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)

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

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 201-6984

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2018

Item 1: Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the fiscal year ended December 31, 2018

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
44	Statement of Assets and Liabilities
45	Statement of Operations
46	Statements of Changes in Net Assets
48	Financial Highlights
50	Notes to Financial Statements
65	Report of Independent Registered Public Accounting Firm
66	Supplemental Information to Shareholders

Lord Abbett Series Fund — Bond Debenture Portfolio
Annual Report

For the fiscal year ended December 31, 2018

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Bond Debenture Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Douglas B. Sieg Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned –4.02%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index,¹ which returned 0.01% over the same period.

During the period, there were several market-moving events. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods, on top of the $50 billion previously announced. The aggressive U.S. trade posture continued

into September with trade tensions mounting between the U.S. and China. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. In 2018, the Fed raised its target for short-term interest rates by 0.25% at each of its March, June, September and December meetings, raising the target range to 2.25%–2.50%. As the Fed continued to raise rates, the U.S. Treasury yield curve flattened throughout the year. The yield on 10-year U.S. Treasury securities (“Treasuries”) reached multi-year highs in November, and pulled back in December as

1

risk averse sentiment roiled the markets and investors to flocked to safety. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. US equity markets were volatile to finish out the year, with the S&P 500^® suffering the largest December decline since the Great Depression, culminating in the worst year since the financial crisis. Additionally, leveraged credit segments of the market experienced a sharp sell-off, notably in December, due to concerns over slower growth, falling oil prices, year-end technical pressures and general risk averse sentiment. Despite the sell-off, the U.S. economy continued to expand by more than 2% during each quarter of the trailing 12-month period, with domestic GDP growth ranging between 2.2% to 4.2% from the third quarter of 2017 to the third quarter of 2018. The 4.2% GDP growth in the second quarter marked the strongest growth rate since the third quarter of 2014. Inflation, as measured by the Consumer Price Index (CPI), gained 1.9%, a decline of 0.1% year-over-year, mainly driven lower by falling energy prices. Oil prices suffered sharp declines due to oversupply concerns.

During the 12-month period the leveraged credit sectors of the U.S. fixed income market, including high yield bonds and loans, experienced mixed returns, with high yield bonds underperforming and

bank loans outperforming investment grade bonds. High yield credit spreads widened during the period, most notably in December, as the fourth quarter risk averse sentiment took a toll on risk assets. Returns within the high yield market were driven lower primarily by the lower-rated issues, as ‘CCC’ rated bonds underperformed higher-rated issues over 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 perspective. The Fund’s exposure to high yield bonds detracted from relative performance, as the high yield market significantly underperformed investment grade bonds, as represented by the Fund’s benchmark the Bloomberg Barclays US Aggregate Bond Index¹.

The Fund maintained an allocation to equities throughout the period, which also detracted from relative performance, as the asset class came under pressure during the year, most notably in the fourth quarter, as general risk averse sentiment caused a broad-based sell-off.

The Fund’s modest allocation to bank loans contributed to relative performance during the period. Despite volatility late in the year, the asset class performed relatively well in relation to other risk assets.

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.

2

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, 2018. 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 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, 2018

	1 Year	5 Years	10 Years
Class VC	–4.02%	3.85%	8.76%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period†
				7/1/18 –
	7/1/18	12/31/18		12/31/18
Class VC
Actual	$1,000.00	$	970.80	$4.57
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 .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, 2018

Sector*	%**
Asset Backed	0.79	%
Automotive	1.15	%
Banking	4.11	%
Basic Industry	5.17	%
Capital Goods	2.96	%
Commercial Mortgage Backed	0.37	%
Consumer Goods	5.00	%
Energy	7.52	%
Financial Services	3.81	%
Foreign Government	6.14	%
Healthcare	8.50	%
Insurance	1.92	%
Leisure	3.63	%
Media	3.82	%
Municipal	3.52	%
Real Estate	1.17	%
Retail	7.27	%
Services	3.09	%
Technology & Electronics	5.15	%
Telecommunications	4.12	%
Transportation	2.89	%
U.S. Government	10.58	%
Utility	5.15	%
Repurchase Agreement	2.17	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 106.30%
ASSET-BACKED SECURITIES 2.52%
Automobiles 0.19%
ACC Trust 2018-1 B†	4.82%		5/20/2021	$	582	$	583,741
ACC Trust 2018-1 C†	6.81%		2/21/2023		500		501,988
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%		6/15/2022		979		963,436
Westlake Automobile Receivables Trust 2016-3A B†	2.07%		12/15/2021		47		46,914
Total							2,096,079
Other 2.33%
ALM XIX Ltd. 2016-19A C†	6.786% (3 Mo. LIBOR + 4.35%	)#	7/15/2028		462		462,849
AMMC CLO XII Ltd. 2013-12A DR†	5.318% (3 Mo. LIBOR + 2.70%	)#	11/10/2030		391		356,205
Anchorage Capital CLO 9 Ltd. 2016-9A D†	6.436% (3 Mo. LIBOR + 4.00%	)#	1/15/2029		1,150		1,134,342
Ascentium Equipment Receivables Trust 2016-2A B†	2.50%		9/12/2022		417		414,726
BlueMountain CLO XXIII Ltd. 2018-23A D†	5.365% (3 Mo. LIBOR + 2.90%	)#	10/20/2031		369		345,995
Cedar Funding VI CLO Ltd. 2016-6A DR†	5.469% (3 Mo. LIBOR + 3.00%	)#	10/20/2028		657		615,421
Conn’s Receivables Funding LLC 2017-B C†	5.95%		11/15/2022		2,250		2,286,073
Halcyon Loan Advisors Funding Ltd. 2015-2A CR†	4.64% (3 Mo. LIBOR + 2.15%	)#	7/25/2027		465		451,158
Hardee’s Funding LLC 2018-1A A2II†	4.959%		6/20/2048		3,332		3,397,283
Jamestown CLO VII Ltd. 2015-7A BR†	4.14% (3 Mo. LIBOR + 1.65%	)#	7/25/2027		1,202		1,139,287
Madison Park Funding XIV Ltd. 2014-14A DRR†	5.419% (3 Mo. LIBOR + 2.95%	)#	10/22/2030		333		313,540
Mariner CLO LLC 2017-4A D†	5.558% (3 Mo. LIBOR + 3.05%	)#	10/26/2029		694		656,052
Mountain View CLO X Ltd. 2015-10A BR†	3.786% (3 Mo. LIBOR + 1.35%	)#	10/13/2027		1,336		1,307,335
Octagon Investment Partners 39 Ltd. 2018-3A D†	5.415% (3 Mo. LIBOR + 2.95%	)#	10/20/2030		322		303,055
Palmer Square Loan Funding Ltd. 2018-1A A1†	3.036% (3 Mo. LIBOR + .60%	)#	4/15/2026		2,344		2,329,517
Palmer Square Loan Funding Ltd. 2018-1A A2†	3.486% (3 Mo. LIBOR + 1.05%	)#	4/15/2026		884		846,558
Palmer Square Loan Funding Ltd. 2018-1A B†	3.836% (3 Mo. LIBOR + 1.40%	)#	4/15/2026		670		627,312

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Planet Fitness Master Issuer LLC 2018-1A A2I†	4.262%		9/5/2048	$	1,551	$	1,561,284
Planet Fitness Master Issuer LLC 2018-1A A2II†	4.666%		9/5/2048		1,939		1,967,494
Regatta VI Funding Ltd. 2016-1A DR†	5.169% (3 Mo. LIBOR + 2.70%	)#	7/20/2028		250		235,362
THL Credit Wind River CLO Ltd. 2018-3A D†	5.776% (3 Mo. LIBOR + 2.95%	)#	1/20/2031		608		565,131
Voya CLO Ltd. 2016-2A C†	6.70% (3 Mo. LIBOR + 4.25%	)#	7/19/2028		750		750,258
West CLO Ltd. 2014-2A BR†	4.186% (3 Mo. LIBOR + 1.75%	)#	1/16/2027		459		446,867
Westcott Park CLO Ltd. 2016-1A D†	6.819% (3 Mo. LIBOR + 4.35%	)#	7/20/2028		850		851,228
Wingstop Funding LLC 2018-1 A2†	4.97%		12/5/2048		1,678		1,718,104
Total							25,082,436
Total Asset-Backed Securities (cost $27,421,926)							27,178,515
				Shares (000)
COMMON STOCKS 9.25%
Aerospace/Defense 0.11%
HEICO Corp.					15		1,159,256
Air Transportation 0.26%
Alaska Air Group, Inc.					28		1,699,419
Spirit Airlines, Inc.*					20		1,143,514
Total							2,842,933
Auto Parts & Equipment 0.14%
Chassix Holdings, Inc.					59		1,486,875
Banking 0.34%
American Express Co.					22		2,058,531
Western Alliance Bancorp*					42		1,649,774
Total							3,708,305
Beverages 0.10%
Pernod Ricard SA(a)				EUR	7		1,085,821
Building & Construction 0.10%
PulteGroup, Inc.					42		1,086,902

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares (000)			Fair Value
Building Materials 0.21%
RPM International, Inc.		19		$	1,130,104
Vulcan Materials Co.		12			1,164,062
Total					2,294,166
Chemicals 0.10%
Ecolab, Inc.		8			1,122,954
Discount Stores 0.12%
Amazon.com, Inc.*		–	(b)		1,302,208
Diversified Capital Goods 0.11%
Dover Corp.		16			1,142,863
Electric: Generation 0.10%
AES Corp.		77			1,110,861
Electric: Integrated 0.50%
Ameren Corp.		24			1,561,737
OGE Energy Corp.		54			2,133,386
Portland General Electric Co.		37			1,705,482
Total					5,400,605
Electronics 0.17%
Zebra Technologies Corp. Class A*		11			1,791,815
Energy: Exploration & Production 0.19%
Chaparral Energy, Inc. Class A*		60			296,533
MEG Energy Corp.*(a)	CAD	299			1,689,169
Templar Energy LLC Class A Units		46			28,887
Total					2,014,589
Food & Drug Retailers 0.16%
Kroger Co. (The)		60			1,662,485
Food: Wholesale 0.34%
Lamb Weston Holdings, Inc.		22			1,623,469
McCormick & Co., Inc.		15			2,079,689
Total					3,703,158
Gas Distribution 0.15%
ONE Gas, Inc.		20			1,572,816
Health Facilities 0.24%
HCA Healthcare, Inc.		21			2,613,575

