales after a cyberattack crippled the company’s corporate computer systems and disrupted the company’s ability to ship and invoice. Shares of CVS Health Corp., a pharmacy and health care provider, dropped after sales in the retail segment fell due to the impact of the three large hurricanes during the year. Shares further declined after analysts suggested that Amazon would be in the business of selling prescription drugs during the next few years.

Among the largest contributors to relative performance during the trailing 12-month period were the industrials and the consumer discretionary sectors. Within the industrials sector, the portfolio’s holding of CSX Corp., a rail-based freight transportation company, contributed to performance as shares of the company jumped in the beginning of the year due to speculation that Canadian Pacific’s former CEO, Hunter Harrison, would be installed as CEO of CSX via activism. Despite his sudden death at the end of 2017, investors appeared to be confident that Harrison,

2

who became CEO of CSX in March 2017, implemented necessary structural changes throughout the year in order to drive future performance. Shares of Ametek, Inc., a global manufacturer of electric instruments and electromechanical devices, rose throughout the year after producing strong organic growth through its digital marketing investments and initiatives around sales force training and development coupled with the company’s successful “growth by M&A” strategy. Within the consumer discretionary sector, shares of Lennar Corp., a homebuilding

company, rose due to the company’s improving fundamentals and focus on technology to optimize returns. Shares of Burlington Stores, Inc., an owner and operator of clothing retail stores, also rose due to improving sales, efficient inventory management, and the growth of its online presence.

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 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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2017. 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 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. Past performance is no guarantee of future results.

	Average Annual Total Returns for the Periods Ended December 31, 2017
		1 Year	5 Years	10 Years
Class VC		13.38%	13.54%	5.83%

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,091.00	$4.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.57	$4.69

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.92%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	5.52	%
Consumer Staples	7.81	%
Energy	11.83	%
Financials	28.40	%
Health Care	12.69	%
Industrials	9.91	%
Information Technology	11.54	%
Materials	3.14	%
Real Estate	1.60	%
Telecommunication Services	2.57	%
Utilities	3.13	%
Repurchase Agreement	1.86	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.57%
Aerospace & Defense 1.27%
General Dynamics Corp.		43,577	$	8,866
Airlines 1.20%
Delta Air Lines, Inc.		148,966		8,342
Banks 17.45%
Bank of America Corp.		513,820		15,168
Citigroup, Inc.		205,816		15,315
Citizens Financial Group, Inc.		316,440		13,284
Comerica, Inc.		99,819		8,665
East West Bancorp, Inc.		197,391		12,008
JPMorgan Chase & Co.		311,865		33,351
Signature Bank*		61,715		8,471
Webster Financial Corp.		177,172		9,950
Wells Fargo & Co.		88,367		5,361
Total				121,573
Beverages 1.58%
Coca-Cola Co. (The)		111,216		5,103
PepsiCo, Inc.		49,100		5,888
Total				10,991
Building Products 1.05%
Owens Corning		79,578		7,316
Capital Markets 3.26%
Charles Schwab Corp. (The)		78,159		4,015
Goldman Sachs Group, Inc. (The)		39,250		9,999
Invesco Ltd.		238,082		8,700
Total				22,714
Chemicals 2.29%
DowDuPont, Inc.		223,531		15,920
Communications Equipment 3.04%
Cisco Systems, Inc.		552,120		21,146
Consumer Finance 1.67%
Discover Financial Services		150,973		11,613

Investments	Shares		Fair Value (000)
Diversified Telecommunication Services 2.58%
AT&T, Inc.		462,148	$	17,968
Electric: Utilities 3.14%
Duke Energy Corp.		136,099		11,447
NextEra Energy, Inc.		66,871		10,445
Total				21,892
Electrical Equipment 1.60%
AMETEK, Inc.		153,420		11,118
Electronic Equipment, Instruments & Components 1.36%
Corning, Inc.		295,522		9,454
Energy Equipment & Services 1.30%
Halliburton Co.		184,655		9,024
Equity Real Estate Investment Trusts 1.60%
Boston Properties, Inc.		27,096		3,523
Prologis, Inc.		118,535		7,647
Total				11,170
Food & Staples Retailing 2.99%
CVS Health Corp.		85,447		6,195
Wal-Mart Stores, Inc.		148,193		14,634
Total				20,829
Food Products 0.80%
Mondelez International, Inc.
Class A		130,941		5,604
Health Care Equipment & Supplies 4.07%
Abbott Laboratories		311,829		17,796
Baxter International, Inc.		138,057		8,924
Boston Scientific Corp.*		66,683		1,653
Total				28,373
Health Care Providers & Services 2.21%
Aetna, Inc.		28,784		5,192
HCA Healthcare, Inc.*		48,074		4,223
UnitedHealth Group, Inc.		27,259		6,010
Total				15,425

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 1.41%
Carnival Corp.		65,749	$	4,364
Yum! Brands, Inc.		66,933		5,462
Total				9,826
Household Durables 0.35%
Lennar Corp. Class A		38,860		2,458
Household Products 1.38%
Clorox Co. (The)		39,283		5,843
Colgate-Palmolive Co.		50,100		3,780
Total				9,623
Industrial Conglomerates 1.97%
General Electric Co.		95,533		1,667
Honeywell International, Inc.		78,647		12,061
Total				13,728
Insurance 6.14%
Allstate Corp. (The)		131,900		13,811
Chubb Ltd. (Switzerland)(a)		81,856		11,962
Hartford Financial Services Group, Inc. (The)		155,197		8,734
MetLife, Inc.		163,945		8,289
Total				42,796
Internet Software & Services 0.66%
Alphabet, Inc. Class A*		4,371		4,604
Life Sciences Tools & Services 0.49%
Thermo Fisher Scientific, Inc.		18,007		3,419
Machinery 2.29%
Dover Corp.		91,465		9,237
ITT, Inc.		126,365		6,744
Total				15,981
Media 1.31%
Comcast Corp. Class A		98,040		3,926
Walt Disney Co. (The)		48,429		5,207
Total				9,133

Investments	Shares		Fair Value (000)
Metals & Mining 0.87%
Reliance Steel & Aluminum Co.		70,851	$	6,078
Oil, Gas & Consumable Fuels 10.59%
Chevron Corp.		191,401		23,962
ConocoPhillips		248,900		13,662
Devon Energy Corp.		234,100		9,692
EOG Resources, Inc.		109,968		11,867
Exxon Mobil Corp.		42,400		3,546
Royal Dutch Shell plc Class A ADR		165,077		11,012
Total				73,741
Pharmaceuticals 5.97%
Allergan plc		26,757		4,377
Johnson & Johnson		173,573		24,252
Merck & Co., Inc.		61,674		3,470
Novartis AG ADR		113,076		9,494
Total				41,593
Road & Rail 0.57%
CSX Corp.		72,345		3,980
Semiconductors & Semiconductor Equipment 3.35%
Broadcom Ltd.		11,292		2,901
Intel Corp.		295,314		13,632
Marvell Technology Group Ltd.		221,368		4,753
QUALCOMM, Inc.		31,538		2,019
Total				23,305
Software 2.71%
Microsoft Corp.		113,143		9,678
Oracle Corp.		193,875		9,167
Total				18,845
Specialty Retail 2.47%
Burlington Stores, Inc.*		47,139		5,799
Home Depot, Inc. (The)		18,956		3,593
Lowe’s Cos., Inc.		83,732		7,782
Total				17,174

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

Investments	Shares		Fair Value (000)
Technology Hardware, Storage & Peripherals 0.49%
Apple, Inc.		19,960	$	3,378
Tobacco 1.09%
Altria Group, Inc.		49,358		3,525
Philip Morris International, Inc.		38,479		4,065
Total				7,590
Total Common Stocks (cost $586,587,981)				686,590

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.87%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $13,650,000 of U.S. Treasury Note at 1.125% due 2/28/2021; value: $13,313,937; proceeds: $13,052,236 (cost $13,051,453)		$13,051	$	13,051
Total Investments in Securities 100.44% (cost $599,639,434)				699,641
Other Assets in Excess of Liabilities (0.44)%				(3,077	)
Net Assets 100.00%			$	696,564

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

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	686,590	$	–	$	–	$	686,590
Repurchase Agreement		–		13,051		–		13,051
Total	$	686,590	$	13,051	$	–	$	699,641

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $599,639,434)	$	699,640,974
Receivables:
Interest and dividends		526,669
Capital shares sold		8,672
Prepaid expenses		4,292
Total assets		700,180,607
LIABILITIES:
Payables:
Capital shares reacquired		2,366,435
Management fee		295,361
Directors’ fees		205,674
Fund administration		23,629
Accrued expenses		725,549
Total liabilities		3,616,648
NET ASSETS	$	696,563,959
COMPOSITION OF NET ASSETS:
Paid-in capital	$	596,084,715
Distributions in excess of net investment income		(205,674	)
Accumulated net realized gain on investments		683,378
Net unrealized appreciation on investments		100,001,540
Net Assets	$	696,563,959
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		18,749,752
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$37.15

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends (net of foreign withholding taxes of $19,582)	$	15,244,949
Interest and other		15,964
Total investment income		15,260,913
Expenses:
Management fee		3,496,532
Non 12b-1 service fees		1,748,050
Shareholder servicing		749,663
Fund administration		279,723
Professional		77,426
Reports to shareholders		43,687
Custody		21,241
Directors’ fees		19,875
Other		55,112
Gross expenses		6,491,309
Expense reductions (See Note 8)		(6,341	)
Net expenses		6,484,968
Net investment income		8,775,945
Net realized and unrealized gain:
Net realized gain on investments		70,166,662
Net change in unrealized appreciation/depreciation on investments		8,637,716
Net realized and unrealized gain		78,804,378
Net Increase in Net Assets Resulting From Operations	$	87,580,323

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	8,775,945		$	10,810,723
Net realized gain on investments		70,166,662			8,690,520
Net change in unrealized appreciation/depreciation on investments		8,637,716			91,213,658
Net increase in net assets resulting from operations		87,580,323			110,714,901
Distributions to shareholders from:
Net investment income		(9,018,929	)		(10,267,052	)
Net realized gain		(66,734,396	)		(9,421,851	)
Total distributions to shareholders		(75,753,325	)		(19,688,903	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		17,368,355			19,444,471
Reinvestment of distributions		75,753,394			19,688,903
Cost of shares reacquired		(126,934,815	)		(135,907,144	)
Net decrease in net assets resulting from capital share transactions		(33,813,066	)		(96,773,770	)
Net decrease in net assets		(21,986,068	)		(5,747,772	)
NET ASSETS:
Beginning of year	$	718,550,027		$	724,297,799
End of year	$	696,563,959		$	718,550,027
Distributions in excess of net investment income	$	(205,674	)	$	(212,408	)

12 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$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	)
12/31/2015		35.54		0.40		(1.43	)		(1.03	)		(0.44	)		(1.86	)		(2.30	)
12/31/2014		33.24		0.22		2.33			2.55			(0.25	)		–			(0.25	)
12/31/2013		24.59		0.16		8.66			8.82			(0.17	)		–			(0.17	)

(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 (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	$37.15		13.38			0.93		1.26		$   696,564		97
	36.72		17.11			0.94		1.54		718,550		98
	32.21		(2.86	)		0.94		1.15		724,298		105
	35.54		7.65			0.93		0.65		882,379		122
	33.24		35.90			0.92		0.54		1,011,786		88

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 twelve separate portfolios. 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 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 income 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, 2014 through December 31, 2017. 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 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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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, 2017, the effective management fee paid to Lord Abbett was at an annualized rate of .50% 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.

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.

Two Directors 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, 2017 and 2016 were as follows:

	Year Ended 12/31/2017			Year Ended 12/31/2016
Distributions paid from:
Ordinary income		$	33,415,693		$	17,544,959
Net long-term capital gains			42,337,632			2,143,944
Total distributions paid		$	75,753,325		$	19,688,903

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	5,596,688
Undistributed long-term capital gains		2,969,138
Total undistributed earnings		8,565,826
Temporary differences		(205,674	)
Unrealized gains – net		92,119,092
Total accumulated gains – net	$	100,479,244

19

Notes to Financial Statements (continued)

As of December 31, 2017, 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	$	607,521,882
Gross unrealized gain		96,656,493
Gross unrealized loss		(4,537,401	)
Net unrealized security gain	$	92,119,092

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in
Excess of Net		Accumulated Net
Investment Income		Realized Gain
	$249,718		$(249,718	)

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, 2017 were as follows:

Purchases	Sales
$666,615,019	$771,979,978

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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, 2017, the Fund engaged in cross-trades purchase of $2,240,745, and sales of $2,412,342, which resulted in net realized gains of $262,604.

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	$	13,051,453	$	–	$	13,051,453
Total	$	13,051,453	$	–	$	13,051,453

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		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.	$	13,051,453	$	–	$	–	$	(13,051,453	)	$	–
Total	$	13,051,453	$	–	$	–	$	(13,051,453	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

21

Notes to Financial Statements (concluded)

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-ended 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 emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2017, 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. 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. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies.. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Due to its investments in multinational companies, 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.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Shares sold		459,722			565,181
Reinvestment of distributions		2,044,858			534,694
Shares reacquired		(3,324,857	)		(4,015,682	)
Decrease		(820,277	)		(2,915,807	)

22

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Growth and Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Growth and Income Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Growth and Income Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

23

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

24

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010).   Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004).   Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

26

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. 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, equal to the median for the ten-year period, and below the median for the one-year period. The Board considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds.

29

Approval of Advisory Contract (continued)

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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoint in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

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

30

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 44% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $24,437,917 and $42,337,632, 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. Growth and Income Portfolio	LASFGI-3 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the fiscal year ended December 31, 2017

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
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 Opportunities Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 22.91%, 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 25.27% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market momentum was driven by the anticipation

of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast for U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as threats from North Korea, U.S. political tensions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

During the year, the National Federation of Independent Business Small Business Confidence Index reached a 34

1

year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence measure for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth-oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. GDP grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third-quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve raised target rates three times during the year, changing the target range in December from 1.00–1.25% to 1.25–1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

Security selection in the health care sector was the largest detractor from the Fund’s relative performance during the period. Within the health care sector, the Fund’s holdings of Dexcom, Inc., a manufacturer of medical devices, detracted most. Shares of Dexcom fell as Abbott Laboratories’ flash glucose monitor, Libre, received a “concomitant nonadjunctive to

fingerstick label”, meaning the utilization of fingersticks alongside its monitoring systems is not required. This development eliminated a key competitive advantage of Dexcom’s G5 product, undercutting its addressable market. The Fund’s position in TESARO, Inc., a biopharmaceutical company focused on oncology, also detracted from performance. New competition from Astra Zeneca’s Lynparza, a PARP inhibitor, pressured future revenue estimates for TESARO’s Zejula drug.

Security selection and a modest overweight to the information technology sector also detracted from the Fund’s relative performance. The Fund’s holdings of Akamai Technologies, Inc., a cloud service provider, detracted. Shares of Akamai Technologies fell as the company faced multiple headwinds over the past year. Akamai’s slowing media segment, an increasingly competitive industry environment, and the risk of clients insourcing business capabilities, resulted in continued pressure on the company’s earnings and stock price.

During the period, security selection in the consumer discretionary sector was the largest contributor to the Fund’s relative performance. Within the consumer discretionary sector, the Fund’s holdings of Wynn Resorts, Ltd., a developer of casino resorts, contributed to performance. Shares of Wynn rose as strong growth within the Macau gaming market, specifically the VIP segment, drove revenues higher. The Fund’s

2

position in Marriott International, Inc., a global lodging and hotel company, contributed. Shares of Marriott rose throughout the period driven by substantial cost and revenue synergies associated with its merger with Starwood, and its large share repurchase program.

Security selection and an underweight to the consumer staples sector also contributed to the Fund’s relative performance. The Fund’s position in Brown-Forman Corp., a distributor of

alcoholic beverages, contributed. Shares of Brown-Forman rose as the company experienced significant sales growth, specifically in the United States and emerging markets.

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, 2017. 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 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. Past performance is no guarantee of future results.

 

Average Annual Total Returns for the
Periods Ended December 31, 2017

	1 Year	5 Years	10 Years
Class VC	22.91%	13.19%	7.74%

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.

²   The Fund (Class VC shares) at net asset value.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 – 12/31/17
Class VC
Actual	$1,000.00	$1,093.70	$5.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.66	$5.60

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.10%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	19.16	%
Consumer Staples	3.23	%
Energy	1.27	%
Financials	11.52	%
Health Care	15.22	%
Industrials	15.11	%
Information Technology	27.52	%
Materials	6.10	%
Real Estate	0.59	%
Repurchase Agreement	0.28	%
Total	100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.97%
Air Freight & Logistics 0.87%
Expeditors International of Washington, Inc.		18,032	$	1,166
Banks 2.25%
First Republic Bank		15,450		1,339
Western Alliance Bancorp*		29,604		1,676
Total				3,015
Beverages 1.33%
Brown-Forman Corp. Class B		25,916		1,780
Biotechnology 3.50%
Alexion Pharmaceuticals, Inc.*		8,834		1,056
Incyte Corp., Ltd.*		9,921		940
Insmed, Inc.*		23,532		734
Repligen Corp.*		15,877		576
TESARO, Inc.*		5,174		429
Vertex Pharmaceuticals, Inc.*		6,407		960
Total				4,695
Building Products 1.40%
A.O. Smith Corp.		13,581		832
Allegion plc (Ireland)(a)		13,068		1,040
Total				1,872
Capital Markets 5.35%
Cboe Global Markets, Inc.		10,950		1,364
E*TRADE Financial Corp.*		29,857		1,480
MarketAxess Holdings, Inc.		5,155		1,040
Moody’s Corp.		16,614		2,452
MSCI, Inc.		6,635		840
Total				7,176
Chemicals 2.78%
Axalta Coating Systems Ltd.*		45,364		1,468
FMC Corp.		23,924		2,265
Total				3,733
Commercial Services & Supplies 1.18%
Cintas Corp.		10,160		1,583

Investments	Shares		Fair Value (000)
Construction Materials 1.37%
Vulcan Materials Co.		14,357	$	1,843
Consumer Finance 0.78%
SLM Corp.*		93,044		1,051
Containers & Packaging 1.96%
Ball Corp.		32,586		1,234
Owens-Illinois, Inc.*		63,293		1,403
Total				2,637
Diversified Consumer Services 0.87%
Service Corp. International		31,337		1,170
Electrical Equipment 3.18%
AMETEK, Inc.		19,979		1,448
Hubbell, Inc.		10,825		1,465
Rockwell Automation, Inc.		6,893		1,353
Total				4,266
Electronic Equipment, Instruments & Components 2.43%
Keysight Technologies, Inc.*		21,351		888
Trimble, Inc.*		35,799		1,455
Universal Display Corp.		5,281		912
Total				3,255
Equity Real Estate Investment Trusts 0.59%
SBA Communications Corp.*		4,826		788
Food Products 1.00%
Hershey Co. (The)		11,844		1,344
Health Care Equipment & Supplies 3.71%
DENTSPLY SIRONA, Inc.		11,913		784
Edwards Lifesciences Corp.*		16,897		1,905
Intuitive Surgical, Inc.*		1,861		679
West Pharmaceutical Services, Inc.		16,337		1,612
Total				4,980
Health Care Providers & Services 0.69%
Centene Corp.*		9,157		924

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 4.96%
Aramark		33,103	$	1,415
Marriott International, Inc. Class A		8,290		1,125
Norwegian Cruise Line Holdings Ltd.*		19,263		1,026
Vail Resorts, Inc.		6,923		1,471
Wynn Resorts Ltd.		9,594		1,617
Total				6,654
Household Durables 1.34%
Mohawk Industries, Inc.*		6,521		1,799
Household Products 0.91%
Church & Dwight Co., Inc.		24,308		1,220
Industrial Conglomerates 1.73%
Roper Technologies, Inc.		8,982		2,326
Information Technology Services 7.67%
DXC Technology Co.		21,941		2,082
Euronet Worldwide, Inc.*		15,136		1,276
Fidelity National Information Services, Inc.		23,511		2,212
Global Payments, Inc.		21,320		2,137
Total System Services, Inc.		15,393		1,217
Vantiv, Inc. Class A*		18,571		1,366
Total				10,290
Insurance 3.17%
Progressive Corp. (The)		51,670		2,910
RenaissanceRe Holdings Ltd.		10,694		1,343
Total				4,253
Internet & Direct Marketing Retail 0.76%
Expedia, Inc.		8,526		1,021
Internet Software & Services 2.44%
CoStar Group, Inc.*		6,016		1,786
IAC/InterActiveCorp.*		12,215		1,494
Total				3,280
Leisure Products 0.84%
Hasbro, Inc.		12,428		1,130

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 4.89%
Agilent Technologies, Inc.		25,556	$	1,711
Charles River Laboratories International, Inc.*		11,161		1,222
Illumina, Inc.*		8,222		1,796
Mettler-Toledo International, Inc.*		2,965		1,837
Total				6,566
Machinery 4.85%
Fortive Corp.		26,385		1,909
IDEX Corp.		13,940		1,840
Stanley Black & Decker, Inc.		7,630		1,295
Wabtec Corp.		18,055		1,470
Total				6,514
Multi-Line Retail 3.22%
Dollar General Corp.		23,526		2,188
Dollar Tree, Inc.*		19,900		2,136
Total				4,324
Oil, Gas & Consumable Fuels 1.27%
Cimarex Energy Co.		11,744		1,433
Parsley Energy, Inc. Class A*		9,251		272
Total				1,705
Pharmaceuticals 2.47%
Zoetis, Inc.		46,073		3,319
Road & Rail 1.94%
Genesee & Wyoming, Inc. Class A*		16,547		1,303
J.B. Hunt Transport Services, Inc.		11,298		1,299
Total				2,602
Semiconductors & Semiconductor Equipment 7.13%
Advanced Micro Devices, Inc.*		37,876		389
Analog Devices, Inc.		28,314		2,521
Lam Research Corp.		11,825		2,177
MACOM Technology Solutions Holdings, Inc.*		21,346		695

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment (continued)
Marvell Technology Group Ltd.		28,996	$	623
Microchip Technology, Inc.		19,780		1,738
Skyworks Solutions, Inc.		15,002		1,424
Total				9,567
Software 7.13%
PTC, Inc.*		22,397		1,361
Red Hat, Inc.*		23,520		2,825
ServiceNow, Inc.*		17,204		2,243
Splunk, Inc.*		15,053		1,247
Ultimate Software Group, Inc. (The)*		8,661		1,890
Total				9,566
Specialty Retail 6.22%
AutoZone, Inc.*		1,844		1,312
Burlington Stores, Inc.*		16,261		2,000
O’Reilly Automotive, Inc.*		6,905		1,661
Tractor Supply Co.		21,722		1,624
Ulta Salon, Cosmetics & Fragrance, Inc.*		7,839		1,753
Total				8,350
Technology Hardware, Storage & Peripherals 0.80%
NetApp, Inc.		19,385		1,072
Textiles, Apparel & Luxury Goods 0.99%
Carter’s, Inc.		11,274		1,325
Total Common Stocks (cost $112,782,970)				134,161

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.28%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $325,000 of U.S. Treasury Bond at 7.875% due 2/15/2021; value: $392,310; proceeds: $379,194 (cost $379,172)		$379	$	379
Total Investments in Securities 100.25% (cost $113,162,142)				134,540
Liabilities in Excess of Other Assets (0.25)%				(339	)
Net Assets 100.00%			$	134,201

*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	134,161	$	–	$	–	$	134,161
Repurchase Agreement		–		379		–		379
Total	$	134,161	$	379	$	–	$	134,540

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $113,162,142)	$	134,540,072
Receivables:
Interest and dividends		32,922
Capital shares sold		27,652
From advisor (See Note 3)		19,309
Prepaid expenses and other assets		284
Total assets		134,620,239
LIABILITIES:
Payables:
Capital shares reacquired		130,152
Management fee		91,505
Directors’ fees		18,184
Fund administration		4,575
Accrued expenses		174,765
Total liabilities		419,181
NET ASSETS	$	134,201,058
COMPOSITION OF NET ASSETS:
Paid-in capital	$	112,019,881
Accumulated net investment loss		(18,184	)
Accumulated net realized gain on investments		821,431
Net unrealized appreciation on investments		21,377,930
Net Assets	$	134,201,058
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		9,451,927
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.20

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$1,067,479
Interest	851
Total investment income	1,068,330
Expenses:
Management fee	1,056,165
Non 12b-1 service fees	330,258
Shareholder servicing	139,243
Fund administration	52,808
Professional	47,217
Reports to shareholders	31,741
Custody	9,515
Directors’ fees	3,659
Other	11,615
Gross expenses	1,682,221
Expense reductions (See Note 8)	(1,207	)
Fees waived and expenses reimbursed (See Note 3)	(228,788	)
Net expenses	1,452,226
Net investment loss	(383,896	)
Net realized and unrealized gain:
Net realized gain on investments	6,248,087
Net change in unrealized appreciation/depreciation on investments	21,239,301
Net realized and unrealized gain	27,487,388
Net Increase in Net Assets Resulting From Operations	$27,103,492

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment loss	$	(383,896	)	$	(266,854	)
Net realized gain on investments		6,248,087			1,180,737
Net change in unrealized appreciation/depreciation on investments		21,239,301			(1,435,580	)
Net increase (decrease) in net assets resulting from operations		27,103,492			(521,697	)
Distributions to shareholders from:
Net realized gain		(4,600,431	)		(736,893	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		5,748,922			141,471,322
Reinvestment of distributions		4,600,431			736,893
Cost of shares reacquired		(22,386,775	)		(109,191,183	)
Net increase (decrease) in net assets resulting from capital share transactions		(12,037,422	)		33,017,032
Net increase in net assets		10,465,639			31,758,442
NET ASSETS:
Beginning of year	$	123,735,419		$	91,976,977
End of year	$	134,201,058		$	123,735,419
Accumulated net investment loss	$	(18,184	)	$	(17,279	)

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 investment income (loss)(a)			Net realized and unrealized gain		Total from investment operations		Net realized gain			Net asset value, end of period
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
12/31/2015		12.91		(0.06	)		0.41		0.35		(1.38	)		11.88
12/31/2014		15.25		(0.04	)		0.95		0.91		(3.25	)		12.91
12/31/2013		13.19		(0.08	)		4.93		4.85		(2.79	)		15.25

(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:
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 (%)
	22.91		1.10		1.27		(0.29	)		$134,201		69
	1.23		1.13		1.33		(0.25	)		123,735		155
	2.72		1.20		1.31		(0.42	)		91,977		125
	6.07		1.20		1.32		(0.28	)		87,234		198
	37.08		1.20		1.31		(0.49	)		98,244		121

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 twelve separate portfolios. 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 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 income 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, 2014 through December 31, 2017. 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 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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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	.80%
Next $1 billion	.75%
Next $1 billion	.70%
Over $3 billion	.65%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of .63% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding acquired fund fees and expenses, to an annual rate of 1.10%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income		$1,521,325	$	–
Net long-term capital gains		3,079,106		736,893
Total distributions paid		$4,600,431	$	736,893

19

Notes to Financial Statements (continued)

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	514,368
Undistributed long-term capital gains		986,590
Total undistributed earnings		1,500,958
Temporary differences		(18,184	)
Unrealized gains – net		20,698,403
Total accumulated gains – net	$	22,181,177

As of December 31, 2017, 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	$	113,841,669
Gross unrealized gain	$	22,601,359
Gross unrealized loss		(1,902,956	)
Net unrealized security gain	$	20,698,403

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Accumulated Net Investment Loss	Accumulated Net Realized Gain
$382,991	$(382,991	)

The permanent differences are attributable to the tax treatment of certain distributions and net investment losses.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$89,966,006	$105,452,142

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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, 2017, the Fund engaged in cross-trades purchases of $256,839 and sales of $430,392, which resulted in net realized gains of $43,574.

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

20

Notes to Financial Statements (continued)

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:

		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	$379,172	$          –	$379,172
Total	$379,172	$          –	$379,172

	Net Amounts
	of Assets	Amounts Not Offset in the
	Presented in	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.	$379,172	$          –	$          –	$(379,172	)	$          –
Total	$379,172	$          –	$          –	$(379,172	)	$          –

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or

21

Notes to Financial Statements (continued)

emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2017, 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. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities markets in general, the changing prospects of individual companies in which the Fund invests, or an individual company’s financial condition. The Fund has particular risks associated with growth stocks. Growth companies may grow faster than other companies, which may result in more volatility in their stock prices. 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 largely in mid-sized company stocks, which 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.

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.

These factors can affect the Fund’s performance.

22

Notes to Financial Statements (concluded)

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended		Year Ended
	December 31, 2017		December 31, 2016
Shares sold	442,997		12,040,758
Reinvestment of distributions	326,154		59,571
Shares reacquired	(1,664,435	)	(9,493,978	)
Increase (decrease)	(895,284	)	2,606,351

23

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Growth Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Growth Opportunities Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Growth Opportunities Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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 Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

26

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

27

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

28

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

29

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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board

30

Approval of Advisory Contract (continued)

considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

31

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

32

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 49% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $1,521,325 and $3,079,106, respectively, represent short-term capital gains and long-term capital gains.

33

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 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett
Series Fund—International Equity Portfolio*

For the fiscal year ended December 31, 2017
*Formerly International Core Equity Portfolio

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
14	Statement of Assets and Liabilities
15	Statement of Operations
16	Statements of Changes in Net Assets
18	Financial Highlights
20	Notes to Financial Statements
28	Report of Independent Registered Public Accounting Firm
29	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Equity Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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 — International Equity Portfolio for the fiscal year ended December 31, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 25.67%, reflecting performance at the net asset value (NAV) of Class VC Shares, with all distributions reinvested, compared to its benchmark, the MSCI ACWI ex-USA^® Index — Net Dividends¹, which returned 27.19% over the same period.

Over the period, global equity markets experienced significant positive performance, as most central banks remained accommodative, interest rates remained low, unemployment steadily declined, corporate earnings grew, and

global economic growth accelerated. Overall, European markets (as measured by the EURO STOXX 50^® Index²) rose roughly 25.3% in U.S. dollars for the period, while Japan’s Nikkei 225³ rose 21.33% in U.S. dollars.

At its March 2017 meeting, the Federal Reserve (Fed) raised interest rates for the third time since the financial crisis to a range of 0.75% – 1.00%, after indicating that the “stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and sustained return to 2 percent inflation”. The Fed

1

continued with 0.25% rate hikes at its June and December meetings, bringing the fed funds rate to a range between 1.25% -1.50% and forecasted three additional rate increases in both 2018 and 2019. Additionally, the Fed indicated that in October of 2017 it would begin its much anticipated balance sheet normalization process by selling assets it had purchased as part of its quantitative easing program. Meanwhile, other central banks have continued their accommodative policies. The European Central Bank (ECB) kept its benchmark rate unchanged at 0%, since March 2016, and at its October 2017 meeting, the ECB extended its asset purchase program at a monthly pace of €30 billion until the end of September 2018 “or beyond, if necessary”, from a previous rate of €60 billion a month. The Bank of Japan (BoJ) also maintained its stimulative monetary policy at its December 2017 meeting as short term interest rates remained unchanged, at -0.1%, and the bank kept its 10-year government bond yield target at around 0%, amid a more upbeat view on private consumption and capital expenditure.

The election of Donald Trump as U.S. President in November 2016 coincided with the start of rising equity markets, as Trump’s “America First” policy focused on lower taxes, lower regulation, “smart trade” policy, and less government spending, fueling global growth optimism. Unemployment steadily declined in most developed countries, falling to a nine year

low of 8.7% in the Euro area, 4.1% in the United States, 2.7% in Japan, and 3.95% in China, all multiyear lows. GDP growth has remained positive in most developed countries, while inflation remained subdued, allowing central banks to continue their stimulative monetary policies with global stock markets as the beneficiaries. At the end of the year, the United States passed its much anticipated tax reform, lowering the corporate tax rate to 21%, reducing the tax on accumulated overseas earnings, and altering the individual tax brackets, among other changes. This reform is broadly expected to benefit corporations going forward.

Although volatility, as measured by the VIX index, has remained near all-time low levels for most of the year, sources of tension throughout the year have come from nuclear threats from North Korea, continued turmoil in the middle east, populist and independence forces in Europe, and remaining uncertainty regarding “Brexit”.

During the period, the Fund’s underperformance relative to the benchmark was driven by stock selection, and sector weights, particularly within the consumer staples and information technology sectors. Within the consumer staples sector, an underweight position in Diageo Plc detracted from relative performance. Shares of the British alcoholic beverage producer and distributor rose as the company reported accelerating organic growth during the

2

year and strong sales in most regions. Additionally, shares of Jbs Sa also detracted from relative performance. The Brazilian meat processor company’s shares declined after the company was involved in a Brazilian political bribery scandal.

An underweight to the information technology sector also detracted from relative performance. The sector had the strongest performance in the index over the year as technology stocks led markets higher with generally strong balance sheets, large free cash flows, and the belief that they would benefit from expected tax changes on overseas earnings.

Conversely, stock selection within the utilities and industrials sectors contributed to relative performance over the period. Within the utilities sector, shares of Enel S.p.A. contributed to relative performance. Shares of the multinational power company rose as it signaled that it was adding new renewal power generation

capacity at a higher rate, which would lead to higher earnings growth in the future. RWE AG, a German electricity generator, distributor, and trader, also contributed to relative performance. The company benefited as it reported earnings that suggested that full year adjusted net income would be at the top end of the previous guidance range and that net debt was lower than market expectations.

Within the industrials sector, shares of Vinci S.a. a French construction and engineering firm, contributed to performance. The company has continued to benefit from its strong position in the European road and airport segments and good visibility on future growth drivers.

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 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-USA^® Index is a subset of the MSCI ACWI ex-USA^® Index. The MSCI ACWI ex-USA^® Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ex-USA^® Index with Gross Dividends approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits. The MSCI ACWI ex-USA^® Index with Net Dividends approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI ACWI ex-USA^® uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.

²   The EURO STOXX 50^® Index represents the performance of the 50 largest companies among the 19 supersectors in terms of free-float market cap in 12 eurozone countries. These countries include Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).

³   The Nikkei Stock Average, the Nikkei 225 is used around the globe as the premier index of Japanese stocks. Because of the prominent nature of the index, many financial products linked to the Nikkei 225 have been created are traded worldwide while the index has been sufficiently used as the indicator of the movement of Japanese stock markets. The Nikkei 225

3

is a price-weighted equity index, which consists of 225 stocks in the 1st section of the Tokyo Stock Exchange.

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, 2017. 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 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-USA^® Index with Gross Dividends, the MSCI ACWI ex-USA^® Index with Net Dividends, the MSCI Europe, Australasia, Far East^® Index (MSCI EAFE^® Index) with Gross Dividends and the MSCI EAFE^® Index with Net Dividends, assuming reinvestment of all dividends and distributions. The Fund has adopted the MSCI ACWI ex-USA^® Index as its primary benchmark index and therefore will remove the MSCI EAFE^® Index from its next annual report. The Fund believes that the MSCI ACWI ex-USA^® Index more closely reflects the Fund’s investment strategies than the MSCI EAFE^® Index. 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. Past performance is no guarantee of future results.

Average Annual Total Returns for the
Period Ended December 31, 2017

	1 Year	5 Years	Life of Class
Class VC2	25.67%	6.22%	4.98%

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. Performance for each index began on May 1, 2010.

²   The Class VC shares commenced operations on April 16, 2010. Performance for the Class 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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,128.20	$4.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.82	$4.43

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.87%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	13.47	%
Consumer Staples	8.35	%
Energy	4.31	%
Financials	24.88	%
Health Care	5.67	%
Industrials	16.32	%
Information Technology	12.54	%
Materials	7.15	%
Real Estate	2.50	%
Telecommunication Services	2.70	%
Utilities	1.56	%
Repurchase Agreement	0.55	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 97.36%
Australia 1.42%
Beverages 0.61%
Treasury Wine Estates Ltd.		32,817	$	407
Metals & Mining 0.81%
BHP Billiton Ltd.		23,689		544
Total Australia				951
Austria 1.03%
Banks
Erste Group Bank AG*		15,930		690
Belgium 0.90%
Beverages
Anheuser-Busch InBev SA		5,402		603
Canada 0.72%
Oil, Gas & Consumable Fuels
Seven Generations Energy Ltd. Class A*		11,600		164
Whitecap Resources, Inc.		44,300		315
Total Canada				479
China 2.86%
Insurance 0.49%
Ping An Insurance Group Co. of China Ltd. Class H		32,000		332
Internet Software & Services 2.37%
Alibaba Group Holding Ltd. ADR*		3,800		655
China Literature Ltd.*†		9		–	(a)
Tencent Holdings Ltd.		17,900		927
				1,582
Total China				1,914
Denmark 2.80%
Banks 1.25%
Danske Bank A/S		21,485		836

			U.S. $
			Fair Value
Investments	Shares		(000)
Diversified Telecommunication Services 1.01%
TDC A/S		110,397	$	678
Pharmaceuticals 0.54%
Novo Nordisk A/S Class B		6,654		358
Total Denmark				1,872
Finland 0.95%
Insurance
Sampo OYJ A Shares		11,594		636
France 8.42%
Auto Components 1.28%
Valeo SA		11,472		855
Beverages 1.38%
Remy Cointreau SA		6,656		922
Construction & Engineering 1.63%
Vinci SA		10,701		1,092
Information Technology Services 0.69%
Atos SE		3,166		460
Machinery 1.04%
Alstom SA		16,683		692
Oil, Gas & Consumable Fuels 0.97%
Total SA		11,763		649
Pharmaceuticals 0.43%
Sanofi		3,310		285
Textiles, Apparel & Luxury Goods 1.00%
LVMH Moet Hennessy Louis Vuitton SE		2,275		668
Total France				5,623
Germany 9.64%
Hotels, Restaurants & Leisure 1.19%
TUI AG		38,373		795
Industrial Conglomerates 0.70%
Rheinmetall AG		3,668		464

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)
Insurance 1.52%
Allianz SE Registered Shares		4,423	$	1,012
Life Sciences Tools & Services 0.68%
MorphoSys AG*		4,992		456
Pharmaceuticals 0.95%
Bayer AG Registered Shares		5,097		633
Real Estate Management & Development 2.44%
Aroundtown SA		115,486		889
PATRIZIA Immobilien AG*		32,149		744
				1,633
Semiconductors & Semiconductor Equipment 1.18%
Infineon Technologies AG		28,933		788
Software 0.98%
SAP SE		5,873		657
Total Germany				6,438
Hong Kong 3.49%
Hotels, Restaurants & Leisure 0.53%
Melco Resorts & Entertainment Ltd. ADR		12,121		352
Household Durables 1.10%
Techtronic Industries Co., Ltd.		113,000		735
Insurance 1.10%
AIA Group Ltd.		86,600		737
Paper & Forest Products 0.76%
Nine Dragons Paper Holdings Ltd.		316,000		505
Total Hong Kong				2,329
India 1.92%
Banks 1.32%
ICICI Bank Ltd. ADR		90,805		883

			U.S. $
			Fair Value
Investments	Shares		(000)
Information Technology Services 0.60%
Vakrangee Ltd.		30,486	$	201
Vakrangee Ltd.		30,486		200
				401
Total India				1,284
Indonesia 1.69%
Banks
Bank Rakyat Indonesia Persero Tbk PT		2,720,500		730
Bank Tabungan Negara Persero Tbk PT		1,511,700		398
Total Indonesia				1,128
Ireland 1.10%
Banks
AIB Group plc		56,241		371
Bank of Ireland Group plc*		42,480		362
Total Ireland				733
Israel 0.81%
Semiconductors & Semiconductor Equipment
Tower Semiconductor Ltd.*		15,861		540
Italy 5.41%
Banks 0.90%
UniCredit SpA*		32,064		598
Capital Markets 0.53%
Anima Holding SpA†		49,798		356
Consumer Finance 0.72%
doBank SpA*†		29,670		483
Electric: Utilities 1.53%
Enel SpA		166,397		1,023
Electrical Equipment 1.23%
Prysmian SpA		25,143		819
Internet & Direct Marketing Retail 0.50%
Yoox Net-A-Porter Group SpA*		9,664		337
Total Italy				3,616

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan 17.80%
Automobiles 1.86%
Honda Motor Co., Ltd.		36,400	$	1,242
Building Products 1.27%
Daikin Industries Ltd.		7,200		851
Chemicals 3.27%
Asahi Kasei Corp.		49,735		640
Mitsubishi Chemical Holdings Corp.		62,100		679
Mitsubishi Gas Chemical Co., Inc.		30,200		865
				2,184
Construction & Engineering 0.45%
Taisei Corp.		6,100		303
Distributors 0.82%
PALTAC Corp.		12,100		551
Diversified Financial Services 1.20%
ORIX Corp.		47,600		803
Household Durables 1.57%
Sony Corp.		23,300		1,046
Machinery 3.45%
DMG Mori Co., Ltd.		33,700		694
Komatsu Ltd.		13,000		470
Makino Milling Machine Co., Ltd.		48,000		484
SMC Corp.		1,600		656
				2,304
Professional Services 0.77%
Recruit Holdings Co., Ltd.		20,600		512
Software 0.93%
Nintendo Co., Ltd.		1,727		622
Specialty Retail 1.02%
Bic Camera, Inc.		47,400		683

			U.S. $
			Fair Value
Investments	Shares		(000)
Trading Companies & Distributors 1.19%
Mitsubishi Corp.		28,730	$	792
Total Japan				11,893
Luxembourg 0.57%
Multi-Line Retail
B&M European Value Retail SA		67,322		384
Macau 1.01%
Hotels, Restaurants & Leisure
Wynn Macau Ltd.		213,200		674
Mexico 0.72%
Banks
Grupo Financiero Banorte SAB de CV		87,600		480
Netherlands 4.99%
Banks 0.97%
ING Groep NV		35,285		648
Health Care Equipment & Supplies 1.07%
Koninklijke Philips NV		19,008		718
Insurance 1.03%
ASR Nederland NV		16,649		686
Oil, Gas & Consumable Fuels 1.43%
Royal Dutch Shell plc B Shares		28,430		957
Semiconductors & Semiconductor Equipment 0.49%
ASML Holding NV		1,883		327
Total Netherlands				3,336
Norway 0.29%
Banks
Sparebank 1 Oestlandet*		17,663		195

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Philippines 1.34%
Banks
Metropolitan Bank & Trust Co.		440,740	$	894
Poland 0.76%
Banks
Powszechna Kasa Oszczednosci Bank Polski SA*		40,077		509
South Africa 1.12%
Paper & Forest Products
Mondi plc		28,785		748
South Korea 3.50%
Auto Components 0.74%
Mando Corp.		1,707		492
Insurance 1.05%
ING Life Insurance Korea Ltd.†		14,152		706
Technology Hardware, Storage & Peripherals 1.71%
Samsung Electronics Co., Ltd.		481		1,143
Total South Korea				2,341
Spain 2.05%
Banks 0.97%
Banco Bilbao Vizcaya Argentaria SA		76,457		650
Oil, Gas & Consumable Fuels 1.08%
Repsol SA		40,744		719
Total Spain				1,369
Sweden 2.22%
Commercial Services & Supplies 1.29%
Loomis AB Class B		20,550		863
Machinery 0.93%
Volvo AB B Shares		33,418		623
Total Sweden				1,486

			U.S. $
			Fair Value
Investments	Shares		(000)
Switzerland 5.00%
Food Products 1.77%
Nestle SA Registered Shares		13,778	$	1,185
Insurance 1.35%
Swiss Life Holding AG Registered Shares*		2,550		901
Pharmaceuticals 1.88%
Novartis AG Registered Shares		8,042		677
Roche Holding AG		2,295		580
				1,257
Total Switzerland				3,343
Taiwan 1.89%
Semiconductors & Semiconductor Equipment 1.48%
Advanced Semiconductor Engineering, Inc.		383,682		491
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,585		499
				990
Technology Hardware, Storage & Peripherals 0.41%
Primax Electronics Ltd.		103,470		274
Total Taiwan				1,264
United Kingdom 9.89%
Beverages 0.94%
Coca-Cola European Partners plc		15,704		626
Insurance 1.03%
Direct Line Insurance Group plc		133,128		685
Machinery 1.03%
Weir Group plc (The)		23,986		688
Metals & Mining 1.04%
Rio Tinto plc		13,308		698
Personal Products 0.99%
Unilever NV CVA		11,749		661

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)
Professional Services 1.01%
RELX NV		29,400	$	676
Semiconductors & Semiconductor Equipment 0.63%
IQE plc*		228,643		423
Tobacco 1.59%
British American Tobacco plc		15,726		1,063
Wireless Telecommunication Services 1.63%
Vodafone Group plc		343,768		1,087
Total United Kingdom				6,607
United States 1.05%
Insurance
Hiscox Ltd.		35,419		700
Total Common Stocks (cost $56,359,460)				65,059
RIGHTS 0.03%
Spain
Oil, Gas & Consumable Fuels
Repsol SA* (cost $18,582)		40,744		19

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.54%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $355,000 of U.S. Treasury Note at 3.625% due 2/15/2020; value: $372,412; proceeds: $361,218 (cost $361,197)	$	361	$	361
Total Investments in Securities 97.93% (cost $56,739,239)				65,439
Foreign Cash and Other Assets in Excess of Liabilities 2.07%				1,383
Net Assets 100.00%			$	66,822

ADR	American Depositary Receipt.
CVA	Company Voluntary Arrangement.
*	Non-income producing security.
†	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.
(a)	Amount is less than $1,000.

12 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 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
Australia	$	–	$	951	$	–	$	951
Austria(3)		–		690		–		690
Belgium(3)		–		603		–		603
Canada		479		–		–		479
China		655		1,259		–		1,914
Denmark(3)		678		1,194		–		1,872
Finland		–		636		–		636
France(3)		–		5,623		–		5,623
Germany(3)		889		5,549		–		6,438
Hong Kong		352		1,977		–		2,329
India		1,084		200		–		1,284
Indonesia		1,128		–		–		1,128
Ireland		733		–		–		733
Israel		540		–		–		540
Italy(3)		483		3,133		–		3,616
Japan(3)		–		11,893		–		11,893
Luxembourg		–		384		–		384
Macau		–		674		–		674
Mexico		480		–		–		480
Netherlands(3)		–		3,336		–		3,336
Norway		195		–		–		195
Philippines		–		894		–		894
Poland		–		509		–		509
South Africa		–		748		–		748
South Korea(3)		706		1,635		–		2,341
Spain(3)		–		1,369		–		1,369
Sweden(3)		863		623		–		1,486
Switzerland(3)		–		3,343		–		3,343
Taiwan		499		765		–		1,264
United Kingdom(3)		1,111		5,496		–		6,607
United States		700		–		–		700
Right		19		–		–		19
Repurchase Agreement		–		361		–		361
Total	$	11,594	$	53,845	$	–	$	65,439

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
(3)	Securities in the amount of $24,910,118 were transferred from Level 1 to Level 2 during the fiscal year ended December 31, 2017, due to a change in valuation technique. As of December 31, 2017, the Fund utilized adjusted valuations (as described in Note 2(a)), which resulted in Level 2 inputs. As of December 31, 2016, the Fund utilized the last sale or official closing price on the exchange or system on which the securities are principally traded, which resulted in Level 1 inputs.

See Notes to Financial Statements. 13

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $56,739,239)	$	65,438,537
Foreign cash, at value (cost $1,652,484)		1,678,880
Receivables:
Interest and dividends		152,395
From advisor (See Note 3)		37,246
Prepaid expenses		318
Total assets		67,307,376
LIABILITIES:
Payables:
Investment securities purchased		304,239
Management fee		42,112
Directors’ fees		5,360
Fund administration		2,246
Accrued expenses		131,444
Total liabilities		485,401
NET ASSETS	$	66,821,975
COMPOSITION OF NET ASSETS:
Paid-in capital	$	61,101,956
Distributions in excess of net investment income		(113,574	)
Accumulated net realized loss on investments and foreign currency related transactions		(2,895,580	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		8,729,173
Net Assets	$	66,821,975
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		3,672,449
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$18.20

14 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends (net of foreign withholding taxes of $171,042)	$	1,579,430
Interest		240
Total investment income		1,579,670
Expenses:
Management fee		475,997
Non 12b-1 service fees		158,758
Custody		68,844
Shareholder servicing		68,117
Professional		58,474
Fund administration		25,387
Reports to shareholders		24,878
Directors’ fees		1,762
Other		11,666
Gross expenses		893,883
Expense reductions (See Note 8)		(579	)
Fees waived and expenses reimbursed (See Note 3)		(341,148	)
Net expenses		552,156
Net investment income		1,027,514
Net realized and unrealized gain (loss):
Net realized gain on investments (net of foreign capital gains tax of $16,514)		6,199,403
Net realized loss on foreign currency related transactions		(20,318	)
Net change in unrealized appreciation/depreciation on investments		7,188,771
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		34,602
Net realized and unrealized gain		13,402,458
Net Increase in Net Assets Resulting From Operations	$	14,429,972

See Notes to Financial Statements. 15

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2017			December 31, 2016
Operations:
Net investment income	$	1,027,514		$	1,416,990
Net realized gain (loss) on investments and foreign currency related transactions		6,179,085			(4,234,373	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		7,223,373			1,851,263
Net increase (decrease) in net assets resulting from operations		14,429,972			(966,120	)
Distributions to shareholders from:
Net investment income		(1,203,254	)		(1,555,460	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		1,733,223			3,545,976
Reinvestment of distributions		1,203,254			1,555,460
Cost of shares reacquired		(8,370,323	)		(3,775,290	)
Net increase (decrease) in net assets resulting from capital share transactions		(5,433,846	)		1,326,146
Net increase (decrease) in net assets		7,792,872			(1,195,434	)
NET ASSETS:
Beginning of year	$	59,029,103		$	60,224,537
End of year	$	66,821,975		$	59,029,103
Distributions in excess of net investment income	$	(113,574	)	$	(52,131	)

16 See Notes to Financial Statements.

This page is intentionally left blank.

17

Financial Highlights

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Return
	beginning		ment		unrealized			opera-			investment			realized			of
	of period		income(a)		gain (loss)			tions			income			gain			capital
12/31/2017		$14.75		$0.27		$ 3.51			$ 3.78			$(0.33	)		$    –			$    –
12/31/2016		15.42		0.36		(0.63	)		(0.27	)		(0.40	)		–			–
12/31/2015		15.95		0.30		(0.59	)		(0.29	)		(0.23	)		–			(0.01	)
12/31/2014		18.38		0.26		(1.99	)		(1.73	)		(0.18	)		(0.52	)		–
12/31/2013		15.31		0.22		3.32			3.54			(0.24	)		(0.23	)		–

(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.

18 See Notes to Financial Statements.

								Ratios to Average Net Assets:						Supplemental Data:
								Total expenses
			Net					after						Net
			asset					waivers				Net		assets,		Portfolio
Total			value,		Total			and/or reim-		Total		investment		end of		turnover
distri-			end of		return(b)			bursements		expenses		income		period		rate
butions			period		(%)			(%)		(%)		(%)		(000)		(%)
	$(0.33	)		$18.20		25.67			0.87		1.41		1.62		$66,822		137
	(0.40	)		14.75		(1.74	)		0.87		1.39		2.43		59,029		190
	(0.24	)		15.42		(1.78	)		0.87		1.43		1.84		60,225		60
	(0.70	)		15.95		(9.47	)		0.87		1.59		1.49		52,629		58
	(0.47	)		18.38		23.16			0.87		2.02		1.31		31,923		56

See Notes to Financial Statements. 19

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 twelve separate portfolios. This report covers International Equity Portfolio (the “Fund”). Effective October 31, 2017, International Core Equity Portfolio changed its name to International Equity Portfolio.

The Fund’s investment objective is to seek long-term 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 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,

20

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 income 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, 2014 through December 31, 2017. 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 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 loss on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency exchange rates on their 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

21

Notes to Financial Statements (continued)

	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 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 loss on foreign currency related transactions in the Fund’s Statement of Operations.
(h)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(i)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

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

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

A summary of inputs used in valuing the Fund’s investments as of December 31, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

22

Notes to Financial Statements (continued)

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies 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	.70%
Over $2 billion	.65%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of 0.21% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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, to an annual rate of .87%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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.

23

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2017 and fiscal year ended December 31, 2016, was as follows:

	Year Ended			Year Ended
	12/31/2017			12/31/2016
Distributions paid from:
Ordinary income		$	1,203,254		$	1,555,460
Total distributions paid		$	1,203,254		$	1,555,460

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	55,010
Total undistributed earnings		55,010
Capital loss carryforwards*		(2,840,212	)
Temporary differences		(5,360	)
Unrealized gains – net		8,510,581
Total accumulated gains – net	$	5,720,019

* The capital losses will carry forward indefinitely.

As of December 31, 2017, 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	$	56,957,831
Gross unrealized gain		8,785,249
Gross unrealized loss		(304,543	)
Net unrealized security gain	$	8,480,706

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in
Excess of Net	Accumulated Net
Investment Income	Realized Loss
$114,297	$(114,297	)

The permanent differences are attributable to the tax treatment of certain securities, certain expenses, and foreign currency transactions.

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$84,584,187	$90,571,962

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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

24

Notes to Financial Statements (continued)

with provisions of the Rule. For the fiscal year ended December 31, 2017, the Fund engaged in cross-trades purchases of $213,268 and sales of $131,156, which resulted in net realized gains (losses) of $16,407.

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:

			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		$361,197	$	–		$361,197
Total		$361,197	$	–		$361,197

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		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.		$361,197	$	–	$	–		$(361,197	)	$	–
Total		$361,197	$	–	$	–		$(361,197	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

25

Notes to Financial Statements (continued)

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2017, 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. INVESTMENT RISKS  

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

Large company value stocks, in which the Fund invests, may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies.

The Fund is subject to the risks of investing in foreign securities and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or

26

Notes to Financial Statements (concluded)

currency controls. These risks are generally greater for securities issued by companies in emerging market countries. 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 Fund is also subject to the risks associated with derivatives, which may be different from 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.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended			Year Ended
	December 31, 2017			December 31, 2016
Shares sold		106,804			241,082
Reinvestment of distributions		66,810			105,670
Shares reacquired		(501,938	)		(250,444	)
Increase (decrease)		(328,324	)		96,308

27

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of International Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedules of investments, of the International Equity Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the International Equity Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

28

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

29

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

30

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

31

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

32

Basic Information About Management (concluded)

Name and Year of Birth	Current Positio with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

33

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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods. The Board considered that Lord

34

Approval of Advisory Contract (continued)

Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

35

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

36

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

The Fund intends to pass through foreign source income of $1,749,958 and foreign taxes of $186,030.

37

 

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. International Equity Portfolio	SFICE-3 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—International Opportunities Portfolio

For the fiscal year ended December 31, 2017

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
14	Statement of Assets and Liabilities
15	Statement of Operations
16	Statements of Changes in Net Assets
18	Financial Highlights
20	Notes to Financial Statements
28	Report of Independent Registered Public Accounting Firm
29	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Opportunities Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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 — International Opportunities Portfolio for the fiscal year ended December 31, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 39.21%, reflecting performance at the net asset value (NAV) of Class VC Shares, with all distributions reinvested, compared to its benchmark, the S&P Developed Ex-US Small Cap^® Index¹, which returned 32.39% over the same period.

Over the period, global equity markets experienced significant positive performance, as most central banks remained accommodative, interest rates remained low, unemployment steadily declined, corporate earnings grew, and

global economic growth accelerated. Overall, European markets (as measured by the EURO STOXX 50^® Index²) rose roughly 25.3% in U.S. dollars for the period, while Japan’s Nikkei 225³ rose 21.33% in U.S. dollars.

At its March 2017 meeting, the Federal Reserve (Fed) raised interest rates for the third time since the financial crisis to a range of 0.75% - 1.00%, after indicating that the “stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and sustained

1

return to 2 percent inflation”. The Fed continued with 0.25% rate hikes at its June and December meetings, bringing the fed funds rate to a range between 1.25% - 1.50% and forecasted three additional rate increases in both 2018 and 2019. Additionally, the Fed indicated that in October of 2017 it would begin its much anticipated balance sheet normalization process by selling assets it had purchased as part of its quantitative easing program. Meanwhile, other central banks have continued their accommodative policies. The European Central Bank (ECB) kept its benchmark rate unchanged at 0%, since March 2016, and at its October 2017 meeting, the ECB extended its asset purchase program at a monthly pace of €30 billion until the end of September 2018 “or beyond, if necessary”, from a previous rate of €60 billion a month. The Bank of Japan (BoJ) also maintained its stimulative monetary policy at its December 2017 meeting as short term interest rates remained unchanged, at -0.1%, and the bank kept its 10-year government bond yield target at around 0%, amid a more upbeat view on private consumption and capital expenditure.

The election of Donald Trump as U.S. President in November 2016 coincided with the start of rising equity markets, as Trump’s “America First” policy focused on lower taxes, lower regulation, “smart trade” policy, and less government spending, fueling global growth optimism. Unemployment steadily declined in most

developed countries, falling to a nine year low of 8.7% in the Euro area, 4.1% in the United States, 2.7% in Japan, and 3.95% in China, all multiyear lows. GDP growth has remained positive in most developed countries, while inflation remained subdued, allowing central banks to continue their stimulative monetary policies with global stock markets as the beneficiaries. At the end of the year, the United States passed its much anticipated tax reform, lowering the corporate tax rate to 21%, reducing the tax on accumulated overseas earnings, and altering the individual tax brackets, among other changes. This reform is broadly expected to benefit corporations going forward.

Although volatility, as measured by the VIX index, has remained near all-time low levels for most of the year, sources of tension throughout the year have come from nuclear threats from North Korea, continued turmoil in the middle east, populist and independence forces in Europe, and remaining uncertainty regarding “Brexit”.

Stock selection, most notably in the financials and consumer discretionary sectors, was the primary driver of relative outperformance during the period. Within the financials sector, shares of Dewan Housing Finance contributed to performance. Shares of the Indian housing finance provider rose as its loan portfolio experienced strong growth during the period and the company benefited from government efforts to encourage home ownership. In addition, shares of Man

2

Group plc contributed to performance. Shares of the global provider of alternative investment products and solutions advanced throughout the year as the company had strong net inflows into its products and announced a new share buyback program.

Within the consumer discretionary sector, shares of Cairn Homes PLC contributed to performance. Shares of the Irish homebuilder advanced, as the company was able to build more completed housing units that sold for higher prices and market conditions remained positive.

Conversely, stock selection in the energy and health care sectors detracted from relative performance. Within the energy sector, shares of Africa Oil Corp detracted from relative performance. Shares of the oil and gas exploration and production company declined as the company was

impacted by political uncertainty in Africa, which affected its performance. The Fund’s position in Whitecap Resources Inc. also detracted from relative performance during the period. Shares of the Canadian exploration and production company declined as oil prices were under pressure for much of the year.

Within the health care sector, an underweight position to Lonza Group AG detracted from relative performance, as shares of the company rose during the year. The Swiss life science equipment company benefited from strong demand for its clinical stage services.

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 S&P Developed Ex-U.S. Small Cap^® Index captures the bottom 15% of companies domiciled in the developed markets (excluding the United States) within the S&P Global BMI with a float-adjusted market capitalization of at least US$100 million and a value traded of at least US$50 million for the past 12 months at the time of the annual reconstitution. Stocks are excluded if their market capitalization falls below US$75 million, or if the value traded is less than US$35 million at the time of reconstitution.

²   The EURO STOXX 50^® Index represents the performance of the 50 largest companies among the 19 supersectors in terms of free-float market cap in 12 eurozone countries. These countries include Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).

³   The Nikkei Stock Average, the Nikkei 225 is used around the globe as the premier index of Japanese stocks. Because of the prominent nature of the index, many financial products linked to the Nikkei 225 have been created are traded worldwide while the index has been sufficiently used as the indicator of the movement of Japanese stock markets. The Nikkei 225 is a price-weighted equity index, which consists of 225 stocks in the 1st section of the Tokyo Stock Exchange.

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, 2017. 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 Developed Ex-U.S. SmallCap^® 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, 2017
	1 Year	5 Years	10 Years
Class VC	39.21%	12.94%	4.94%

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.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,158.60	$6.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.16	$6.11

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary		16.41	%
Consumer Staples		6.00	%
Energy		3.67	%
Financials		18.31	%
Health Care		4.53	%
Industrials		18.91	%
Information Technology		12.02	%
Materials		8.58	%
Real Estate		7.22	%
Telecommunication Services		0.91	%
Utilities		2.24	%
Repurchase Agreement		1.20	%
Total		100.00	%

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

7

Schedule of Investments

December 31, 2017

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 96.94%
Australia 1.61%
Auto Components 0.58%
GUD Holdings Ltd.		34,449		$	327
Electric: Utilities 1.03%
AusNet Services		414,581			582
Total Australia					909
Canada 4.61%
Metals & Mining 0.85%
Hudbay Minerals, Inc.		54,302			481
Oil, Gas & Consumable Fuels 2.73%
Africa Oil Corp.*		197,904			222
Canacol Energy Ltd.*		163,000			582
Vermilion Energy, Inc.		10,800			393
Whitecap Resources, Inc.		49,600			353
					1,550
Paper & Forest Products 1.03%
Interfor Corp.*		34,700			583
Total Canada					2,614
China 0.78%
Consumer Finance 0.19%
China Rapid Finance Ltd. ADR*		19,000			109
Energy Equipment & Services 0.16%
Hilong Holding Ltd.		649,000			93
Internet & Direct Marketing Retail 0.43%
Secoo Holding Ltd. ADR*		25,064			242
Total China					444
Finland 3.70%
Health Care Providers & Services 0.69%
Terveystalo OYJ*†		36,596			391

Investments	Shares		U.S. $ Fair Value (000)
Machinery 2.34%
Konecranes OYJ		15,490		$	709
Outotec OYJ*		72,025			613
					1,322
Trading Companies & Distributors 0.67%
Cramo OYJ		16,077			381
Total Finland					2,094
France 4.27%
Construction Materials 0.72%
Vicat SA		5,196			410
Health Care Providers & Services 0.97%
Korian SA		15,577			550
Information Technology Services 0.47%
Altran Technologies SA		15,887			264
Life Sciences Tools & Services 0.25%
Genfit*		4,893			141
Real Estate Management & Development 1.07%
Nexity SA*		10,163			605
Specialty Retail 0.79%
Maisons du Monde SA†		9,955			451
Total France					2,421
Germany 5.93%
Industrial Conglomerates 0.95%
Rheinmetall AG		4,274			541
Internet Software & Services 0.77%
XING SE		1,356			436
Life Sciences Tools & Services 1.57%
Gerresheimer AG		6,723			556
MorphoSys AG*		3,646			333
					889
Machinery 1.27%
Deutz AG		79,432			718

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		U.S. $ Fair Value (000)
Germany (continued)
Real Estate Management & Development 1.37%
PATRIZIA Immobilien AG*		33,533		$	776
Total Germany					3,360
Hong Kong 1.79%
Communications Equipment 0.91%
VTech Holdings Ltd.		39,400			515
Paper & Forest Products 0.88%
Lee & Man Paper Manufacturing Ltd.		423,000			498
Total Hong Kong					1,013
India 1.66%
Consumer Finance 0.54%
Satin Creditcare Network Ltd.*		43,167			308
Information Technology Services 0.59%
Vakrangee Ltd.		25,638			168
Vakrangee Ltd.		25,638			168
					336
Thrifts & Mortgage Finance 0.53%
Dewan Housing Finance Corp., Ltd.		32,590			297
Total India					941
Indonesia 1.24%
Banks 0.97%
Bank Tabungan Negara Persero Tbk PT		2,093,196			551
Consumer Finance 0.27%
PT Clipan Finance Indonesia Tbk*		7,426,600			153
Total Indonesia					704

Investments	Shares		U.S. $ Fair Value (000)
Ireland 4.04%
Equity Real Estate Investment Trusts 1.14%
Hibernia REIT plc		354,361		$	648
Food Products 0.57%
Origin Enterprises plc		42,554			324
Health Care Providers & Services 0.48%
UDG Healthcare plc		23,702			270
Household Durables 1.85%
Cairn Homes plc*		291,478			684
Glenveagh Properties plc*†		257,967			365
					1,049
Total Ireland					2,291
Israel 2.63%
Chemicals 0.60%
Frutarom Industries Ltd.		3,592			337
Electronic Equipment, Instruments & Components 1.23%
Orbotech Ltd.*		13,895			698
Semiconductors & Semiconductor Equipment 0.80%
Tower Semiconductor Ltd.*		13,324			454
Total Israel					1,489
Italy 7.78%
Beverages 0.39%
Davide Campari-Milano SpA		28,956			223
Capital Markets 1.05%
Anima Holding SpA†		83,187			594
Construction Materials 1.23%
Buzzi Unicem SpA		25,903			699
Consumer Finance 1.20%
doBank SpA*†		41,844			680
Electrical Equipment 0.98%
Prysmian SpA		16,971			553

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		U.S. $ Fair Value (000)
Italy (continued)
Internet & Direct Marketing Retail 0.94%
Yoox Net-A-Porter Group SpA*		15,332		$	535
Textiles, Apparel & Luxury Goods 1.99%
Brunello Cucinelli SpA		16,985			550
Moncler SpA		18,441			576
					1,126
Total Italy					4,410
Japan 21.65%
Banks 0.78%
Shinsei Bank Ltd.		25,600			441
Beverages 1.52%
Coca-Cola Bottlers Japan, Inc.		23,600			861
Chemicals 1.39%
KH Neochem Co., Ltd.		30,700			785
Construction & Engineering 0.49%
SHO-BOND Holdings Co., Ltd.		3,900			278
Containers & Packaging 0.80%
Fuji Seal International, Inc.		13,900			454
Equity Real Estate Investment Trusts 0.94%
GLP J-Reit		493			533
Food & Staples Retailing 1.59%
Sundrug Co., Ltd.		19,400			900
Food Products 0.77%
Nichirei Corp.		15,800			437
Health Care Providers & Services 0.49%
Japan Lifeline Co., Ltd.		13,400			278
Hotels, Restaurants & Leisure 1.18%
HIS Co., Ltd.		7,500			272
St. Marc Holdings Co., Ltd.		14,500			399
					671

Investments	Shares		U.S. $ Fair Value (000)
Information Technology Services 1.07%
NS Solutions Corp.		22,100		$	604
Machinery 2.52%
DMG Mori Co., Ltd.		30,000			618
Takeuchi Manufacturing Co., Ltd.		34,300			810
					1,428
Professional Services 1.73%
en-japan, Inc.		20,800			979
Real Estate Management & Development 1.10%
Kenedix, Inc.		102,400			625
Semiconductors & Semiconductor Equipment 0.65%
Megachips Corp.		12,400			370
Software 1.54%
Capcom Co., Ltd.		17,600			556
Trend Micro, Inc.*		5,600			317
					873
Specialty Retail 2.20%
Bic Camera, Inc.		35,200			507
United Arrows Ltd.		18,200			739
					1,246
Wireless Telecommunication Services 0.89%
Okinawa Cellular Telephone Co.		13,900			506
Total Japan					12,269
Luxembourg 1.63%
Machinery 0.25%
Stabilus SA		1,588			143
Multi-Line Retail 1.38%
B&M European Value Retail SA		136,937			781
Total Luxembourg					924

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		U.S. $ Fair Value (000)
Mexico 0.73%
Banks
Banco del Bajio SA*†		225,500		$	413
Netherlands 4.85%
Air Freight & Logistics 1.31%
PostNL NV		152,524			745
Hotels, Restaurants & Leisure 1.01%
Basic-Fit NV*†		23,695			572
Insurance 1.15%
ASR Nederland NV		15,801			650
Machinery 1.38%
Aalberts Industries NV		15,334			779
Total Netherlands					2,746
Philippines 1.73%
Banks 1.05%
Security Bank Corp.		117,880			594
Real Estate Management & Development 0.68%
Filinvest Land, Inc.		10,256,500			386
Total Philippines					980
Portugal 1.17%
Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA		223,554			665
South Korea 2.41%
Auto Components 1.36%
Mando Corp.		2,668			769
Insurance 1.05%
ING Life Insurance Korea Ltd.†		11,916			594
Total South Korea					1,363

Investments	Shares		U.S. $ Fair Value (000)
Spain 1.84%
Household Durables 1.06%
Neinor Homes SA*†		27,477		$	603
Real Estate Management & Development 0.78%
Aedas Homes SAU*†		12,021			442
Total Spain					1,045
Sweden 5.34%
Commercial Services & Supplies 2.92%
Bravida Holding AB†		45,627			305
Intrum Justitia AB		14,225			526
Loomis AB Class B		19,611			824
					1,655
Consumer Finance 1.37%
Hoist Finance AB†		69,071			777
Food & Staples Retailing 1.05%
Axfood AB		30,762			592
Total Sweden					3,024
Taiwan 1.61%
Semiconductors & Semiconductor Equipment 1.06%
Realtek Semiconductor Corp.		96,000			350
Visual Photonics Epitaxy Co., Ltd.		80,000			250
					600
Technology Hardware, Storage & Peripherals 0.55%
Primax Electronics Ltd.		119,000			315
United Kingdom 11.28%
Capital Markets 2.63%
Man Group plc		264,412			736
TP ICAP plc		105,330			755
					1,491
Consumer Finance 0.97%
Arrow Global Group plc		102,945			551

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom (continued)
Electronic Equipment, Instruments & Components 0.81%
accesso Technology Group plc*		17,280		$	458
Insurance 1.32%
Lancashire Holdings Ltd.		81,408			749
Internet & Direct Marketing Retail 1.03%
ASOS plc*		6,444			581
Machinery 1.75%
Bodycote plc		52,116			641
Concentric AB		18,918			348
					989
Media 0.30%
Huntsworth plc		152,837			168
Metals & Mining 0.92%
Hill & Smith Holdings plc		28,793			521
Oil, Gas & Consumable Fuels 0.70%
Tullow Oil plc*		143,282			399
Semiconductors & Semiconductor Equipment 0.75%
IQE plc*		230,193			426
Software 0.10%
Alfa Financial Software Holdings plc*†		8,039			58
Total United Kingdom					6,391
United States 1.29%
Exchange-Traded Funds 0.81%
VanEck Vectors Junior Gold Miners		13,347			455
Semiconductors & Semiconductor Equipment 0.48%
CEVA, Inc.*		5,907			273
Total United States					728

Investments	Shares		U.S. $ Fair Value (000)
Vietnam 1.37%
Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.		173,283		$	774
Total Common Stocks (cost $44,816,847)					54,927
	Principal Amount (000)
SHORT-TERM INVESTMENT 1.18%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $700,000 of U.S. Treasury Note at 1.125% due 2/28/2021; value: $682,766; proceeds: $667,434 (cost $667,394)		$667			667
Total Investments in Securities 98.12% (cost $45,484,241)					55,594
Foreign Cash and Other Assets in Excess of Liabilities 1.88%					1,068
Net Assets 100.00%				$	56,662

ADR	American Depositary Receipt.
*	Non-income producing security.
†	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.