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

Investments	Shares (000)		Fair Value
Health Services 0.11%
PRA Health Sciences, Inc.*		13	$	1,169,823
Insurance Brokerage 0.16%
Aon plc (United Kingdom)(c)		12		1,700,712
Investments & Miscellaneous Financial Services 0.68%
Arthur J Gallagher & Co.		30		2,179,530
BlackRock, Inc.		3		1,163,533
CME Group, Inc.		9		1,762,120
FactSet Research Systems, Inc.		6		1,137,939
Thomson Reuters Corp. (Canada)(c)		22		1,071,564
Total				7,314,686
Machinery 0.11%
Roper Technologies, Inc.		4		1,156,430
Media: Content 0.11%
AMC Networks, Inc. Class A*		21		1,130,912
Media: Diversified 0.16%
Walt Disney Co. (The)		16		1,757,141
Medical Products 0.16%
Edwards Lifesciences Corp.*		11		1,759,770
Packaging 0.20%
AptarGroup, Inc.		22		2,114,317
Personal & Household Products 0.32%
Church & Dwight Co., Inc.		19		1,262,000
Gibson Brands, Inc.		9		912,300	(d)
Procter & Gamble Co. (The)		12		1,095,686
Remington Outdoor Co., Inc.*		16		158,506
Total				3,428,492
Pharmaceuticals 0.37%
Amgen, Inc.		6		1,137,846
Canopy Growth Corp.*(a)	CAD	40		1,075,614
Eli Lilly & Co.		15		1,779,542
Total				3,993,002
Real Estate Investment Trusts 0.25%
Americold Realty Trust		62		1,596,148
Medical Properties Trust, Inc.		71		1,134,573
Total				2,730,721

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares (000)		Fair Value
Restaurants 0.39%
Shake Shack, Inc. Class A*		56	$	2,558,327
Texas Roadhouse, Inc.		28		1,674,883
Total				4,233,210
Software/Services 0.76%
Atlassian Corp. plc Class A (Australia)*(c)		34		3,030,659
MongoDB, Inc.*		15		1,256,183
Tableau Software, Inc. Class A*		14		1,721,160
Trade Desk, Inc. (The) Class A*		18		2,141,075
Total				8,149,077
Specialty Retail 1.15%
Claires Holdings LLC		1		893,804
Columbia Sportswear Co.		26		2,204,251
Deckers Outdoor Corp.*		22		2,874,653
Etsy, Inc.*		28		1,312,789
Lululemon Athletica, Inc. (Canada)*(c)		14		1,679,677
NIKE, Inc. Class B		31		2,333,408
Ollie’s Bargain Outlet Holdings, Inc.*		17		1,098,679
Total				12,397,261
Support: Services 0.26%
Bright Horizons Family Solutions, Inc.*		15		1,700,504
TripAdvisor, Inc.*		21		1,120,010
Total				2,820,514
Technology Hardware & Equipment 0.11%
Cisco Systems, Inc.		27		1,152,795
Telecommunications: Wireless 0.25%
American Tower Corp.		17		2,684,643
Theaters & Entertainment 0.26%
Live Nation Entertainment, Inc.*		35		1,714,245
Tencent Music Entertainment Group ADR*		86		1,131,962
Total				2,846,207
Total Common Stocks (cost $104,846,413)				99,641,900

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CONVERTIBLE BONDS 0.48%
Automakers 0.16%
Tesla, Inc.	1.25%		3/1/2021	$	1,465	$	1,649,313
Software/Services 0.32%
Twilio, Inc.†	0.25%		6/1/2023		1,258		1,798,979
Weibo Corp. (China)†(c)	1.25%		11/15/2022		1,828		1,670,116
Total							3,469,095
Total Convertible Bonds (cost $5,087,822)							5,118,408
FLOATING RATE LOANS(e) 6.50%
Air Transportation 0.20%
American Airlines, Inc. 2018 Replacement Term Loan	4.256% (1 Mo. LIBOR + 1.75%	)	6/27/2025		2,338		2,197,720
Department Stores 0.24%
Belk, Inc. 1st Lien Closing Date Term Loan	7.365% (3 Mo. LIBOR + 4.75%	)	12/12/2022		1,352		1,096,651
Neiman Marcus Group Ltd LLC Other Term Loan	5.63% (3 Mo. LIBOR + 3.25%	)	10/25/2020		1,703		1,444,539
Total							2,541,190
Diversified Capital Goods 0.06%
Graftech International Ltd. Initial Term Loan	6.022% (1 Mo. LIBOR + 3.50%	)	2/12/2025		729		691,801	(f)
Electric: Generation 0.74%
Astoria Energy LLC Advance Term Loan B	6.53% (3 Mo. LIBOR + 4.00%	)	12/24/2021		1,408		1,387,559
Edgewater Generation, L.L.C. Term Loan	6.272% (3 Mo. LIBOR + 3.75%	)	12/13/2025		1,282		1,257,963
Frontera Generation Holdings LLC Initial Term Loan	6.629% (3 Mo. LIBOR + 4.25%	)	5/2/2025		1,160		1,119,776
Helix Gen Funding, LLC Term Loan	–	(g)	6/3/2024		240		225,245
Lightstone Holdco LLC Refinancing Term Loan B	6.272% (3 Mo. LIBOR + 3.75%	)	1/30/2024		2,526		2,397,488
Lightstone Holdco LLC Refinancing Term Loan C	6.272% (3 Mo. LIBOR + 3.75%	)	1/30/2024		136		128,767
Longview Power, LLC Advance Term Loan B	–	(g)	4/13/2021		194		164,836
Moxie Patriot LLC Construction Advances Term Loan B1	8.553% (3 Mo. LIBOR + 5.75%	)	12/19/2020		187		183,639
Moxie Patriot LLC Construction Advances Term Loan B2	8.553% (3 Mo. LIBOR + 6.50%	)	12/19/2020		1,097		1,076,405
Total							7,941,678

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electronics 0.12%
EXC Holdings III Corp. 1st Lien Initial Dollar Term Loan	6.303% (3 Mo. LIBOR + 3.50%	)	12/2/2024	$	1,383	$	1,338,079
Food: Wholesale 0.38%
H-Food Holdings, LLC Initial Term Loan	6.21% (3 Mo. LIBOR + 3.69%	)	5/23/2025		1,129		1,085,813
Post Holdings, Inc. Incremental Term Loan	–	(g)	5/24/2024		3,122		3,016,633
Total							4,102,446
Gaming 0.42%
MGM Growth Properties Operating Partnership LP Term Loan B	–	(g)	3/21/2025		2,332		2,241,232
VICI Properties 1 LLC Term Loan B	–	(g)	12/20/2024		2,338		2,240,470
Total							4,481,702
Gas Distribution 0.11%
NorthRiver Midstream Finance LP Initial Term Loan B (Canada)(c)	5.646% (3 Mo. LIBOR + 3.25%	)	10/1/2025		1,168		1,142,698
Health Services 0.20%
Regionalcare Hospital Partners Holdings, Inc. 1st Lien Term Loan B	7.129% (3 Mo. LIBOR + 4.50%	)	11/16/2025		2,305		2,193,357
Insurance Brokerage 0.14%
Hub International Limited Initial Term Loan	5.24% (3 Mo. LIBOR + 3.00%	)	4/25/2025		1,607		1,521,814
Investments & Miscellaneous Financial Services 0.20%
Edelman Financial Center, LLC, (The) 1st Lien Initial Term Loan	5.686% (3 Mo. LIBOR + 3.25%	)	7/21/2025		602		581,788
Vertafore, Inc. 1st Lien Initial Term Loan	6.053% (3 Mo. LIBOR + 3.25%	)	7/2/2025		1,695		1,615,867
Total							2,197,655
Media: Content 0.02%
Univision Communications Inc. 2017 1st Lien Replacement Repriced Term Loan	–	(g)	3/15/2024		193		175,665
Oil Field Equipment & Services 0.13%
Apergy Corp. Initial Term Loan	5.063% (1 Mo. LIBOR + 2.50%	)	5/9/2025		1,512		1,424,659	(f)

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Personal & Household Products 0.59%
Anastasia Parent, LLC Closing Date Term Loan	6.272% (1 Mo. LIBOR + 3.75%	)	8/11/2025	$	2,269	$	2,150,174	(f)
Britax U.S. Holdings Inc. Initial Dollar Term Loan	6.303% (3 Mo. LIBOR + 3.50%	)	10/15/2020		1,340		1,047,608
Energizer Holdings, Inc. Bridge Term Loan	–	(g)	6/30/2022		910		910,000
FGI Operating Company, LLC Exit Term Loan	12.616% (3 Mo. LIBOR + 10.00%	)	5/15/2022		100		99,508	(f)
Revlon Consumer Products Corp. Initial Term Loan B	6.207% (3 Mo. LIBOR + 3.50%	)	9/7/2023		1,417		1,014,957
TGP Holdings III LLC 1st Lien Refinancing Term Loan	7.053% (3 Mo. LIBOR + 4.25%	)	9/25/2024		1,147		1,102,483
Total							6,324,730
Recreation & Travel 0.39%
Intrawest Resorts Holdings, Inc. Initial Bluebird Term Loan	5.506% (1 Mo. LIBOR + 3.00%	)	7/31/2024		2,172		2,088,411
Kingpin Intermediate Holdings LLC 1st Lien Refinancing Term Loan	6.02% (1 Mo. LIBOR + 3.50%	)	7/3/2024		1,184		1,152,553
Silk Bidco AS Facility Term Loan B(a)	3.75% (6 Mo. Euribor + 4.00%	)	2/22/2025	EUR	897		1,018,956
Total							4,259,920
Restaurants 0.40%
CEC Entertainment, Inc. Term Loan B	5.772% (1 Mo. LIBOR + 3.25%	)	2/12/2021	$	1,248		1,158,317
IRB Holding Corp. Term Loan B	5.682% (1 Mo. LIBOR + 3.25%	)	2/5/2025		1,803		1,724,078
Panera Bread Co. Term Loan	4.25% (1 Mo. LIBOR + 1.75%	)	7/18/2022		1,511		1,460,334
Total							4,342,729
Specialty Retail 1.04%
Ascena Retail Group, Inc. Tranche B Term Loan	7.063% (3 Mo. LIBOR + 4.50%	)	8/21/2022		1,047		977,481
Bass Pro Group, LLC Initial Term Loan	7.522% (1 Mo. LIBOR + 5.00%	)	9/25/2024		1,037		996,524
BJ’s Wholesale Club, Inc. 1st Lien Tranche B Term Loan	5.432% (1 Mo. LIBOR + 3.00%	)	2/3/2024		2,190		2,134,531
Boardriders, Inc. Initial Term Loan	9.022% (1 Mo. LIBOR + 6.50%	)	4/23/2024		1,390		1,386,540
Claire’s Stores, Inc. Revolving Credit Term Loan	–	(g)	9/22/2022		42		42,005	(f)
Claire’s Stores, Inc. Term Loan	8.631% (1 Mo. LIBOR + 6.25%	)	9/15/2038		140		219,365