12 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 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
Australia(3)	$	–	$	909	$	–	$	909
Canada		2,614		–		–		2,614
China(3)		351		93		–		444
Finland(3)		772		1,322		–		2,094
France(3)		1,552		869		–		2,421
Germany(3)		–		3,360		–		3,360
Hong Kong(3)		–		1,013		–		1,013
India(3)		168		773		–		941
Indonesia		704		–		–		704
Ireland(3)		1,337		954		–		2,291
Israel(3)		1,152		337		–		1,489
Italy(3)		680		3,730		–		4,410
Japan(3)		739		11,530		–		12,269
Luxembourg(3)		143		781		–		924
Mexico		413		–		–		413
Netherlands(3)		572		2,174		–		2,746
Philippines		980		–		–		980
Portugal		665		–		–		665
South Korea		594		769		–		1,363
Spain		1,045		–		–		1,045
Sweden(3)		2,432		592		–		3,024
Taiwan(3)		250		665		–		915
United Kingdom(3)		2,530		3,861		–		6,391
United States		728		–		–		728
Vietnam(3)		–		774		–		774
Repurchase Agreement		–		667		–		667
Total	$	20,421	$	35,173	$	–	$	55,594

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
(3)	Securities in the amount of $19,006,256 were transferred from Level 1 to Level 2 during the fiscal year ended December 31, 2017, due to a change in valuation technique. As of December 31, 2017, the Fund utilized adjusted valuations (as described in Note 2(a)), which resulted in Level 2 inputs. As of December 31, 2016, the Fund utilized the last sale or official closing price on the exchange or system on which the securities are principally traded, which resulted in Level 1 inputs.

See Notes to Financial Statements. 13

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $45,484,241)	$	55,594,386
Foreign cash, at value (cost $982,249)		995,941
Receivables:
Investment securities sold		224,470
Interest and dividends		59,015
Capital shares sold		23,129
From advisor (See Note 3)		8,818
Prepaid expenses		280
Total assets		56,906,039
LIABILITIES:
Payables:
Management fee		35,525
Investment securities purchased		29,189
Capital shares reacquired		28,258
Directors’ fees		8,359
Fund administration		1,895
Accrued expenses		141,140
Total liabilities		244,366
NET ASSETS	$	56,661,673
COMPOSITION OF NET ASSETS:
Paid-in capital	$	45,384,969
Distributions in excess of net investment income		(299,300	)
Accumulated net realized gain on investments and foreign currency related transactions		1,450,402
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		10,125,602
Net Assets	$	56,661,673
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		5,748,702
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	9.86

14 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends (net of foreign withholding taxes of $97,554)	$	875,922
Interest		780
Total investment income		876,702
Expenses:
Management fee		390,868
Non 12b-1 service fees		130,428
Professional		65,164
Shareholder servicing		64,273
Custody		51,202
Fund administration		20,846
Reports to shareholders		20,774
Directors’ fees		1,428
Other		8,686
Gross expenses		753,669
Expense reductions (See Note 8)		(481	)
Fees waived and expenses reimbursed (See Note 3)		(127,799	)
Net expenses		625,389
Net investment income		251,313
Net realized and unrealized gain (loss):
Net realized gain on investments (net of foreign capital gains tax of $50,967)		8,184,086
Net realized loss on foreign currency related transactions		(14,196	)
Net change in unrealized appreciation/depreciation on investments		8,452,742
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		17,851
Net realized and unrealized gain		16,640,483
Net Increase in Net Assets Resulting From Operations	$	16,891,796

See Notes to Financial Statements. 15

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	251,313		$	457,593
Net realized gain (loss) on investments and foreign currency related transactions		8,169,890			(310,960	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		8,470,593			(2,656,680	)
Net increase (decrease) in net assets resulting from operations		16,891,796			(2,510,047	)
Distributions to shareholders from:
Net investment income		(580,813	)		(435,134	)
Net realized gain		(4,487,468	)		–
Total distributions to shareholders		(5,068,281	)		(435,134	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		24,321,830			11,437,768
Reinvestment of distributions		5,068,281			435,134
Cost of shares reacquired		(27,556,502	)		(19,741,659	)
Net increase (decrease) in net assets resulting from capital share transactions		1,833,609			(7,868,757	)
Net increase (decrease) in net assets		13,657,124			(10,813,938	)
NET ASSETS:
Beginning of year	$	43,004,549		$	53,818,487
End of year	$	56,661,673		$	43,004,549
Distributions in excess of net investment income	$	(299,300	)	$	(151,918	)

16 See Notes to Financial Statements.

This page is intentionally left blank.

17

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 investment income			Net realized gain			Total distri- butions
12/31/2017	$	7.79	$	0.05	$	2.99		$	3.04			$(0.11	)		$(0.86	)	$	(0.97	)
12/31/2016		8.22		0.08		(0.43	)		(0.35	)		(0.08	)		–			(0.08	)
12/31/2015		8.07		0.06		0.83			0.89			(0.07	)		(0.67	)		(0.74	)
12/31/2014		10.08		0.09		(0.64	)		(0.55	)		(0.13	)		(1.33	)		(1.46	)
12/31/2013		8.48		0.09		2.56			2.65			(0.19	)		(0.86	)		(1.05	)

(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.

18 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 expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	9.86		39.21			1.20		1.44		0.48	$	56,662		75
	7.79		(4.28	)		1.20		1.57		0.97		43,005		84
	8.22		11.10			1.20		1.52		0.73		53,818		87
	8.07		(5.76	)		1.20		1.49		0.90		48,508		65
	10.08		31.70			1.20		1.44		0.93		57,067		89

See Notes to Financial Statements. 19

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 twelve separate portfolios. This report covers International Opportunities Portfolio (the “Fund”).

The Fund’s investment objective is long-term 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 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.

20

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 income 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, 2014 through December 31, 2017. 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 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 loss on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	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 translation of assets and liabilities denominated in foreign currencies in 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 loss on foreign currency related transactions in the Fund’s Statement of Operations.

21

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 as of December 31, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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.

22

Notes to Financial Statements (continued)

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	.70%
Over $2 billion	.65%

For the fiscal year ended December 31, 2017, 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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 1.20%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	669,964	$	435,134
Net long-term capital gains		4,398,317		–
Total distributions paid	$	5,068,281	$	435,134

23

Notes to Financial Statements (continued)

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	409,768
Undistributed long-term capital gains		1,261,369
Total undistributed earnings		1,671,137
Temporary differences		(8,356	)
Unrealized gains – net		9,613,923
Total accumulated gains – net	$	11,276,704

As of December 31, 2017, 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	$	45,995,920
Gross unrealized gain		10,496,338
Gross unrealized loss		(897,872	)
Net unrealized security gain	$	9,598,466

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

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in Excess of Net Investment Income	Accumulated Net Realized Gain
$182,118	$(182,118	)

The permanent differences are attributable to the tax treatment of certain securities, certain expenses, and foreign currency transactions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$38,206,305	$42,219,284

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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

24

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		$667,394	$	–		$667,394
Total		$667,394	$	–		$667,394

	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.		$667,394	$	–	$	–		$(667,394	)	$	–
Total		$667,394	$	–	$	–		$(667,394	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

25

Notes to Financial Statements (continued)

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2017, 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. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing. These include the risks of investing in equity markets in foreign countries, the risk of investing in derivatives, liquidity risk, and the risks from leverage. The value of an investment will fluctuate in response to movements in the stock market in general, and to the changing prospects of individual companies in which the Fund invests. The Fund is subject to the risks of investing in foreign securities and in the securities of small companies. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. 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. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market countries. Investing in small companies generally involves greater risks than investing in the stocks of larger companies, including more volatility and less liquidity.

The Fund is also subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other instruments. 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.

These factors can affect the Fund’s performance.

26

Notes to Financial Statements (concluded)

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017			Year Ended December 31, 2016
Shares sold		2,634,183			1,441,534
Reinvestment of distributions		523,558			56,070
Shares reacquired		(2,932,383	)		(2,519,824	)
Increase (decrease)		225,358			(1,022,220	)

27

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of International Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the International Opportunities Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the International Opportunities Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

28

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

29

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

30

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

31

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

32

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

33

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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. 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 below the median for the

34

Approval of Advisory Contract (continued)

ten-year period. The Board considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

35

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. 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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

36

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

Of the distribution paid to the shareholders during the year ended December 31, 2017, $89,151 and $4,398,317, respectively, represent short-term capital gains and long-term capital gains.

The Fund intends to pass through foreign source income of $973,274 and foreign taxes of $148,492.

37

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.   International Opportunities Portfolio SFIO-PORT-3
(02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

For the fiscal year ended December 31, 2017

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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Supplemental Information to Shareholders

Lord Abbett Series Fund — Mid Cap Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 6.83%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Value Index,¹ which returned 13.34% over the same period.

The domestic equity market (as represented by the S&P 500^® Index²) returned 21.83%, ending the year with its strongest quarterly performance in two years and marking its first calendar year with 12 consecutive months of positive performance. Much of the market

momentum was driven by the anticipation of supportive U.S. fiscal policies, as the passage of the Tax Cut and Jobs Act and the prospect of significant infrastructure spending drove the forecast for U.S. gross domestic product (GDP) growth incrementally higher. These forces persisted despite a myriad of geopolitical and environmental headwinds, as threats from North Korea, U.S. political tensions, and Hurricanes Harvey, Irma, and Maria all had the potential to derail the market’s forward progress.

1

During the year, the National Federation of Independent Business Small Business Confidence Index reached a 34 year high, marking its second-highest level in the history of the index. The University of Michigan’s average consumer confidence measure for the year was the highest since 2000, while consumer spending reached an all-time high in the third quarter. A reoccurring theme persisted throughout the year with large caps outperforming small caps and value stocks significantly outpacing their growth-oriented peers.

The U.S. economy continued to expand during the trailing 12-month period. U.S. GDP grew at a 3.2% pace during the third quarter, an increase over the second quarter. The U.S. Bureau of Economic Analysis stated that during the third quarter personal consumption and federal government spending increased, quarter-over-quarter. The Federal Reserve raised target rates three times during the year, changing the target range in December from 1.00–1.25% to 1.25–1.50%. In addition to GDP growth, the U.S. unemployment rate remained relatively steady throughout the period, and was reported at 4.1% in December, a decline of 0.6% year-over-year.

Security selection in the consumer discretionary sector was the largest detractor from the Fund’s relative performance during the period. Within this sector, the Fund’s holdings of Newell Rubbermaid, Inc., a manufacturer and

marketer of consumer and commercial products, detracted. Shares of Newell fell precipitously as a myriad of headwinds continued to adversely affect the company. The bankruptcy of Toys “R” Us and an overall industry slowdown were contributing factors to Newell reporting third quarter results that missed on all fronts. Additionally, Hurricane Harvey disrupted resin supply lines, causing shortages. The Fund’s position in L Brands, Inc., a retail business, also detracted from performance. Shares of L Brands fell as comparable store sales growth from Victoria’s Secret slowed, despite already lowering expectations to account for its exit from the swimwear and apparel categories last year.

Security selection and a modest overweight to the energy sector also detracted from the Fund’s performance. The Fund’s holdings of Marathon Oil Corp., a producer of natural gas and liquid hydrocarbons, detracted. Shares of Marathon fell as oil prices experienced significant volatility during the first half of the year.

During the period, security selection and an overweight in the materials sector were the largest contributors to the Fund’s relative performance. Within the materials sector, the Fund’s holdings of FMC Corp., a developer of products and solutions for various industries, contributed to performance. The required divestiture and subsequent acquisition by FMC of DuPont’s chewing pest insecticide and cereal

2

herbicide business was thought to have high expected synergies and transform FMC into a major player in the crop protection chemical industry. The Fund’s position in Freeport-McMoRan, Inc., a mining company, contributed. Investors expected the negotiations between Freeport-McMoRan and the state-owned PT Indonesia Asahan Aluminium to end favorably, as the Indonesian Government would acquire a majority ownership in the Grasberg mine.

The Fund’s underweight to the telecommunication services sector

contributed as it was the worst performing sector relative to the benchmark during the period. The relatively small sector housed the worst performing stock in the index, Frontier Communications Corporation, which adversely affected the sector’s overall 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 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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2017. 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 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. Past performance is no guarantee of future results.

Average Annual Total Returns for the

Periods Ended December 31, 2017

	1 Year	5 Years	10 Years
Class VC	6.83%	11.70%	6.29%

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
			7/1/17 -
	7/1/17	12/31/17	12/31/17
Class VC
Actual	$1,000.00	$1,026.90	$5.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.36	$5.90

^† 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 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Consumer Discretionary	8.01	%
Consumer Staples	4.08	%
Energy	8.98	%
Financials	20.94	%
Health Care	5.45	%
Industrials	13.84	%
Information Technology	7.75	%
Materials	8.91	%
Real Estate	11.06	%
Utilities	7.22	%
Repurchase Agreement	3.76	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 96.19%
Aerospace & Defense 1.99%
Textron, Inc.		116,468	$	6,591
Airlines 1.55%
Alaska Air Group, Inc.		69,815		5,132
Banks 9.51%
CIT Group, Inc.		90,954		4,478
Citizens Financial Group, Inc.		156,600		6,574
East West Bancorp, Inc.		67,700		4,118
First Horizon National Corp.		203,200		4,062
KeyCorp		381,800		7,701
Sterling Bancorp		186,162		4,579
Total				31,512
Beverages 2.31%
Coca-Cola European Partners plc (United Kingdom)(a)		65,959		2,628
Molson Coors Brewing Co. Class B		61,356		5,036
Total				7,664
Capital Markets 2.97%
E*TRADE Financial Corp.*		121,600		6,028
OM Asset Management plc (United Kingdom)(a)		228,384		3,825
Total				9,853
Chemicals 4.63%
Ashland Global Holdings, Inc.		64,000		4,557
Axalta Coating Systems Ltd.*		92,431		2,991
Eastman Chemical Co.		50,617		4,689
FMC Corp.		32,611		3,087
Total				15,324
Containers & Packaging 1.86%
Graphic Packaging Holding Co.		275,936		4,263
Packaging Corp. of America		15,702		1,893
Total				6,156

Investments	Shares		Fair Value (000)
Electric: Utilities 5.04%
Edison International		66,700	$	4,218
FirstEnergy Corp.		209,695		6,421
Great Plains Energy, Inc.		188,000		6,061
Total				16,700
Electrical Equipment 2.91%
AMETEK, Inc.		42,501		3,080
Hubbell, Inc.		48,539		6,569
Total				9,649
Electronic Equipment, Instruments & Components 1.10%
Flex Ltd.*		202,700		3,647
Energy Equipment & Services 1.18%
Patterson-UTI Energy, Inc.		169,812		3,907
Equity Real Estate Investment Trusts 11.06%
Alexandria Real Estate Equities, Inc.		40,206		5,250
Apartment Investment & Management Co. Class A		71,300		3,117
Boston Properties, Inc.		37,300		4,850
Brixmor Property Group, Inc.		124,360		2,321
Duke Realty Corp.		151,101		4,111
Healthcare Trust of America, Inc. Class A		128,740		3,867
Highwoods Properties, Inc.		83,600		4,256
Invitation Homes, Inc.		134,700		3,175
UDR, Inc.		147,914		5,698
Total				36,645
Food Products 1.77%
B&G Foods, Inc.		91,120		3,203
Bunge Ltd.		39,617		2,657
Total				5,860
Health Care Equipment & Supplies 2.79%
DENTSPLY SIRONA, Inc.		67,211		4,424
Zimmer Biomet Holdings, Inc.		40,000		4,827
Total				9,251

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Shares		Fair Value (000)
Health Care Providers & Services 1.03%
Encompass Health Corp.		69,274	$	3,423
Hotels, Restaurants & Leisure 2.37%
Aramark		92,500		3,953
MGM Resorts International		116,678		3,896
Total				7,849
Household Durables 2.65%
Lennar Corp. Class A		68,700		4,345
Newell Brands, Inc.		143,719		4,441
Total				8,786
Information Technology Services 2.07%
Conduent, Inc.*		225,535		3,644
CSRA, Inc.		107,779		3,225
Total				6,869
Insurance 8.44%
Allstate Corp. (The)		20,245		2,120
Brown & Brown, Inc.		44,867		2,309
Hanover Insurance Group, Inc. (The)		42,648		4,610
Hartford Financial Services Group, Inc. (The)		80,086		4,507
Lincoln National Corp.		45,300		3,482
RenaissanceRe Holdings Ltd.		25,297		3,177
Validus Holdings Ltd.		66,600		3,125
XL Group Ltd.		132,200		4,648
Total				27,978
Leisure Products 1.07%
Hasbro, Inc.		39,028		3,547
Life Sciences Tools & Services 1.63%
Agilent Technologies, Inc.		21,100		1,413
PerkinElmer, Inc.		54,400		3,978
Total				5,391

Investments	Shares		Fair Value (000)
Machinery 6.39%
ITT, Inc.		88,227	$	4,709
Kennametal, Inc.		85,309		4,130
Parker-Hannifin Corp.		27,369		5,462
Pentair plc (United Kingdom)(a)		97,399		6,878
Total				21,179
Metals & Mining 2.42%
Freeport-McMoRan, Inc.*		210,851		3,998
Steel Dynamics, Inc.		93,300		4,024
Total				8,022
Multi-Line Retail 1.05%
Dollar Tree, Inc.*		32,253		3,461
Multi-Utilities 2.18%
CMS Energy Corp.		123,825		5,857
SCANA Corp.		34,316		1,365
Total				7,222
Oil, Gas & Consumable Fuels 7.79%
Cabot Oil & Gas Corp.		118,300		3,383
Cimarex Energy Co.		54,569		6,658
Concho Resources, Inc.*		40,200		6,039
Hess Corp.		60,100		2,853
Noble Energy, Inc.		107,444		3,131
Williams Cos., Inc. (The)		123,400		3,763
Total				25,827
Road & Rail 0.99%
Kansas City Southern		31,267		3,290
Semiconductors & Semiconductor Equipment 2.84%
Marvell Technology Group Ltd.		142,300		3,055
Qorvo, Inc.*		43,978		2,929
Teradyne, Inc.		21,609		905
Tower Semiconductor Ltd. (Israel)*(a)		73,700		2,512
Total				9,401

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

Investments	Shares		Fair Value (000)
Specialty Retail 0.87%
Advance Auto Parts, Inc.		29,000	$	2,891
Technology Hardware, Storage & Peripherals 1.73%
NetApp, Inc.		70,362		3,893
Western Digital Corp.		23,200		1,845
Total				5,738
Total Common Stocks (cost $281,767,692)				318,765

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 3.76%
Repurchase Agreement
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $13,040,000 of U.S. Treasury Note at 1.125% due 2/28/2021; value: $12,718,955; proceeds: $12,469,184 (cost $12,468,435)	$	12,468	$	12,468
Total Investments in Securities 99.95% (cost $294,236,127)				331,233
Other Assets in Excess of Liabilities 0.05%				155
Net Assets 100.00%			$	331,388

*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	318,765	$	–	$	–	$	318,765
Repurchase Agreement		–		12,468		–		12,468
Total	$	318,765	$	12,468	$	–	$	331,233

(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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $294,236,127)	$	331,233,384
Receivables:
Capital shares sold		660,296
Interest and dividends		477,025
Prepaid expenses		2,074
Total assets		332,372,779
LIABILITIES:
Payables:
Management fee		208,790
Directors’ fees		103,835
Fund administration		11,135
Capital shares reacquired		7,470
Accrued expenses		653,721
Total liabilities		984,951
NET ASSETS	$	331,387,828
COMPOSITION OF NET ASSETS:
Paid-in capital	$	296,749,868
Distributions in excess of net investment income		(103,835	)
Accumulated net realized loss on investments		(2,255,462	)
Net unrealized appreciation on investments		36,997,257
Net Assets	$	331,387,828
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		13,522,417
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$24.51

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$	5,834,252
Interest		9,295
Total investment income		5,843,547
Expenses:
Management fee		2,560,256
Non 12b-1 service fees		853,288
Shareholder servicing		260,431
Fund administration		136,547
Professional		64,414
Reports to shareholders		42,702
Custody		12,045
Directors’ fees		9,764
Other		26,598
Gross expenses		3,966,045
Expense reductions (See Note 8)		(3,099	)
Net expenses		3,962,946
Net investment income		1,880,601
Net realized and unrealized gain (loss):
Net realized gain on investments		24,410,967
Net change in unrealized appreciation/depreciation on investments		(3,751,279	)
Net realized and unrealized gain		20,659,688
Net Increase in Net Assets Resulting From Operations	$	22,540,289

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	1,880,601		$	1,791,492
Net realized gain on investments		24,410,967			24,359,673
Net change in unrealized appreciation/depreciation on investments		(3,751,279	)		26,147,065
Net increase in net assets resulting from operations		22,540,289			52,298,230
Distributions to shareholders from:
Net investment income		(1,987,686	)		(1,708,602	)
Net realized gain		(32,008,018	)		(19,456,583	)
Total distributions to shareholders		(33,995,704	)		(21,165,185	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		23,848,124			23,269,382
Reinvestment of distributions		33,995,704			21,165,186
Cost of shares reacquired		(71,563,154	)		(66,531,091	)
Net decrease in net assets resulting from capital share transactions		(13,719,326	)		(22,096,523	)
Net increase (decrease) in net assets		(25,174,741	)		9,036,522
NET ASSETS:
Beginning of year	$	356,562,569		$	347,526,047
End of year	$	331,387,828		$	356,562,569
Undistributed (distributions in excess of) net investment income	$	(103,835	)	$	850

12 See Notes to Financial Statements.

This page is intentionally left blank.

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
12/31/2017		$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	)
12/31/2015		26.02		0.15		(1.16	)		(1.01	)		(0.15	)		(1.58	)		(1.73	)
12/31/2014		23.43		0.10		2.60			2.70			(0.11	)		–			(0.11	)
12/31/2013		18.05		0.10		5.37			5.47			(0.09	)		–			(0.09	)

(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 asset value, end of period		Total return(b) (%)			Total expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	24.51		6.83			1.16		0.55	$	331,388		70
	25.52		16.39			1.17		0.52		356,563		67
	23.28		(3.79	)		1.18		0.56		347,526		61
	26.02		11.53			1.16		0.40		418,164		58
	23.43		30.32			1.14		0.49		437,155		62

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 twelve separate portfolios. 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 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 income 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, 2014 through December 31, 2017. 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 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.
(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

17

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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	.70%
Over $2 billion	.65%

For the fiscal year ended December 31, 2017, the effective management was at an annualized rate of .75% of the Fund’s average daily net assets.

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

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 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.

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	5,200,449	$	1,708,602
Net long-term capital gains		28,795,255		19,456,583
Total distributions paid	$	33,995,704	$	21,165,185

As of December 31, 2017, the components of accumulated gains on a tax-basis were as follows:

Temporary differences	$	(596,952	)
Unrealized gains – net		35,234,912
Total accumulated gains – net	$	34,637,960

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 post-October capital losses of $493,117 during fiscal 2017.

As of December 31, 2017, 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	$	295,998,472
Gross unrealized gain		42,208,010
Gross unrealized loss		(6,973,098	)
Net unrealized security gain	$	35,234,912

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.

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Distributions in
Excess of Net
Investment	Accumulated Net
Income	Realized Loss		Paid-in Capital
$2,400		$498		$(2,898	)

The permanent differences are attributable to certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

Purchases	Sales
$233,647,611	$288,908,032

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2017.

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, 2017, the Fund engaged in cross-trades purchases of $716,395 and sales of $2,982,894, which resulted in net realized gains of $34,946.

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	$	12,468,435	$	–	$	12,468,435
Total	$	12,468,435	$	–	$	12,468,435

	Net Amounts
	of Assets	Amounts Not Offset in the
	Presented in	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.	$12,468,435	$           –	$	–	$	(12,468,435	)	$	–
Total	$12,468,435	$           –	$	–	$	(12,468,435	)	$	–

(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, 2017.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

21

Notes to Financial Statements (concluded)

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission issued an exemptive order (“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. During the fiscal year ended December 31, 2017, 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. 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.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Shares sold	917,562		972,000
Reinvestment of distributions	1,373,182		822,686
Shares reacquired	(2,739,249	)	(2,749,761	)
Decrease	(448,505	)	(955,075	)

22

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Mid Cap Stock Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Mid Cap Stock Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Mid Cap Stock Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

23

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994.   Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

24

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept  90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

26

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. 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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board

29

Approval of Advisory Contract (continued)

considered that Lord Abbett was implementing a plan intended to improve the performance of its equity Funds. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 equaled 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

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

30

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

Tax Information

For corporate shareholders, 84% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the year ended December 31, 2017, $3,212,763 and $28,795,255, 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 Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Mid Cap Stock Portfolio	LASFMCV-3 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund — Short Duration Income Portfolio

For the fiscal year ended December 31, 2017

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
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
64	Report of Independent Registered Public Accounting Firm
65	Supplemental Information to Shareholders

Lord Abbett Series Fund — Short Duration Income
Portfolio Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 2.19%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to its benchmark, the ICE BofA Merrill Lynch 1-3 year U.S. Corporate Credit Index,¹ which returned 1.91% over the same period.

The Federal Reserve (Fed) gradually raised the Fed Funds rate over the 12-month period ended December 31, 2017, by raising interest rates by 25bps three times, ultimately reaching a target range of

1.25-1.50%. Inflation rose at a moderate pace during the year. The Consumer Price Index (CPI) gained 2.1% over the 12-month period ended December 31, 2017. Meanwhile, the employment picture continued to improve with the unemployment rate falling to 4.1% by year end, compared to 4.7% a year earlier and a high of 10.0% in October 2009. The U.S. Treasury yield curve flattened during the period, with the yield on two-year Treasury notes increasing by 69bps. Yields on longer-dated Treasury bonds were lower

1

over the period, with the yield on 10-year Treasury bonds slightly lower and the yield on 30-year Treasury bonds falling 32bps.

Consistent with the Fund’s strategic design, the Fund maintained exposures to a variety of bond market sectors, in addition to the investment grade corporate bonds represented in the benchmark. This design provides portfolio diversification and allows for the flexibility to take advantage of relative value opportunities across sectors. These sector weightings were important factors affecting performance.

For the trailing 12-month period, the primary factor contributing to the Fund’s relative performance was allocation to out-of-benchmark sectors, including commercial mortgage-backed securities and high yield corporate bonds. High yield corporate bonds outperformed higher-

rated securities as spreads tightened. Improving fundamentals and low defaults also created a positive environment for high yield corporate bonds during the period. Additionally, security selection within investment grade corporate bonds contributed to performance.

The Fund’s modest allocation to U.S. Government-related securities detracted from performance. While these securities offer diversification and liquidity with limited volatility, they did not perform as well as corporate bonds during the period.

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 Merrill Lynch 1-3 Year U.S. Corporate Credit 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.

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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2017. 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.

2

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 the ICE BofA Merrill Lynch 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. Past performance is no guarantee of future results.

Average Annual Total Returns for the
Periods Ended December 31, 2017

	1 Year	Life of Class
Class VC2	2.19%	1.73%

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.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,007.40	$4.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.17	$4.08

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Auto		2.13	%
Basic Industry		0.55	%
Capital Goods		0.69	%
Consumer Cyclical		0.97	%
Consumer Discretionary		0.46	%
Consumer Services		0.80	%
Consumer Staples		0.54	%
Energy		9.15	%
Financial Services		64.22	%
Foreign Government		0.22	%
Health Care		1.61	%
Integrated Oils		0.34	%
Materials & Processing		3.45	%
Municipal		0.20	%
Other		0.11	%
Producer Durables		0.67	%
Technology		2.85	%
Telecommunications		0.25	%
Transportation		0.17	%
U.S. Government		5.59	%
Utilities		2.69	%
Repurchase Agreement		2.34	%
Total		100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
LONG-TERM INVESTMENTS 96.63%
ASSET-BACKED SECURITIES 29.14%
Automobiles 12.52%
Ally Auto Receivables Trust 2014-2 A3	1.25%	4/15/2019	$	–	(a)	$	388
Ally Auto Receivables Trust 2015-2 A3	1.49%	11/15/2019		3			3,116
American Credit Acceptance Receivables Trust 2015-3 C†	4.84%	10/12/2021		100			101,974
AmeriCredit Automobile Receivables Trust 2013-3 E†	3.74%	12/8/2020		100			100,185
AmeriCredit Automobile Receivables Trust 2014-3 B	1.92%	11/8/2019		93			92,637
AmeriCredit Automobile Receivables Trust 2016-3 A3	1.46%	5/10/2021		49			48,782
AmeriCredit Automobile Receivables Trust 2016-3 B	1.80%	10/8/2021		31			30,803
AmeriCredit Automobile Receivables Trust 2016-4 A2A	1.34%	4/8/2020		15			14,740
AmeriCredit Automobile Receivables Trust 2016-4 D	2.74%	12/8/2022		166			164,650
AmeriCredit Automobile Receivables Trust 2017-1 A2A	1.51%	5/18/2020		26			25,658
AmeriCredit Automobile Receivables Trust 2017-1 D	3.13%	1/18/2023		16			16,040
AmeriCredit Automobile Receivables Trust 2017-2 B	2.40%	5/18/2022		43			42,963
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		64			64,375
AmeriCredit Automobile Receivables Trust 2017-3 A2A	1.69%	12/18/2020		54			53,930
AmeriCredit Automobile Receivables Trust 2017-3 B	2.24%	6/19/2023		29			28,765
AmeriCredit Automobile Receivables Trust 2017-4 A3	2.04%	7/18/2022		97			96,610
AmeriCredit Automobile Receivables Trust 2017-4 B	2.36%	12/19/2022		42			41,780
Avis Budget Rental Car Funding AESOP LLC 2012-3A A†	2.10%	3/20/2019		97			96,503
Bank of The West Auto Trust 2017-1 A3†	2.11%	1/15/2023		100			99,504
Bank of The West Auto Trust 2017-1 A4†	2.33%	9/15/2023		100			99,473
California Republic Auto Receivables Trust 2015-3 A4	2.13%	5/17/2021		15			15,009

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
California Republic Auto Receivables Trust 2015-4 A3†	2.04%	1/15/2020	$	4	$	4,075
California Republic Auto Receivables Trust 2015-4 A4†	2.58%	6/15/2021		228		229,025
California Republic Auto Receivables Trust 2015-4 B†	3.73%	11/15/2021		12		12,194
California Republic Auto Receivables Trust 2016-1 A3	1.89%	5/15/2020		19		18,762
California Republic Auto Receivables Trust 2016-1 A4	2.24%	10/15/2021		58		58,041
California Republic Auto Receivables Trust 2016-2 A3	1.56%	7/15/2020		10		9,762
California Republic Auto Receivables Trust 2016-2 A4	1.83%	12/15/2021		15		14,896
Capital Auto Receivables Asset Trust 2014-3 C†	2.71%	11/20/2019		21		21,057
Capital Auto Receivables Asset Trust 2015-2 C	2.67%	8/20/2020		132		132,685
Capital Auto Receivables Asset Trust 2015-3 B	2.43%	9/21/2020		11		11,033
Capital Auto Receivables Asset Trust 2015-3 C	2.90%	12/21/2020		10		10,071
Capital Auto Receivables Asset Trust 2015-3 D	3.34%	3/22/2021		9		9,114
Capital Auto Receivables Asset Trust 2016-1 A4	1.98%	10/20/2020		16		15,981
Capital Auto Receivables Asset Trust 2016-1 B	2.67%	12/21/2020		12		12,063
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		19		19,359
Capital Auto Receivables Asset Trust 2016-2 A4	1.63%	1/20/2021		24		23,873
Capital Auto Receivables Asset Trust 2016-2 B	2.11%	3/22/2021		4		3,990
Capital Auto Receivables Asset Trust 2017-1 A2†	1.76%	6/22/2020		64		63,905
Capital Auto Receivables Asset Trust 2017-1 A3†	2.02%	8/20/2021		28		27,934
Capital Auto Receivables Asset Trust 2017-1 A4†	2.22%	3/21/2022		17		16,919
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		32		31,767
CarMax Auto Owner Trust 2016-3 A4	1.60%	1/18/2022		32		31,491
CarMax Auto Owner Trust 2016-4 A2	1.21%	11/15/2019		17		17,063
CarMax Auto Owner Trust 2016-4 A3	1.40%	8/15/2021		28		27,725
CarMax Auto Owner Trust 2016-4 A4	1.60%	6/15/2022		21		20,614
CarMax Auto Owner Trust 2017-3 A2A	1.64%	9/15/2020		113		112,776
CarMax Auto Owner Trust 2017-3 A3	1.97%	4/15/2022		165		164,148
CarMax Auto Owner Trust 2017-3 A4	2.22%	11/15/2022		49		48,755
CarMax Auto Owner Trust 2017-4 A3	2.11%	10/17/2022		125		124,434
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		148		147,865
Chesapeake Funding II LLC 2017-4A A1†	2.12%	11/15/2029		130		129,688
Chrysler Capital Auto Receivables Trust 2015-AA A4†	1.55%	2/18/2020		32		32,042

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Chrysler Capital Auto Receivables Trust 2015-BA B†	2.70%	12/15/2020	$	3	$	3,019
Chrysler Capital Auto Receivables Trust 2016-AA A3†	1.77%	10/15/2020		33		32,637
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	2/15/2022		11		11,100
CPS Auto Receivables Trust 2016-B A†	2.07%	11/15/2019		19		19,289
CPS Auto Receivables Trust 2017-C A†	1.78%	9/15/2020		74		73,738
CPS Auto Receivables Trust 2017-C B†	2.30%	7/15/2021		100		99,619
CPS Auto Trust 2017-D C†	3.01%	10/17/2022		100		99,395
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		32		32,120
Drive Auto Receivables Trust 2015-BA C†	2.76%	7/15/2021		1		1,182
Drive Auto Receivables Trust 2015-BA D†	3.84%	7/15/2021		5		5,081
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		18		18,272
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023		22		22,521
Drive Auto Receivables Trust 2016-AA B†	3.17%	5/15/2020		4		4,155
Drive Auto Receivables Trust 2016-BA B†	2.56%	6/15/2020		9		9,143
Drive Auto Receivables Trust 2016-BA C†	3.19%	7/15/2022		20		20,155
Drive Auto Receivables Trust 2016-BA D†	4.53%	8/15/2023		41		42,166
Drive Auto Receivables Trust 2016-CA B†	2.37%	11/16/2020		30		30,043
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		78		78,608
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		27		27,739
Drive Auto Receivables Trust 2017-2 B	2.25%	6/15/2021		37		37,023
Drive Auto Receivables Trust 2017-2 C	2.75%	9/15/2023		42		42,077
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		180		179,975
Drive Auto Receivables Trust 2017-BA B†	2.20%	5/15/2020		41		41,077
Drive Auto Receivables Trust 2017-BA C†	2.61%	8/16/2021		52		52,128
Drive Auto Receivables Trust 2017-BA D†	3.72%	10/17/2022		34		34,468
Exeter Automobile Receivables Trust 2017-3A A†	2.05%	12/15/2021		56		55,795
Exeter Automobile Receivables Trust 2017-3A B†	2.81%	9/15/2022		50		49,680
Fifth Third Auto Trust 2017-1 A4	2.03%	7/15/2024		39		38,628
First Investors Auto Owner Trust 2016-2A A1†	1.53%	11/16/2020		17		16,807
First Investors Auto Owner Trust 2017-1A A1†	1.69%	4/15/2021		28		27,488
First Investors Auto Owner Trust 2017-3A A1†	2.00%	3/15/2022		53		53,420
Flagship Credit Auto Trust 2015-2 A†	1.98%	10/15/2020		74		73,816
Flagship Credit Auto Trust 2015-3 A†	2.38%	10/15/2020		3		2,580
Flagship Credit Auto Trust 2016-2 A2†	3.05%	8/16/2021		60		60,388
Flagship Credit Auto Trust 2016-4 A2†	1.96%	2/16/2021		10		9,980
Flagship Credit Auto Trust 2017-3 A†	1.88%	10/15/2021		55		55,311

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Flagship Credit Auto Trust 2017-3 B†	2.59%	7/15/2022	$	30	$	29,889
Flagship Credit Auto Trust 2017-4 A†	2.07%	4/15/2022		83		82,899
Ford Credit Auto Lease Trust 2016-A A3	1.71%	4/15/2019		23		23,005
Ford Credit Auto Owner Trust 2016-C A2A	1.04%	9/15/2019		35		34,607
Honda Auto Receivables Owner Trust 2016-4 A2	1.04%	4/18/2019		32		31,555
Huntington Auto Trust 2016-1 A3	1.59%	11/16/2020		92		91,638
Hyundai Auto Receivables Trust 2016-B C	2.19%	11/15/2022		72		71,270
Mercedes-Benz Auto Lease Trust 2016-A A3	1.52%	3/15/2019		35		34,756
Mercedes-Benz Auto Receivables Trust 2016-1 A2A	1.11%	3/15/2019		22		21,676
Nissan Auto Receivables Owner Trust 2014-B A3	1.11%	5/15/2019		7		7,271
Nissan Auto Receivables Owner Trust 2016-A A3	1.34%	10/15/2020		590		587,371
Nissan Auto Receivables Owner Trust 2016-B A3	1.32%	1/15/2021		26		25,825
Santander Drive Auto Receivables Trust 2014-3 D	2.65%	8/17/2020		14		14,045
Santander Drive Auto Receivables Trust 2014-4 C	2.60%	11/16/2020		11		10,737
Santander Drive Auto Receivables Trust 2015-3 B	2.07%	4/15/2020		3		2,709
Santander Drive Auto Receivables Trust 2015-3 C	2.74%	1/15/2021		13		13,063
Santander Drive Auto Receivables Trust 2015-4 C	2.97%	3/15/2021		77		77,545
Santander Drive Auto Receivables Trust 2015-5 D	3.65%	12/15/2021		22		22,342
Santander Drive Auto Receivables Trust 2016-1 D	4.02%	4/15/2022		264		270,784
Santander Drive Auto Receivables Trust 2016-2 B	2.08%	2/16/2021		10		10,004
Santander Drive Auto Receivables Trust 2016-3 A2	1.34%	11/15/2019		6		6,275
Santander Drive Auto Receivables Trust 2016-3 A3	1.50%	8/17/2020		34		33,947
Santander Drive Auto Receivables Trust 2016-3 B	1.89%	6/15/2021		250		249,518
Santander Drive Auto Receivables Trust 2017-1 D	3.17%	4/17/2023		14		14,080
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		89		89,954
Santander Drive Auto Receivables Trust 2017-3 C	2.76%	12/15/2022		20		20,022
TCF Auto Receivables Owner Trust 2015-1A A4†	1.96%	11/16/2020		621		620,761
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%	4/15/2021		29		29,003
TCF Auto Receivables Owner Trust 2015-1A D†	3.53%	3/15/2022		10		9,974
TCF Auto Receivables Owner Trust 2015-2A A3†	2.06%	4/15/2020		8		8,489
TCF Auto Receivables Owner Trust 2015-2A B†	3.00%	9/15/2021		6		6,034
TCF Auto Receivables Owner Trust 2015-2A C†	3.75%	12/15/2021		4		4,044
TCF Auto Receivables Owner Trust 2016-1A A2†	1.39%	11/15/2019		15		14,860
TCF Auto Receivables Owner Trust 2016-1A A4†	2.03%	2/15/2022		50		49,644
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%	6/15/2022		33		32,495
TCF Auto Receivables Owner Trust 2016-PT1A A†	1.93%	6/15/2022		65		64,900
Toyota Auto Receivables Owner Trust 2016-A A3	1.25%	3/16/2020		41		40,907
Toyota Auto Receivables Owner Trust 2016-D A3	1.23%	10/15/2020		40		39,659

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Westlake Automobile Receivables Trust 2016-2A C†	2.83%		5/17/2021	$	10	$	10,032
Westlake Automobile Receivables Trust 2016-3A B†	2.07%		12/15/2021		11		10,967
Westlake Automobile Receivables Trust 2017-1A B†	2.30%		10/17/2022		100		99,927
Westlake Automobile Receivables Trust 2017-2A A2A†	1.80%		7/15/2020		82		81,880
Westlake Automobile Receivables Trust 2017-2A B†	2.25%		12/15/2020		67		66,691
Westlake Automobile Receivables Trust 2017-2A D†	3.28%		12/15/2022		130		128,962
Total							7,497,631
Credit Cards 7.32%
American Express Credit Account Master Trust 2017-6 A	2.04%		5/15/2023		167		166,251
American Express Credit Account Master Trust 2017-7 A	2.35%		5/15/2025		129		128,701
BA Credit Card Trust 2016-A1 A	1.867% (1 Mo. LIBOR + .39%	)#	10/15/2021		48		48,182
BA Credit Card Trust 2017-A2	1.84%		1/17/2023		241		238,724
Barclays Dryrock Issuance Trust 2016-1 A	1.52%		5/16/2022		100		99,113
Barclays Dryrock Issuance Trust 2017-1 A	1.807% (1 Mo. LIBOR + .33%	)#	3/15/2023		220		220,723
Barclays Dryrock Issuance Trust 2017-2 A	1.777% (1 Mo. LIBOR + .30%	)#	5/15/2023		221		221,323
Capital One Multi-Asset Execution Trust 2015-A3	1.877% (1 Mo. LIBOR + .40%	)#	3/15/2023		50		50,285
Capital One Multi-Asset Execution Trust 2015-A5	1.60%		5/17/2021		28		27,974
Capital One Multi-Asset Execution Trust 2016-A1	1.927% (1 Mo. LIBOR + .45%	)#	2/15/2022		74		74,364
Capital One Multi-Asset Execution Trust 2016-A4	1.33%		6/15/2022		28		27,660
Capital One Multi-Asset Execution Trust 2017-A4	1.99%		7/17/2023		247		245,527
Capital One Multi-Asset Execution Trust 2017-A6	2.29%		7/15/2025		133		132,190
Chase Issuance Trust 2012-A4	1.58%		8/16/2021		150		148,799
Chase Issuance Trust 2016-A2 A	1.37%		6/15/2021		22		21,793
Citibank Credit Card Issuance Trust 2014-A1	2.88%		1/23/2023		35		35,645
Citibank Credit Card Issuance Trust 2017-A8	1.86%		8/8/2022		178		176,390
Discover Card Execution Note Trust 2015-A2 A	1.90%		10/17/2022		145		144,166
Discover Card Execution Note Trust 2015-A4	2.19%		4/17/2023		100		100,039
Discover Card Execution Note Trust 2016-A2	2.017% (1 Mo. LIBOR + .54%	)#	9/15/2021		100		100,547
Discover Card Execution Note Trust 2016-A4	1.39%		3/15/2022		100		98,801
Discover Card Execution Note Trust 2017-A6	1.88%		2/15/2023		161		159,771

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
First National Master Note Trust 2017-2 A	1.917% (1 Mo. LIBOR + 0.44%	)#	10/16/2023	$	172	$	172,443
Synchrony Credit Card Master Note Trust 2015-1 A	2.37%		3/15/2023		24		24,080
Synchrony Credit Card Master Note Trust 2015-2 A	1.60%		4/15/2021		56		55,967
Synchrony Credit Card Master Note Trust 2016-1 A	2.04%		3/15/2022		300		299,962
Synchrony Credit Card Master Note Trust 2016-2 A	2.21%		5/15/2024		179		178,053
Synchrony Credit Card Master Note Trust 2016-2 B	2.55%		5/15/2024		100		99,111
Synchrony Credit Card Master Note Trust 2017-1 A	1.93%		6/15/2023		142		140,739
Synchrony Credit Card Master Note Trust 2017-1 B	2.19%		6/15/2023		44		43,503
Synchrony Credit Card Master Note Trust 2017-2 A	2.62%		10/15/2025		122		122,081
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		100		99,645
World Financial Network Credit Card Master Trust 2012-A	3.14%		1/17/2023		17		17,212
World Financial Network Credit Card Master Trust 2015-B A	2.55%		6/17/2024		49		49,206
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		134		131,678
World Financial Network Credit Card Master Trust 2017-A	2.12%		3/15/2024		150		149,452
World Financial Network Credit Card Master Trust 2017-B A	1.98%		6/15/2023		131		130,650
Total							4,380,750
Other 9.30%
Access Point Funding I LLC 2017-A†	3.06%		4/15/2029		242		241,483
Ammc CLO 19 Ltd. 2016-19A A†	2.859% (3 Mo. LIBOR + 1.50%	)#	10/15/2028		250		252,495
Apidos CLO X 2012-10A A†	2.798% (3 Mo. LIBOR + 1.42%	)#	10/30/2022		109		109,651
Arbor Realty Collateralized Loan Obligation Ltd. 2017-FL3 A†	2.233% (1 Mo. LIBOR + 0.99%	)#	12/15/2027		100		100,196
Ascentium Equipment Receivables Trust 2016-1A A2†	1.75%		11/13/2018		7		6,921
Ascentium Equipment Receivables Trust 2016-2A A2†	1.46%		4/10/2019		13		13,363
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022		28		27,784
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		20		19,943
Ascentium Equipment Receivables Trust 2017-2A A2†	2.00%		5/11/2020		22		21,947

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Avery Point V CLO Ltd. 2014-5A AR†	2.333% (3 Mo. LIBOR + .98%	)#	7/17/2026	$	250	$	250,820
CNH Equipment Trust 2015-B A4	1.89%		4/15/2022		11		10,978
CNH Equipment Trust 2015-C A3	1.66%		11/16/2020		43		43,186
CNH Equipment Trust 2016-B A4	1.97%		11/15/2021		6		5,953
Conn Funding II LP 2017-A†	2.73%		7/15/2019		26		26,514
Dell Equipment Finance Trust 2016-1 A3†	1.65%		7/22/2021		100		99,871
Dell Equipment Finance Trust 2016-1 B†	2.03%		7/22/2021		100		99,818
Dell Equipment Finance Trust 2017-1 A2†	1.86%		6/24/2019		100		99,973
Dell Equipment Finance Trust 2017-1 A3†	2.14%		4/22/2022		100		99,918
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		28		28,103
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		46		46,519
DLL Securitization Trust 2017-A A2†	1.89%		7/15/2020		100		99,839
DLL Securitization Trust 2017-A A3†	2.14%		12/15/2021		100		99,537
Dryden 30 Senior Loan Fund 2013-30A AR†	2.236% (3 Mo. LIBOR + .82%	)#	11/15/2028		250		250,310
Engs Commercial Finance Trust 2015-1A A2†	2.31%		10/22/2021		30		29,579
Engs Commercial Finance Trust 2016-1A A2†	2.63%		2/22/2022		78		77,903	(b)
Ford Credit Floorplan Master Owner Trust 2015-4 A1	1.77%		8/15/2020		62		61,969
Ford Credit Floorplan Master Owner Trust 2017-2 A1	2.16%		9/15/2022		100		99,658
Ford Credit Floorplan Master Owner Trust A 2015-1 A1	1.42%		1/15/2020		50		49,991
GoldenTree Loan Opportunities IX Ltd. 2014-9A AR†	2.748% (3 Mo. LIBOR + 1.37%	)#	10/29/2026		500		504,010
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A A†	3.027% (1 Mo. LIBOR + 1.55%	)#	3/15/2027		100		100,873
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A B†	4.227% (1 Mo. LIBOR + 2.75%	)#	3/15/2027		100		100,151
Leaf Receivables Funding 12 LLC 2017-1 A3†	2.07%		8/15/2020		100		99,666
MMAF Equipment Finance LLC 2016-AA A2†	1.39%		12/17/2018		32		31,868
Mountain Hawk II CLO Ltd. 2013-2A A1†	2.523% (3 Mo. LIBOR + 1.16%	)#	7/22/2024		249		249,478
Mountain Hawk III CLO Ltd. 2014-3A AR†	2.554% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		250		250,793
MVW Owner Trust 2017-1A A†	2.42%		12/20/2034		96		95,329
NextGear Floorplan Master Owner Trust 2017-1A A2†	2.54%		4/18/2022		100		99,796
Nissan Master Owner Trust Receivables 2016-A A2	1.54%		6/15/2021		35		34,714

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
Oaktree EIF I Ltd. 2015-A1 A†	2.974% (3 Mo. LIBOR + 1.62%	)#	10/18/2027	$	250		$	251,367
Octagon Investment Partners XXI Ltd. 2014-1A A1AR†	2.763% (3 Mo. LIBOR + 1.35%	)#	11/14/2026		250			251,588
OneMain Financial Issuance Trust 2015-1A A†	3.19%		3/18/2026		100			100,636
OneMain Financial Issuance Trust 2015-2A A†	2.57%		7/18/2025		48			47,692
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		97			96,762
SoFi Professional Loan Program 2017-D A1FX†	1.72%		9/25/2040		85			84,500
SoFi Professional Loan Program LLC 2017-C A2A†	1.75%		7/25/2040		77			77,196
SoFi Professional Loan Program LLC 2017-E A2A†	1.86%		11/26/2040		128			127,116
SoFi Professional Loan Program LLC 2017-F A1FX†	2.05%		1/25/2041		100			99,767
Taco Bell Funding LLC 2016-1A A2I†	3.832%		5/25/2046		25			25,074
Tryon Park CLO Ltd. 2013-1A A1†	2.479% (3 Mo. LIBOR + 1.12%	)#	7/15/2025		213			213,468
Wells Fargo Dealer Floorplan Master Note Trust 2015-2 A	2.151% (1 Mo. LIBOR + .65%	)#	1/20/2022		5			5,036
West CLO Ltd. 2014-2A A1AR†	2.231% (3 Mo. LIBOR + 0.87%	)#	1/16/2027		250			250,116
Total								5,571,218
Total Asset-Backed Securities (cost $17,478,747)								17,449,599
				Shares (000)
COMMON STOCK 0.00%
Oil
Templar Energy LLC Class A Units (cost $728)					—	(a)		160
				Principal Amount (000)
CONVERTIBLE BOND 0.14%
Real Estate Investment Trusts
VEREIT, Inc. (cost $84,336)	3.00%		8/1/2018	$	84			84,105

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 36.49%
Aerospace/Defense 0.38%
Embraer Overseas Ltd.†	5.696%	9/16/2023	$	33	$	36,217
Embraer SA (Brazil)(c)	5.15%	6/15/2022		2		2,145
Harris Corp.	1.999%	4/27/2018		60		59,942
Orbital ATK, Inc.	5.50%	10/1/2023		122		129,320
Total						227,624
Air Transportation 0.05%
American Airlines 2014-1 Class B Pass-Through Trust	4.375%	4/1/2024		13		13,587
Continental Airlines 2012-1 Class B Pass-Through Trust	6.25%	10/11/2021		3		2,853
US Airways 2012-2 Class B Pass-Through Trust	6.75%	12/3/2022		11		11,763
Total						28,203
Auto Parts: Original Equipment 0.55%
American Axle & Manufacturing, Inc.	6.625%	10/15/2022		79		82,061
International Automotive Components Group SA (Luxembourg)†(c)	9.125%	6/1/2018		17		16,841
Nexteer Automotive Group Ltd.†	5.875%	11/15/2021		200		209,500
TI Group Automotive Systems LLC (United Kingdom)†(c)	8.75%	7/15/2023		8		8,620
Titan International, Inc.†	6.50%	11/30/2023		14		14,280
Total						331,302
Automotive 1.40%
Deck Chassis Acquisition, Inc.†	10.00%	6/15/2023		19		21,233
Ford Motor Credit Co. LLC	8.125%	1/15/2020		200		221,637
General Motors Financial Co., Inc.	2.40%	5/9/2019		55		55,027
General Motors Financial Co., Inc.	3.15%	6/30/2022		103		103,014
General Motors Financial Co., Inc.	3.20%	7/6/2021		46		46,482
General Motors Financial Co., Inc.	4.20%	3/1/2021		85		88,452
General Motors Financial Co., Inc.	4.375%	9/25/2021		82		86,320
Hyundai Capital America†	1.75%	9/27/2019		36		35,328
Hyundai Capital America†	2.00%	7/1/2019		5		4,941
Hyundai Capital America†	2.40%	10/30/2018		29		28,978
Hyundai Capital America†	2.50%	3/18/2019		117		116,741
Hyundai Capital America†	3.25%	9/20/2022		31		30,993
Total						839,146

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banks: Regional 8.18%
ABN AMRO Bank NV (Netherlands)(c)	6.25%		4/27/2022	$	400	$	447,516
Associated Banc-Corp.	2.75%		11/15/2019		29		29,108
Banco de Credito del Peru (Panama)†(c)	2.25%		10/25/2019		200		200,250
Bank of America Corp.	2.151%		11/9/2020		20		19,921
Bank of America Corp.	2.328%	#(d)	10/1/2021		59		58,853
Bank of America Corp.	2.369% (3 Mo. LIBOR + .66%	)#	7/21/2021		37		36,946
Bank of America Corp.	2.65%		4/1/2019		9		9,052
Bank of America Corp.†	3.004%	#(d)	12/20/2023		225		225,701
Bank of America Corp.	5.49%		3/15/2019		300		310,661
Bank of America Corp.	5.65%		5/1/2018		50		50,599
Bank of America Corp.	6.875%		4/25/2018		83		84,272
Bank of America Corp.	6.875%		11/15/2018		14		14,581
Barclays Bank plc (United Kingdom)†(c)	10.179%		6/12/2021		80		97,563
Citigroup, Inc.	1.80%		2/5/2018		20		19,998
Citigroup, Inc.	2.327% (3 Mo. LIBOR + .96%	)#	4/25/2022		90		90,988
Citigroup, Inc.	2.45%		1/10/2020		61		61,054
Citigroup, Inc.	2.876% (3 Mo. LIBOR + .95%	)#	7/24/2023		61		60,751
Citigroup, Inc.	2.90%		12/8/2021		70		70,517
Citigroup, Inc.	4.05%		7/30/2022		42		43,754
Citigroup, Inc.	8.50%		5/22/2019		45		48,761
Compass Bank	5.50%		4/1/2020		68		71,578
Discover Bank	8.70%		11/18/2019		250		274,983
European Investment Bank (Luxembourg)(c)	1.00%		3/15/2018		157		156,810
European Investment Bank (Luxembourg)(c)	1.25%		5/15/2018		66		65,907
Goldman Sachs Group, Inc. (The)	2.481% (3 Mo. LIBOR + 1.11%	)#	4/26/2022		64		64,775
Goldman Sachs Group, Inc. (The)	2.60%		12/27/2020		69		69,036
Goldman Sachs Group, Inc. (The)	2.876%	#(d)	10/31/2022		96		95,766
Goldman Sachs Group, Inc. (The)	2.908% (3 Mo. LIBOR + 1.05%	)#	6/5/2023		67		66,615
Goldman Sachs Group, Inc. (The)	5.25%		7/27/2021		103		111,674
Goldman Sachs Group, Inc. (The)	5.375%		3/15/2020		119		126,212
Goldman Sachs Group, Inc. (The)	5.75%		1/24/2022		24		26,623
Goldman Sachs Group, Inc. (The)	5.95%		1/18/2018		8		8,013
Goldman Sachs Group, Inc. (The)	6.00%		6/15/2020		19		20,554
Goldman Sachs Group, Inc. (The)	7.50%		2/15/2019		55		58,138
HBOS plc (United Kingdom)†(c)	6.75%		5/21/2018		400		406,819
Intesa Sanpaolo SpA (Italy)(c)	3.875%		1/15/2019		200		202,706
Macquarie Bank Ltd. (Australia)†(c)	2.539% (3 Mo. LIBOR + 1.18%	)#	1/15/2019		136		137,230

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banks: Regional (continued)
Macquarie Group Ltd. (Australia)†(c)	6.00%		1/14/2020	$	75	$	79,937
Macquarie Group Ltd. (Australia)†(c)	7.625%		8/13/2019		9		9,708
Morgan Stanley	2.213% (3 Mo. LIBOR + .80%	)#	2/14/2020		56		56,232
Morgan Stanley	2.543% (3 Mo. LIBOR + 1.18%	)#	1/20/2022		59		60,002
Morgan Stanley	2.80%		6/16/2020		11		11,105
Morgan Stanley	4.875%		11/1/2022		39		42,036
Morgan Stanley	7.30%		5/13/2019		200		213,274
Popular, Inc.	7.00%		7/1/2019		57		59,565
Santander UK Group Holdings plc (United Kingdom)(c)	2.875%		10/16/2020		55		55,232
Santander UK Group Holdings plc (United Kingdom)(c)	3.125%		1/8/2021		173		174,816
Santander UK plc (United Kingdom)(c)	2.00%		8/24/2018		10		10,003
Santander UK plc (United Kingdom)(c)	2.50%		3/14/2019		38		38,121
Santander UK plc (United Kingdom)(c)	3.05%		8/23/2018		15		15,104
SVB Financial Group	5.375%		9/15/2020		5		5,347
Wells Fargo & Co.	2.55%		12/7/2020		6		6,026
Wells Fargo & Co.	3.069%		1/24/2023		117		117,931
Total							4,898,724
Beverages 0.03%
Beam Suntory, Inc.	1.75%		6/15/2018		2		1,997
Cott Beverages, Inc.	5.375%		7/1/2022		16		16,643
Total							18,640
Biotechnology Research & Production 0.02%
Sterigenics-Nordion Topco LLC PIK 8.875%†	8.125%		11/1/2021		11		11,138
Building Materials 0.36%
Atrium Windows & Doors, Inc.†	7.75%		5/1/2019		12		12,225
Boral Finance Pty Ltd. (Australia)†(c)	3.00%		11/1/2022		19		18,852
CPG Merger Sub LLC†	8.00%		10/1/2021		37		38,388
Griffon Corp.†	5.25%		3/1/2022		48		48,720
Holcim US Finance Sarl & Cie SCS (Luxembourg)†(c)	6.00%		12/30/2019		34		36,083
Martin Marietta Materials, Inc.	2.096% (3 Mo. LIBOR + .65%	)#	5/22/2020		10		10,057
Martin Marietta Materials, Inc.	6.60%		4/15/2018		14		14,182
NCI Building Systems, Inc.†	8.25%		1/15/2023		13		13,796
Ply Gem Industries, Inc.	6.50%		2/1/2022		24		24,900
Total							217,203

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Business Services 0.37%
APX Group, Inc.	8.75%	12/1/2020	$	113	$	115,684
Chicago Parking Meters LLC†	5.489%	12/30/2020		30		30,747
ERAC USA Finance LLC†	5.25%	10/1/2020		25		26,697
Prime Security Services Borrower LLC/Prime Finance, Inc.†	9.25%	5/15/2023		19		21,137
Sotheby’s†	5.25%	10/1/2022		11		11,346
Verisk Analytics, Inc.	4.875%	1/15/2019		17		17,411
Total						223,022
Chemicals 0.57%
Blue Cube Spinco, Inc.	9.75%	10/15/2023		62		73,470
Celanese US Holdings LLC	5.875%	6/15/2021		55		60,250
GCP Applied Technologies, Inc.†	9.50%	2/1/2023		9		10,013
Westlake Chemical Corp.	4.625%	2/15/2021		60		61,800
Westlake Chemical Corp.	4.875%	5/15/2023		81		83,835
Yara International ASA (Norway)†(c)	7.875%	6/11/2019		47		50,451
Total						339,819
Coal 0.03%
Eterna Capital Pte Ltd. PIK 6% (Singapore)(c)	6.00%	12/11/2022		10		10,506	(b)
Peabody Energy Corp.†	6.00%	3/31/2022		8		8,330
Total						18,836
Computer Hardware 0.51%
Dell International LLC/EMC Corp.†	3.48%	6/1/2019		32		32,409
Dell International LLC/EMC Corp.†	5.45%	6/15/2023		49		53,005
Dell International LLC/EMC Corp.†	4.42%	6/15/2021		93		96,974
Dell International LLC/EMC Corp.†	5.875%	6/15/2021		30		31,200
Everi Payments, Inc.	10.00%	1/15/2022		88		94,875
Total						308,463
Computer Software 0.66%
Activision Blizzard, Inc.†	6.125%	9/15/2023		98		103,909
Dun & Bradstreet Corp. (The)	4.25%	6/15/2020		3		3,078
First Data Corp.†	5.75%	1/15/2024		31		32,310
First Data Corp.†	7.00%	12/1/2023		77		81,620
Infor Software Parent LLC/Infor Software Parent, Inc. PIK 7.875%†	7.125%	5/1/2021		41		42,127
Solera LLC/Solera Finance, Inc.†	10.50%	3/1/2024		63		71,189
VMware, Inc.	2.95%	8/21/2022		60		59,889
Total						394,122

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Construction/Homebuilding 0.44%
Brookfield Residential Properties, Inc. (Canada)†(c)	6.50%	12/15/2020	$	98	$	100,205
Century Communities, Inc.	6.875%	5/15/2022		30		31,650
D.R. Horton, Inc.	3.75%	3/1/2019		60		60,816
M/I Homes, Inc.	6.75%	1/15/2021		3		3,120
William Lyon Homes, Inc.	5.75%	4/15/2019		30		30,300
William Lyon Homes, Inc.	7.00%	8/15/2022		35		36,138
Total						262,229
Containers 0.34%
OI European Group BV (Netherlands)†(c)	4.00%	3/15/2023		15		15,058
Packaging Corp. of America	6.50%	3/15/2018		85		85,705
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA	5.75%	10/15/2020		102		103,410
Total						204,173
Drugs 0.42%
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†	7.50%	10/1/2024		14		15,190
Mylan, Inc.	2.55%	3/28/2019		122		122,030
Teva Pharmaceutical Finance Co. BV (Curacao)(c)	3.65%	11/10/2021		9		8,569
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)	1.40%	7/20/2018		36		35,765
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)	1.70%	7/19/2019		30		29,156
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)	2.20%	7/21/2021		44		40,222
Total						250,932
Electric: Power 2.27%
AES Corp. (The)	4.875%	5/15/2023		31		31,736
Dominion Energy, Inc.	2.962%	7/1/2019		37		37,297
Dominion Energy, Inc.†	1.50%	9/30/2018		30		29,898
Dominion Energy, Inc.	4.104%	4/1/2021		77		80,183
Duquesne Light Holdings, Inc.†	5.90%	12/1/2021		15		16,598
Duquesne Light Holdings, Inc.†	6.40%	9/15/2020		22		24,071
Emera US Finance LP	2.70%	6/15/2021		10		9,983
Enel Finance International NV (Netherlands)†(c)	2.875%	5/25/2022		200		199,636
Eversource Energy	2.50%	3/15/2021		200		198,866
Exelon Generation Co. LLC	3.40%	3/15/2022		7		7,124
Exelon Generation Co. LLC	4.25%	6/15/2022		2		2,100
Jersey Central Power & Light Co.	7.35%	2/1/2019		45		47,262

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Electric: Power (continued)
Metropolitan Edison Co.	7.70%	1/15/2019	$	11	$	11,595
Oklahoma Gas & Electric Co.	8.25%	1/15/2019		100		105,971
Origin Energy Finance Ltd. (Australia)†(c)	3.50%	10/9/2018		200		201,228
Origin Energy Finance Ltd. (Australia)†(c)	5.45%	10/14/2021		102		110,097
Pennsylvania Electric Co.	5.20%	4/1/2020		11		11,616
PPL WEM Ltd./Western Power Distribution Ltd. (United Kingdom)†(c)	5.375%	5/1/2021		10		10,724
PSEG Power LLC	5.125%	4/15/2020		3		3,173
Public Service Co. of New Mexico	7.95%	5/15/2018		19		19,397
Puget Energy, Inc.	6.00%	9/1/2021		35		38,750
San Diego Gas & Electric Co.	1.914%	2/1/2022		19		18,835
SCANA Corp.	4.125%	2/1/2022		53		54,169
SCANA Corp.	4.75%	5/15/2021		40		41,503
SCANA Corp.	6.25%	4/1/2020		39		41,420
TECO Finance, Inc.	5.15%	3/15/2020		7		7,371
Total						1,360,603
Electrical Equipment 0.55%
Broadcom Corp./Broadcom Cayman Finance Ltd.†	2.375%	1/15/2020		13		12,918
Broadcom Corp./Broadcom Cayman Finance Ltd.†	2.65%	1/15/2023		71		68,514
Broadcom Corp./Broadcom Cayman Finance Ltd.†	3.00%	1/15/2022		43		42,671
NXP BV/NXP Funding LLC (Netherlands)†(c)	5.75%	3/15/2023		200		207,000
Total						331,103
Electrical: Household 0.13%
General Cable Corp.	5.75%	10/1/2022		74		77,052
Electronics 0.15%
Jabil, Inc.	8.25%	3/15/2018		22		22,378
PerkinElmer, Inc.	5.00%	11/15/2021		10		10,789
Tech Data Corp.	3.70%	2/15/2022		55		55,216
Total						88,383
Entertainment 0.33%
Eldorado Resorts, Inc.	7.00%	8/1/2023		11		11,797
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.†	6.125%	8/15/2021		5		4,975
Scientific Games International, Inc.	6.25%	9/1/2020		31		31,504
Scientific Games International, Inc.	6.625%	5/15/2021		36		37,350
Scientific Games International, Inc.	10.00%	12/1/2022		91		100,214
Seminole Tribe of Florida, Inc.†	7.804%	10/1/2020		3		3,045

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Entertainment (continued)
WMG Acquisition Corp.†	5.625%	4/15/2022	$	2	$	2,068
WMG Acquisition Corp.†	6.75%	4/15/2022		9		9,427
Total						200,380
Financial Services 2.07%
Discover Financial Services	5.20%	4/27/2022		31		33,396
E*TRADE Financial Corp.	2.95%	8/24/2022		18		17,865
International Lease Finance Corp.	5.875%	4/1/2019		34		35,395
International Lease Finance Corp.	6.25%	5/15/2019		104		109,009
International Lease Finance Corp.†	7.125%	9/1/2018		61		62,954
International Lease Finance Corp.	8.25%	12/15/2020		183		210,646
International Lease Finance Corp.	8.625%	1/15/2022		2		2,411
Jefferies Group LLC	8.50%	7/15/2019		196		212,947
Lazard Group LLC	4.25%	11/14/2020		75		78,165
Nationstar Mortgage LLC/Nationstar Capital Corp.	7.875%	10/1/2020		59		60,291
Nationstar Mortgage LLC/Nationstar Capital Corp.	9.625%	5/1/2019		27		27,783
Navient Corp.	4.875%	6/17/2019		21		21,407
Navient Corp.	5.00%	10/26/2020		120		121,950
Navient Corp.	5.50%	1/15/2019		42		42,840
Navient Corp.	5.875%	3/25/2021		14		14,507
Navient Corp.	6.625%	7/26/2021		58		61,335
Navient Corp.	8.00%	3/25/2020		12		13,005
OneMain Financial Holdings LLC†	6.75%	12/15/2019		52		53,732
OneMain Financial Holdings LLC†	7.25%	12/15/2021		49		50,951
VFH Parent LLC/Orchestra Co-Issuer, Inc.†	6.75%	6/15/2022		7		7,385
Total						1,237,974
Food 0.47%
Dean Foods Co.†	6.50%	3/15/2023		37		36,908
JBS USA LUX SA/JBS USA Finance, Inc. †	7.25%	6/1/2021		138		140,932
JBS USA LUX SA/JBS USA Finance, Inc.†	8.25%	2/1/2020		76		76,418
Smithfield Foods, Inc.†	2.70%	1/31/2020		17		16,905
Smithfield Foods, Inc.†	3.35%	2/1/2022		10		10,028
Total						281,191
Health Care Products 0.26%
Life Technologies Corp.	5.00%	1/15/2021		49		51,871
Life Technologies Corp.	6.00%	3/1/2020		96		102,794
Total						154,665

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Health Care Services 0.44%
Acadia Healthcare Co., Inc.	6.125%	3/15/2021	$	18	$	18,338
Eagle Holding Co. II LLC PIK 8.375%†	7.625%	5/15/2022		24		24,480
Fresenius Medical Care US Finance II, Inc.†	4.125%	10/15/2020		7		7,214
Fresenius Medical Care US Finance II, Inc.†	5.875%	1/31/2022		95		104,675
Fresenius Medical Care US Finance, Inc.†	5.75%	2/15/2021		6		6,496
Kindred Healthcare, Inc.	8.00%	1/15/2020		24		26,123
Kindred Healthcare, Inc.	8.75%	1/15/2023		38		40,470
Universal Health Services, Inc.†	3.75%	8/1/2019		11		11,220
Universal Health Services, Inc.†	4.75%	8/1/2022		25		25,531
Total						264,547
Insurance 0.19%
CNA Financial Corp.	5.875%	8/15/2020		11		11,905
HUB International Ltd.†	7.875%	10/1/2021		6		6,255
Liberty Mutual Group, Inc.†	5.00%	6/1/2021		17		18,194
Lincoln National Corp.	7.00%	3/15/2018		5		5,049
Lincoln National Corp.	8.75%	7/1/2019		10		10,921
Protective Life Corp.	7.375%	10/15/2019		15		16,263
Willis North America, Inc.	7.00%	9/29/2019		44		47,203
Total						115,790
Leasing 0.03%
DAE Funding LLC (United Arab Emirates)†(c)	4.00%	8/1/2020		18		18,225
Leisure 0.27%
LTF Merger Sub, Inc.†	8.50%	6/15/2023		40		42,550
NCL Corp. Ltd.†	4.75%	12/15/2021		14		14,525
Royal Caribbean Cruises Ltd.	5.25%	11/15/2022		95		104,424
Total						161,499
Lodging 0.09%
Hyatt Hotels Corp.†	6.875%	8/15/2019		50		53,318
Machinery: Agricultural 0.23%
BAT Capital Corp.†	2.764%	8/15/2022		36		35,838
Bunge Ltd. Finance Corp.	8.50%	6/15/2019		1		1,083
Viterra, Inc. (Canada)†(c)	5.95%	8/1/2020		94		101,567
Total						138,488
Machinery: Industrial/Specialty 0.02%
Kennametal, Inc.	2.65%	11/1/2019		10		10,011