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
EG Group Limited Additional Facility Term Loan B (United Kingdom)(c)	6.813% (3 Mo. LIBOR +4.00%	)	2/7/2025	$	878	$	848,405
EG Group Limited Facility Term Loan B (United Kingdom)(c)	6.813% (3 Mo. LIBOR + 4.00%	)	2/7/2025		711		686,961
GOBP Holdings, Inc. 1st Lien Initial Term Loan	–	(g)	10/22/2025		1,369		1,341,648
J. Crew Group, Inc. Amended Term Loan	5.742% (3 Mo. LIBOR + 3.22%) – 6.023%		3/5/2021		1,472		1,166,665
Mavis Tire Express Services Corp. 1st Lien Closing Date Term Loan	5.754% (1 Mo. LIBOR + 3.25%	)	3/20/2025		1,256		1,215,255
Mavis Tire Express Services Corp. 1st Lien Delayed Draw Term Loan	5.754% (1 Mo. LIBOR + 3.25%	)	3/20/2025		203		196,098
Total							11,211,478
Support: Services 0.56%
AVSC Holding Corp. 1st Lien Initial Term Loan	6.00% (3 Mo. LIBOR +3.25%) – 6.053%		3/3/2025		1,157		1,100,359
Pike Corp. Initial Term Loan	6.03% (3 Mo. LIBOR + 3.50%	)	3/23/2025		1,634		1,604,073
Southern Graphics Inc. 1st Lien Refinancing Term Loan	5.745% (2 Mo. LIBOR + 3.25%	)	12/31/2022		1,734		1,635,734
Trans Union LLC 2018 Incremental Term Loan B4	4.522% (1 Mo. LIBOR +2.00%	)	6/19/2025		1,713		1,656,786
Total							5,996,952
Telecommunications: Wireless 0.21%
Sprint Communications, Inc. Initial Term Loan	5.063% (1 Mo. LIBOR + 2.50%	)	2/2/2024		2,332		2,225,187
Theaters & Entertainment 0.25%
SeaWorld Parks & Entertainment, Inc. Term Loan B5	5.522% (1 Mo. LIBOR + 3.00%	)	4/1/2024		2,807		2,687,302
Transportation: Infrastructure/Services 0.10%
Commercial Barge Line Co. Initial Term Loan	11.272% (1 Mo. LIBOR + 8.75%	)	11/12/2020		1,421		1,031,307
Total Floating Rate Loans (cost $72,448,716)							70,030,069
FOREIGN BOND(a) 0.10%
Netherlands
Hema Bondco I BV† (cost $1,296,166)	6.25% (3 Mo. Euribor + 6.25%	)#	7/15/2022	EUR	1,130		1,104,351

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
FOREIGN GOVERNMENT OBLIGATIONS 6.83%
Angola 0.09%
Republic of Angola†(c)	8.25%	5/9/2028	$	1,075	$	1,015,235
Argentina 0.75%
City of Buenos Aires†(c)	7.50%	6/1/2027		1,475		1,257,437
Province of Santa Fe†(c)	6.90%	11/1/2027		1,601		1,188,743
Provincia de Cordoba†(c)	7.125%	6/10/2021		1,292		1,143,420
Provincia de Cordoba†(c)	7.45%	9/1/2024		936		767,520
Provincia de Mendoza†(c)	8.375%	5/19/2024		2,487		2,026,905
Republic of Argentina(c)	6.875%	4/22/2021		1,846		1,674,802
Total						8,058,827
Australia 0.15%
Australian Government(a)	4.25%	4/21/2026	AUD	2,084		1,670,182
Bahrain 0.16%
Bahrain Government International Bond†(c)	6.75%	9/20/2029	$	1,800		1,768,390
Bermuda 0.29%
Government of Bermuda†	4.138%	1/3/2023		1,350		1,371,829
Government of Bermuda†	4.75%	2/15/2029		1,107		1,129,140
Government of Bermuda†	4.854%	2/6/2024		580		605,619
Total						3,106,588
Brazil 0.32%
Federal Republic of Brazil(c)	4.625%	1/13/2028		3,587		3,455,214
Canada 0.21%
Province of British Columbia Canada(a)	2.85%	6/18/2025	CAD	3,000		2,236,398
Chile 0.21%
Republic of Chile(c)	3.125%	1/21/2026	$	2,301		2,226,183
Ecuador 0.34%
Republic of Ecuador†(c)	8.875%	10/23/2027		4,197		3,625,159
Egypt 0.30%
Arab Republic of Egypt†(c)	5.577%	2/21/2023		3,376		3,208,368
El Salvador 0.19%
Republic of EI Salvador†(c)	6.375%	1/18/2027		2,275		2,092,431

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Greece 0.17%
Hellenic Republic†(a)	4.375%	8/1/2022	EUR	1,500	$	1,789,543
Honduras 0.16%
Honduras Government†(c)	6.25%	1/19/2027	$	1,716		1,703,302
Ivory Coast 0.21%
Ivory Coast Bond†(c)	5.375%	7/23/2024		2,458		2,260,549
Jamaica 0.42%
Government of Jamaica(c)	6.75%	4/28/2028		2,073		2,218,110
Government of Jamaica(c)	8.00%	3/15/2039		2,031		2,335,650
Total						4,553,760
Kenya 0.26%
Republic of Kenya†(c)	7.25%	2/28/2028		1,918		1,719,529
Republic of Kenya†(c)	8.25%	2/28/2048		1,229		1,050,815
Total						2,770,344
Mongolia 0.21%
Development Bank of Mongolia LLC†(c)	7.25%	10/23/2023		2,254		2,215,772
Paraguay 0.21%
Republic of Paraguay†(c)	5.60%	3/13/2048		2,304		2,275,200
Qatar 0.21%
State of Qatar†(c)	3.25%	6/2/2026		2,302		2,229,146
Senegal 0.14%
Republic of Senegal†(c)	6.25%	7/30/2024		1,596		1,554,927
South Africa 0.16%
Republic of South Africa(c)	4.30%	10/12/2028		1,919		1,713,667
Sri Lanka 0.17%
Republic of Sri Lanka(c)	6.825%	7/18/2026		2,024		1,877,570
Suriname 0.12%
Republic of Suriname†(c)	9.25%	10/26/2026		1,375		1,330,312
Turkey 0.54%
Republic of Turkey(a)	3.25%	6/14/2025	EUR	2,236		2,342,119
Republic of Turkey(c)	7.25%	12/23/2023	$	3,396		3,496,029
Total						5,838,148

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
United Arab Emirates 0.37%
Abu Dhabi Government International†(c)	3.125%	5/3/2026	$	4,107	$	3,978,718
Uruguay 0.25%
Republic of Uruguay†(a)	8.50%	3/15/2028	UYU	40,699		1,073,505
Uruguay Monetary Regulation Bill(a)	Zero Coupon	5/3/2019	UYU	52,404		1,568,492
Total						2,641,997
Vietnam 0.22%
Socialist Republic of Vietnam†(c)	4.80%	11/19/2024	$	2,302		2,327,168
Total Foreign Government Obligations (cost $75,536,072)						73,523,098
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGH 8.54%
Federal National Mortgage Assoc.(h) (cost $91,484,446)	4.50%	TBA		88,800		92,009,862
HIGH YIELD CORPORATE BONDS 64.33%
Advertising 0.07%
Lamar Media Corp.	5.75%	2/1/2026		770		782,513
Aerospace/Defense 0.94%
BBA US Holdings, Inc.†	5.375%	5/1/2026		1,006		955,690
Bombardier, Inc. (Canada)†(c)	7.50%	12/1/2024		1,704		1,610,280
Bombardier, Inc. (Canada)†(c)	7.50%	3/15/2025		4,079		3,859,754
United Technologies Corp.	4.125%	11/16/2028		3,709		3,690,315
Total						10,116,039
Air Transportation 0.59%
Air Canada (Canada)†(c)	7.75%	4/15/2021		1,140		1,210,965
Air Canada 2013-1 Class A Pass Through Trust (Canada)†(c)	4.125%	11/15/2026		802		796,364
Azul Investments LLP†	5.875%	10/26/2024		3,034		2,844,405
British Airways 2018-1 Class A Pass Through Trust (United Kingdom)†(c)	4.125%	3/20/2033		782		773,640
British Airways 2018-1 Class AA Pass Through Trust (United Kingdom)†(c)	3.80%	3/20/2033		800		786,813
Total						6,412,187
Auto Loans 0.10%
General Motors Financial Co., Inc.	3.85%	1/5/2028		1,218		1,063,128
Auto Parts & Equipment 0.11%
Allison Transmission, Inc.†	5.00%	10/1/2024		1,250		1,204,687