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest	Maturity		Amount		Fair
Investments	Rate	Date		(000)		Value
Manufacturing 0.29%
American Outdoor Brands Corp.†	5.00%	7/15/2018		$	5	$	4,975
Bombardier, Inc. (Canada)†(c)	6.125%	1/15/2023			42		41,370
Bombardier, Inc. (Canada)†(c)	8.75%	12/1/2021			56		61,880
Gates Global LLC/Gates Global Co.†	6.00%	7/15/2022			45		46,237
Pentair Finance Sarl (Luxembourg)(c)	2.90%	9/15/2018			17		17,070
Total							171,532
Media 0.73%
Clear Channel Worldwide Holdings, Inc.	7.625%	3/15/2020			92		90,505
Cox Communications, Inc.†	3.25%	12/15/2022			49		49,145
DISH DBS Corp.	6.75%	6/1/2021			33		34,774
NBCUniversal Enterprise, Inc.†	5.25%	–	(e)		100		106,500
Sky plc (United Kingdom)†(c)	9.50%	11/15/2018			50		53,110
Time Warner Cable LLC	8.25%	4/1/2019			22		23,519
Time Warner Cable LLC	8.75%	2/14/2019			6		6,399
Viacom, Inc.	2.75%	12/15/2019			24		23,972
WaveDivision Escrow LLC/WaveDivision Escrow Corp.†	8.125%	9/1/2020			50		51,063
Total							438,987
Metal Fabricating 0.05%
Zekelman Industries, Inc.†	9.875%	6/15/2023			26		29,315
Metals & Minerals: Miscellaneous 1.30%
Century Aluminum Co.†	7.50%	6/1/2021			80		82,400
Eldorado Gold Corp. (Canada)†(c)	6.125%	12/15/2020			31		30,767
FMG Resources (August 2006) Pty Ltd. (Australia)†(c)	9.75%	3/1/2022			271		300,539
Glencore Finance Canada Ltd. (Canada)†(c)	4.25%	10/25/2022			70		73,426
Glencore Finance Canada Ltd. (Canada)†(c)	4.95%	11/15/2021			54		57,670
Glencore Funding LLC†	3.00%	10/27/2022			11		10,913
Glencore Funding LLC†	4.125%	5/30/2023			12		12,429
Goldcorp, Inc. (Canada)(c)	2.125%	3/15/2018			14		14,008
Goldcorp, Inc. (Canada)(c)	3.625%	6/9/2021			80		81,813
Hecla Mining Co.	6.875%	5/1/2021			23		23,661
Hudbay Minerals, Inc. (Canada)†(c)	7.25%	1/15/2023			35		37,275
Joseph T Ryerson & Son, Inc.†	11.00%	5/15/2022			19		21,304
New Gold, Inc. (Canada)†(c)	6.25%	11/15/2022			30		31,050
Total							777,255

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Natural Gas 0.13%
CenterPoint Energy Resources Corp.	4.50%	1/15/2021	$	10	$	10,465
National Fuel Gas Co.	3.75%	3/1/2023		8		8,113
National Fuel Gas Co.	4.90%	12/1/2021		2		2,108
Questar Gas Co.	5.31%	3/15/2018		10		10,059
Sempra Energy	6.15%	6/15/2018		30		30,560
Sempra Energy	9.80%	2/15/2019		18		19,499
Total						80,804
Oil 4.10%
Anadarko Holding Co.	7.05%	5/15/2018		4		4,065
Anadarko Petroleum Corp.	4.85%	3/15/2021		36		38,041
Anadarko Petroleum Corp.	6.95%	6/15/2019		7		7,434
Bill Barrett Corp.	7.00%	10/15/2022		12		12,285
Canadian Oil Sands Ltd. (Canada)†(c)	7.75%	5/15/2019		13		13,880
Canadian Oil Sands Ltd. (Canada)†(c)	9.40%	9/1/2021		63		75,376
Carrizo Oil & Gas, Inc.	6.25%	4/15/2023		21		21,892
Carrizo Oil & Gas, Inc.	7.50%	9/15/2020		114		116,280
Cenovus Energy, Inc. (Canada)(c)	5.70%	10/15/2019		35		36,829
CNOOC Finance 2013 Ltd. (Hong Kong)(c)	1.75%	5/9/2018		400		399,408
CNOOC Finance 2015 Australia Pty Ltd. (Australia)(c)	2.625%	5/5/2020		200		199,585
CNX Resources Corp.	8.00%	4/1/2023		22		23,639
Continental Resources, Inc.	5.00%	9/15/2022		177		180,319
Devon Energy Corp.	2.25%	12/15/2018		15		14,912
Devon Energy Corp.	4.00%	7/15/2021		11		11,463
Devon Energy Corp.	6.30%	1/15/2019		6		6,224
Eclipse Resources Corp.	8.875%	7/15/2023		35		36,094
Encana Corp. (Canada)(c)	3.90%	11/15/2021		27		27,770
Encana Corp. (Canada)(c)	6.50%	5/15/2019		112		117,712
Eni SpA (Italy)†(c)	4.15%	10/1/2020		100		103,583
Gulfport Energy Corp.	6.625%	5/1/2023		33		33,825
KazMunayGas National Co. JSC (Kazakhstan)†(c)	9.125%	7/2/2018		100		103,189
Matador Resources Co.	6.875%	4/15/2023		59		62,245
Motiva Enterprises LLC†	5.75%	1/15/2020		8		8,452
Newfield Exploration Co.	5.75%	1/30/2022		51		54,697
Noble Energy, Inc.	5.625%	5/1/2021		56		57,566
Oasis Petroleum, Inc.	6.875%	3/15/2022		38		39,092
Petrobras Global Finance BV (Netherlands)(c)	6.125%	1/17/2022		25		26,594
Petroleos Mexicanos (Mexico)(c)	3.125%	1/23/2019		20		20,150

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Oil (continued)
Petroleos Mexicanos (Mexico)(c)	5.50%		2/4/2019	$	105	$	108,775
Petroleos Mexicanos (Mexico)(c)	8.00%		5/3/2019		30		32,115
Phillips 66†	2.009% (3 Mo. LIBOR + .65%	)#	4/15/2019		16		16,010
Pioneer Natural Resources Co.	3.45%		1/15/2021		25		25,519
Pioneer Natural Resources Co.	3.95%		7/15/2022		14		14,605
Pioneer Natural Resources Co.	6.875%		5/1/2018		21		21,325
Pioneer Natural Resources Co.	7.50%		1/15/2020		13		14,265
Range Resources Corp.	5.75%		6/1/2021		55		57,337
Resolute Energy Corp.	8.50%		5/1/2020		59		60,327
RSP Permian, Inc.	6.625%		10/1/2022		4		4,205
Sable Permian Resources Land LLC†	13.00%		11/30/2020		27		31,185
Sanchez Energy Corp.	6.125%		1/15/2023		23		19,607
Seven Generations Energy Ltd. (Canada)†(c)	6.75%		5/1/2023		2		2,135
Seven Generations Energy Ltd. (Canada)†(c)	6.875%		6/30/2023		51		54,442
SM Energy Co.	6.50%		11/15/2021		68		69,190
SM Energy Co.	6.50%		1/1/2023		8		8,200
Sunoco LP/Sunoco Finance Corp.	5.50%		8/1/2020		39		40,146
Whiting Petroleum Corp.	5.00%		3/15/2019		21		21,562
Total							2,453,551
Oil: Crude Producers 4.61%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	6.25%		10/15/2022		22		23,369
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	6.375%		5/1/2024		92		99,935
Boardwalk Pipelines LP	5.20%		6/1/2018		55		55,559
Boardwalk Pipelines LP	5.75%		9/15/2019		7		7,340
Buckeye Partners LP	2.65%		11/15/2018		111		111,342
Buckeye Partners LP	5.50%		8/15/2019		50		51,936
Buckeye Partners LP	6.05%		1/15/2018		41		41,051
Columbia Pipeline Group, Inc.	2.45%		6/1/2018		115		115,079
Columbia Pipeline Group, Inc.	3.30%		6/1/2020		77		78,139
DCP Midstream Operating LP†	9.75%		3/15/2019		71		77,124
Enbridge Energy Partners LP	6.50%		4/15/2018		70		70,933
Enbridge Energy Partners LP	9.875%		3/1/2019		110		119,067
Energy Transfer LP	9.00%		4/15/2019		59		63,676
Energy Transfer LP	9.70%		3/15/2019		42		45,466
Energy Transfer LP	4.65%		6/1/2021		40		42,015
Florida Gas Transmission Co. LLC†	5.45%		7/15/2020		228		243,305

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Oil: Crude Producers (continued)
Florida Gas Transmission Co. LLC†	7.90%		5/15/2019	$	44	$	47,126
Gulf South Pipeline Co. LP	4.00%		6/15/2022		30		30,836
Kinder Morgan Energy Partners LP	5.30%		9/15/2020		15		15,996
Kinder Morgan Energy Partners LP	5.80%		3/1/2021		62		67,304
Kinder Morgan Energy Partners LP	5.95%		2/15/2018		66		66,309
Kinder Morgan Energy Partners LP	6.50%		4/1/2020		125		134,904
Kinder Morgan Energy Partners LP	6.85%		2/15/2020		30		32,510
Kinder Morgan Energy Partners LP	9.00%		2/1/2019		25		26,695
Kinder Morgan, Inc.†	5.00%		2/15/2021		16		16,987
Kinder Morgan, Inc.†	5.625%		11/15/2023		66		72,948
Kinder Morgan, Inc.	7.25%		6/1/2018		79		80,672
Midcontinent Express Pipeline LLC†	6.70%		9/15/2019		33		34,510
MPLX LP	5.50%		2/15/2023		133		137,034
NGPL PipeCo LLC†	4.375%		8/15/2022		9		9,186
ONEOK Partners LP	3.20%		9/15/2018		22		22,131
Panhandle Eastern Pipe Line Co. LP	7.00%		6/15/2018		65		66,446
Rockies Express Pipeline LLC†	6.00%		1/15/2019		37		38,202
Rockies Express Pipeline LLC†	6.85%		7/15/2018		7		7,157
Sabine Pass Liquefaction LLC	5.625%		2/1/2021		240		257,442
Sabine Pass Liquefaction LLC	5.625%		4/15/2023		200		219,780
Spectra Energy Partners LP	4.60%		6/15/2021		5		5,290
Sunoco Logistics Partners Operations LP	3.45%		1/15/2023		25		24,880
Texas Eastern Transmission LP†	2.80%		10/15/2022		5		4,973
Texas Eastern Transmission LP†	4.125%		12/1/2020		5		5,198
Texas Gas Transmission LLC†	4.50%		2/1/2021		25		26,053
TransCanada PipeLines Ltd. (Canada)(c)	6.50%		8/15/2018		1		1,027
TransCanada PipeLines Ltd. (Canada)(c)	7.125%		1/15/2019		25		26,223
Western Gas Partners LP	2.60%		8/15/2018		5		5,009
Williams Partners LP/ACMP Finance Corp.	4.875%		3/15/2024		32		33,520
Total							2,761,684
Oil: Integrated Domestic 0.34%
FTS International, Inc.†	9.089% (3 Mo. LIBOR + 7.50%	)#	6/15/2020		3		3,060
National Oilwell Varco, Inc.	2.60%		12/1/2022		83		81,135
SESI LLC	7.125%		12/15/2021		38		38,997
TechnipFMC plc (United Kingdom)†(c)	3.45%		10/1/2022		4		3,999
Weatherford International Ltd.	9.625%		3/1/2019		69		73,747
Total							200,938

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Real Estate Investment Trusts 1.46%
Brixmor Operating Partnership LP	3.875%	8/15/2022	$	29	$	29,740
CBRE Services, Inc.	5.00%	3/15/2023		55		56,560
DDR Corp.	3.50%	1/15/2021		23		23,362
DDR Corp.	4.625%	7/15/2022		34		35,878
DDR Corp.	7.50%	7/15/2018		22		22,603
EPR Properties	7.75%	7/15/2020		131		145,378
HCP, Inc.	3.75%	2/1/2019		50		50,609
Healthcare Trust of America Holdings LP	2.95%	7/1/2022		10		9,983
Healthcare Trust of America Holdings LP	3.375%	7/15/2021		29		29,556
Kilroy Realty LP	6.625%	6/1/2020		92		100,193
SL Green Operating Partnership LP	3.25%	10/15/2022		3		2,991
SL Green Realty Corp.	4.50%	12/1/2022		12		12,579
SL Green Realty Corp.	5.00%	8/15/2018		8		8,099
SL Green Realty Corp.	7.75%	3/15/2020		75		82,560
VEREIT Operating Partnership LP	3.00%	2/6/2019		118		118,591
VEREIT Operating Partnership LP	4.125%	6/1/2021		41		42,590
Welltower, Inc.	2.25%	3/15/2018		75		75,033
Weyerhaeuser Co.	4.70%	3/15/2021		25		26,566
Weyerhaeuser Co.	7.375%	10/1/2019		2		2,168
Total						875,039
Retail 0.22%
Best Buy Co., Inc.	5.00%	8/1/2018		5		5,083
PVH Corp.	4.50%	12/15/2022		30		30,672
Rite Aid Corp.	6.75%	6/15/2021		72		72,000
Tapestry, Inc.	3.00%	7/15/2022		23		22,940
Total						130,695
Savings & Loan 0.19%
People’s United Financial, Inc.	3.65%	12/6/2022		109		111,714
Steel 0.27%
BlueScope Steel Finance Ltd/BlueScope Steel
Finance USA LLC (Australia)†(c)	6.50%	5/15/2021		45		47,025
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc.†	6.375%	5/1/2022		52		54,535
U.S. Steel Corp.†	8.375%	7/1/2021		56		60,788
Total						162,348

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Technology 0.67%
Baidu, Inc. (China)(c)	3.25%		8/6/2018	$	200	$	200,983
eBay, Inc.	1.857% (3 Mo. LIBOR + .48%	)#	8/1/2019		75		75,218
Expedia, Inc.	7.456%		8/15/2018		58		59,826
TIBCO Software, Inc.†	11.375%		12/1/2021		55		60,053
VeriSign, Inc.	4.625%		5/1/2023		8		8,250
Total							404,330
Telecommunications 0.17%
GCI, Inc.	6.75%		6/1/2021		14		14,263
Intelsat Jackson Holdings SA (Luxembourg)(c)	7.25%		10/15/2020		54		51,030
Level 3 Parent LLC	5.75%		12/1/2022		31		31,203
T-Mobile USA, Inc.	6.125%		1/15/2022		4		4,136
Total							100,632
Textiles Products 0.04%
Springs Industries, Inc.	6.25%		6/1/2021		22		22,495
Transportation: Miscellaneous 0.09%
Asciano Finance Ltd. (Australia)†(c)	5.00%		4/7/2018		25		25,161
Watco Cos. LLC/Watco Finance Corp.†	6.375%		4/1/2023		25		26,000
XPO Logistics, Inc.†	6.50%		6/15/2022		3		3,142
Total							54,303
Utilities 0.02%
United Utilities plc (United Kingdom)(c)	5.375%		2/1/2019		10		10,307
Total Corporate Bonds (cost $21,805,877)							21,852,734
FLOATING RATE LOANS(f) 3.19%
Aerospace/Defense 0.01%
Gol LuxCo S.A. Term Loan (Luxembourg)(c)	6.50%		8/31/2020		6		6,165
Biotechnology Research & Production 0.22%
Gilead Sciences, Inc. Term Loan	2.218% (3 Mo. LIBOR + 0.875%	)	9/7/2018		62		62,039	(g)
Gilead Sciences, Inc. Three Year Term Loan	2.495% (3 Mo. LIBOR + 1.00%	)	9/8/2020		70		70,087	(g)
Total							132,126
Chemicals 0.44%
Celanese U.S. Holdings LLC Term Loan	2.861% (1 Mo. LIBOR + 1.50%	)	7/15/2021		53		53,425

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Chemicals (continued)
E.I. du Pont de Nemours and Company Delayed Draw Term Loan A	2.35% (3 Mo. LIBOR + 1.00%	)	3/22/2019	$	110	$	109,931	(g)
FMC Corporation Term Loan A	2.819% (1 Mo. LIBOR + 1.25%	)	4/21/2020		15		15,028	(g)
Mosaic Company (The) Term Loan	3.052% (1 Mo. LIBOR + 1.50%	)	11/18/2021		80		79,601	(g)
Sherwin-Williams Company (The) Term Loan A	2.622% (1 Mo. LIBOR + 1.25%	)	4/13/2021		5		5,100
Total							263,085
Computer Hardware 0.39%
Dell International L.L.C. Replacement Term Loan A2	3.32% (1 Mo. LIBOR + 1.75%	)	9/7/2021		122		122,348
Dell International L.L.C. Replacement Term Loan A3	3.07% (1 Mo. LIBOR + 1.50%	)	12/31/2018		109		109,529
Total							231,877
Containers 0.19%
Ball Corp. USD Term Loan A	3.319% (3 Mo. LIBOR + 1.75%	)	7/1/2021		70		70,488
WestRock Co. Closing Date Term Loan	2.475% (1 Mo. LIBOR + 1.13%	)	7/1/2020		41		41,019	(g)
Total							111,507
Drugs 0.11%
Teva Pharmaceutical Industries Ltd Delayed Draw Term Loan B (Israel)(c)	3.052% (3 Mo. LIBOR + 1.50%	)	11/16/2020		65		63,243	(g)
Electric: Power 0.38%
Energy Future Intermediate Holding Co. LLC DIP Term Loan	4.283% (1 Mo. LIBOR + 3.00%)-4.349%		6/30/2018		51		51,173
FirstEnergy Corp. Term Loan	3.227% (1 Mo. LIBOR + 1.75%	)	12/6/2021		174		173,347	(g)
Total							224,520
Electrical Equipment 0.13%
Analog Devices, Term Loan A	2.565% (3 Mo. LIBOR + 1.13%	)	3/10/2020		79		78,638	(g)
Electronics 0.05%
Keysight Technologies, Inc. Delayed Draw Term Loan	2.938% (3 Mo. LIBOR + 1.50%	)	2/15/2020		27		27,300	(g)

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Food 0.04%
Amplify Snack Brands, Inc. Term Loan	6.88% (1 Mo. LIBOR + 5.50%	)	9/2/2023	$	26	$	25,813
Health Care Products 0.14%
Zimmer Biomet Holdings, Inc. Term Loan	2.819% (1 Mo. LIBOR + 1.25%	)	9/30/2019		64		63,980	(g)
Zimmer Holdings, Inc. Term Loan	2.944% (1 Mo. LIBOR + 1.38%	)	5/29/2019		19		18,936	(g)
Total							82,916
Health Care Services 0.00%
Laboratory Corp. of America Holdings Term Loan	2.819% (3 Mo. LIBOR + 1.25%	)	2/19/2020		2		1,916	(g)
Investment Management Companies 0.05%
RPI Finance Trust Term Loan A3	3.443% (3 Mo. LIBOR + 1.75%	)	10/14/2021		32		31,577
Lodging 0.09%
VML US Finance, LLC USD Term Loan	–	(h)	5/31/2022		55		54,587	(g)
Machinery: Industrial/Specialty 0.06%
Flowserve Corp. 2012 Term Loan	2.943% (3 Mo. LIBOR + 1.25%	)	10/14/2020		34		34,482	(g)
Manufacturing 0.08%
Tyco International Holding S.a.r.I. Term Loan
(Luxembourg)(c)	2.843% (3 Mo. LIBOR + 1.50%	)	3/6/2020		51		50,754
Media 0.04%
Charter Communications Operating, LLC Term Loan B	–	(h)	4/30/2025		26		26,046
Miscellaneous 0.11%
Harris Corp. 3 Year Tranche Term Loan	3.07% (3 Mo. LIBOR + 1.50%	)	5/29/2018		3		2,843	(g)
Rockwell Collins, Inc. Term Loan	2.71% (1 Mo. LIBOR + 1.25%	)	12/16/2019		56		56,627	(g)
UTEX Industries Inc. Initial Term Loan B	–	(h)	5/22/2021		7		6,863
Total							66,333
Oil 0.03%
Petroleos Mexicanos Delayed Draw Term Loan (Mexico)(c)	–	(h)	2/17/2020		20		19,938	(g)

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers 0.06%
Buckeye Partners L.P. Delayed Draw Term Loan	2.92% (1 Mo. LIBOR + 1.35%	)	9/30/2019	$	17	$	16,958	(g)
ONEOK Partners, L.P. Delayed Draw Term Loan	2.869%  (3 Mo. LIBOR + 1.30%	)	1/8/2019		19		18,523	(g)
Total							35,481
Real Estate Investment Trusts 0.18%
American Tower Corporation Term Loan	2.82% (3 Mo. LIBOR + 1.25%	)	1/31/2023		107		105,834	(g)
Retail 0.30%
Burlington Coat Factory Warehouse Corporation Term Loan B5	4.00% (1 Mo. LIBOR + 2.50%	)	11/7/2024		72		72,030
PVH Corp. Tranche A Term Loan	2.991% (1 Mo. LIBOR + 1.50%	)	5/19/2021		88		87,690
Rite Aid Corp. 2nd Lien Tranche 2 Term Loan	5.365% (3 Mo. LIBOR + 3.88%	)	6/21/2021		18		18,067
Total							177,787
Technology 0.02%
Symantec Corp. Term Loan A1	3.00% (3 Mo. LIBOR + 1.50%	)	5/10/2019		2		1,500
Symantec Corp. Term Loan A2	2.938%  (3 Mo. LIBOR + 1.50%	)	8/1/2019		2		1,999
Zayo Group, LLC 2017 Incremental Refinancing Term Loan B1	3.552% (3 Mo. LIBOR + 2.00%	)	1/19/2021		9		8,967
Total							12,466
Telecommunications 0.07%
Intelsat Jackson Holdings SA Tranche B2 Term Loan (Luxembourg)(c)	–	(h)	6/30/2019		44		43,952
Total Floating Rate Loans (cost $1,904,981)							1,908,343
FOREIGN GOVERNMENT OBLIGATIONS 0.22%
Argentina 0.04%
Republic of Argentina	5.625%		1/26/2022		25		26,438
Dominican Republic 0.00%
Dominican Republic†	9.04%		1/23/2018		1		1,104
Qatar 0.18%
State of Qatar†	5.25%		1/20/2020		100		105,176
Total Foreign Government Obligations (cost $131,962)							132,718

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 3.43%
Federal Home Loan Mortgage Corp. 2011-K704 B†	4.536%	#(i)	10/25/2030	$	20	$	20,205
Federal Home Loan Mortgage Corp. 2012-K707 B†	3.883%	#(i)	1/25/2047		143		144,535
Federal Home Loan Mortgage Corp. 2012-K709 B†	3.741%	#(i)	4/25/2045		75		76,120
Federal Home Loan Mortgage Corp. 2012-K710 B†	3.812%	#(i)	6/25/2047		104		105,702
Federal Home Loan Mortgage Corp. 2012-K711 B†	3.562%	#(i)	8/25/2045		30		30,377
Federal Home Loan Mortgage Corp. 2013-K713 B†	3.165%	#(i)	4/25/2046		30		30,176
Federal Home Loan Mortgage Corp. 2014-K503 B†	3.002%	#(i)	10/25/2047		39		39,131
Government National Mortgage Assoc. 2014-109 A	2.325%		1/16/2046		13		13,263
Government National Mortgage Assoc. 2014-112 A	3.00%	#(i)	1/16/2048		7		7,150
Government National Mortgage Assoc. 2014-135 AS	2.30%		2/16/2047		17		17,175
Government National Mortgage Assoc. 2014-64 A	2.20%		2/16/2045		27		26,976
Government National Mortgage Assoc. 2014-64 IO	1.175%	#(i)	12/16/2054		311		20,975
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		1		678
Government National Mortgage Assoc. 2014-78 IO	0.607%	#(i)	3/16/2056		56		2,564
Government National Mortgage Assoc. 2015-47 AE	2.90%	#(i)	11/16/2055		11		10,930
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(i)	2/16/2049		26		26,462
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(i)	2/16/2053		43		42,881
Government National Mortgage Assoc. 2017 20 AS	2.50%		2/16/2057		56		54,758
Government National Mortgage Assoc. 2017 23 AB	2.60%		12/16/2057		40		38,913
Government National Mortgage Assoc. 2017-100 AS	2.75%		2/16/2058		49		47,917
Government National Mortgage Assoc. 2017-168 AS	2.70%		8/16/2058		172		169,988
Government National Mortgage Assoc. 2017-22 GA	2.60%	#(i)	8/16/2051		29		28,063
Government National Mortgage Assoc. 2017-28 AB	2.50%		10/16/2051		67		65,149
Government National Mortgage Assoc. 2017-41 AS	2.60%		6/16/2057		194		190,504
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		58		57,285
Government National Mortgage Assoc. 2017-51 AS	2.75%		4/16/2058		90		88,762
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		88		86,683
Government National Mortgage Assoc. 2017-54 AD	2.75%		1/16/2057		88		86,741
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		60		58,256
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		74		73,133
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		50		48,619
Government National Mortgage Assoc. 2017-72 AM	2.60%		9/16/2051		30		28,992
Government National Mortgage Assoc. 2017-74 AS	2.60%		10/16/2057		30		29,037
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		60		59,038
Government National Mortgage Assoc. 2017-86 AS	2.75%		2/16/2058		58		57,066
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		48		46,941
Government National Mortgage Assoc. 2017-90 AS	2.70%		7/16/2057		66		65,250
Government National Mortgage Assoc. 2017-92 AS	2.75%		6/16/2058		60		58,979
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $2,088,289)							2,055,374

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.47%
Federal Home Loan Mortgage Corp.	3.124% (12 Mo. LIBOR + 1.64%	)#	10/1/2043	$	13	$	12,814
Federal Home Loan Mortgage Corp.	3.389% (12 Mo. LIBOR + 1.83%	)#	6/1/2042		9		9,594
Federal Home Loan Mortgage Corp.	3.563% (12 Mo. LIBOR + 1.82%	)#	6/1/2041		13		13,621
Federal Home Loan Mortgage Corp.	3.603% (12 Mo. LIBOR + 1.90%	)#	12/1/2040		20		21,281
Federal National Mortgage Assoc.	2.697% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		9		9,303
Federal National Mortgage Assoc.	2.719% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		37		37,373
Federal National Mortgage Assoc.	2.835% (12 Mo. LIBOR + 1.60%	)#	10/1/2045		10		9,781
Federal National Mortgage Assoc.	2.908% (12 Mo. LIBOR + 1.72%	)#	6/1/2042		22		22,130
Federal National Mortgage Assoc.	3.137% (12 Mo. LIBOR + 1.79%	)#	3/1/2042		19		19,974
Federal National Mortgage Assoc.	3.51% (12 Mo. LIBOR + 1.78%	)#	10/1/2036		42		44,761
Federal National Mortgage Assoc.	3.517% (12 Mo. LIBOR + 1.82%	)#	4/1/2040		34		35,219
Federal National Mortgage Assoc.	3.532% (12 Mo. LIBOR + 1.82%	)#	12/1/2040		3		3,249
Federal National Mortgage Assoc.	3.544% (12 Mo. LIBOR + 1.80%	)#	10/1/2040		1		1,206
Federal National Mortgage Assoc.	3.558% (12 Mo. LIBOR + 1.81%	)#	12/1/2040		2		1,907
Federal National Mortgage Assoc.	3.687% (12 Mo. LIBOR + 1.81%	)#	1/1/2042		40		41,768
Total Government Sponsored Enterprises Pass-Throughs (cost $287,315)							283,981
MUNICIPAL BONDS 0.20%
Miscellaneous
Illinois	3.90%		1/1/2018		5		5,000
Illinois	4.95%		6/1/2023		7		7,310
Illinois	5.163%		2/1/2018		50		50,111
Illinois	5.665%		3/1/2018		25		25,137
Illinois	5.877%		3/1/2019		15		15,471
New Jersey Transp Tr Fnd Auth	1.758%		12/15/2018		15		14,912
Total Municipal Bonds (cost $117,691)							117,941

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 21.93%
A10 Bridge Asset Financing LLC 2015-AA A1†	3.30%		5/15/2036	$	116	$	115,356	(b)
Americold LLC 2010-ARTA A1†	3.847%		1/14/2029		36		37,021
AOA Mortgage Trust 2015-1177 A†	2.957%		12/13/2029		100		100,696
Assurant Commercial Mortgage Trust 2016-1A A1†	1.362%		5/15/2049		12		12,324
Aventura Mall Trust 2013-AVM C†	3.743%	#(i)	12/5/2032		100		101,893
Bancorp Commercial Mortgage Trust 2016-CRE1 A†	2.907% (1 Mo. LIBOR + 1.43%	)#	11/15/2033		88		88,534
BB-UBS Trust 2012-TFT A†	2.892%		6/5/2030		200		196,787
BB-UBS Trust 2012-TFT B†	3.468%	#(i)	6/5/2030		100		97,801
BB-UBS Trust 2012-TFT C†	3.468%	#(i)	6/5/2030		100		97,112
BBCMS Mortgage Trust 2017-GLKS B†	2.451% (1 Mo. LIBOR + 1.20%	)#	11/15/2034		39		39,025
BBCMS Mortgage Trust 2017-GLKS C†	2.651% (1 Mo. LIBOR + 1.40%	)#	11/15/2034		10		10,006
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E†	5.406%	#(i)	11/11/2041		15		15,546
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 F†	5.673%	#(i)	11/11/2041		25		26,010
BX Trust 2017-SLCT A†	2.397% (1 Mo. LIBOR + .92%	)#	7/15/2034		55		55,172
BX Trust 2017-SLCT B†	2.677% (1 Mo. LIBOR + 1.20%	)#	7/15/2034		47		47,037
BX Trust 2017-SLCT D†	3.527% (1 Mo. LIBOR + 2.05%	)#	7/15/2034		73		73,114
BX Trust 2017-SLCT E†	4.627% (1 Mo. LIBOR + 3.15%	)#	7/15/2034		60		60,300
BX Trust 2017-SLCT F†	5.727% (1 Mo. LIBOR + 4.25%	)#	7/15/2034		42		42,302
BXP Trust 2017-CQHP A†	2.327% (1 Mo. LIBOR + .85%	)#	11/15/2034		43		43,053
Caesars Palace Las Vegas Trust 2017-VICI A†	3.531%		10/15/2034		212		217,020
Caesars Palace Las Vegas Trust 2017-VICI B†	3.835%		10/15/2034		99		101,569
Caesars Palace Las Vegas Trust 2017-VICI C†	4.138%		10/15/2034		149		153,206
Caesars Palace Las Vegas Trust 2017-VICI D†	4.354%	#(i)	10/15/2034		40		40,864
Caesars Palace Las Vegas Trust 2017-VICI E†	4.354%	#(i)	10/15/2034		140		136,270
Caesars Palace Las Vegas Trust 2017-VICI XA IO†	0.823%	#(i)	10/15/2034		1,000		36,691
Caesars Palace Las Vegas Trust 2017-VICI XB IO†	0.393%	#(i)	10/15/2034		1,000		18,651
CCRESG Commercial Mortgage Trust 2016-HEAT B†	4.114%		4/10/2029		29		29,221
CCRESG Commercial Mortgage Trust 2016-HEAT C†	4.919%		4/10/2029		29		29,396
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.207%	#(i)	11/10/2049		194		15,327
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.789%	#(i)	12/10/2054		192		10,486
CGGS Commercial Mortgage Trust 2016-RNDA DFX†	4.387%		2/10/2033		87		86,834
Chicago Skyscraper Trust 2017-SKY A†	2.277% (1 Mo. LIBOR + .80%	)#	2/15/2030		137		137,353

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Chicago Skyscraper Trust 2017-SKY C†	2.727% (1 Mo. LIBOR + 1.25%	)#	2/15/2030	$	100	$	100,351
Chicago Skyscraper Trust 2017-SKY XCP IO	2.624%	#(i)	2/15/2030		2,938		11,091
CHT Mortgage Trust 2017-CSMO A†	2.31%	#	11/15/2036		100		100,202
CHT Mortgage Trust 2017-CSMO B†	2.78%	#	11/15/2036		100		100,204
CHT Mortgage Trust 2017-CSMO D†	3.63%	#	11/15/2036		100		100,249
Citigroup Commercial Mortgage Trust 2014-GC19 A1	1.199%		3/10/2047		1		614
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		10		10,113
Citigroup Commercial Mortgage Trust 2015-GC31 XA IO	0.446%	#(i)	6/10/2048		981		25,073
Citigroup Commercial Mortgage Trust 2015-SHP2 XCP IO†	Zero Coupon	#(i)	7/15/2027		46,545		382
Citigroup Commercial Mortgage Trust 2015-SSHP C†	3.577% (1 Mo. LIBOR + 2.10%	)#	9/15/2027		100		99,626
Citigroup Commercial Mortgage Trust 2016-SMPL A†	2.228%		9/10/2031		100		98,173
Commercial Mortgage Loan Trust 2008-LS1 ASM	6.077%	#(i)	12/10/2049		25		24,525
Commercial Mortgage Pass-Through Certificates 2004-LB2A G†	5.54%	#(i)	3/10/2039		35		35,958
Commercial Mortgage Pass-Through Certificates 2012-CR3 B†	3.922%		10/15/2045		200		202,253
Commercial Mortgage Pass-Through Certificates 2013-CR11 A2	3.047%		8/10/2050		10		10,095
Commercial Mortgage Pass-Through Certificates 2013-CR6 A2	2.122%		3/10/2046		1		1,175
Commercial Mortgage Pass-Through Certificates 2013-LC6 A2	1.906%		1/10/2046		3		2,765
Commercial Mortgage Pass-Through Certificates 2013-SFS A1†	1.873%		4/12/2035		114		111,574
Commercial Mortgage Pass-Through Certificates 2014-FL4 C†	3.41% (1 Mo. LIBOR + 1.95%	)#	7/13/2031		62		63,033
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XB1 IO†	0.098%	#(i)	9/10/2047		2,000		19,348
Commercial Mortgage Pass-Through Certificates 2015-PC1 XA IO†	0.751%	#(i)	7/10/2050		97		3,488
Commercial Mortgage Pass-Through Certificates 2016-GCT D†	3.461%	#(i)	8/10/2029		100		100,299
Commercial Mortgage Pass-Through Certificates 2016-GCT XA IO†	0.784%		8/10/2029		4,000		91,340