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Automakers 0.75%
General Motors Co.	5.00%		10/1/2028		$	1,699	$	1,613,834
Navistar International Corp.†	6.625%		11/1/2025			1,112		1,078,640
Tesla, Inc.†	5.30%		8/15/2025			6,126		5,344,935
Total								8,037,409
Banking 3.92%
ABN AMRO Bank NV (Netherlands)†(c)	4.75%		7/28/2025			2,705		2,696,728
AIB Group plc (Ireland)†(c)	4.75%		10/12/2023			1,909		1,891,985
Ally Financial, Inc.	4.625%		3/30/2025			1,957		1,903,183
American Express Co.	3.40%		2/27/2023			1,891		1,875,091
ANZ New Zealand Int’l Ltd. (United Kingdom)†(c)	2.125%		7/28/2021			1,510		1,460,472
Associated Banc-Corp.	4.25%		1/15/2025			901		907,236
Australia & New Zealand Banking Group Ltd. (United Kingdom)†(c)	6.75% (USD Swap + 5.17%	)#	–	(i)		2,026		1,993,078
Banco Mercantil del Norte SA†	7.625%	#(j)	–	(i)		428		416,234
Banco Safra SA†	4.125%		2/8/2023			1,768		1,712,750
Bank of America Corp.	4.45%		3/3/2026			1,137		1,126,679
Bank of Ireland Group plc (Ireland)†(c)	4.50%		11/25/2023			1,526		1,496,544
BankUnited, Inc.	4.875%		11/17/2025			2,178		2,224,674
BBVA Bancomer SA†	5.125%	#(j)	1/18/2033			3,126		2,723,559
CIT Group, Inc.	5.25%		3/7/2025			603		590,940
CIT Group, Inc.	6.125%		3/9/2028			1,056		1,053,360
Citigroup, Inc.	4.45%		9/29/2027			1,164		1,123,580
Compass Bank	3.875%		4/10/2025			2,353		2,259,707
Fifth Third Bancorp	8.25%		3/1/2038			377		501,627
Goldman Sachs Group, Inc. (The)	3.50%		11/16/2026			1,520		1,406,113
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025			1,600		1,534,232
Home BancShares, Inc.	5.625% (3 Mo. LIBOR + 3.58%	)#	4/15/2027			1,656		1,692,874
Huntington Bancshares, Inc.	5.70%	#(j)	–	(i)		1,217		1,082,369
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028			1,306		1,247,306
JPMorgan Chase & Co.	6.10% (3 Mo. LIBOR + 3.33%	)#	–	(i)		1,088		1,082,560
Macquarie Bank Ltd. (United Kingdom)(c)	6.125% (5 Yr Swap rate + 3.70%	)#	–	(i)		2,489		2,131,206
Morgan Stanley	3.125%		7/27/2026			2,144		1,980,842
Morgan Stanley	3.625%		1/20/2027			776		738,666
Popular, Inc.	6.125%		9/14/2023			1,370		1,362,301
Washington Mutual Bank(k)	6.875%		6/15/2011			1,250		125	(l)
Total								42,216,021

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages 1.09%
Bacardi Ltd.†	2.75%	7/15/2026	$	1,749	$	1,506,557
Bacardi Ltd.†	4.70%	5/15/2028		2,538		2,444,953
Beverages (continued)
Becle SAB de CV (Mexico)†(c)	3.75%	5/13/2025		1,438		1,373,821
Brown-Forman Corp.	3.50%	4/15/2025		797		794,632
Brown-Forman Corp.	4.50%	7/15/2045		1,572		1,658,968
Coca-Cola Icecek AS (Turkey)†(c)	4.215%	9/19/2024		2,401		2,254,013
PepsiCo, Inc.	3.60%	3/1/2024		1,653		1,678,965
Total						11,711,909
Building & Construction 1.20%
Ashton Woods USA LLC/Ashton Woods Finance Co.†	6.75%	8/1/2025		1,194		1,044,750
Ashton Woods USA LLC/Ashton Woods Finance Co.†	6.875%	2/15/2021		1,023		987,195
ITR Concession Co. LLC†	5.183%	7/15/2035		785		762,996
Lennar Corp.	4.75%	11/15/2022		1,304		1,269,770
Lennar Corp.	4.75%	5/30/2025		518		487,567
Lennar Corp.	4.75%	11/29/2027		440		398,750
PulteGroup, Inc.	5.00%	1/15/2027		1,613		1,465,814
PulteGroup, Inc.	6.375%	5/15/2033		2,250		2,064,375
Shea Homes LP/Shea Homes Funding Corp.†	6.125%	4/1/2025		1,261		1,122,290
Toll Brothers Finance Corp.	5.625%	1/15/2024		1,208		1,189,880
William Lyon Homes, Inc.	5.875%	1/31/2025		2,466		2,108,430
Total						12,901,817
Building Materials 0.10%
Hillman Group, Inc. (The)†	6.375%	7/15/2022		1,311		1,075,020
Cable & Satellite Television 2.12%
Altice France SA (France)†(c)	7.375%	5/1/2026		3,898		3,586,160
Altice France SA (France)†(c)	8.125%	2/1/2027		1,167		1,102,815
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.125%	5/1/2027		2,783		2,599,044
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%	2/15/2026		6,025		5,919,562
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.875%	4/1/2024		1,035		1,032,413
CSC Holdings LLC†	10.875%	10/15/2025		1,430		1,609,351
DISH DBS Corp.	7.75%	7/1/2026		3,581		2,972,230
UPCB Finance IV Ltd.†	5.375%	1/15/2025		1,929		1,808,669
Ziggo BV (Netherlands)†(c)	5.50%	1/15/2027		2,431		2,181,822
Total						22,812,066

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Chemicals 0.96%
CF Industries, Inc.†	4.50%	12/1/2026	$	2,502	$	2,450,522
CF Industries, Inc.	4.95%	6/1/2043		253		197,024
CF Industries, Inc.	5.15%	3/15/2034		422		356,590
CNAC HK Finbridge Co. Ltd. (Hong Kong)(c)	4.125%	7/19/2027		244		231,166
CVR Partners LP/CVR Nitrogen Finance Corp.†	9.25%	6/15/2023		1,123		1,172,131
International Flavors & Fragrances, Inc.	5.00%	9/26/2048		1,840		1,842,286
Mexichem SAB de CV (Mexico)†(c)	5.875%	9/17/2044		1,238		1,119,585
OCI NV (Netherlands)†(c)	6.625%	4/15/2023		1,138		1,123,775
Yingde Gases Investment Ltd. (Hong Kong)†(c)	6.25%	1/19/2023		1,933		1,821,776
Total						10,314,855
Consumer/Commercial/Lease Financing 1.00%
Curo Group Holdings Corp.†	8.25%	9/1/2025		1,794		1,417,260
Freedom Mortgage Corp.†	8.125%	11/15/2024		792		683,100
Freedom Mortgage Corp.†	8.25%	4/15/2025		894		768,840
Nationstar Mortgage Holdings, Inc.†	9.125%	7/15/2026		1,783		1,738,425
Navient Corp.	6.125%	3/25/2024		2,478		2,137,275
Navient Corp.	6.75%	6/25/2025		2,114		1,807,470
Quicken Loans, Inc.†	5.25%	1/15/2028		2,480		2,204,100
Total						10,756,470
Department Stores 0.34%
Kohl’s Corp.	5.55%	7/17/2045		2,288		2,149,342
Seven & i Holdings Co. Ltd. (Japan)†(c)	3.35%	9/17/2021		1,527		1,531,953
Total						3,681,295
Discount Stores 1.00%
Amazon.com, Inc.	3.15%	8/22/2027		1,014		980,050
Amazon.com, Inc.	4.25%	8/22/2057		2,325		2,269,132
Amazon.com, Inc.	4.80%	12/5/2034		3,679		3,951,088
Amazon.com, Inc.	5.20%	12/3/2025		3,295		3,624,210
Total						10,824,480
Diversified Capital Goods 1.12%
BCD Acquisition, Inc.†	9.625%	9/15/2023		1,028		1,061,410
General Electric Co.	2.70%	10/9/2022		3,452		3,205,849
General Electric Co.	3.10%	1/9/2023		2,189		2,044,352
Griffon Corp.	5.25%	3/1/2022		1,163		1,056,876
KOC Holding AS (Turkey)†(c)	5.25%	3/15/2023		1,333		1,250,425
Siemens Financieringsmaatschappij NV (Netherlands)†(c)	3.25%	5/27/2025		1,235		1,211,883

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Diversified Capital Goods (continued)
SPX FLOW, Inc.†	5.625%	8/15/2024	$	873	$	829,350
SPX FLOW, Inc.†	5.875%	8/15/2026		1,465		1,369,775
Total						12,029,920
Electric: Distribution/Transportation 0.67%
Atlantic City Electric Co.	4.00%	10/15/2028		1,149		1,183,984
Cemig Geracao e Transmissao SA (Brazil)†(c)	9.25%	12/5/2024		1,164		1,243,152
Oklahoma Gas & Electric Co.	4.15%	4/1/2047		1,087		1,057,402
State Grid Overseas Investment 2016 Ltd.†	3.50%	5/4/2027		3,836		3,701,191
Total						7,185,729
Electric: Generation 1.35%
Acwa Power Management & Investments One Ltd. (Sounth Africa)†(c)	5.95%	12/15/2039		1,386		1,306,762
Calpine Corp.	5.75%	1/15/2025		3,598		3,301,165
Clearway Energy Operating LLC†	5.75%	10/15/2025		1,344		1,288,560
NextEra Energy Operating Partners LP†	4.50%	9/15/2027		1,709		1,527,419
NRG Energy, Inc.	5.75%	1/15/2028		2,930		2,823,787
NSG Holdings LLC/NSG Holdings, Inc.†	7.75%	12/15/2025		1,638		1,736,570
Rio Energy SA/UGEN SA/UENSA SA (Argentina)†(c)	6.875%	2/1/2025		1,631		1,215,095
Talen Energy Supply LLC	4.60%	12/15/2021		17		15,385
Vistra Operations Co. LLC†	5.50%	9/1/2026		1,360		1,314,100
Total						14,528,843
Electric: Integrated 2.12%
Aegea Finance Sarl (Brazil)†(c)	5.75%	10/10/2024		1,782		1,706,283
AES Corp. (The)	4.50%	3/15/2023		1,019		997,346
AES Corp. (The)	5.125%	9/1/2027		71		68,337
Arizona Public Service Co.	2.95%	9/15/2027		1,333		1,264,501
Ausgrid Finance Pty Ltd. (Australia)†(c)	4.35%	8/1/2028		1,217		1,216,077
Black Hills Corp.	4.35%	5/1/2033		1,155		1,161,538
El Paso Electric Co.	5.00%	12/1/2044		1,953		2,041,319
Entergy Arkansas LLC	4.00%	6/1/2028		1,589		1,624,335
Entergy Arkansas LLC	4.95%	12/15/2044		1,109		1,113,179
Entergy Louisiana LLC	4.00%	3/15/2033		958		971,425
Entergy Mississippi LLC	2.85%	6/1/2028		1,547		1,448,911
Indianapolis Power & Light Co.†	4.05%	5/1/2046		2,203		2,019,722
Louisville Gas & Electric Co.	4.375%	10/1/2045		1,017		1,020,846
Monongahela Power Co.†	3.55%	5/15/2027		1,188		1,166,718
Ohio Power Co.	4.15%	4/1/2048		2,395		2,372,837