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	3.152% (1 Mo. LIBOR + 1.72%	)#	10/15/2034	$	105	$	104,950
Commercial Mortgage Pass-Through Certificates 2016-SAVA B†	3.732% (1 Mo. LIBOR + 2.30%	)#	10/15/2034		100		100,378
Commercial Mortgage Pass-Through Certificates 2016-SAVA XCP IO†	2.173%	#(i)	10/15/2034		578		9,962	(b)
Commercial Mortgage Trust 2016-CD1 XA IO	1.437%	#(i)	8/10/2049		56		5,174
Core Industrial Trust 2015-CALW XA IO†	0.81%	#(i)	2/10/2034		1,006		29,385
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B1†	5.466%		5/15/2023		50		51,442
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B2†	5.538%		5/15/2023		200		209,610
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO†	0.552%	#(i)	9/15/2037		1,000		34,995
Credit Suisse Mortgage Capital Certificates 2015-DEAL A†	2.797% (1 Mo. LIBOR + 1.32%	)#	4/15/2029		72		72,048
Credit Suisse Mortgage Capital Certificates 2016-MFF B†	3.977% (1 Mo. LIBOR + 2.50%	)#	11/15/2033		50		50,319
Credit Suisse Mortgage Capital Certificates 2016-MFF C†	4.977% (1 Mo. LIBOR + 3.50%	)#	11/15/2033		50		50,478
Credit Suisse Mortgage Capital Certificates 2017-HD A†	2.427% (1 Mo. LIBOR + .95%	)#	2/15/2031		50		50,100
Credit Suisse Mortgage Capital Certificates 2017-HD D†	3.977% (1 Mo. LIBOR + 2.50%	)#	2/15/2031		50		50,127
Credit Suisse Mortgage Capital Certificates 2017-LSTK A†	2.761%		4/5/2033		84		84,259
Credit Suisse Mortgage Capital Certificates 2017-LSTK B†	3.03%		4/5/2033		50		50,171
Credit Suisse Mortgage Capital Certificates 2017-LSTK C†	3.229%		4/5/2033		50		50,249
Credit Suisse Mortgage Capital Certificates 2017-LSTK D†	3.331%	#(i)	4/5/2033		50		49,825
Credit Suisse Mortgage Capital Certificates 2017-MOON A†	3.197%		7/10/2034		60		61,489	(b)
Credit Suisse Mortgage Capital Certificates 2017-MOON B†	3.197%	#(i)	7/10/2034		50		50,911	(b)
Credit Suisse Mortgage Capital Certificates 2017-MOON C†	3.197%	#(i)	7/10/2034		109		109,884	(b)
Credit Suisse Mortgage Capital Certificates 2017-MOON D†	3.197%	#(i)	7/10/2034		50		49,048	(b)
Credit Suisse Mortgage Capital Certificates 2017-MOON X IO†	Zero Coupon	#(i)	7/10/2034		28,675		44,590	(b)

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates Trust 2017-HD XCP IO†	1.935%	#(i)	2/15/2031	$	1,376	$	25,357	(b)
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A†	2.245%	#	12/15/2020		50		50,024
CSAIL Commercial Mortgage Trust 2015-C4 A2	3.157%		11/15/2048		10		10,145
CSAIL Commercial Mortgage Trust 2016-C6 XA IO	1.809%	#(i)	1/15/2049		994		103,902
DBJPM Mortgage Trust 2016-C3 XA IO	1.512%	#(i)	9/10/2049		198		20,000
DBUBS Mortgage Trust 2011-LC2A D†	5.542%	#(i)	7/10/2044		100		104,346
DBWF Mortgage Trust 2015-LCM A1†	2.998%		6/10/2034		20		20,051
DBWF Mortgage Trust 2016-85T XA IO†	0.014%	#(i)	12/10/2036		3,140		13,094
GAHR Commercial Mortgage Trust 2015-NRF BFX†	3.382%	#(i)	12/15/2034		100		101,189
GAHR Commercial Mortgage Trust 2015-NRF CFX†	3.382%	#(i)	12/15/2034		323		325,311
GS Mortgage Securities Corp. II 2013-GC10 A3	2.613%		2/10/2046		74		74,079
GS Mortgage Securities Corp. Trust 2016-RENT C†	4.067%	#(i)	2/10/2029		100		101,987
GS Mortgage Securities Corp. Trust 2017-485L XB IO†	0.111%	#(i)	2/10/2037		1,590		20,726	(b)
GS Mortgage Securities Corp. Trust 2017-GPTX C†	3.302%		5/10/2034		100		99,961
GS Mortgage Securities Corp. Trust 2017-STAY A†	2.327% (1 Mo. LIBOR + .85%	)#	7/15/2032		100		99,562
GS Mortgage Securities Trust 2011-GC5 B†	5.398%	#(i)	8/10/2044		107		114,250
GS Mortgage Securities Trust 2012-GC6 XA IO†	1.956%	#(i)	1/10/2045		300		19,116
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		20		21,062
GS Mortgage Securities Trust 2013-G1 A2†	3.557%	#(i)	4/10/2031		100		98,758
GS Mortgage Securities Trust 2015-GS1 XB IO	0.184%	#(i)	11/10/2048		1,082		17,761
GS Mortgage Securities Trust 2016-GS4 225A†	2.636%		11/10/2029		15		14,820	(b)
GS Mortgage Securities Trust 2016-GS4 225C†	3.778%		11/10/2029		26		25,867	(b)
GS Mortgage Securities Trust 2016-GS4 225D†	4.766%		11/10/2029		35		34,924	(b)
H/2 Asset Funding 2015-1A-AFL	2.633%		6/24/2049		13		12,954	(b)
H/2 Asset Funding 2015-1A-AFX	3.353%		6/24/2049		13		12,742	(b)
H/2 Asset Funding 2015-1A-BFX	3.993%		6/24/2049		25		24,087	(b)
HMH Trust 2017-NSS A†	3.062%		7/5/2031		100		99,602
HMH Trust 2017-NSS B†	3.343%		7/5/2031		100		100,264
HMH Trust 2017-NSS C†	3.787%		7/5/2031		100		99,245
HMH Trust 2017-NSS D†	4.723%		7/5/2031		100		99,297
Hospitality Mortgage Trust 2017-HIT D†	3.394% (1 Mo. LIBOR + 2.15%	)#	5/8/2030		100		100,326
Hospitality Mortgage Trust 2017-HIT E†	4.794% (1 Mo. LIBOR + 3.55%	)#	5/8/2030		100		100,673
Hudsons Bay Simon JV Trust 2015-HB7 A7†	3.914%		8/5/2034		100		101,608

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2017

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	$	178,071
Hudsons Bay Simon JV Trust 2015-HB7 XA7 IO†	1.245%	#(i)	8/5/2034		1,000		53,465
Irvine Core Office Trust 2013-IRV A1†	2.068%		5/15/2048		29		28,470
Irvine Core Office Trust 2013-IRV A2†	3.173%	#(i)	5/15/2048		10		10,169
JPMorgan Chase Commercial Mortgage Securities Trust 2009-IWST C†	7.445%	#(i)	12/5/2027		25		27,251
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	#(i)	5/15/2045		11		11,657
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A†	3.905%		5/5/2030		95		97,811
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		25		25,156
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 A1	1.539%		11/15/2047		4		4,011
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA IO	1.132%	#(i)	1/15/2048		967		46,493
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A†	3.429%		6/10/2027		200		201,520
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 XA IO	0.685%	#(i)	7/15/2048		978		31,015
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C32 ASB	3.358%		11/15/2048		20		20,536
JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA IO	0.815%	#(i)	12/15/2049		993		44,101
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A†	2.798%		10/5/2031		30		30,057
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI B†	3.201%		10/5/2031		25		25,115
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C†	3.554%		10/5/2031		20		20,131
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D†	4.009%	#(i)	10/5/2031		35		35,195
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI E†	4.009%	#(i)	10/5/2031		12		11,846
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO†	0.657%	#(i)	10/5/2031		1,000		21,944	(b)
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT A†	2.927% (1 Mo. LIBOR + 1.45%	)#	10/15/2033		68		68,237
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT C†	4.327% (1 Mo. LIBOR + 2.85%	)#	10/15/2033		10		10,069
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT D†	5.227% (1 Mo. LIBOR + 3.75%	)#	10/15/2033		27		27,278

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT XCP IO†	1.198%	#(i)	10/15/2018	$	4,967	$	49,447
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA IO	1.093%	#(i)	9/15/2050		999		75,144
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A†	3.392%		6/5/2032		67		68,208
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B†	3.795%		6/5/2032		27		27,546
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C†	4.036%	#(i)	6/5/2032		20		20,414
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MAUI C†	2.727% (1 Mo. LIBOR + 1.25%	)#	7/15/2034		20		20,038
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MAUI D†	3.427% (1 Mo. LIBOR + 1.95%	)#	7/15/2034		31		31,071
LMREC, Inc. 2015-CRE1 A†	3.285% (1 Mo. LIBOR + 1.75%	)#	2/22/2032		100		100,958
LSTAR Commercial Mortgage Trust 2015-3 A2†	2.729%	#(i)	4/20/2048		8		7,664
LSTAR Commercial Mortgage Trust 2015-3 A3†	3.113%	#(i)	4/20/2048		56		56,144
LSTAR Commercial Mortgage Trust 2016-4 XA IO†	1.952%	#(i)	3/10/2049		993		74,770
LSTAR Commercial Mortgage Trust 2017-5 A1†	2.417%		3/10/2050		99		98,326
LSTAR Commercial Mortgage Trust 2017-5 A2†	2.776%		3/10/2050		100		99,641
LSTAR Commercial Mortgage Trust 2017-5 A3†	4.50%		3/10/2050		100		107,043
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1†	2.117%		10/15/2030		53		51,529
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 A2	3.001%		10/15/2046		10		10,049
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.732%	#(i)	7/15/2050		488		16,390
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 ASB	3.479%		5/15/2048		21		21,683
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA IO	1.456%	#(i)	11/15/2049		989		88,958
Morgan Stanley Capital Barclays Bank Trust 2016-MART B†	2.48%		9/13/2031		50		49,151
Morgan Stanley Capital Barclays Bank Trust 2016-MART C†	2.817%		9/13/2031		100		98,614
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO†	0.316%	#(i)	9/13/2031		9,863		29,342	(b)
Morgan Stanley Capital I Trust 2012-C4 B†	5.213%	#(i)	3/15/2045		100		107,403
Morgan Stanley Capital I Trust 2014-MP A†	3.469%		8/11/2033		100		102,451
Morgan Stanley Capital I Trust 2015-UBS8 ASB	3.626%		12/15/2048		12		12,451
Morgan Stanley Capital I Trust 2016-UB11 XB IO	0.995%	#(i)	8/15/2049		1,000		71,216

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust 2017-PRME D†	4.877% (1 Mo. LIBOR + 3.40%	)#	2/15/2034	$	90	$	90,398
MSCG Trust 2015-ALDR A1†	2.612%		6/7/2035		20		19,178
MSCG Trust 2016-SNR A†	3.348%	#(i)	11/15/2034		69		68,657
MSCG Trust 2016-SNR B†	4.181%		11/15/2034		33		33,097
MSCG Trust 2016-SNR C†	5.205%		11/15/2034		25		25,425
Nationslink Funding Corp. 1999-LTL1 D†	6.45%		1/22/2026		21		21,820
Palisades Center Trust 2016-PLSD A†	2.713%		4/13/2033		10		9,944
Palisades Center Trust 2016-PLSD D†	4.737%		4/13/2033		77		77,186
Palisades Center Trust 2016-PLSD XCP IO†	0.965%	#(i)	5/13/2018		1,000		4,085
PFP Ltd. 2017-3 A†	2.482% (1 Mo. LIBOR + 1.05%	)#	1/14/2035		94		94,177
PFP Ltd. 2017-3 B†	3.182% (1 Mo. LIBOR + 1.75%	)#	1/14/2035		100		100,398
PFP Ltd. 2017-3 D†	4.932% (1 Mo. LIBOR + 3.50%	)#	1/14/2035		100		100,833
Prima Capital CRE Securitization Ltd. 2016-6A A†	2.85%		8/25/2040		131		131,590	(b)
Prima Capital CRE Securitization 2006-1	2.55%		8/26/2049		80		79,997
RAIT Trust 2017-FL8 A†	2.10% (1 Mo. LIBOR + .85%	)#	12/15/2037		49		49,389
RBS Commercial Funding, Inc. Trust 2013-SMV A†	3.26%		3/11/2031		100		100,162
ReadyCap Commercial Mortgage Trust 2015-2 A†	3.804%		6/25/2055		38		38,653
ReadyCap Mortgage Trust 2016-3 A†	2.94%		11/20/2038		162		161,995
Shops at Crystals Trust 2016-CSTL XB IO†	0.203%	#(i)	7/5/2036		1,000		18,155
Stonemont Portfolio Trust 2017-MONT D†	3.551% (1 Mo. LIBOR + 2.05%	)#	8/20/2030		100		100,188
Stonemont Portfolio Trust 2017-MONT E†	4.251% (1 Mo. LIBOR + 2.75%	)#	8/20/2030		149		149,279
Stonemont Portfolio Trust 2017-MONT F†	5.101% (1 Mo. LIBOR + 3.60%	)#	8/20/2030		17		17,032
Stonemont Portfolio Trust 2017-MONT XCP IO†	0.638%	#(i)	8/20/2030		14,750		90,418
UBS-BAMLL Trust 2012-WRM D†	4.238%	#(i)	6/10/2030		100		98,292
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4	3.525%		5/10/2063		34		35,147
UBS-Barclays Commercial Mortgage Trust 2012-C4 A5	2.85%		12/10/2045		75		75,338
UBS-Barclays Commercial Mortgage Trust 2013-C5 A4	3.185%		3/10/2046		52		52,992
UBS-Barclays Commercial Mortgage Trust 2013-C5 XA IO†	0.993%	#(i)	3/10/2046		911		37,524
UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3	3.595%		1/10/2045		82		83,729
VNDO Mortgage Trust 2012-6AVE A†	2.996%		11/15/2030		300		303,062
Wachovia Bank Commercial Mortgage Trust 2005-C21 D	5.291%	#(i)	10/15/2044		10		9,968

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Waldorf Astoria Boca Raton Trust 2016-BOCA C†	3.977% (1 Mo. LIBOR + 2.50%	)#	6/15/2029	$	100		$	100,170
Waldorf Astoria Boca Raton Trust 2016-BOCA E†	5.827% (1 Mo. LIBOR + 4.35%	)#	6/15/2029		27			27,085
Wells Fargo Commercial Mortgage Trust 2010-C1 C†	5.598%	#(i)	11/15/2043		100			104,961
Wells Fargo Commercial Mortgage Trust 2015-C26 ASB	2.991%		2/15/2048		21			21,240
Wells Fargo Commercial Mortgage Trust 2015-C29 ASB	3.40%		6/15/2048		10			10,288
Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO	0.018%	#(i)	6/15/2048		2,000			6,506
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A	3.075%		12/15/2048		10			10,124
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2B	4.60%	#(i)	12/15/2048		36			38,035
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.784%	#(i)	9/15/2048		974			41,882
Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA IO	1.796%	#(i)	8/15/2049		988			114,424
West Town Mall Trust 2017-KNOX A†	3.823%		7/5/2030		74			75,338
West Town Mall Trust 2017-KNOX B†	4.322%		7/5/2030		31			31,572
West Town Mall Trust 2017-KNOX C†	4.346%	#(i)	7/5/2030		25			24,671
West Town Mall Trust 2017-KNOX D†	4.346%	#(i)	7/5/2030		25			23,827
West Town Mall Trust 2017-KNOX E†	4.346%	#(i)	7/5/2030		16			14,613
West Town Mall Trust 2017-KNOX X IO†	0.376%	#(i)	7/5/2030		1,604			26,003
WF-RBS Commercial Mortgage Trust 2011-C2 A4†	4.869%	#(i)	2/15/2044		25			26,240
WF-RBS Commercial Mortgage Trust 2011-C4 A3†	4.394%		6/15/2044		59			60,210
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.761%	#(i)	6/15/2045		25			25,810
WF-RBS Commercial Mortgage Trust 2012-C8 A2	1.881%		8/15/2045		–	(a)		3
WF-RBS Commercial Mortgage Trust 2012-C8 XA IO†	1.851%	#(i)	8/15/2045		357			24,053
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		274			276,088
WFCG Commercial Mortgage Trust 2015-BXRP A†	2.599% (1 Mo. LIBOR + 1.12%	)#	11/15/2029		25			24,758
Total Non-Agency Commercial Mortgage-Backed Securities (cost $13,221,500)								13,131,650
					Shares (000)
PREFERRED STOCK 0.02%
Oil
Templar Energy LLC Units (cost $10,685)					1			10,151

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
U.S. TREASURY OBLIGATIONS 1.40%
U.S. Treasury Note	1.50%	10/31/2019	$	227	$	225,439
U.S. Treasury Note	1.625%	12/31/2019		151		150,211
U.S. Treasury Note	1.75%	11/30/2019		462		460,834
Total U.S. Treasury Obligations (cost $839,671)						836,484
Total Long-Term Investments (cost $57,971,782)						57,863,240
SHORT-TERM INVESTMENTS 3.00%
COMMERCIAL PAPER 0.16%
Automotive
Ford Motor Credit Co. (cost $98,916)	2.058%	7/16/2018		100		98,912
CORPORATE BONDS 0.52%
Banks: Regional 0.33%
Intesa Sanpaolo SpA (Italy)(c)	3.875%	1/16/2018		200		200,135
Electric: Power 0.02%
TransAlta Corp. (Canada)(c)	6.90%	5/15/2018		11		11,184
Media 0.02%
Sky plc (United Kingdom)†(c)	6.10%	2/15/2018		10		10,047
Oil: Crude Producers 0.14%
Kinder Morgan Finance Co. LLC†	6.00%	1/15/2018		87		87,154
Telecommunications 0.01%
Nortel Networks Ltd. (Canada)(c)(j)	10.75%	7/15/2016		76		4,275
Total Corporate Bonds (cost $312,467)						312,795
REPURCHASE AGREEMENT 2.32%
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $1,460,000 of U.S. Treasury Note at 1.125% due 2/28/2021; value: $1,424,055; proceeds: $1,392,629 (cost $1,392,545)				1,393		1,392,545
Total Short-Term Investments (cost $1,803,928)						1,804,252
Total Investments in Securities 99.63% (cost $59,775,710)						59,667,492
Cash, Foreign Cash and Other Assets in Excess of Liabilities(k) 0.37%						220,412
Net Assets 100.00%					$	59,887,904

42 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

IO	Interest Only.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
Units	More than one class of securities traded together.
†	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.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2017.
(a)	Amount is less than $1,000.
(b)	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.
(c)	Foreign security traded in U.S. dollars.
(d)	Variable Rate is Fixed to Float: Rate remains fixed until designated future date.
(e)	Security is perpetual in nature and has no stated maturity.
(f)	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, 2017.
(g)	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.
(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)	Defaulted (non-income producing security).
(k)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation (depreciation) on open forward foreign currency exchange contracts and futures contracts as follows:

See Notes to Financial Statements. 43

Schedule of Investments (continued)

December 31, 2017

Open Forward Foreign Currency Exchange Contracts at December 31, 2017:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date	U.S. $ Current Value	Unrealized Appreciation
euro	Buy	Morgan Stanley	2/16/2018	5,585	$6,656	$6,718	$62
Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date	U.S. $ Current Value	Unrealized Depreciation
euro	Sell	State Street Bank and Trust	2/16/2018	13,000	$15,375	$15,637	$(262)

Open Futures Contracts at December 31, 2017:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
U.S. 10-Year Treasury Note	March 2018	1	Short	$   (124,430)	$   (124,047)	$   383
U.S. 5-Year Treasury Note	March 2018	8	Short	(932,079)	(929,312)	2,767
Totals				$(1,056,509)	$(1,053,359)	$3,150
Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Depreciation
U.S. 2-Year Treasury Note	March 2018	44	Long	$9,434,625	$9,420,813	$(13,812	)

44 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	–	$	17,449,599	$	–	$	17,449,599
Common Stock		–		160		–		160
Convertible Bond		–		84,105		–		84,105
Corporate Bonds
Coal		–		8,330		10,506		18,836
Remaining Industries		–		22,146,693		–		22,146,693
Floating Rate Loans
Aerospace/Defense		–		6,165		–		6,165
Biotechnology Research & Production		–		–		132,126		132,126
Chemicals		–		58,525		204,560		263,085
Computer Hardware		–		231,877		–		231,877
Containers		–		70,488		41,019		111,507
Drugs		–		–		63,243		63,243
Electric: Power		–		51,173		173,347		224,520
Electrical Equipment		–		–		78,638		78,638
Electronics		–		–		27,300		27,300
Food		–		25,813		–		25,813
Health Care Products		–		–		82,916		82,916
Health Care Services		–		–		1,916		1,916
Investment Management Companies		–		31,577		–		31,577
Lodging		–		–		54,587		54,587
Machinery: Industrial/Specialty		–		–		34,482		34,482
Manufacturing		–		50,754		–		50,754
Media		–		26,046		–		26,046
Miscellaneous		–		6,863		59,470		66,333
Oil		–		–		19,938		19,938
Oil: Crude Producers		–		–		35,481		35,481
Real Estate Investment Trusts		–		–		105,834		105,834
Retail		–		177,787		–		177,787
Technology		–		12,466		–		12,466
Telecommunications		–		43,952		–		43,952
Foreign Government Obligations		–		132,718		–		132,718
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		2,055,374		–		2,055,374
Government Sponsored Enterprises Pass-Throughs		–		283,981		–		283,981
Municipal Bonds		–		117,941		–		117,941
Non-Agency Commercial Mortgage-Backed Securities		–		12,812,911		318,739		13,131,650
Preferred Stock		–		10,151		–		10,151
U.S. Treasury Obligations		–		836,484		–		836,484
Commercial Paper		–		98,912		–		98,912
Repurchase Agreement		–		1,392,545		–		1,392,545
Total	$	–	$	58,223,390	$	1,444,102	$	59,667,492

See Notes to Financial Statements. 45

Schedule of Investments (concluded)

December 31, 2017

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	62		$	–	$	62
Liabilities		–			(262	)		–		(262	)
Futures Contracts
Assets		3,150			–			–		3,150
Liabilities		(13,812	)		–			–		(13,812	)
Total	$	(10,662	)	$	(200	)	$	–	$	(10,862	)

(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 Investment along with the valuation technique utilized.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

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

Investment Type	Asset-Backed Securities			Corporate Bonds			Floating Rate Loans			Non-Agency Commercial Mortgage-Backed Securities
Balance as of January 1, 2017	$	99,474		$	–		$	923,403		$	707,721
Accrued Discounts (Premiums)		–			(1	)		670			(38,539	)
Realized Gain (Loss)		–			–			2,946			–
Change in Unrealized Appreciation (Depreciation)		–			(43	)		528			465
Purchases		–			10,550			1,192,474			182,042
Sales		–			–			(818,467	)		(182,250	)
Transfers into Level 3		–			–			16,936			–
Transfers out of Level 3	$	(99,474	)		–			(203,633	)		(350,700	)
Balance as of December 31, 2017		–		$	10,506		$	1,114,857		$	318,739
Net change in unrealized appreciation/depreciation for year ended December 31, 2017 related to Level 3 investments held at December 31, 2017	$	–		$	(43	)	$	1,257		$	465

46 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $59,775,710)	$59,667,492
Cash	23,876
Deposits with brokers for futures collateral	16,859
Foreign cash, at value (cost $8,914)	8,897
Receivables:
Interest	416,606
Investment securities sold	84,886
Capital shares sold	47,590
From advisor (See Note 3)	5,728
Variation margin for futures contracts	1,261
Unrealized appreciation on forward foreign currency exchange contracts	62
Prepaid expenses	276
Total assets	60,273,533
LIABILITIES:
Payables:
Investment securities purchased	253,349
Management fee	17,838
Fund administration	2,039
Directors’ fees	1,966
Capital shares reacquired	348
Unrealized depreciation on forward foreign currency exchange contracts	262
Accrued expenses	109,827
Total liabilities	385,629
NET ASSETS	$59,887,904
COMPOSITION OF NET ASSETS:
Paid-in capital	$61,906,180
Undistributed net investment income	11,873
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions	(1,911,053	)
Net unrealized depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies	(119,096	)
Net Assets	$59,887,904
Outstanding shares (200 million shares of common stock authorized, $.001 par value)	4,165,927
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$14.38

See Notes to Financial Statements. 47

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Dividends	$	235
Interest and other (net of foreign withholding taxes of $172)		1,518,688
Total investment income		1,518,923
Expenses:
Management fee		186,203
Non 12b-1 service fees		133,150
Shareholder servicing		56,259
Professional		53,730
Reports to shareholders		22,287
Fund administration		21,280
Custody		18,652
Directors’ fees		1,451
Other		4,948
Gross expenses		497,960
Expense reductions (See Note 9)		(486	)
Fees waived and expenses reimbursed (See Note 3)		(71,867	)
Net expenses		425,607
Net investment income		1,093,316
Net realized and unrealized gain (loss):
Net realized gain on investments		58,443
Net realized loss on futures contracts		(24,117	)
Net realized loss on foreign currency exchange contracts		(1,364	)
Net realized gain on foreign currency related translations		396
Net change in unrealized appreciation/depreciation on investments		(35,235	)
Net change in unrealized appreciation/depreciation on futures contracts		(9,118	)
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts		(1,164	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(11	)
Net realized and unrealized loss		(12,170	)
Net Increase in Net Assets Resulting From Operations	$	1,081,146

48 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Operations:
Net investment income	$	1,093,316		$	664,907
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		33,358			(78,539	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(45,528	)		247,087
Net increase in net assets resulting from operations		1,081,146			833,455
Distributions to shareholders from:
Net investment income		(2,047,290	)		(1,192,100	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		33,186,207			32,551,047
Reinvestment of distributions		2,047,290			1,192,100
Cost of shares reacquired		(21,598,047	)		(7,969,058	)
Net increase in net assets resulting from capital share transactions		13,635,450			25,774,089
Net increase in net assets		12,669,306			25,415,444
NET ASSETS:
Beginning of year	$	47,218,598		$	21,803,154
End of year	$	59,887,904		$	47,218,598
Undistributed net investment income	$	11,873		$	1,788

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 investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations		Net investment income			Return of capital
12/31/2017		$14.57		$0.30		$0.02			$0.32		$(0.51	)	$	–
12/31/2016		14.43		0.33		0.19			0.52		(0.38	)		–
12/31/2015		14.72		0.27		(0.21	)		0.06		(0.34	)		(0.01	)
12/31/2014(c)(d)		15.00		0.18		(0.15	)		0.03		(0.31	)		–

(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)	Commencement of operations was 4/4/2014, SEC effective date was 4/14/2014 and date shares first became available to the public was 5/1/2014.
(d)	Net investment income, net realized and unrealized gain (loss) amounted to less than $.01 for the period 4/4/2014 through 4/14/2014.
(e)	Not annualized.
(f)	Total return for the period 4/14/2014 through 12/31/2014 was also 0.22%.
(g)	Annualized.

50 See Notes to Financial Statements.

								Ratios to Average Net Assets:									Supplemental Data:
Total distri- butions			Net asset value, end of period		Total return(b) (%)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$(0.51	)	$	14.38		2.19			0.80			0.94			2.05			$59,888		75
	(0.38	)		14.57		3.47			0.80			1.04			2.21			47,219		69
	(0.35	)		14.43		0.58			0.80			1.45			1.79			21,803		61
	(0.31	)		14.72		0.22	(e)(f)		0.80	(g)		2.02	(g)		1.61	(g)		7,680		103	(e)

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 twelve separate portfolios. 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 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 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.

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 income 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 remain open for the fiscal years ended December 31, 2014 through December 31, 2017. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending on 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 futures contracts and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if any, are included in Net realized loss on futures contracts and 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)

(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 futures contracts and translation of assets and liabilities denominated in foreign currencies in 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 on futures contracts and foreign currency related transactions in 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)	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

54

Notes to Financial Statements (continued)

	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 (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, 2017, the Fund did not have 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

55

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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, 2017, the effective management fee, net of waivers, was at an annualized rate of 0.21% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net operating expenses to an annual rate of .80%. This agreement may be terminated only upon the approval of the Board.

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

56

Notes to Financial Statements (continued)

administrative services to the Fund. This amount is included in Shareholder servicing on the Statement of Operations.

Two Directors 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, 2017 and 2016 was as follows:

	Year Ended 12/31/2017		Year Ended 12/31/2016
Distributions paid from:
Ordinary income		$2,047,290		$1,192,100
Total distributions paid		$2,047,290		$1,192,100

As of December 31, 2017, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income - net	$	13,839
Total undistributed earnings		13,839
Capital loss carryforwards*		(806,015	)
Temporary differences		(1,966	)
Unrealized losses		(1,224,134	)
Total accumulated losses		(2,018,276	)

* The capital losses will carry forward indefinitely.

As of December 31, 2017, 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	$	60,880,748
Gross unrealized gain		185,336
Gross unrealized loss		(1,409,454	)
Net unrealized security loss	$	(1,224,118	)

The difference between book-basis unrealized gains (losses) is primarily attributable to the tax treatment of forward currency contracts, futures, amortization of premium and wash sales.

Permanent items identified during the fiscal year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

57

Notes to Financial Statements (continued)

Undistributed Net Investment Income	Accumulated Net Realized Loss
$ 964,059	$(964,059	)

The permanent differences are primarily attributable to the tax treatment of foreign currency transactions, certain securities, premium amortization, and principal paydown gains and losses.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

U.S. Government Purchases	Non-U.S. Government Purchases	U.S. Government Sales	Non-U.S. Government Sales
$7,195,203	$44,967,116	$7,276,860	$30,273,342

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, 2017, the Fund engaged in cross-trades purchases of $754,503.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2017 (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, 2017 (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.

58

Notes to Financial Statements (continued)

As of December 31, 2017, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds use of derivative instruments:

	Short Duration Income Portfolio
Asset Derivatives	Interest Rate Contracts		Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts(1)		–	$	62
Futures Contracts(3)		$3,150		–
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)		–	$	262
Futures Contracts(3)		$13,812		–

(1)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2)	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(3)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments for the fiscal year ended December 31, 2017, were as follows:

	Short Duration Income Portfolio
	Interest Rate Contracts			Forward Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts(1)		–		$	(1,364	)
Futures Contracts(2)	$	(24,117	)		–
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts(3)		–		$	(1,164	)
Futures Contracts(4)	$	(9,118	)	$	–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(5)	$	–		$	23,033
Futures Contracts(6)		62			–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2017.
(1)	Statements of Operations location: Net realized loss on forward foreign currency related transactions.
(2)	Statements of Operations location: Net realized loss on futures contracts.
(3)	Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency related transactions.
(4)	Statements 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

59

Notes to Financial Statements (continued)

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
Forward Foreign Currency Exchange Contracts	$	62	$	–	$	62
Repurchase Agreements		1,392,545		–		1,392,545
Total	$	1,392,607	$	–	$	1,392,607

	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.		$1,392,545	$	–	$	–		$(1,392,545	)		$  –
Morgan Stanley		62		–		–		–			62
Total		$1,392,607	$	–	$	–		$(1,392,545	)		$62

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		$262	$	–		$262
Total		$262	$	–		$262

	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		$262	$	–	$	–	$	–		$262
Total		$262	$	–	$	–	$	–		$262

(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, 2017.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2017.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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

60

Notes to Financial Statements (continued)

equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees 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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

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 fiscal year ended December 31, 2017, 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. 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

61

Notes to Financial Statements (continued)

substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund’s returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund’s use of derivatives is successful 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.

62

Notes to Financial Statements (concluded)

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

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

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, 2017		Year Ended December 31, 2016
Shares sold	2,247,989		2,190,614
Reinvestment of distributions	142,561		81,988
Shares reacquired	(1,465,617	)	(542,280	)
Increase	924,933		1,730,322

63

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Short Duration Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Short Duration Income Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 periods presented, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Short Duration Income Portfolio of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for each of the periods presented, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, brokers and agent banks; 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 15, 2018

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

64

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

65

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

66

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

67

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

68

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

69

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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that the Fund’s investment performance was above the median of the

70

Approval of Advisory Contract (continued)

performance peer group for the one- and three-year periods. 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 necessary. After reviewing these and related factors, the Board concluded that the Fund’s investment performance was reasonable and supported the continuation of the Agreement.

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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 equal to 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

71

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

72

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

73

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Short Duration Income Portfolio	SFSDI-PORT-3 (02/18)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the fiscal year ended December 31, 2017

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
45	Report of Independent Registered Public Accounting Firm
46	Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio
Annual Report

For the fiscal year ended December 31, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, 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, 2017. 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,

Daria L. Foster

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2017, the Fund returned 3.86%, 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. Universal^® Index,¹ which returned 4.09% over the same period.

The Federal Reserve (Fed) gradually raised the Fed Funds rate over the 12-month period ended December 31, 2017, by raising interest rates by 25bps three times, ultimately reaching a target range of

1.25 - 1.50%. Inflation rose at a moderate pace during the year. The Consumer Price Index (CPI) gained 2.1% over the 12-month period ended December 31, 2017. Meanwhile, the employment picture continued to improve with the unemployment rate falling to 4.1% by year end, compared to 4.7% a year earlier and a high of 10.0% in October 2009. The U.S. Treasury yield curve flattened during the period, with the yield on two-year Treasury notes increasing by 69bps. Yields on longer-dated Treasury bonds were lower

1

over the period, with the yield on 10-year Treasury bonds slightly lower and the yield on 30-year Treasury bonds falling 32bps.

The overall global economic picture and accommodative Fed policy have created a positive environment for corporate credit. Although there was some volatility in spreads during the period, corporate credit spreads tightened across the ratings spectrum during the 12-month period, which generated strong returns, particularly within lower-rated corporate debt. This was beneficial for both high yield and investment grade corporate bonds.

For the 12-month period ended December 2017, the Fund’s overweight positions in Treasuries and asset-backed securities detracted from performance, as these securities lagged riskier assets. Security selection within mortgage-backed securities also detracted from performance. More specifically, an up-in-

coupon bias was a detractor, as higher coupons underperformed.

The Fund’s positioning within investment grade corporate bonds was the largest contributor to relative performance. Specifically, the Fund’s overweight position and security selection in ‘BBB’ rated bonds contributed to performance. Additionally, the Fund’s overweight position and security selection in high yield corporate bonds contributed to relative performance, as improving credit fundamentals and a continuation of low defaults have created a positive environment for high yield bonds.

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. Universal^® Index represents the union of the U.S. Aggregate Index, the U.S High Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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, 2017. 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

2

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. Universal^® Index and the Bloomberg Barclays U.S. Aggregate Bond^® 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, 2017
		1 Year	5 Years	Life of Class
Class VC2		3.86%	2.45%	4.24%

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. Performance for each index began on May 1, 2010.

²   The Class VC shares commenced operations on April 16, 2010. Performance for the Class began on May 1, 2010.

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, 2017 through December 31, 2017).