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Integrated (continued)
Puget Sound Energy, Inc.	4.223%	6/15/2048	$	1,174	$	1,178,748
Puget Sound Energy, Inc.	7.02%	12/1/2027		314		386,359
Rochester Gas & Electric Corp.†	3.10%	6/1/2027		1,113		1,063,578
Total						22,822,059
Electronics 0.82%
Nokia OYJ (Finland)(c)	4.375%	6/12/2027		1,208		1,126,460
NVIDIA Corp.	3.20%	9/16/2026		2,872		2,731,483
QUALCOMM, Inc.	3.25%	5/20/2027		1,537		1,437,906
Trimble, Inc.	4.75%	12/1/2024		2,232		2,253,056
Xilinx, Inc.	2.95%	6/1/2024		1,345		1,284,633
Total						8,833,538
Energy: Exploration & Production 3.02%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.	7.875%	12/15/2024		1,563		976,875
California Resources Corp.†	8.00%	12/15/2022		3,265		2,220,200
Centennial Resource Production LLC†	5.375%	1/15/2026		1,155		1,079,925
Chesapeake Energy Corp.	7.00%	10/1/2024		2,872		2,498,640
Chesapeake Energy Corp.	7.50%	10/1/2026		1,150		989,000
Denbury Resources, Inc.†	7.50%	2/15/2024		1,115		903,150
Eclipse Resources Corp.	8.875%	7/15/2023		1,187		1,023,788
Endeavor Energy Resources LP/EER Finance, Inc.†	5.50%	1/30/2026		1,083		1,114,136
EP Energy LLC/Everest Acquisition Finance, Inc.†	8.00%	11/29/2024		1,138		853,500
Gulfport Energy Corp.	6.375%	5/15/2025		586		520,808
Gulfport Energy Corp.	6.375%	1/15/2026		658		570,815
HighPoint Operating Corp.	7.00%	10/15/2022		1,042		953,430
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.00%	12/1/2024		1,270		1,130,300
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.75%	10/1/2025		707		632,765
Hilcorp Energy I LP/Hilcorp Finance Co.†	6.25%	11/1/2028		1,095		967,706
Hunt Oil Co. of Peru LLC Sucursal Del Peru (Peru)†(c)	6.375%	6/1/2028		2,300		2,338,295
Indigo Natural Resources LLC†	6.875%	2/15/2026		1,192		1,031,080
Jonah Energy LLC/Jonah Energy Finance Corp.†	7.25%	10/15/2025		1,853		1,204,450
MEG Energy Corp. (Canada)†(c)	6.50%	1/15/2025		1,210		1,232,687
MEG Energy Corp. (Canada)†(c)	7.00%	3/31/2024		2,073		1,990,080
Murphy Oil Corp.	6.875%	8/15/2024		517		515,463
Range Resources Corp.	4.875%	5/15/2025		1,193		984,225
SM Energy Co.	6.625%	1/15/2027		710		635,450
SM Energy Co.	6.75%	9/15/2026		1,121		1,008,900
Southwestern Energy Co.	7.75%	10/1/2027		1,089		1,039,995

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
RC Energy, Inc.	6.25%	12/1/2025	$	1,833	$	1,530,555
Texaco Capital, Inc.	8.625%	11/15/2031		1,223		1,799,056
WildHorse Resource Development Corp.	6.875%	2/1/2025		777		738,150
Total						32,483,424
Environmental 0.27%
Darling Global Finance BV†(a)	3.625%	5/15/2026	EUR	674		766,810
Paprec Holding SA(a)	4.00%	3/31/2025	EUR	1,095		1,066,720
Waste Pro USA, Inc.†	5.50%	2/15/2026	$	1,143		1,057,275
Total						2,890,805
Food & Drug Retailers 0.84%
Albertsons Cos LLC/Safeway, Inc./Albertsons LP/Albertson’s LLC	5.75%	3/15/2025		2,773		2,440,240
Albertsons Cos LLC/Safeway, Inc./Albertsons LP/Albertson’s LLC	6.625%	6/15/2024		2,029		1,892,043
CVS Health Corp.	4.30%	3/25/2028		2,076		2,036,621
Ingles Markets, Inc.	5.75%	6/15/2023		1,690		1,677,325
Kroger Co. (The)	2.65%	10/15/2026		691		616,132
Kroger Co. (The)	4.65%	1/15/2048		385		355,057
Total						9,017,418
Food: Wholesale 1.62%
Arcor SAIC (Argentina)†(c)	6.00%	7/6/2023		1,863		1,723,089
B&G Foods, Inc.	5.25%	4/1/2025		1,260		1,176,525
Campbell Soup Co.	4.15%	3/15/2028		2,009		1,874,964
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		1,312		1,039,760
Conagra Brands, Inc.	4.60%	11/1/2025		1,444		1,451,282
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)†(c)	5.625%	8/15/2026		1,241		1,065,709
JBS USA LUX SA/JBS USA Finance, Inc.†	5.875%	7/15/2024		1,165		1,146,069
JBS USA LUX SA/JBS USA Finance, Inc.†	6.75%	2/15/2028		1,179		1,153,946
Kernel Holding SA (Ukraine)†(c)	8.75%	1/31/2022		907		872,160
Lamb Weston Holdings, Inc.†	4.625%	11/1/2024		1,299		1,266,525
McCormick & Co., Inc.	4.20%	8/15/2047		1,893		1,777,466
MHP Lux SA (Luxembourg)†(c)	6.95%	4/3/2026		2,024		1,749,950
Nvent Finance Sarl (Luxembourg)(c)	4.55%	4/15/2028		1,190		1,168,783
Total						17,466,228
Foreign Sovereign 0.10%
CMA CGM SA†(a)	5.25%	1/15/2025	EUR	1,151		1,106,464

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Forestry/Paper 0.60%
Norbord, Inc. (Canada)†(c)	6.25%		4/15/2023		$	1,991	$	2,001,672
Rayonier AM Products, Inc.†	5.50%		6/1/2024			1,159		1,025,715
Suzano Austria GmbH (Brazil)†(c)	5.75%		7/14/2026			1,275		1,303,688
Suzano Austria GmbH (Brazil)†(c)	6.00%		1/15/2029			771		788,733
West Fraser Timber Co. Ltd. (Canada)†(c)	4.35%		10/15/2024			1,345		1,334,305
Total								6,454,113
Gaming 1.12%
Boyd Gaming Corp.	6.00%		8/15/2026			1,127		1,057,971
Eldorado Resorts, Inc.†	6.00%		9/15/2026			1,101		1,043,198
Eldorado Resorts, Inc.	6.00%		4/1/2025			552		535,241
Everi Payments, Inc.†	7.50%		12/15/2025			1,093		1,036,984
GLP Capital LP/GLP Financing II, Inc.	5.75%		6/1/2028			1,666		1,688,908
Jacobs Entertainment, Inc.†	7.875%		2/1/2024			1,821		1,880,182
Mohegan Gaming & Entertainment†	7.875%		10/15/2024			1,181		1,108,664
Penn National Gaming, Inc.†	5.625%		1/15/2027			1,770		1,588,575
Stars Group Holdings BV/Stars Group US Co-Borrower LLC (Netherlands)†(c)	7.00%		7/15/2026			1,147		1,118,325
Station Casinos LLC†	5.00%		10/1/2025			1,110		1,007,325
Total								12,065,373
Gas Distribution 2.17%
Cheniere Corpus Christi Holdings LLC	5.125%		6/30/2027			2,154		2,041,561
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025			1,059		1,056,353
Dominion Energy Gas Holdings LLC	3.60%		12/15/2024			1,175		1,168,607
Florida Gas Transmission Co. LLC†	4.35%		7/15/2025			1,145		1,170,978
IFM US Colonial Pipeline 2 LLC†	6.45%		5/1/2021			1,400		1,462,435
LBC Tank Terminals Holding Netherlands BV (Belgium)†(c)	6.875%		5/15/2023			1,208		1,087,200
NGPL PipeCo LLC†	4.875%		8/15/2027			2,762		2,613,542
Northern Natural Gas Co.†	4.30%		1/15/2049			1,811		1,771,991
ONE Gas, Inc.	4.50%		11/1/2048			1,149		1,187,359
Plains All American Pipeline LP	6.125%	#(j)	–	(i)		1,193		1,005,103
Rockies Express Pipeline LLC†	6.875%		4/15/2040			1,942		2,039,100
Sabal Trail Transmission LLC†	4.246%		5/1/2028			1,775		1,752,178
Southern Star Central Corp.†	5.125%		7/15/2022			1,145		1,104,925
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.25%		11/15/2023			748		694,705

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp.†	5.875%	4/15/2026	$	1,131	$	1,105,553
Transportadora de Gas Internacional SA ESP (Colombia)†(c)	5.55%	11/1/2028		2,056		2,084,270
Total						23,345,860
Health Facilities 3.56%
AHP Health Partners, Inc.†	9.75%	7/15/2026		1,193		1,213,877
Ascension Health	3.945%	11/15/2046		1,017		983,274
CHS/Community Health Systems, Inc.	8.00%	11/15/2019		2,452		2,341,660
Dignity Health	3.812%	11/1/2024		675		680,090
HCA, Inc.	4.75%	5/1/2023		496		489,800
HCA, Inc.	5.25%	4/15/2025		1,612		1,607,970
HCA, Inc.	5.25%	6/15/2026		763		759,185
HCA, Inc.	5.375%	2/1/2025		536		523,940
HCA, Inc.	5.50%	6/15/2047		4,319		4,103,050
HCA, Inc.	5.875%	3/15/2022		1,715		1,762,162
HCA, Inc.	5.875%	2/15/2026		151		150,623
HCA, Inc.	7.05%	12/1/2027		390		412,425
HCA, Inc.	7.50%	2/15/2022		1,352		1,439,880
HCA, Inc.	7.58%	9/15/2025		552		587,880
HCA, Inc.	7.69%	6/15/2025		1,240		1,323,700
HCA, Inc.	8.36%	4/15/2024		261		288,405
Memorial Sloan-Kettering Cancer Center	4.20%	7/1/2055		1,478		1,490,577
MPT Operating Partnership LP/MPT Finance Corp.	5.00%	10/15/2027		1,192		1,092,915
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		1,770		1,716,581
NYU Langone Hospitals	4.368%	7/1/2047		1,191		1,188,854
Rede D’or Finance Sarl (Luxembourg)†(c)	4.95%	1/17/2028		2,506		2,220,942
RegionalCare Hospital Partners Holdings, Inc.†	8.25%	5/1/2023		1,034		1,048,218
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.†	9.75%	12/1/2026		2,223		2,111,850
Tenet Healthcare Corp.	4.625%	7/15/2024		646		603,203
Tenet Healthcare Corp.	5.125%	5/1/2025		5,730		5,357,550
Tenet Healthcare Corp.	6.75%	6/15/2023		2,987		2,815,247
Total						38,313,858
Health Services 1.03%
DaVita, Inc.	5.00%	5/1/2025		1,677		1,528,167
DaVita, Inc.	5.125%	7/15/2024		1,000		940,000