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 7/1/17 – 12/31/17” 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†
	7/1/17	12/31/17	7/1/17 - 12/31/17
Class VC
Actual	$1,000.00	$1,012.70	$3.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.98	$3.26

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2017

Sector*	%**
Auto		0.99	%
Basic Industry		0.12	%
Consumer Cyclical		0.90	%
Consumer Discretionary		0.55	%
Consumer Services		1.45	%
Consumer Staples		0.54	%
Energy		2.89	%
Financial Services		32.20	%
Foreign Government		5.01	%
Health Care		0.71	%
Integrated Oils		0.53	%
Materials & Processing		2.64	%
Municipal		0.38	%
Producer Durables		0.57	%
Technology		1.57	%
Telecommunications		0.79	%
Transportation		0.27	%
U.S. Government		44.97	%
Utilities		1.39	%
Repurchase Agreement		1.53	%
Total		100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 106.51%
ASSET-BACKED SECURITIES 20.27%
Automobiles 10.21%
Ally Auto Receivables Trust 2014-A†	0.63%	4/15/2019	$	222	$	221,897
American Credit Acceptance Receivables Trust 2015-1 C†	4.29%	4/12/2021		717		724,164
American Credit Acceptance Receivables Trust 2016-2 C†	6.09%	5/12/2022		272		284,252
AmeriCredit Automobile Receivables Trust 2013-5 D	2.86%	12/9/2019		656		658,642
AmeriCredit Automobile Receivables Trust 2014-1 C	2.15%	3/9/2020		301		301,210
AmeriCredit Automobile Receivables Trust 2015-2 C	2.40%	1/8/2021		1,977		1,982,795
AmeriCredit Automobile Receivables Trust 2015-3 A3	1.54%	3/9/2020		191		191,226
AmeriCredit Automobile Receivables Trust 2015-3 B	2.08%	9/8/2020		502		502,292
AmeriCredit Automobile Receivables Trust 2016-2 A2A	1.42%	10/8/2019		30		29,673
AmeriCredit Automobile Receivables Trust 2016-2 C	2.87%	11/8/2021		2,600		2,616,439
AmeriCredit Automobile Receivables Trust 2016-4 A2A	1.34%	4/8/2020		185		184,464
AmeriCredit Automobile Receivables Trust 2017-2 A2A	1.65%	9/18/2020		1,726		1,723,265
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		669		672,917
AmeriCredit Automobile Receivables Trust 2017-3 A2A	1.69%	12/18/2020		506		505,345
AmeriCredit Automobile Receivables Trust 2017-3 B	2.24%	6/19/2023		275		272,775
AmeriCredit Automobile Receivables Trust 2017-4 C	2.60%	9/18/2023		1,331		1,327,742
AmeriCredit Automobile Receivables Trust 2017-4 D	3.08%	12/18/2023		1,967		1,961,089
Avis Budget Rental Car Funding AESOP LLC 2012-3A A†	2.10%	3/20/2019		263		262,510
Avis Budget Rental Car Funding AESOP LLC 2013-1A A†	1.92%	9/20/2019		1,070		1,068,493
Avis Budget Rental Car Funding AESOP LLC 2013-2A†	2.97%	2/20/2020		535		538,669

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Avis Budget Rental Car Funding AESOP LLC 2014-1A†	2.46%	7/20/2020	$	592	$	593,018
California Republic Auto Receivables Trust 2014-3 B	2.66%	8/17/2020		376		377,014
California Republic Auto Receivables Trust 2015-1 A4	1.82%	9/15/2020		595		594,667
California Republic Auto Receivables Trust 2015-2 B	2.53%	6/15/2021		908		907,966
California Republic Auto Receivables Trust 2015-3 B	2.70%	9/15/2021		120		120,091
California Republic Auto Receivables Trust 2016-2 A3	1.56%	7/15/2020		163		162,412
California Republic Auto Receivables Trust 2016-2 B	2.52%	5/16/2022		328		325,062
Capital Auto Receivables Asset Trust 2014-3 B†	2.35%	7/22/2019		712		712,043
Capital Auto Receivables Asset Trust 2015-1 A3	1.61%	6/20/2019		113		113,337
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		340		339,243
Capital Auto Receivables Asset Trust 2017-1 B†	2.43%	5/20/2022		462		459,586
Capital Auto Receivables Asset Trust 2017-1 C†	2.70%	9/20/2022		656		655,083
Capital Auto Receivables Asset Trust 2017-1 D†	3.15%	2/20/2025		427		424,971
CarMax Auto Owner Trust 2014-1 A4	1.32%	7/15/2019		150		149,535
CarMax Auto Owner Trust 2015-2 A3	1.37%	3/16/2020		91		90,930
CarMax Auto Owner Trust 2016-3 A2	1.17%	8/15/2019		205		205,174
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		553		548,974
CarMax Auto Owner Trust 2016-4 A2	1.21%	11/15/2019		178		177,261
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		601		599,594
Chrysler Capital Auto Receivables Trust 2014-BA D†	3.44%	8/16/2021		367		369,563
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	2/15/2022		195		196,778
Chrysler Capital Auto Receivables Trust 2016-AA C†	3.25%	6/15/2022		134		135,325
CPS Auto Receivables Trust 2016-B D†	6.58%	3/15/2022		150		159,253
CPS Auto Trust 2017-D A†	1.87%	3/15/2021		1,144		1,142,109
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		123		123,381
Drive Auto Receivables Trust 2015-BA D†	3.84%	7/15/2021		2,374		2,412,330
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		425		427,572
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023		607		621,361
Drive Auto Receivables Trust 2016-BA D†	4.53%	8/15/2023		979		1,006,845
Drive Auto Receivables Trust 2016-CA B†	2.37%	11/16/2020		284		284,406
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		1,581		1,593,316
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		254		260,948
Drive Auto Receivables Trust 2017-2 A2A	1.63%	8/15/2019		630		629,754

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2017-2 A3	1.82%	6/15/2020	$	943	$	942,353
Drive Auto Receivables Trust 2017-3 C	2.80%	7/15/2022		1,459		1,460,293
Drive Auto Receivables Trust 2017-AA B†	2.51%	1/15/2021		535		536,556
Drive Auto Receivables Trust 2017-AA D†	4.16%	5/15/2024		447		458,472
Enterprise Fleet Financing LLC 2017-1 A2†	2.13%	7/20/2022		538		538,280
First Investors Auto Owner Trust 2016-2A A1†	1.53%	11/16/2020		209		208,841
First Investors Auto Owner Trust 2017-3A A2†	2.41%	12/15/2022		571		568,968
First Investors Auto Owner Trust 2017-3A B†	2.72%	4/17/2023		218		217,121	(a)
Flagship Credit Auto Trust 2017-3 A†	1.88%	10/15/2021		520		519,073
Flagship Credit Auto Trust 2017-3 B†	2.59%	7/15/2022		300		298,887
Ford Credit Auto Owner Trust 2014-C A3	1.06%	5/15/2019		78		77,622
Ford Credit Auto Owner Trust 2016-B A2A	1.08%	3/15/2019		84		83,804
Ford Credit Auto Owner Trust 2016-C A2A	1.04%	9/15/2019		362		361,449
Ford Credit Auto Owner Trust 2017-2 B†	2.60%	3/15/2029		108		106,126
Ford Credit Auto Owner Trust/Ford Credit 2014-1 A†	2.26%	11/15/2025		2,624		2,629,985
Foursight Capital Automobile Receivables Trust 2016-1 A2†	2.87%	10/15/2021		435		435,235
GM Financial Consumer Automobile 2017-1A B†	2.30%	6/16/2023		144		143,012
Harley-Davidson Motorcycle Trust 2015-2 A4	1.66%	12/15/2022		299		298,251
Honda Auto Receivables Owner Trust 2014-4 A3	0.99%	9/17/2018		6		5,933
Honda Auto Receivables Owner Trust 2015-1 A3	1.05%	10/15/2018		43		43,414
Honda Auto Receivables Owner Trust 2016-4 A2	1.04%	4/18/2019		329		328,623
Huntington Auto Trust 2016-1 A3	1.59%	11/16/2020		2,646		2,635,582
Mercedes-Benz Auto Receivables Trust 2016-1 A2A	1.11%	3/15/2019		271		270,948
Santander Drive Auto Receivables Trust 2014-2 C	2.33%	11/15/2019		117		116,724
Santander Drive Auto Receivables Trust 2014-3 C	2.13%	8/17/2020		484		483,916
Santander Drive Auto Receivables Trust 2014-4 C	2.60%	11/16/2020		630		631,608
Santander Drive Auto Receivables Trust 2015-1 C	2.57%	4/15/2021		1,613		1,617,650
Santander Drive Auto Receivables Trust 2016-2 B	2.08%	2/16/2021		190		190,068
Santander Drive Auto Receivables Trust 2016-3 A2	1.34%	11/15/2019		80		79,759
Santander Drive Auto Receivables Trust 2016-3 B	1.89%	6/15/2021		264		263,491
Santander Drive Auto Receivables Trust 2017-2 A2	1.60%	3/16/2020		1,545		1,544,092
Santander Drive Auto Receivables Trust 2017-2 B	2.21%	10/15/2021		1,359		1,358,660
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		808		816,665
Santander Drive Auto Receivables Trust 2017-3 C	2.76%	12/15/2022		192		192,208
SunTrust Auto Receivables Trust 2015-1A A3†	1.42%	9/16/2019		278		278,192
SunTrust Auto Receivables Trust 2015-1A D†	3.24%	1/16/2023		754		738,677
TCF Auto Receivables Owner Trust 2014-1A A4†	1.56%	1/15/2020		346		346,035

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
TCF Auto Receivables Owner Trust 2015-1A A3†	1.49%		12/16/2019	$	40	$	39,690
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%		4/15/2021		791		791,078
TCF Auto Receivables Owner Trust 2016-PT1A B†	2.92%		10/17/2022		443		439,052
Wheels SPV 2 LLC 2016-1A A2†	1.59%		5/20/2025		589		587,459
Total							56,632,613
Credit Cards 3.20%
BA Credit Card Trust 2015-A1 A	1.807% (1 Mo. LIBOR + .33%	)#	6/15/2020		3,682		3,682,580
Capital One Multi-Asset Execution Trust 2015-A1	1.39%		1/15/2021		370		369,793
Capital One Multi-Asset Execution Trust 2017-A5	2.057% (1 Mo. LIBOR + .58%	)#	7/15/2027		513		517,873
Capital One Multi-Asset Execution Trust 2017-A6	2.29%		7/15/2025		1,243		1,235,433
Citibank Credit Card Issuance Trust 2017-A5	2.155% (1 Mo. LIBOR + 0.62%	)#	4/22/2026		698		706,870
Discover Card Execution Note Trust 2013-A1	1.777% (1 Mo. LIBOR + 0.30%	)#	8/17/2020		3,126		3,127,094
Discover Card Execution Note Trust 2017-A4	2.53%		10/15/2026		165		164,645
Synchrony Credit Card Master Note Trust 2017-2 A	2.62%		10/15/2025		1,152		1,152,762
World Financial Network Credit Card Master Trust 2013-A	1.61%		12/15/2021		601		600,887
World Financial Network Credit Card Master Trust 2015-A	1.957% (1 Mo. LIBOR + .48%	)#	2/15/2022		1,863		1,864,598
World Financial Network Credit Card Master Trust 2017-B A	1.98%		6/15/2023		1,217		1,213,746
World Financial Network Credit Card Master Trust 2017-C A	2.31%		8/15/2024		2,151		2,143,051
World Financial Network Credit Card Master Trust 2017-C M	2.66%		8/15/2024		946		943,196
Total							17,722,528
Home Equity 0.05%
Asset Backed Securities Corp. Home Equity Loan
Trust Series NC 2006-HE4 A5	1.712% (1 Mo. LIBOR + .16%	)#	5/25/2036		28		27,782
Meritage Mortgage Loan Trust 2004-2 M3	2.527% (1 Mo. LIBOR + .98%	)#	1/25/2035		204		201,489
New Century Home Equity Loan Trust 2005-A A6	4.507%	#(b)	8/25/2035		31		31,721
Total							260,992

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other 6.81%
Access Point Funding I LLC 2017-A†	3.06%		4/15/2029	$	498	$	497,455
Anchorage Capital CLO Ltd. 2012-1A A2R†	3.459% (3 Mo. LIBOR + 2.10%	)#	1/13/2027		1,500		1,511,078
Anchorage Capital CLO Ltd. 2014-4A A1AR†	2.518% (3 Mo. LIBOR + 1.14%	)#	7/28/2026		1,500		1,506,117
Apidos CLO XVI 2013-16A CR†	4.357% (3 Mo. LIBOR + 3.00%	)#	1/19/2025		250		251,512
Apollo Credit Funding IV Ltd. 4A A1†	2.829% (3 Mo. LIBOR + 1.47%	)#	4/15/2027		1,000		1,007,420
Ascentium Equipment Receivables Trust 2016-2A A2†	1.46%		4/10/2019		137		136,595
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022		283		280,821
Ascentium Equipment Receivables Trust 2016-2A B†	2.50%		9/12/2022		182		181,219
Ascentium Equipment Receivables Trust 2017-1A A2†	1.87%		7/10/2019		608		607,194
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		183		182,479
Atrium XIII 13A A1†	2.621% (3 Mo. LIBOR + 1.18%	)#	11/21/2030		500		503,174
Avery Point V CLO Ltd. 2014-5A BR†	2.853% (3 Mo. LIBOR + 1.50%	)#	7/17/2026		372		373,820
Birchwood Park CLO Ltd. 2014-1A AR†	2.539% (3 Mo. LIBOR + 1.18%	)#	7/15/2026		1,000		1,001,612
BlueMountain CLO Ltd. 2013-2A A1R†	2.539% (3 Mo. LIBOR + 1.18%	)#	10/22/2030		753		758,418
Carlyle Global Market Strategies CLO Ltd. 2015-2A A1†	2.845% (3 Mo. LIBOR + 1.47%	)#	4/27/2027		850		849,620
Cavalry CLO IV Ltd. 2014-4A B1R†	2.709% (3 Mo. LIBOR + 1.35%	)#	10/15/2026		250		250,474
Cent CLO Ltd. 2013-19A A1A†	2.708% (3 Mo. LIBOR + 1.33%	)#	10/29/2025		850		851,380
CIFC Funding Ltd. 2017-5A A1†	2.543% (3 Mo. LIBOR + 1.18%	)#	11/16/2030		1,732		1,731,955	(a)
CNH Equipment Trust 2014-C A3	1.05%		11/15/2019		45		45,088
CNH Equipment Trust 2016-A A2B	1.997% (1 Mo. LIBOR + .52%	)#	7/15/2019		37		36,648
Conn Funding II LP 2017-B A†	2.73%		7/15/2020		1,666		1,682,115	(a)
Conn Funding II LP 2017-B C†	5.95%		11/15/2022		1,063		1,074,150	(a)
Dell Equipment Finance Trust 2015-2 A3†	1.72%		9/22/2020		30		29,690

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Dell Equipment Finance Trust 2016-1 A3†	1.65%		7/22/2021	$	100	$	99,872
Dell Equipment Finance Trust 2017-1 A1†	1.35%		5/22/2018		420		420,220
Dell Equipment Finance Trust 2017-1 A2†	1.86%		6/24/2019		186		185,950
Diamond Resorts Owner Trust 2013-1 A†	1.95%		1/20/2025		125		124,196
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		149		148,666
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		105		105,598
Diamond Resorts Owner Trust 2017-1A B†	4.11%		10/22/2029		784		778,802
DLL Securitization Trust 2017-A A4†	2.43%		11/17/2025		1,224		1,216,611
DRB Prime Student Loan Trust 2015-D A2†	3.20%		1/25/2040		647		652,857
Engs Commercial Finance Trust 2015-1A A2†	2.31%		10/22/2021		355		353,927
Ford Credit Floorplan Master Owner Trust 2017-2 A1	2.16%		9/15/2022		942		938,782
GMF Floorplan Owner Revolving Trust 2015-1 B†	1.97%		5/15/2020		394		393,795
Jackson Mill CLO Ltd. 2015-1A A†	2.899% (3 Mo. LIBOR + 1.54%	)#	4/15/2027		350		353,303
Jamestown CLO VII Ltd. 2015-7A CR†	3.967% (3 Mo. LIBOR + 2.60%	)#	7/25/2027		611		612,035
KKR CLO Ltd-11 AR†	2.539%#		1/15/2031		2,057		2,059,673
Laurel Road Prime Student Loan Trust 2017-B A1FX†	1.63%		8/25/2042		85		84,733
Marble Point CLO XI Ltd. 2017-2A A†	2.793% (3 Mo. LIBOR + 1.18%	)#	12/18/2030		1,809		1,811,623
Mountain Hawk III CLO Ltd. 2014-3A AR†	2.554% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		2,350		2,357,451
Oaktree EIF I Series Ltd. 2015-A1 B†	3.954% (3 Mo. LIBOR + 2.60%	)#	10/18/2027		900		904,481
Oaktree EIF II Series Ltd. 2014-A2 AR†	2.566% (3 Mo. LIBOR + 1.15%	)#	11/15/2025		500		501,445
Oaktree EIF II Series Ltd. 2014-A2 BR†	3.116% (3 Mo. LIBOR + 1.70%	)#	11/15/2025		900		903,319
OneMain Financial Issuance Trust 2015-1A A†	3.19%		3/18/2026		484		487,077
OneMain Financial Issuance Trust 2016-1A A†	3.66%		2/20/2029		315		320,190
OneMain Financial Issuance Trust 2016-2A B†	5.94%		3/20/2028		100		102,555
Pennsylvania Higher Education Assistance Agency 2006-1 B	1.637% (3 Mo. LIBOR + .27%	)#	4/25/2038		350		338,575
Regatta IV Funding Ltd. 2014-1A DR†	4.667% (3 Mo. LIBOR + 3.30%	)#	7/25/2026		600		600,351
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		451		448,976
Shackleton CLO 2014-6A A2R†	2.513% (3 Mo. LIBOR + 1.16%	)#	7/17/2026		438		439,319
SLM Private Education Loan Trust 2010-A 2A†	4.727% (1 Mo. LIBOR + 3.25%	)#	5/16/2044		24		24,915

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
SLM Student Loan Trust 2011-1 A1	1.848% (1 Mo. LIBOR + .52%	)#	3/25/2026	$	18	$	18,043
SoFi Professional Loan Program LLC 2017-E A1†	2.052% (1 Mo. LIBOR + .5%	)#	11/26/2040		1,028		1,030,288
SoFi Professional Loan Program LLC 2017-E A2B†	2.72%		11/26/2040		802		798,903
Sound Point CLO IX Ltd. 2015-2A AR†	2.243% (3 Mo. LIBOR + .88%	)#	7/20/2027		250		250,077
Tryon Park CLO Ltd. 2013-1A A1†	2.479% (3 Mo. LIBOR + 1.12%	)#	7/15/2025		681		683,097
WhiteHorse VIII Ltd. 2014-1A AR†	2.277% (3 Mo. LIBOR + .9%	)#	5/1/2026		1,833		1,834,277
Total							37,734,016
Total Asset-Backed Securities (cost $112,410,252)							112,350,149
CORPORATE BONDS 26.94%
Aerospace/Defense 0.00%
Embraer SA (Brazil)(c)	5.15%		6/15/2022		10		10,725
Air Transportation 0.05%
Air Canada (Canada)†(c)	7.75%		4/15/2021		70		80,150
American Airlines 2013-2 Class B Pass-Through Trust†	5.60%		1/15/2022		168		174,627
Total							254,777
Auto Parts: Original Equipment 0.27%
American Axle & Manufacturing, Inc.†	6.25%		4/1/2025		1,309		1,380,995
International Automotive Components Group SA (Luxembourg)†(c)	9.125%		6/1/2018		107		105,997
Total							1,486,992
Automotive 0.80%
Aston Martin Capital Holdings Ltd. (Jersey)†(c)	6.50%		4/15/2022		200		210,750
Ford Motor Co.	7.45%		7/16/2031		1,297		1,698,784
General Motors Co.	6.60%		4/1/2036		1,489		1,818,115
Tesla, Inc.†	5.30%		8/15/2025		751		720,021
Total							4,447,670

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional 6.20%
Akbank Turk AS (Turkey)†(c)	7.20% (5 Yr Swap rate + 5.03%	)#	3/16/2027	$	200	$	210,500
Banco de Credito e Inversiones (Chile)†(c)	3.50%		10/12/2027		535		522,628
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)#	7/21/2028		1,565		1,592,200
Bank of America Corp.	3.824% (3 Mo. LIBOR + 1.58%	)#	1/20/2028		1,597		1,653,318
Bank of America Corp.	3.95%		4/21/2025		250		258,715
Bank of America Corp.	4.00%		1/22/2025		728		757,909
Bank of America Corp.	4.45%		3/3/2026		315		336,725
Bank of Montreal (Canada)†(c)	2.50%		1/11/2022		2,747		2,744,435
Citigroup, Inc.	3.668% (3 Mo. LIBOR + 1.39%	)#	7/24/2028		1,692		1,718,177
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%	)#	1/10/2028		396		410,245
Citigroup, Inc.	4.45%		9/29/2027		552		584,928
Commonwealth Bank of Australia (Australia)†(c)	4.50%		12/9/2025		734		769,458
First Republic Bank	4.625%		2/13/2047		418		448,450
Goldman Sachs Group, Inc. (The)	2.908% (3 Mo. LIBOR + 1.05%	)#	6/5/2023		1,067		1,060,863
Goldman Sachs Group, Inc. (The)	6.25%		2/1/2041		588		793,415
Goldman Sachs Group, Inc. (The)	6.75%		10/1/2037		479		641,944
Intesa Sanpaolo SpA (Italy)†(c)	5.71%		1/15/2026		523		551,729
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028		553		563,097
JPMorgan Chase & Co.	3.782% (3 Mo. LIBOR + 1.34%	)#	2/1/2028		2,762		2,864,610
Manufacturers & Traders Trust Co.	3.40%		8/17/2027		264		267,324
Morgan Stanley	3.625%		1/20/2027		408		417,933
Morgan Stanley	3.875%		1/27/2026		873		910,699
Morgan Stanley	4.00%		7/23/2025		770		806,824
Morgan Stanley	7.25%		4/1/2032		84		116,552
Santander UK Group Holdings plc (United Kingdom)(c)	3.823%	#	11/3/2028		632		634,566
Santander UK Group Holdings plc (United Kingdom)†(c)	4.75%		9/15/2025		545		572,710
Santander UK plc (United Kingdom)†(c)	5.00%		11/7/2023		223		238,834
Santander UK plc (United Kingdom)(c)	7.95%		10/26/2029		902		1,175,986
Toronto-Dominion Bank (The) (Canada)†(c)	2.50%		1/18/2022		3,297		3,290,257
Toronto-Dominion Bank (The) (Canada)(c)	3.625% (5 Yr Swap rate + 2.21%	)#	9/15/2031		1,324		1,322,189
Turkiye Garanti Bankasi AS (Turkey)†(c)	6.125% (5 Yr Swap rate + 4.22%	)#	5/24/2027		475		475,271
Turkiye Garanti Bankasi AS (Turkey)†(c)	6.25%		4/20/2021		200		211,825
Wachovia Corp.	7.574%		8/1/2026		596		762,487
Wells Fargo & Co.	3.00%		10/23/2026		483		473,827

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Wells Fargo Bank NA	5.85%		2/1/2037	$	1,880	$	2,413,720
Wells Fargo Bank NA	6.60%		1/15/2038		687		959,344
Westpac Banking Corp. (Australia)(c)	4.322% (USISDA05 + 2.24%	)#	11/23/2031		812		837,927
Total							34,371,621
Beverages 0.42%
Anheuser-Busch InBev Finance, Inc.	4.70%		2/1/2036		1,481		1,665,976
Becle SAB de CV (Mexico)†(c)	3.75%		5/13/2025		350		351,815
Fomento Economico Mexicano SAB de CV (Mexico)(c)	4.375%		5/10/2043		300		317,386
Total							2,335,177
Building Materials 0.41%
James Hardie International Finance DAC (Ireland)†(c)	4.75%		1/15/2025		794		803,925
Standard Industries, Inc.†	5.50%		2/15/2023		272		284,240
Standard Industries, Inc.†	6.00%		10/15/2025		1,086		1,164,735
Total							2,252,900
Business Services 0.45%
Adani Ports & Special Economic Zone Ltd. (India)†(c)	4.00%		7/30/2027		275		273,332
Ashtead Capital, Inc.†	4.375%		8/15/2027		277		281,848
Brink’s Co. (The)†	4.625%		10/15/2027		676		664,170
Rent-A-Center, Inc.	4.75%		5/1/2021		528		501,600
United Rentals North America, Inc.	4.875%		1/15/2028		783		788,872
Total							2,509,822
Chemicals 0.69%
Blue Cube Spinco, Inc.	10.00%		10/15/2025		1,043		1,256,815
Chemours Co. (The)	7.00%		5/15/2025		469		511,210
Equate Petrochemical BV (Netherlands)†(c)	4.25%		11/3/2026		700		714,350
GCP Applied Technologies, Inc.†	9.50%		2/1/2023		94		104,575
Mexichem SAB de CV (Mexico)†(c)	4.875%		9/19/2022		205		218,325
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%		4/1/2025		403		439,774
Tronox Finance LLC†	7.50%		3/15/2022		417		436,807
Valvoline, Inc.	5.50%		7/15/2024		116		123,540
Total							3,805,396
Coal 0.13%
Peabody Energy Corp.†	6.00%		3/31/2022		79		82,259
Peabody Energy Corp.†	6.375%		3/31/2025		624		651,300
Total							733,559

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 0.34%
Dell International LLC/EMC Corp.†	3.48%	6/1/2019	$	278	$	281,554
Dell International LLC/EMC Corp.†	5.45%	6/15/2023		251		271,514
Dell International LLC/EMC Corp.†	6.02%	6/15/2026		563		621,640
Dell International LLC/EMC Corp.†	7.125%	6/15/2024		294		322,001
Dell International LLC/EMC Corp.†	8.35%	7/15/2046		283		365,550
Total						1,862,259
Computer Software 0.26%
First Data Corp.†	5.75%	1/15/2024		500		521,125
Oracle Corp.	6.125%	7/8/2039		675		928,167
Total						1,449,292
Construction/Homebuilding 0.38%
AV Homes, Inc.	6.625%	5/15/2022		505		531,512
Century Communities, Inc.	5.875%	7/15/2025		365		367,738
PulteGroup, Inc.	7.875%	6/15/2032		442		556,920
TRI Pointe Group, Inc.	5.25%	6/1/2027		310		318,355
William Lyon Homes, Inc.	5.875%	1/31/2025		307		314,291
Total						2,088,816
Containers 0.13%
BWAY Holding Co.†	7.25%	4/15/2025		479		495,765
SAN Miguel Industrias Pet SA (Peru)†(c)	4.50%	9/18/2022		200		203,700
Total						699,465
Drugs 0.11%
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)	2.20%	7/21/2021		356		325,434
Valeant Pharmaceuticals International, Inc.†	5.625%	12/1/2021		226		221,763
Valeant Pharmaceuticals International, Inc.†	7.50%	7/15/2021		68		69,445
Total						616,642
Electric: Power 1.36%
Appalachian Power Co.	7.00%	4/1/2038		529		754,916
Dominion Energy, Inc.	7.00%	6/15/2038		266		368,242
Dynegy, Inc.	7.625%	11/1/2024		755		813,512
Emirates Semb Corp., Water & Power Co. PJSC (United Arab Emirates)†(c)	4.45%	8/1/2035		275		281,378
Enel Finance International NV (Netherlands)†(c)	2.75%	4/6/2023		882		870,010
Exelon Generation Co. LLC	5.60%	6/15/2042		390		428,757
Exelon Generation Co. LLC	6.25%	10/1/2039		592		694,227

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
Massachusetts Electric Co.†	4.004%	8/15/2046	$	501	$	532,861
Minejesa Capital BV (Netherlands)†(c)	4.625%	8/10/2030		250		256,139
Orazul Energy Egenor S en C por A (Peru)†(c)	5.625%	4/28/2027		574		566,251
Origin Energy Finance Ltd. (Australia)†(c)	3.50%	10/9/2018		375		377,302
Pacific Gas & Electric Co.†	3.30%	12/1/2027		1,099		1,090,696
South Carolina Electric & Gas Co.	6.05%	1/15/2038		177		221,768
South Carolina Electric & Gas Co.	6.625%	2/1/2032		246		312,233
Total						7,568,292
Engineering & Contracting Services 0.35%
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)†(c)	6.75%	3/30/2029		295		324,131
Brand Industrial Services, Inc.†	8.50%	7/15/2025		651		685,178
China Railway Resources Huitung Ltd. (Hong Kong)(c)	3.85%	2/5/2023		900		928,796
Total						1,938,105
Entertainment 0.48%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op†	5.375%	4/15/2027		862		907,255
Eldorado Resorts, Inc.	6.00%	4/1/2025		505		530,250
Jacobs Entertainment, Inc.†	7.875%	2/1/2024		445		477,263
Mohegan Gaming & Entertainment†	7.875%	10/15/2024		723		743,786
Total						2,658,554
Financial Services 1.32%
Affiliated Managers Group, Inc.	3.50%	8/1/2025		125		126,495
Affiliated Managers Group, Inc.	4.25%	2/15/2024		248		261,650
Discover Financial Services	4.10%	2/9/2027		992		1,017,739
Intelsat Connect Finance SA (Luxembourg)†(c)	12.50%	4/1/2022		539		474,320
International Lease Finance Corp.	5.875%	4/1/2019		1,433		1,491,799
Nationstar Mortgage LLC/Nationstar Capital Corp.	7.875%	10/1/2020		367		375,028
Navient Corp.	6.625%	7/26/2021		1,015		1,073,362
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.50%	3/15/2027		343		361,335
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		347		354,876
OM Asset Management plc (United Kingdom)(c)	4.80%	7/27/2026		489		507,063
Quicken Loans, Inc.†	5.25%	1/15/2028		978		967,927
SURA Asset Management SA (Colombia)†(c)	4.375%	4/11/2027		280		283,500
Total						7,295,094

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Food 0.17%
Arcor SAIC (Argentina)†(c)	6.00%	7/6/2023	$	297	$	315,934
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		370		393,587
Gruma SAB de CV (Mexico)†(c)	4.875%	12/1/2024		200		214,500
Total						924,021
Health Care Services 0.65%
Ascension Health	3.945%	11/15/2046		265		280,669
HCA, Inc.	5.50%	6/15/2047		390		390,000
HCA, Inc.	7.50%	11/6/2033		125		140,625
Kaiser Foundation Hospitals	4.15%	5/1/2047		366		396,121
MPH Acquisition Holdings LLC†	7.125%	6/1/2024		97		103,548
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		496		521,959
NYU Hospitals Center	4.368%	7/1/2047		85		91,729
Polaris Intermediate Corp. PIK 8.5%†	8.50%	12/1/2022		746		775,840
WellCare Health Plans, Inc.	5.25%	4/1/2025		866		915,795
Total						3,616,286
Household Equipment/Products 0.12%
Central Garden & Pet Co.	6.125%	11/15/2023		513		545,062
Kimberly-Clark de Mexico SAB de CV (Mexico)†(c)	3.80%	4/8/2024		100		101,794
Total						646,856
Insurance 0.61%
American International Group, Inc.	4.70%	7/10/2035		680		753,818
Lincoln National Corp.	6.30%	10/9/2037		202		260,996
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044		1,230		1,409,044
Unum Group	5.75%	8/15/2042		330		404,921
Willis North America, Inc.	7.00%	9/29/2019		524		562,142
Total						3,390,921
Leisure 0.50%
Carlson Travel, Inc.†	6.75%	12/15/2023		236		214,170
Carnival plc	7.875%	6/1/2027		277		365,598
Royal Caribbean Cruises Ltd.	7.50%	10/15/2027		1,030		1,331,079
Silversea Cruise Finance Ltd.†	7.25%	2/1/2025		495		535,838
Viking Cruises Ltd.†	5.875%	9/15/2027		343		349,860
Total						2,796,545
Machinery: Industrial/Specialty 0.14%
SPX FLOW, Inc.†	5.625%	8/15/2024		720		761,400

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Machinery: Oil Well Equipment & Services 0.10%
BlueLine Rental Finance Corp./BlueLine Rental LLC†	9.25%	3/15/2024	$	497	$	531,790
Manufacturing 0.47%
Bombardier, Inc.(Canada)†(c)	7.50%	3/15/2025		533		539,662
Gates Global LLC/Gates Global Co.†	6.00%	7/15/2022		658		676,095
Koppers, Inc.†	6.00%	2/15/2025		495		525,938
Siemens Financieringsmaatschappij NV (Netherlands)†(c)	3.40%	3/16/2027		876		893,429
Total						2,635,124
Media 1.57%
21st Century Fox America, Inc.	7.75%	12/1/2045		451		717,496
Block Communications, Inc.†	6.875%	2/15/2025		253		266,283
Cablevision Systems Corp.	5.875%	9/15/2022		453		447,337
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%	2/15/2026		178		185,343
Comcast Corp.	3.15%	3/1/2026		1,505		1,517,370
Comcast Corp.	3.969%	11/1/2047		722		747,124
Cox Communications, Inc.†	8.375%	3/1/2039		782		1,102,811
CSC Holdings LLC†	10.875%	10/15/2025		200		238,000
DISH DBS Corp.	7.75%	7/1/2026		397		418,835
Myriad International Holdings BV (Netherlands)†(c)	5.50%	7/21/2025		350		381,895
SFR Group SA (France)†(c)	6.00%	5/15/2022		500		506,875
Time Warner Cable LLC	7.30%	7/1/2038		1,032		1,296,507
Time Warner Entertainment Co. LP	8.375%	7/15/2033		245		337,733
VTR Finance BV (Netherlands)†(c)	6.875%	1/15/2024		507		536,152
Total						8,699,761
Metal Fabricating 0.02%
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.†	7.375%	12/15/2023		130		139,906
Metals & Minerals: Miscellaneous 0.87%
Aleris International, Inc.†	9.50%	4/1/2021		160		169,600
Barrick International Barbados Corp. (Barbados)†(c)	6.35%	10/15/2036		158		204,868
Barrick North America Finance LLC	7.50%	9/15/2038		200		277,001
Corp. Nacional del Cobre de Chile (Chile)†(c)	4.50%	9/16/2025		700		753,312
Freeport-McMoRan, Inc.	3.875%	3/15/2023		775		775,000
Glencore Finance Canada Ltd. (Canada)†(c)	5.55%	10/25/2042		640		709,640
Hudbay Minerals, Inc. (Canada)†(c)	7.25%	1/15/2023		72		76,680
Hudbay Minerals, Inc. (Canada)†(c)	7.625%	1/15/2025		107		117,700
Kinross Gold Corp. (Canada)(c)	5.95%	3/15/2024		281		309,451

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Metals & Minerals: Miscellaneous (continued)
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)†(c)	4.10%	4/11/2023	$	430	$	433,622
Teck Resources Ltd. (Canada)(c)	4.75%	1/15/2022		948		994,262
Total						4,821,136
Natural Gas 0.20%
Dominion Energy Gas Holdings LLC	4.60%	12/15/2044		1,026		1,132,255
Oil 1.93%
Afren plc (United Kingdom)†(c)(d)	6.625%	12/9/2020		244		1,003
Cenovus Energy, Inc. (Canada)(c)	5.40%	6/15/2047		248		261,737
Continental Resources, Inc.	3.80%	6/1/2024		832		825,760
Eni SpA (Italy)†(c)	5.70%	10/1/2040		1,800		1,963,245
EP Energy LLC/Everest Acquisition Finance, Inc.†	8.00%	11/29/2024		498		516,675
Gazprom OAO via Gaz Capital SA (Luxembourg)†(c)	4.95%	2/6/2028		200		208,677
Halcon Resources Corp.†	6.75%	2/15/2025		476		497,420
Kerr-McGee Corp.	7.875%	9/15/2031		479		637,667
MEG Energy Corp. (Canada)†(c)	7.00%	3/31/2024		450		381,937
Pertamina Persero PT (Indonesia)†(c)	5.625%	5/20/2043		200		217,981
Petrobras Global Finance BV (Netherlands)(c)	4.375%	5/20/2023		358		354,946
Petrobras Global Finance BV (Netherlands)(c)	7.25%	3/17/2044		376		391,980
Petroleos Mexicanos (Mexico)(c)	4.50%	1/23/2026		489		489,342
Precision Drilling Corp. (Canada)(c)	7.75%	12/15/2023		147		155,085
Raizen Fuels Finance SA (Luxembourg)†(c)	5.30%	1/20/2027		200		209,760
Sanchez Energy Corp.	6.125%	1/15/2023		682		581,405
Sinopec Group Overseas Development Ltd.†	4.375%	10/17/2023		364		386,761
SM Energy Co.	5.625%	6/1/2025		26		25,350
SM Energy Co.	6.50%	1/1/2023		1,055		1,081,375
Valero Energy Corp.	10.50%	3/15/2039		421		721,950
WPX Energy, Inc.	5.25%	9/15/2024		374		374,580
WPX Energy, Inc.	6.00%	1/15/2022		104		109,200
YPF SA (Argentina)†(c)	8.50%	7/28/2025		281		326,662
Total						10,720,498
Oil: Crude Producers 0.77%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(c)	4.60%	11/2/2047		320		330,006
Cheniere Corpus Christi Holdings LLC	5.125%	6/30/2027		501		519,487
Energy Transfer LP	7.50%	7/1/2038		679		843,784
Energy Transfer LP/Regency Energy Finance Corp.	5.00%	10/1/2022		23		24,539