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Health Services (continued)
Jaguar Holding Co. II/Pharmaceutical Product Development LLC†	6.375%		8/1/2023	$	1,136	$	1,088,390
Montefiore Obligated Group	5.246%		11/1/2048		1,553		1,507,583
MPH Acquisition Holdings LLC†	7.125%		6/1/2024		1,034		966,790
NVA Holdings, Inc.†	6.875%		4/1/2026		1,125		1,012,500
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†	7.50%		10/1/2024		596		622,820
Verscend Escrow Corp.†	9.75%		8/15/2026		1,692		1,596,825
West Street Merger Sub, Inc.†	6.375%		9/1/2025		2,006		1,785,340
Total							11,048,415
Hotels 0.54%
ESH Hospitality, Inc.†	5.25%		5/1/2025		1,168		1,089,160
Hilton Domestic Operating Co., Inc.	4.25%		9/1/2024		1,254		1,188,165
Hilton Domestic Operating Co., Inc.†	5.125%		5/1/2026		1,983		1,908,637
Wyndham Destinations, Inc.	5.75%		4/1/2027		712		655,930
Wyndham Destinations, Inc.	6.35%		10/1/2025		998		973,050
Total							5,814,942
Insurance Brokerage 0.50%
Acrisure LLC/Acrisure Finance, Inc.†	7.00%		11/15/2025		1,930		1,654,975
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer†	8.25%		8/1/2023		1,639		1,633,870
Farmers Insurance Exchange†	4.747% (3 Mo. LIBOR + 3.23%	)#	11/1/2057		1,230		1,091,194
HUB International Ltd.†	7.00%		5/1/2026		1,133		1,031,030
Total							5,411,069
Integrated Energy 0.68%
Cheniere Energy Partners LP	5.25%		10/1/2025		1,149		1,075,751
Cheniere Energy Partners LP†	5.625%		10/1/2026		1,539		1,442,813
Exxon Mobil Corp.	3.043%		3/1/2026		1,101		1,075,662
Rio Oil Finance Trust Series 2018-1 (Brazil)†(c)	8.20%		4/6/2028		1,121		1,177,050
Shell International Finance BV (Netherlands)(c)	6.375%		12/15/2038		1,973		2,507,779
Total							7,279,055
Investments & Miscellaneous Financial Services 1.03%
BrightSphere Investment Group plc (United Kingdom)(c)	4.80%		7/27/2026		1,293		1,247,665
MSCI, Inc.†	5.375%		5/15/2027		201		197,231
MSCI, Inc.†	5.75%		8/15/2025		1,434		1,451,925

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2018

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	$	1,263	$	1,264,696
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		3,597		3,221,763
Power Finance Corp. Ltd. (India)†(c)	6.15%	12/6/2028		956		940,313
S&P Global, Inc.	6.55%	11/15/2037		1,391		1,738,181
VFH Parent LLC/Orchestra Co-Issuer, Inc.†	6.75%	6/15/2022		1,087		1,057,586
Total						11,119,360
Life Insurance 0.47%
Northwestern Mutual Life Insurance Co. (The)†	3.85%	9/30/2047		2,206		2,005,611
Nuveen Finance LLC†	4.125%	11/1/2024		703		716,939
Teachers Insurance & Annuity Association of America†	4.27%	5/15/2047		889		854,154
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044		1,424		1,481,780
Total						5,058,484
Machinery 0.24%
Roper Technologies, Inc.	4.20%	9/15/2028		1,665		1,652,687
Xylem, Inc.	3.25%	11/1/2026		1,004		956,198
Total						2,608,885
Managed Care 1.27%
Anthem, Inc.	3.65%	12/1/2027		1,004		961,611
Centene Corp.	4.75%	1/15/2025		2,336		2,236,720
Centene Corp.†	5.375%	6/1/2026		2,615		2,549,625
Centene Corp.	6.125%	2/15/2024		2,044		2,097,655
Kaiser Foundation Hospitals	4.15%	5/1/2047		1,648		1,632,617
Polaris Intermediate Corp. PIK 8.50%†	8.50%	12/1/2022		1,603		1,468,140
WellCare Health Plans, Inc.	5.25%	4/1/2025		2,829		2,733,521
Total						13,679,889
Media: Content 1.32%
Activision Blizzard, Inc.	4.50%	6/15/2047		1,670		1,505,891
AMC Networks, Inc.	4.75%	8/1/2025		2,332		2,122,120
Gray Television, Inc.†	5.125%	10/15/2024		572		528,814
Gray Television, Inc.†	5.875%	7/15/2026		938		876,842
Netflix, Inc.(a)	3.625%	5/15/2027	EUR	2,498		2,780,084
Netflix, Inc.†	4.625%	5/15/2029	$	959		1,081,534
Netflix, Inc.	4.875%	4/15/2028		553		505,995

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media: Content (continued)
Netflix, Inc.	5.875%	2/15/2025	$	1,105	$	1,117,431
Sirius XM Radio, Inc.†	5.00%	8/1/2027		1,192		1,093,660
Sirius XM Radio, Inc.†	6.00%	7/15/2024		1,075		1,081,719
Univision Communications, Inc.†	5.125%	5/15/2023		968		871,216
Univision Communications, Inc.†	5.125%	2/15/2025		692		608,960
Total						14,174,266
Media: Diversified 0.21%
21st Century Fox America, Inc.	7.75%	12/1/2045		1,525		2,249,498
Medical Products 0.68%
Boston Scientific Corp.	7.00%	11/15/2035		1,473		1,848,605
Edwards Lifesciences Corp.	4.30%	6/15/2028		2,411		2,443,654
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA†	6.625%	5/15/2022		2,325		2,104,125
Teleflex, Inc.	4.625%	11/15/2027		641		596,931
Teleflex, Inc.	4.875%	6/1/2026		383		367,680
Total						7,360,995
Metals/Mining (Excluding Steel) 2.02%
Alcoa Nederland Holding BV (Netherlands)†(c)	6.75%	9/30/2024		1,227		1,251,540
Baffinland Iron Mines Corp. (Canada)†(c)	8.75%	7/15/2026		1,143		1,029,923
Cleveland-Cliffs, Inc.	5.75%	3/1/2025		2,912		2,628,080
Eterna Capital Pte Ltd. PIK 8.00% (Singapore)(c)	8.00%	12/11/2022		2,307		2,023,174
Freeport-McMoRan, Inc.	3.875%	3/15/2023		6,205		5,755,137
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.†	7.375%	12/15/2023		686		667,135
Imperial Metals Corp. (Canada)†(c)	7.00%	3/15/2019		1,037		699,975
Mirabela Nickel Ltd. (Australia)(c)	1.00%	9/10/2044		15		2	(l)
Nexa Resources SA (Brazil)†(c)	5.375%	5/4/2027		1,233		1,197,551
Novelis Corp.†	5.875%	9/30/2026		1,000		887,500
Novelis Corp.†	6.25%	8/15/2024		974		917,995
Peabody Energy Corp.†	6.375%	3/31/2025		2,210		2,060,825
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%	4/1/2025		1,905		1,733,550
Warrior Met Coal, Inc.†	8.00%	11/1/2024		941		936,295
Total						21,788,682
Monoline Insurance 0.11%
MGIC Investment Corp.	5.75%	8/15/2023		1,204		1,202,495
Non-Electric Utilities 0.12%
Brooklyn Union Gas Co. (The)†	3.407%	3/10/2026		1,368		1,342,066

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil Field Equipment & Services 1.42%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(c)	4.60%	11/2/2047	$	2,529	$	2,475,879
CSI Compressco LP/CSI Compressco Finance, Inc.†	7.50%	4/1/2025		1,407		1,315,545
Ensco plc (United Kingdom)(c)	4.50%	10/1/2024		1,587		1,039,485
Ensco plc (United Kingdom)(c)	5.20%	3/15/2025		2,858		1,914,860
Forum Energy Technologies, Inc.	6.25%	10/1/2021		1,011		894,735
Noble Holding International Ltd.†	7.875%	2/1/2026		2,169		1,857,206
Pioneer Energy Services Corp.	6.125%	3/15/2022		637		391,755
Precision Drilling Corp. (Canada)(c)	5.25%	11/15/2024		1,236		1,032,060
Rowan Cos., Inc.	4.75%	1/15/2024		1,297		985,720
Transocean Phoenix 2 Ltd.†	7.75%	10/15/2024		818		818,400
Transocean Pontus Ltd.†	6.125%	8/1/2025		583		565,510
Transocean Proteus Ltd.†	6.25%	12/1/2024		799		769,230
Transocean, Inc.†	7.50%	1/15/2026		1,144		1,009,580
Unit Corp.	6.625%	5/15/2021		276		252,540
Total						15,322,505
Oil Refining & Marketing 0.31%
Citgo Holding, Inc.†	10.75%	2/15/2020		1,985		2,029,662
Tupras Turkiye Petrol Rafinerileri AS (Turkey)†(c)	4.50%	10/18/2024		1,471		1,291,038
Total						3,320,700
Packaging 0.33%
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		1,295		1,385,650
Pactiv LLC	7.95%	12/15/2025		1,152		1,128,960
Sealed Air Corp.†	6.875%	7/15/2033		1,060		1,062,650
Total						3,577,260
Personal & Household Products 0.85%
Church & Dwight Co., Inc.	3.15%	8/1/2027		1,908		1,799,106
Church & Dwight Co., Inc.	3.95%	8/1/2047		465		425,343
Energizer Gamma Acquisition, Inc.†	6.375%	7/15/2026		1,072		986,240
Gibson Brands, Inc.†(k)	8.875%	8/1/2018		1,725		1,440,375
Mattel, Inc.	2.35%	8/15/2021		2,385		2,122,650
Mattel, Inc.†	6.75%	12/31/2025		1,176		1,052,155
SC Johnson & Son, Inc.†	4.75%	10/15/2046		1,177		1,280,052
Total						9,105,921
Pharmaceuticals 1.61%
Bausch Health Cos., Inc.†(a)	4.50%	5/15/2023	EUR	2,705		2,938,355
Bausch Health Cos., Inc.†	5.50%	3/1/2023	$	1,975		1,807,994
Bausch Health Cos., Inc.†	5.625%	12/1/2021		3,395		3,346,197

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Pharmaceuticals (continued)
Bausch Health Cos., Inc.†	5.875%	5/15/2023	$	1,811	$	1,681,966
Bausch Health Cos., Inc.†	7.00%	3/15/2024		1,332		1,348,650
Elanco Animal Health, Inc.†	4.90%	8/28/2028		1,154		1,177,173
Teva Pharmaceutical Finance Netherlands II BV(a)	1.875%	3/31/2027	EUR	1,123		1,032,256
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)	3.15%	10/1/2026	$	1,714		1,310,966
Valeant Pharmaceuticals International†	8.50%	1/31/2027		1,621		1,576,423
Zoetis, Inc.	3.90%	8/20/2028		1,159		1,138,449
Total						17,358,429
Printing & Publishing 0.16%
Meredith Corp.†	6.875%	2/1/2026		1,710		1,675,800
Property & Casualty 0.22%
Allstate Corp. (The)	3.28%	12/15/2026		1,244		1,221,964
Arch Capital Finance LLC	4.011%	12/15/2026		1,172		1,172,900
Total						2,394,864
Rail 0.48%
Central Japan Railway Co. (Japan)†(c)	4.25%	11/24/2045		1,524		1,598,385
China Railway Xunjie Co. Ltd. (China)(c)	3.25%	7/28/2026		392		366,801
Rumo Luxembourg Sarl (Luxembourg)†(c)	5.875%	1/18/2025		1,799		1,725,934
Rumo Luxembourg Sarl (Luxembourg)†(c)	7.375%	2/9/2024		1,459		1,524,509
Total						5,215,629
Real Estate Investment Trusts 0.82%
Alexandria Real Estate Equities, Inc.	3.95%	1/15/2028		1,194		1,156,074
EPR Properties	4.50%	6/1/2027		1,152		1,112,844
EPR Properties	4.75%	12/15/2026		768		761,298
Goodman US Finance Four LLC†	4.50%	10/15/2037		1,137		1,087,098
Goodman US Finance Three LLC†	3.70%	3/15/2028		769		733,729
National Retail Properties, Inc.	4.30%	10/15/2028		1,724		1,736,919
Prologis LP	3.875%	9/15/2028		781		797,151
VEREIT Operating Partnership LP	4.875%	6/1/2026		1,483		1,485,289
Total						8,870,402
Real Estate Management & Development 0.19%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)†(c)	3.875%	3/20/2027		2,039		2,032,605
Recreation & Travel 0.57%
eDreams ODIGEO SA†(a)	5.50%	9/1/2023	EUR	987		1,062,766
Royal Caribbean Cruises Ltd.	7.50%	10/15/2027	$	1,450		1,726,674

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Recreation & Travel (continued)
Silversea Cruise Finance Ltd.†	7.25%	2/1/2025	$	1,587	$	1,685,711
Six Flags Entertainment Corp.†	4.875%	7/31/2024		1,182		1,116,990
Six Flags Entertainment Corp.†	5.50%	4/15/2027		593		560,385
Total						6,152,526
Reinsurance 0.48%
AXIS Specialty Finance plc (United Kingdom)(c)	5.15%	4/1/2045		1,345		1,296,112
Berkshire Hathaway, Inc.	2.75%	3/15/2023		907		890,852
Berkshire Hathaway, Inc.	3.125%	3/15/2026		907		880,381
Transatlantic Holdings, Inc.	8.00%	11/30/2039		1,584		2,120,441
Total						5,187,786
Restaurants 0.51%
Darden Restaurants, Inc.	3.85%	5/1/2027		384		370,262
Darden Restaurants, Inc.	4.55%	2/15/2048		691		638,383
IRB Holding Corp.†	6.75%	2/15/2026		1,177		1,032,818
KFC Holding Co./Pizza Hut Holdings LLC/
Taco Bell of America LLC†	4.75%	6/1/2027		2,083		1,942,397
KFC Holding Co./Pizza Hut Holdings LLC/
Taco Bell of America LLC†	5.00%	6/1/2024		1,610		1,557,675
Total						5,541,535
Software/Services 2.33%
Alibaba Group Holding Ltd. (China)(c)	3.125%	11/28/2021		1,150		1,138,355
Autodesk, Inc.	3.50%	6/15/2027		2,446		2,279,956
Banff Merger Sub, Inc.†	9.75%	9/1/2026		1,100		1,009,250
Citrix Systems, Inc.	4.50%	12/1/2027		1,222		1,170,770
First Data Corp.†	5.75%	1/15/2024		2,563		2,512,611
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.†	6.00%	7/15/2025		565		554,406
Match Group, Inc.†	5.00%	12/15/2027		2,419		2,231,528
Microsoft Corp.	2.40%	8/8/2026		792		741,919
Microsoft Corp.	3.125%	11/3/2025		2,817		2,790,024
Microsoft Corp.	4.50%	2/6/2057		1,921		2,055,887
salesforce.com, Inc.	3.70%	4/11/2028		1,580		1,591,115
Tencent Holdings Ltd. (China)†(c)	3.595%	1/19/2028		1,766		1,662,143
Tencent Holdings Ltd. (China)†(c)	3.925%	1/19/2038		1,995		1,783,015
VeriSign, Inc.	4.75%	7/15/2027		750		706,163
VeriSign, Inc.	5.25%	4/1/2025		1,593		1,583,044
Visa, Inc.	3.15%	12/14/2025		1,289		1,268,476
Total						25,078,662

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Specialty Retail 1.38%
Asbury Automotive Group, Inc.	6.00%	12/15/2024	$	1,102	$	1,060,675
Best Buy Co., Inc.	4.45%	10/1/2028		2,299		2,198,434
Claire’s Stores, Inc.	14.00%	3/15/2039		146		234,213
Guitar Center Escrow Issuer, Inc.†	9.50%	10/15/2021		1,192		1,105,580
Hot Topic, Inc.†	9.25%	6/15/2021		915		901,275
Levi Strauss & Co.(a)	3.375%	3/15/2027	EUR	957		1,095,527
PetSmart, Inc.†	5.875%	6/1/2025	$	1,427		1,038,143
PVH Corp.(a)	3.125%	12/15/2027	EUR	986		1,060,185
Tapestry, Inc.	4.125%	7/15/2027	$	1,682		1,577,479
Tiffany & Co.	4.90%	10/1/2044		1,485		1,336,514
Under Armour, Inc.	3.25%	6/15/2026		1,340		1,118,200
Weight Watchers International, Inc.†	8.625%	12/1/2025		2,134		2,184,682
Total						14,910,907
Steel Producers/Products 0.32%
Allegheny Technologies, Inc.	7.875%	8/15/2023		1,633		1,671,784
Joseph T Ryerson & Son, Inc.†	11.00%	5/15/2022		723		730,230
Steel Dynamics, Inc.	4.125%	9/15/2025		604		557,945
Steel Dynamics, Inc.	5.00%	12/15/2026		502		476,900
Total						3,436,859
Support: Services 2.27%
AECOM	5.125%	3/15/2027		274		235,640
Ahern Rentals, Inc.†	7.375%	5/15/2023		1,190		957,950
Ashtead Capital, Inc.†	4.375%	8/15/2027		1,393		1,260,665
Brand Industrial Services, Inc.†	8.50%	7/15/2025		1,671		1,432,883
Brink’s Co. (The)†	4.625%	10/15/2027		1,766		1,616,296
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		1,100		1,132,005
Cloud Crane LLC†	10.125%	8/1/2024		990		1,019,700
Garda World Security Corp. (Canada)†(c)	8.75%	5/15/2025		1,173		1,073,295
IHS Markit Ltd. (United Kingdom)†(c)	4.00%	3/1/2026		2,627		2,449,677
IHS Markit Ltd. (United Kingdom)(c)	4.75%	8/1/2028		1,550		1,515,171
Jurassic Holdings III, Inc.†	6.875%	2/15/2021		1,467		1,246,950
Marble II Pte Ltd. (Singapore)†(c)	5.30%	6/20/2022		2,449		2,370,343
Metropolitan Museum of Art (The)	3.40%	7/1/2045		1,975		1,869,239
Monitronics International, Inc.	9.125%	4/1/2020		1,185		306,619
Prime Security Services Borrower LLC/Prime Finance, Inc.†	9.25%	5/15/2023		1,298		1,341,808
Ritchie Bros Auctioneers, Inc. (Canada)†(c)	5.375%	1/15/2025		1,130		1,101,750
United Rentals North America, Inc.	4.875%	1/15/2028		2,047		1,801,360

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Support: Services (continued)
United Rentals North America, Inc.	5.875%	9/15/2026	$	755	$	714,419
WeWork Cos., Inc.†	7.875%	5/1/2025		1,184		1,056,720
Total						24,502,490
Technology Hardware & Equipment 0.97%
Banff Merger Sub, Inc.†(a)	8.375%	9/1/2026	EUR	991		1,054,002
CDW LLC/CDW Finance Corp.	5.50%	12/1/2024	$	1,425		1,414,313
Dell International LLC/EMC Corp.†	6.02%	6/15/2026		2,552		2,568,408
Dell International LLC/EMC Corp.†	7.125%	6/15/2024		2,055		2,092,544
HP, Inc.	6.00%	9/15/2041		1,212		1,210,626
Western Digital Corp.	4.75%	2/15/2026		2,402		2,092,742
Total						10,432,635
Telecommunications: Satellite 0.51%
Intelsat Connect Finance SA (Luxembourg)†(c)	9.50%	2/15/2023		1,220		1,055,300
Intelsat Jackson Holdings SA (Luxembourg)(c)	5.50%	8/1/2023		2,605		2,279,375
Intelsat Jackson Holdings SA (Luxembourg)†(c)	8.50%	10/15/2024		2,221		2,165,475
Total						5,500,150
Telecommunications: Wireless 1.31%
Sprint Capital Corp.	6.875%	11/15/2028		8,834		8,370,215
T-Mobile USA, Inc.	6.375%	3/1/2025		2,386		2,421,695
T-Mobile USA, Inc.	6.50%	1/15/2026		3,228		3,300,630
Total						14,092,540
Telecommunications: Wireline Integrated & Services 2.20%
CenturyLink, Inc.	5.625%	4/1/2025		1,902		1,678,515
CenturyLink, Inc.	7.50%	4/1/2024		4,708		4,554,990
DKT Finance ApS (Denmark)†(c)	9.375%	6/17/2023		1,653		1,698,457
Equinix, Inc.(a)	2.875%	2/1/2026	EUR	2,781		3,028,368
GCI LLC	6.875%	4/15/2025	$	1,230		1,199,250
InterXion Holding NV†(a)	4.75%	6/15/2025	EUR	1,449		1,706,189
Level 3 Financing, Inc.	5.25%	3/15/2026	$	801		734,918
Motorola Solutions, Inc.	4.60%	2/23/2028		1,213		1,188,925
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC	8.25%	10/15/2023		1,832		1,603,000
Verizon Communications, Inc.	2.625%	8/15/2026		5,735		5,211,108
WTT Investment Ltd. (Hong Kong)†(c)	5.50%	11/21/2022		1,168		1,142,559
Total						23,746,279