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers (continued)
GNL Quintero SA (Chile)†(c)	4.634%	7/31/2029	$	200	$	209,000
IFM US Colonial Pipeline 2 LLC†	6.45%	5/1/2021		370		406,240
Kinder Morgan, Inc.	7.75%	1/15/2032		1,413		1,828,282
Tennessee Gas Pipeline Co. LLC	8.375%	6/15/2032		67		87,455
Total						4,248,793
Oil: Integrated Domestic 0.57%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.†	3.337%	12/15/2027		1,092		1,091,205
Halliburton Co.	6.70%	9/15/2038		209		278,514
Halliburton Co.	7.45%	9/15/2039		227		325,398
National Oilwell Varco, Inc.	3.95%	12/1/2042		431		382,705
Transocean Proteus Ltd.†	6.25%	12/1/2024		343		360,902
Trinidad Drilling Ltd. (Canada)†(c)	6.625%	2/15/2025		204		194,820
Weatherford International Ltd.	8.25%	6/15/2023		522		528,525
Total						3,162,069
Real Estate Investment Trusts 1.15%
Boston Properties LP	3.20%	1/15/2025		235		234,562
EPR Properties	4.75%	12/15/2026		501		515,033
EPR Properties	5.25%	7/15/2023		1,150		1,224,965
Equinix, Inc.	5.875%	1/15/2026		784		843,780
Goodman US Finance Four LLC†	4.50%	10/15/2037		316		327,395
Goodman US Finance Three LLC†	3.70%	3/15/2028		272		270,392
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.	5.625%	5/1/2024		195		208,650
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)†(c)	3.875%	3/20/2027		875		895,312
Physicians Realty LP	4.30%	3/15/2027		193		196,681
VEREIT Operating Partnership LP	3.00%	2/6/2019		1,669		1,677,354
Total						6,394,124
Retail 0.47%
FirstCash, Inc.†	5.375%	6/1/2024		259		271,303
JC Penney Corp., Inc.†	5.875%	7/1/2023		859		813,902
Men’s Wearhouse, Inc. (The)	7.00%	7/1/2022		827		834,278
PVH Corp.	7.75%	11/15/2023		561		676,005
Total						2,595,488

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Steel 0.14%
Cleveland-Cliffs, Inc.†	5.75%		3/1/2025	$	578	$	553,435
Vale Overseas Ltd. (Brazil)(c)	6.875%		11/10/2039		188		231,475
Total							784,910
Technology 1.10%
Alibaba Group Holding Ltd. (China)(c)	3.60%		11/28/2024		965		1,001,724
Alibaba Group Holding Ltd. (China)(c)	4.40%		12/6/2057		200		208,726
Amazon.com, Inc.†	3.15%		8/22/2027		840		842,715
Amazon.com, Inc.	4.80%		12/5/2034		1,301		1,530,520
Baidu, Inc. (China)(c)	3.50%		11/28/2022		433		439,672
Expedia, Inc.	3.80%		2/15/2028		635		614,690
Netflix, Inc.	4.375%		11/15/2026		944		927,480
Tencent Holdings Ltd. (China)†(c)	3.375%		5/2/2019		510		516,189
Total							6,081,716
Telecommunications 0.86%
AT&T, Inc.	5.15%		2/14/2050		112		112,998
AT&T, Inc.†	5.15%		11/15/2046		672		688,809
AT&T, Inc.	6.00%		8/15/2040		1,281		1,453,331
MTN Mauritius Investment Ltd. (Mauritius)†(c)	4.755%		11/11/2024		200		199,200
Ooredoo International Finance Ltd.†	3.75%		6/22/2026		300		298,706
Sprint Corp.	7.125%		6/15/2024		745		759,900
Verizon Communications, Inc.	4.862%		8/21/2046		526		549,564
Wind Tre SpA (Italy)†(c)	5.00%		1/20/2026		734		701,704
Total							4,764,212
Transportation: Miscellaneous 0.24%
Autoridad del Canal de Panama (Panama)†(c)	4.95%		7/29/2035		200		223,750
Rumo Luxembourg Sarl (Luxembourg)†(c)	7.375%		2/9/2024		458		493,999
XPO Logistics, Inc.†	6.125%		9/1/2023		596		632,505
Total							1,350,254
Utilities 0.14%
Aquarion Co.†	4.00%		8/15/2024		724		755,906
Total Corporate Bonds (cost $145,067,733)							149,339,129
FOREIGN GOVERNMENT OBLIGATIONS 5.52%
Argentina 0.43%
City of Buenos Aires(e)	26.661% (BADLAR + 3.25%	)#	3/29/2024	ARS	1,800		94,481
Provincia de Buenos Aires†(c)	6.50%		2/15/2023	$	226		243,357

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Argentina (continued)
Provincia de Mendoza†(c)	8.375%	5/19/2024	$	400	$	447,024
Republic of Argentina(c)	6.875%	1/26/2027		682		746,108
Republic of Argentina(c)	8.28%	12/31/2033		714		844,947
Total						2,375,917
Bahamas 0.13%
Commonwealth of Bahamas†(c)	6.00%	11/21/2028		370		386,650
Commonwealth of Bahamas†(c)	6.95%	11/20/2029		300		330,241
Total						716,891
Bermuda 0.08%
Government of Bermuda†	3.717%	1/25/2027		430		436,988
Brazil 0.14%
Federal Republic of Brazil(c)	4.25%	1/7/2025		600		610,950
Federal Republic of Brazil(c)	5.00%	1/27/2045		200		186,900
Total						797,850
Canada 0.57%
Province of Quebec Canada(c)	2.75%	4/12/2027		3,186		3,162,541
Egypt 0.04%
Arab Republic of Egypt†(c)	6.125%	1/31/2022		220		230,599
Ghana 0.04%
Republic of Ghana†(c)	7.875%	8/7/2023		225		247,835
Indonesia 0.21%
Perusahaan Penerbit SBSN†(c)	4.00%	11/21/2018		200		203,460
Republic of Indonesia†(c)	4.35%	1/8/2027		645		683,460
Republic of Indonesia†(c)	5.875%	1/15/2024		250		285,240
Total						1,172,160
Japan 3.13%
Japan Bank for International Corp.(c)	2.125%	7/21/2020		1,248		1,238,842
Japan Bank for International Corp.(c)	2.125%	11/16/2020		16,216		16,083,628
Total						17,322,470
Latvia 0.05%
Republic of Latvia†(c)	5.25%	6/16/2021		258		283,392
Lithuania 0.12%
Republic of Lithuania†(c)	7.375%	2/11/2020		592		654,627

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Mexico 0.16%
United Mexican States(c)	4.00%		10/2/2023	$	834	$	874,866
Qatar 0.06%
State of Qatar†(c)	3.25%		6/2/2026		345		336,682
Romania 0.01%
Republic of Romania†(c)	6.125%		1/22/2044		49		63,415
Sri Lanka 0.08%
Republic of Sri Lanka†(c)	6.25%		7/27/2021		200		212,955
Republic of Sri Lanka†(c)	6.85%		11/3/2025		200		221,148
Total							434,103
Turkey 0.25%
Republic of Turkey(c)	3.25%		3/23/2023		220		208,911
Republic of Turkey(c)	5.625%		3/30/2021		616		649,411
Republic of Turkey(c)	5.75%		3/22/2024		510		540,913
Total							1,399,235
Uruguay 0.02%
Republic of Uruguay(c)	7.875%		1/15/2033		61		87,535
Total Foreign Government Obligations (cost $30,417,918)							30,597,106
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.52%
Federal Home Loan Mortgage Corp. Q001 XA IO	2.303%	#(b)	2/25/2032		2,857		453,060
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		30		29,498
Government National Mortgage Assoc. 2015-47 AE	2.90%	#(b)	11/16/2055		1,333		1,335,669
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(b)	2/16/2049		793		793,847
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(b)	2/16/2053		314		311,861
Government National Mortgage Assoc. 2017-168 AS	2.70%		8/16/2058		1,619		1,602,039
Government National Mortgage Assoc. 2017-41 AS	2.60%		6/16/2057		1,311		1,286,877
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		675		664,043
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		450		441,465
Government National Mortgage Assoc. 2017-86 AS	2.75%		2/16/2058		514		509,661
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		432		425,399
Government National Mortgage Assoc. 2017-90 AS	2.70%		7/16/2057		602		593,597
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $8,535,373)							8,447,016
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 16.93%
Federal Home Loan Mortgage Corp.	0.75%		4/9/2018		11,929		11,907,349
Federal Home Loan Mortgage Corp.	4.00%		12/1/2044 - 8/1/2047		6,357		6,674,030

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal Home Loan Mortgage Corp.	5.00%		9/1/2019 - 6/1/2026	$	117	$	120,762
Federal National Mortgage Assoc.	3.137% (12 Mo. LIBOR + 1.79%	)#	3/1/2042		859		898,840
Federal National Mortgage Assoc.	3.50%		4/1/2043 - 7/1/2043		2,387		2,476,400
Federal National Mortgage Assoc.(f)	3.50%		TBA		25,750		26,454,987
Federal National Mortgage Assoc.	4.00%		10/1/2040 - 9/1/2047		17,238		18,084,026
Federal National Mortgage Assoc.(f)	4.50%		TBA		9,800		10,427,751
Federal National Mortgage Assoc.	4.50%		9/1/2047		5,721		6,096,741
Federal National Mortgage Assoc.	5.50%		11/1/2034 - 9/1/2036		1,032		1,145,104
Government National Mortgage Assoc.(f)	3.00%		TBA		9,500		9,584,342
Total Government Sponsored Enterprises Pass-Throughs (cost $94,150,484)							93,870,332
MUNICIPAL BONDS 0.31%
Miscellaneous
District of Columbia	5.591%		12/1/2034		695		860,590
North Texas Tollway Auth	8.91%		2/1/2030		538		604,115
Pennsylvania	5.35%		5/1/2030		235		249,911
Total							1,714,616
Total Municipal Bonds (cost $1,699,494)							1,714,616
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.31%
BWAY Mortgage Trust 2015-1740 A†	2.917%		1/10/2035		880		865,791
Caesars Palace Las Vegas Trust 2017-VICI A†	3.531%		10/15/2034		1,474		1,508,904
Caesars Palace Las Vegas Trust 2017-VICI B†	3.835%		10/15/2034		901		924,378
CCUBS Commercial Mortgage Trust 2017-C1 B	4.159%	#(b)	11/15/2050		739		760,764
CFCRE Commercial Mortgage Trust 2017-C8 B	4.199%	#(b)	6/15/2050		282		287,995
CGBAM Commercial Mortgage Trust 2015-SMRT B†	3.213%		4/10/2028		212		212,608
CGBAM Commercial Mortgage Trust 2015-SMRT C†	3.516%		4/10/2028		159		159,952
Citigroup Commercial Mortgage Trust 2016-GC36 D†	2.85%		2/10/2049		1,250		953,394
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.224%	#(b)	8/10/2047		731		36,709
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.441%	#(b)	7/10/2050		178		182,192
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.441%	#(b)	7/10/2050		410		391,968
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.441%	#(b)	7/10/2050		574		465,439

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	3.152% (1 Mo. LIBOR + 1.72%	)#	10/15/2034	$	1,060	$	1,062,376
CSAIL Commercial Mortgage Trust 2015-C2 C	4.21%	#(b)	6/15/2057		700		647,182
DBWF Mortgage Trust 2015-LCM D†	3.421%	#(b)	6/10/2034		257		225,920
GAHR Commercial Mortgage Trust 2015-NRF DFX†	3.382%	#(b)	12/15/2034		278		279,102
GS Mortgage Securities Corp. II 2017-GS8 B	3.953%	#(b)	11/10/2050		227		233,726
GS Mortgage Securities Trust 2015-GC32 C	4.412%	#(b)	7/10/2048		195		194,607
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		668		664,531
Hudsons Bay Simon JV Trust 2015-HB7 D7†	5.159%	#(b)	8/5/2034		629		597,703
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 AS	4.243%	#(b)	4/15/2047		300		316,428
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.309%	#(b)	7/15/2048		374		365,274
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 B	4.05%		9/15/2050		274		280,960
MASTR Asset Securitization Trust 2006-3 1A3	6.00%		10/25/2036		6		5,930
MASTR Asset Securitization Trust 2006-3 1A8	6.00%		10/25/2036		13		13,330
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1	6.25%		10/25/2036		18		14,791
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.732%	#(b)	7/15/2050		19,534		655,584
Morgan Stanley Capital I, Inc. 2017-HR2 B	4.061%		12/15/2050		792		818,845
SFAVE Commercial Mortgage Securities Trust 2015-5AVE A2B†	4.144%	#(b)	1/5/2043		250		257,124
Structured Asset Securities Corp. 2006-3H 1A2	5.75%		12/25/2035		9		9,202
UBS Commercial Mortgage Trust 2017-C5 B	4.10%	#(b)	11/15/2050		886		915,113
UBS Commercial Mortgage Trust 2017-C6 B	4.154%	#(b)	12/15/2050		507		523,824
UBS-BAMLL Trust 2012-WRM E†	4.238%	#(b)	6/10/2030		595		569,812
UBS-Barclays Commercial Mortgage Trust 2012-C3 B†	4.365%	#(b)	8/10/2049		200		208,234
Wells Fargo Commercial Mortgage Trust 2013-LC12 D†	4.291%	#(b)	7/15/2046		364		307,058
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.133%	#(b)	5/15/2048		1,489		1,181,702
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E†	4.88%	#(b)	1/15/2059		434		359,418
Wells Fargo Commercial Mortgage Trust 2017-C41 B	4.188%	#(b)	11/15/2050		855		878,687
Total Non-Agency Commercial Mortgage-Backed Securities (cost $18,150,323)							18,336,557

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
U.S. TREASURY OBLIGATIONS 31.71%
U.S. Treasury Bond	2.75%	8/15/2047	$	6,348	$	6,350,162
U.S. Treasury Bond	2.75%	11/15/2047		1,466		1,466,984
U.S. Treasury Bond	3.00%	5/15/2047		16,319		17,141,857
U.S. Treasury Bond	3.75%	11/15/2043		5,621		6,692,033
U.S. Treasury Inflation Indexed Bond(g)	0.125%	4/15/2022		11,117		11,044,070
U.S. Treasury Inflation Indexed Bond(g)	0.625%	1/15/2026		4,746		4,827,159
U.S. Treasury Note	1.125%	8/31/2021		3,591		3,469,289
U.S. Treasury Note	1.25%	3/31/2021		5,378		5,245,688
U.S. Treasury Note	1.375%	6/30/2018		10,368		10,362,027
U.S. Treasury Note	1.375%	5/31/2021		2,934		2,868,240
U.S. Treasury Note	1.50%	10/31/2019		4,772		4,739,179
U.S. Treasury Note	1.625%	12/31/2019		1,620		1,611,533
U.S. Treasury Note	1.75%	11/30/2019		4,659		4,647,249
U.S. Treasury Note	1.75%	5/31/2022		2,028		1,992,721
U.S. Treasury Note	1.875%	4/30/2022		1,406		1,389,267
U.S. Treasury Note	1.875%	9/30/2022		62,105		61,205,981
U.S. Treasury Note	2.25%	11/15/2027		10,547		10,396,558
U.S. Treasury Note	2.625%	11/15/2020		4,247		4,323,779
U.S. Treasury Notes	1.875%	12/15/2020		16,051		16,004,930
Total U.S. Treasury Obligations (cost $176,320,400)						175,778,706
Total Long-Term Investments (cost $586,751,977)					$	590,433,611
SHORT-TERM INVESTMENT 1.65%
REPURCHASE AGREEMENT
Repurchase Agreement dated 12/29/2017, 0.54% due 1/2/2018 with Fixed Income Clearing Corp. collateralized by $8,910,000 of U.S. Treasury Note at 3.625% due 2/15/2020; value: $9,347,009; proceeds: $9,164,006 (cost $9,163,456)				9,163		9,163,456
Total Investments in Securities 108.16% (cost $595,915,433)						599,597,067
Liabilities in Excess of Other Assets(h) (8.16%)						(45,219,136	)
Net Assets 100.00%					$	554,377,931

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2017

ARS	Argentine Peso.
BADLAR	Banco de la Republica Argentina.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
†	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.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2017.
(a)	Level 3 Investment as described in Note 2(k) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(b)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(c)	Foreign security traded in U.S. dollars.
(d)	Defaulted (non-income producing security).
(e)	Investment in non-U.S. dollar denominated securities.
(f)	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.
(g)	Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
(h)	Liabilities in Excess of Other Assets include net unrealized appreciation/depreciation on futures contracts as follows:

Open Futures Contracts at December 31, 2017:

				Notional		Notional		Unrealized
Type	Expiration	Contracts	Position	Amount		Value		Appreciation
U.S. 10-Year Treasury Note	March 2018	80	Short	$	(9,954,376)	$	(9,923,750)		$	30,626
Ultra Long U.S. Treasury Bond	March 2018	6	Long		1,002,057		1,005,937			3,880
Totals				$	(8,952,319)	$	(8,917,813)		$	34,506
				Notional		Notional		Unrealized
Type	Expiration	Contracts	Position	Amount		Value		Depreciation
U.S. 2-Year Treasury Note	March 2018	146	Long	$	31,305,840	$	31,259,969		$	(45,871)
U.S. 5-Year Treasury Note	March 2018	175	Long		20,442,495		20,328,711			(113,784)
Totals				$	51,748,335	$	51,588,680		$	(159,655)

28 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2		Level 3		Total
Asset-Backed Securities	$	–		$	107,861,929	$	4,488,220	$	112,350,149
Corporate Bonds		–			149,339,129		–		149,339,129
Foreign Government Obligations		–			30,597,106		–		30,597,106
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			8,447,016		–		8,447,016
Government Sponsored Enterprises Pass-Throughs		–			93,870,332		–		93,870,332
Municipal Bonds		–			1,714,616		–		1,714,616
Non-Agency Commercial Mortgage-Backed Securities		–			18,336,557		–		18,336,557
U.S. Treasury Obligations		–			175,778,706		–		175,778,706
Repurchase Agreement		–			9,163,456		–		9,163,456
Total	$	–		$	595,108,847	$	4,488,220	$	599,597,067
Other Financial Instruments
Futures Contracts
Assets	$	34,506		$	–	$	–	$	34,506
Liabilities		(159,655	)		–		–		(159,655	)
Total	$	(125,149	)	$	–	$	–	$	(125,149	)

(1)	Refer to Note 2(k) 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.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2017.

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

Investment Type	Asset-Backed Securities
Balance as of January 1, 2017		$	–
Accrued Discounts (Premiums)			2
Realized Gain (Loss)			–
Change in Unrealized Appreciation (Depreciation)			27,431
Purchases			4,460,787
Sales			–
Transfers into Level 3			–
Transfers out of Level 3			–
Balance as of December 31, 2017		$	4,488,220
Change in unrealized appreciation/depreciation for the year ended December 31, 2017 related to Level 3 investments held at December 31, 2017		$	27,431

See Notes to Financial Statements. 29

Statement of Assets and Liabilities

December 31, 2017

ASSETS:
Investments in securities, at fair value (cost $595,915,433)	$	599,597,067
Deposits with brokers for futures collateral		131,355
Receivables:
Interest and dividends		3,556,778
Capital shares sold		260,371
From advisor (See Note 3)		108,904
Variation margin for futures contracts		11,998
Prepaid expenses		2,422
Total assets		603,668,895
LIABILITIES:
Payables:
Investment securities purchased		48,296,494
Capital shares reacquired		336,334
Management fee		210,367
Directors’ fees		33,848
Fund administration		18,699
Accrued expenses		395,222
Total liabilities		49,290,964
NET ASSETS	$	554,377,931
COMPOSITION OF NET ASSETS:
Paid-in capital	$	559,109,240
Distributions in excess of net investment income		(33,848	)
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(8,253,568	)
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		3,556,107
Net Assets	$	554,377,931
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		33,287,411
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.65

30 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2017

Investment income:
Interest and other (net of foreign withholding taxes of $1,232)	$	13,901,801
Total investment income		13,901,801
Expenses:
Management fee		2,233,409
Non 12b-1 service fees		1,241,731
Shareholder servicing		532,704
Fund administration		198,525
Professional		64,527
Reports to shareholders		39,606
Custody		19,419
Directors’ fees		13,631
Other		34,475
Gross expenses		4,378,027
Expense reductions (See Note 9)		(4,550	)
Fees waived and expenses reimbursed (See Note 3)		(1,197,074	)
Net expenses		3,176,403
Net investment income		10,725,398
Net realized and unrealized gain (loss):
Net realized gain on investments		796,529
Net realized loss on futures contracts		(186,030	)
Net realized loss on foreign currency related transactions		(699	)
Net change in unrealized appreciation/depreciation on investments		7,005,125
Net change in unrealized appreciation/depreciation on futures contracts		(135,338	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(378	)
Net realized and unrealized gain		7,479,209
Net Increase in Net Assets Resulting From Operations	$	18,204,607

See Notes to Financial Statements. 31

Statements of Changes in Net Assets

	For the Year Ended				For the Year Ended
INCREASE IN NET ASSETS	December 31, 2017				December 31, 2016
Operations:
Net investment income		$	10,725,398			$	9,082,563
Net realized gain on investments, futures contracts and foreign currency related transactions			609,800				303,334
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies			6,869,409				6,686,191
Net increase in net assets resulting from operations			18,204,607				16,072,088
Distributions to shareholders from:
Net investment income			(13,065,635	)			(11,678,719	)
Net realized gain			–				(1,693,962	)
Total distributions to shareholders			(13,065,635	)			(13,372,681	)
Capital share transactions (See Note 14):
Proceeds from sales of shares			141,989,369				98,161,165
Reinvestment of distributions			13,065,635				13,372,681
Cost of shares reacquired			(52,931,398	)			(57,272,642	)
Net increase in net assets resulting from capital share transactions			102,123,606				54,261,204
Net increase in net assets			107,262,578				56,960,611
NET ASSETS:
Beginning of year		$	447,115,353			$	390,154,742
End of year		$	554,377,931			$	447,115,353
Distributions in excess of net investment income		$	(33,848	)		$	(16,313	)

32 See Notes to Financial Statements.

This page is intentionally left blank.

33

Financial Highlights

			Per Share Operating Performance:
											Distributions to
			Investment Operations:								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
12/31/2017		$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	)
12/31/2015		16.85		0.36		(0.47	)		(0.11	)		(0.47	)		(0.02	)		(0.49	)
12/31/2014		16.22		0.32		0.66			0.98			(0.32	)		(0.03	)		(0.35	)
12/31/2013		16.73		0.29		(0.47	)		(0.18	)		(0.32	)		(0.01	)		(0.33	)

(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:
					Total
					expenses
Net					after						Net
asset					waivers				Net		assets,		Portfolio
value,		Total			and/or reim-		Total		investment		end of		turnover
end of		return(b)			bursements		expenses		income		period		rate
period		(%)			(%)		(%)		(%)		(000)		(%)
$	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
	16.25		(0.66	)		0.64		0.89		2.11		390,155		432
	16.85		6.08			0.64		0.90		1.87		317,732		466
	16.22		(1.10	)		0.64		0.95		1.74		147,670		625

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 twelve separate portfolios. 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 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 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

36

Notes to Financial Statements (continued)

	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 income 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, 2014 through December 31, 2017. 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 futures contracts in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on futures contracts 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)	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

37

Notes to Financial Statements (continued)

	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.
(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)	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)	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.
(k)	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

38

Notes to Financial Statements (continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 supplies 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	.45%
Next $1 billion	.40%
Over $2 billion	.35%

For the fiscal year ended December 31, 2017, the effective management fee, net of waivers, was at an annualized rate of .21% 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.

During the fiscal year ended December 31, 2017 and continuing through April 30, 2018, 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 .64%. This agreement may be terminated only by the approval of the Board.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to ..25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares

39

Notes to Financial Statements (continued)

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.

Two Directors 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, 2017 and 2016, was as follows:

	Year Ended		Year Ended
		12/31/2017		12/31/2016
Distributions paid from:
Ordinary income	$	13,065,635	$	13,372,681
Total distributions paid	$	13,065,635	$	13,372,681

As of December 31, 2017, the components of accumulated losses on a tax-basis were as follows:

Capital loss carryforwards*	$	(6,159,666	)
Temporary differences		(33,848	)
Unrealized gains – net		1,462,205
Total accumulated losses — net	$	(4,731,309	)

* The capital losses will carry forward indefinitely.

As of December 31, 2017, 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	$	598,009,335
Gross unrealized gain		4,352,165
Gross unrealized loss		(2,889,582	)
Net unrealized security gain	$	1,462,583

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

Permanent items identified during the year ended December 31, 2017 have been reclassified among the components of net assets based on their tax basis treatment as follows:

40

Notes to Financial Statements (continued)

Distributions in Excess of Net Investment Income		Accumulated Net Realized Loss			Paid-in Capital
	$2,322,702		$(2,296,277	)		$(26,425	)

The permanent differences are attributable to the tax treatment of foreign currency transactions, premium amortization, principal paydown gains and losses, certain securities and certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2017 were as follows:

U.S. Government Purchases		*	Non-U.S. Government Purchases		U.S. Government Sales		*	Non-U.S. Government Sales
	$2,233,084,849			$275,168,863		$2,219,111,147			$205,390,372

* 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, 2017, the Fund engaged in cross-trades sales of $1,917,985, which resulted in net realized gains of $88,651.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2017 (as described in note 2(g)) 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, 2017, the Fund had futures contracts with unrealized appreciation of $34,506 and depreciation of $159,655 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. Net realized loss of $186,030 and net change in unrealized depreciation of $135,338 are included on the Statement of Operations related to futures contracts under the captions Net realized gain on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the fiscal year was 429.

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

41

Notes to Financial Statements (continued)

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:

			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		$9,163,456	$	–		$9,163,456
Total		$9,163,456	$	–		$9,163,456

		Net Amounts
		of Assets	Amounts Not Offset in the
		Presented in	Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.		$9,163,456	$	–	$	–	$	(9,163,456	)	$	–
Total		$9,163,456	$	–	$	–	$	(9,163,456	)	$	–

(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, 2017.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and two Directors, 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 funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9. EXPENSE REDUCTIONS  

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  

Effective August 28, 2017, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

42

Notes to Financial Statements (continued)

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the fiscal year ended December 31, 2017, the Fund did not utilize the Facility.

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 fiscal year ended December 31, 2017, 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. 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.

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

43

Notes to Financial Statements (concluded)

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 govenment supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Fund’s exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates.

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

These factors can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended			Year Ended
	December 31, 2017			December 31, 2016
Shares sold		8,429,040			5,779,565
Reinvestment of distributions		788,496			819,226
Shares reacquired		(3,155,253	)		(3,388,823	)
Increase		6,062,283			3,209,968

44

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Lord Abbett Series Fund, Inc. and the shareholders of Total Return Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Total Return Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2017, 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 the Total Return Portfolio of the Fund as of December 31, 2017, 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 financial statement presentation and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, 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 15, 2018

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

45

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. 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 adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.

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.

Interested Directors

Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Fund as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Daria L. Foster(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954)	Director and President since 2006; Chief Executive Officer since 2012	Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None.
Douglas B. Sieg(1) Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Director since 2016	Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994.   Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series.

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1949)	Director since 2014	Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001–2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999–2014).

⁽¹⁾ Daria L. Foster, Managing Partner of Lord Abbett, a member of the Board, and the Chief Executive Officer and President of the Lord Abbett Family of Funds, will retire from her positions with Lord Abbett and the Lord Abbett Family of Funds effective March 31, 2018. Douglas B. Sieg, Partner and head of Client Services at Lord Abbett, and a member of the Board, will succeed Ms. Foster effective April 1, 2018.

46

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	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)	Director since 2011	Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004–2010). Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director 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).
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2001	Principal Occupation: President and CEO of Ribbon Communications (since 2017) and Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director of Ribbon Communications (since 2017), director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director 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)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009–2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978–2009); and Officer and Director of Trinsum Group, a holding company (2007–2009). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director 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)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

47

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Company	Principal Occupation and Other Directorships During the Past Five Years
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998).

Officers

None of the officers listed below have received compensation from the Company. All of the officers of the Company 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 Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Daria L. Foster (1954)	President and Chief Executive Officer	Elected as President in 2006 and Chief Executive Officer in 2012	Managing Partner of Lord Abbett, joined Lord Abbett in 1990.
Sean J. Aurigemma (1969)	Executive Vice President	Elected in 2010	Portfolio Manager, joined Lord Abbett in 2007.
Jeff D. Diamond (1960)	Executive Vice President	Elected in 2008	Portfolio Manager, joined Lord Abbett in 2007.
Todd D. Jacobson (1966)	Executive Vice President	Elected in 2005	Partner and Associate Director, joined Lord Abbett in 2003.
Robert A. Lee (1969)	Executive Vice President	Elected in 2010	Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997.
David J. Linsen (1974)	Executive Vice President	Elected in 2008	Partner and Director, joined Lord Abbett in 2001.
Thomas B. Maher (1967)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2003.
Justin C. Maurer (1969)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.

48

Basic Information About Management (continued)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Vincent J. McBride (1964)	Executive Vice President	Elected in 2010	Partner and Director, joined Lord Abbett in 2003.
Andrew H. O’Brien (1973)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 1998.
F. Thomas O’Halloran, III (1955)	Executive Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2001.
Marc Pavese (1972)	Executive Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2008.
Walter H. Prahl (1958)	Executive Vice President	Elected in 2012	Partner and Director, joined Lord Abbett in 1997.
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly a Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Portfolio Manager, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Portfolio Manager, joined Lord Abbett in 1999.
Brooke A. Fapohunda (1975)	Vice President and Assistant Secretary	Elected in 2014	Partner and Deputy General Counsel, joined Lord Abbett in 2006.
John K. Forst (1960)	Vice President and Assistant Secretary	Elected in 2005	Partner and Deputy General Counsel, joined Lord Abbett in 2004.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003.
Lawrence H. Kaplan (1957)	Vice President and Secretary	Elected in 1997	Partner and General Counsel, joined Lord Abbett in 1997.

49

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Company	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007–2015).
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003–2013).
A. Edward Oberhaus, III (1959)	Vice President	Elected in 1998	Partner and Director, joined Lord Abbett in 1983.
Noah Petrucci (1970)	Vice President	Elected in 2013	Portfolio Manager, joined Lord Abbett in 2012.
Lawrence B. Stoller (1963)	Vice President and Assistant Secretary	Elected in 2007	Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007.
Leah G. Traub (1979)	Vice President	Elected in 2016	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Arthur K. Weise (1970)	Vice President	Elected in 2010	Partner and Portfolio Manager, joined Lord Abbett in 2007.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Scott S. Wallner (1955)	AML Compliance Officer	Elected in 2011	Assistant General Counsel, joined Lord Abbett in 2004.
Christian J. Kelly (1975)	Treasurer	Elected in 2017	Director of Fund Administration, joined Lord Abbett in 2009.

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

50

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 familiarity with 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 Morningstar, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, 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 Morningstar 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 Services Generally. The Board considered the investment management 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 August 31, 2017. The Board observed that although the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods, the Fund

51

Approval of Advisory Contract (continued)

outperformed both benchmarks for the one-, three-, and five-year periods. 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 necessary. 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. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, 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 and the expense levels of the 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 expense level of the Fund was reasonable 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 also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. 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 investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management 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 concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

52

Approval of Advisory Contract (concluded)

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 Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund 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.

53

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 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 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. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

54

 

 

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Total Return Portfolio	SFTR-PORT-3 (02/18)

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, 2017 (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 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, 2017 and 2016 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:
	2017	2016
Audit Fees {a}	$464,200	$507,800
Audit-Related Fees	- 0 -	- 0 -
Total audit and audit-related fees	464,200	507,800
Tax Fees {b}	123,098	122,938
All Other Fees	- 0 -	- 0 -
Total Fees	$587,298	$630,738

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended December 31, 2017 and 2016 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, 2017 and 2016 were:

	Fiscal year ended:
	2017	2016
All Other Fees {a}	$201,416	$95,230

{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, 2017 and 2016 were:

	Fiscal year ended:
	2017	2016
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) 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) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(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 second fiscal quarter of 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: 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/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: February 15, 2018
	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President
Date: February 15, 2018

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/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: February 15, 2018
	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President
Date: February 15, 2018

EX-99.CODE ETH

EX-99.CODE ETH

THE LORD ABBETT FAMILY OF FUNDS

SARBANES-OXLEY CODE OF ETHICS

FOR THE PRINCIPAL EXECUTIVE OFFICER

AND SENIOR FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

The Lord Abbett Family of Funds’ code of ethics (the “Code”) for the investment companies within the complex (collectively, “Funds” and each individually a “Fund”), applies to each Fund’s Principal Executive Officer and Senior Financial Officers (the “Covered Officers”, each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC (“Lord Abbett”) are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

*                   *                   *                   *

Each Covered Officer must:

• not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett’s General Counsel if material. Examples of these include:

• service as a director on the board of any public company;

• any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than Lord Abbett or any affiliated person of Lord Abbett;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment, such as compensation or as a member of Lord Abbett.

III. Disclosure & Compliance

• Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund’s independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code, affirm in writing to the Audit Committee (the “Committee”) of a Fund that he/she has received, read, and understands the Code;

• annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

• report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds’ Annual Directors & Officers Questionnaire;

• not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

• notify Lord Abbett’s General Counsel promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett’s General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

• Lord Abbett’s General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion;

• any matter that the General Counsel believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and Lord Abbett’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund’s independent directors/trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

VIII. Internal Use

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

Exhibit A

Persons Covered by this Code of Ethics		Position With Funds
Daria L. Foster	Principal Executive Officer	President and Chief Executive Officer
Bernard J. Grzelak	Principal Financial Officer	Chief Financial Officer and Vice President
Christian J. Kelly	Principal Accounting Officer	Treasurer

April 2017

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Daria L. Foster, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 15, 2018

/s/ Daria L. Foster

Daria L. Foster

President and Chief Executive Officer

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Bernard J. Grzelak, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 15, 2018

/s/ Bernard J. Grzelak

Bernard J. Grzelak

Chief Financial Officer and Vice President

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

1. This report on Form N-CSR of Lord Abbett Series Fund, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: February 15, 2018

By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer
By:	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.