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Theaters & Entertainment 0.06%
AMC Entertainment Holdings, Inc.	5.875%	11/15/2026	$	804	$	691,440
Tobacco 0.15%
Imperial Brands Finance PLC (United Kingdom)†(c)	4.25%	7/21/2025		1,647		1,622,970
Transportation: Infrastructure/Services 0.99%
Aeropuerto Internacional de Tocumen SA (Panama)†(c)	6.00%	11/18/2048		1,935		1,927,647
Autopistas del Sol SA (Costa Rica)†(c)	7.375%	12/30/2030		1,360		1,244,176
Autoridad del Canal de Panama (Panama)†(c)	4.95%	7/29/2035		1,000		1,022,510
CH Robinson Worldwide, Inc.	4.20%	4/15/2028		1,736		1,745,140
Kirby Corp.	4.20%	3/1/2028		1,575		1,544,133
Promontoria Holding BV†(a)	6.75%	8/15/2023	EUR	980		1,090,746
Stena AB (Sweden)†(c)	7.00%	2/1/2024	$	1,217		1,113,555
XPO CNW, Inc.	6.70%	5/1/2034		1,155		987,525
Total						10,675,432
Total High Yield Corporate Bonds (cost $726,597,546)						693,037,955
MUNICIPAL BONDS 4.38%
Air Transportation 0.23%
Miami-Dade Cnty, FL	3.982%	10/1/2041		970		933,586
Miami-Dade Cnty, FL	4.28%	10/1/2041		1,550		1,570,321
Total						2,503,907
Education 1.06%
California St Univ	3.899%	11/1/2047		2,675		2,621,661
Ohio Univ	5.59%	12/1/2114		1,000		1,142,960
Permanent University Fund - Texas A&M
University System	3.66%	7/1/2047		6,640		6,392,726
Univ of California Bd of Regents	6.548%	5/15/2048		1,000		1,321,990
Total						11,479,337
General Obligation 1.44%
California	7.55%	4/1/2039		1,285		1,845,247
Chicago Transit Auth, IL	6.899%	12/1/2040		1,000		1,280,040
Chicago, IL	5.432%	1/1/2042		2,292		2,036,786
Chicago, IL	6.314%	1/1/2044		2,167		2,139,739
District of Columbia	5.591%	12/1/2034		1,445		1,718,351
Honolulu City & Cnty, HI	5.418%	12/1/2027		740		870,825
Los Angeles Unif Sch Dist, CA	5.75%	7/1/2034		1,000		1,185,670
New York City	5.985%	12/1/2036		1,134		1,373,920

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
General Obligation (continued)
Ohio St Univ	4.048%		12/1/2056	$	676	$	673,823
Pennsylvania	5.45%		2/15/2030		1,336		1,540,194
The Bd of Governors of the Univ of North Carolina	3.847%		12/1/2034		855		892,005
Total							15,556,600
Government Guaranteed 0.05%
City & County of San Francisco CA	5.45%		6/15/2025		460		520,550
Lease Obligations 0.07%
Wisconsin	3.294%		5/1/2037		790		717,249
Miscellaneous 0.58%
Chicago Transit Auth, IL	6.20%		12/1/2040		1,030		1,253,510
Dallas Convention Center Hotel Dev Corp., TX	7.088%		1/1/2042		1,210		1,559,629
Pasadena Public Fing Auth	7.148%		3/1/2043		2,445		3,428,037
Total							6,241,176
Tax Revenue 0.62%
Massachusetts Sch Bldg Auth	5.715%		8/15/2039		1,720		2,110,990
Memphis-Shelby County Industrial Development Board, TN	7.00%		7/1/2045		1,225		1,273,792
New York City Indl Dev Agy†	11.00%		3/1/2029		2,475		3,264,327
Total							6,649,109
Transportation 0.16%
Port of Seattle, WA	3.571%		5/1/2032		650		637,916
Port of Seattle, WA	3.755%		5/1/2036		1,105		1,086,823
Total							1,724,739
Utilities 0.17%
San Antonio, TX	5.718%		2/1/2041		1,480		1,843,473
Total Municipal Bonds (cost $47,728,437)							47,236,140
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY 0.41%
Caesars Palace Las Vegas Trust 2017-VICI D† (cost $4,417,857)	4.354%	#(m)	10/15/2034		4,354		4,362,721

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

	Dividend	Maturity	Shares		Fair
Investments	Rate	Date	(000)		Value
PREFERRED STOCK 0.01%
Energy: Exploration & Production
Templar Energy LLC (cost $418,206)	Zero Coupon			42	$	125,946
			Principal
	Interest		Amount
	Rate			(000)
U.S. TREASURY OBLIGATIONS 2.95%
U.S. Treasury Note	2.75%	5/31/2023	$	10,985		11,106,688
U.S. Treasury Note	3.125%	11/15/2028		7,955		8,258,327
U.S. Treasury Inflation Indexed Note(n)	0.50%	1/15/2028		13,022		12,435,961
Total U.S. Treasury Obligations (cost $31,348,053)						31,800,976
	Exercise	Expiration	Shares
	Price	Date		(000)
WARRANT 0.00%
Personal & Household Products
Remington Outdoor Co., Inc.* (cost $86,340)	$35.05	5/15/2022		16		164	(d)
Total Long-Term Investments (cost $1,188,718,000)						1,145,170,105
			Principal
			Amount
			(000)
SHORT-TERM INVESTMENT 2.36%
REPURCHASE AGREEMENT
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $25,620,000 of U.S. Treasury Note at 2.75% due 2/15/2028; value: $25,914,912; proceeds: $25,405,788 (cost $25,403,742)			$	25,404		25,403,742
Total Investments in Securities 108.66% (cost $1,214,121,742)						1,170,573,847
Less Unfunded Commitment (.11%) (cost $1,147,878)						(1,141,230	)
Net Investment 108.55% (cost $1,212,973,864)						1,169,432,617
Liabilities in Excess of Cash, Foreign Cash and Other Assets(o) (8.55%)						(92,128,007	)
Net Assets 100.00%					$	1,077,304,610

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2018

AUD	Australian dollar.
CAD	Canadian dollar.
EUR	euro.
UYU	Uruguayan Peso.
ADR	American Depositary Receipt.
EURIBOR	Euro Interbank Offered Rate.
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, 2018.
*	Non-income producing security.
(a)	Investment in non-U.S. dollar denominated securities.
(b)	Amount represents less than 1,000 shares.
(c)	Foreign security traded in U.S. dollars.
(d)	Level 3 Investment as described in Note 2(p) 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.
(e)	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, 2018.
(f)	Level 3 Investment as described in Note 2(p) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
(g)	Interest rate to be determined.
(h)	To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
(i)	Security is perpetual in nature and has no stated maturity.
(j)	Variable Rate is Fixed to Float: Rate remains fixed until a designated future date.
(k)	Defaulted (non-income producing security).
(l)	Level 3 Investment as described in Note 2(p) in the Notes to Financials. Security fair valued by the Pricing Committee.
(m)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(n)	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.
(o)	Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at December 31, 2018⁽¹⁾:

	Central	Fund
Referenced	Clearing	Pays	Termination	Notional	Notional	Payments	Unrealized
Index	party	(Quarterly)	Date	Amount	Value	Upfront(2)	Appreciation(3)
Markit CDX. NA.IG.31(4)(5)	Credit Suisse	1.00%	12/20/2023	$73,751,000	$74,162,199	$(1,105,220)	$694,021

(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 take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
(2)	Upfront payments received by Central Clearing Party are presented net of amortization (See Note 2(m)).
(3)	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $694,021. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
(4)	Central Clearinghouse: Intercontinental Exchange (ICE).
(5)	The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Credit Default Swaps on Indexes/Issuer - Sell Protection at December 31, 2018⁽¹⁾:

												Credit
												Default
												Swap
		Fund	Termi-						Unrealized			Agreements
Referenced	Swap	Receives	nation	Notional	Notional	Payments			Appreciation			Payable at
Index/Issuer	Counterparty	(Quarterly)	Date	Amount	Value	Upfront(2)			(Depreciation)(3)			Fair Value(4)
Markit CMBX NA.BBB.9	Credit Suisse	3.00%	9/17/2058	$2,112,000	$1,855,524	$	(173,740	)		$	(82,736)		$	(256,476	)
Markit CMBX NA.BBB.10	Credit Suisse	3.00%	11/17/2059	4,667,000	4,130,129		(321,562	)			(215,309)			(536,871	)
Markit CMBX. NA.BBB.9	Deutsche Bank	3.00%	9/17/2058	3,363,000	2,954,607		(276,651	)			(131,742)			(408,393	)
Markit CMBX. NA.BBB.10	Deutsche Bank	3.00%	11/17/2059	851,000	753,105		(58,635	)			(39,260)			(97,895	)
Markit CMBX. NA.BBB.11	Deutsche Bank	3.00%	11/18/2054	838,000	732,446		(55,405	)			(50,149)			(105,554	)
Markit CMBX. NA.BBB.9	Goldman Sachs	3.00%	9/17/2058	1,153,000	1,012,982		(94,850	)			(45,168)			(140,018	)
Markit CMBX. NA.BBB.10	Goldman Sachs	3.00%	11/17/2059	3,573,000	3,161,978		(246,184	)			(164,838)			(411,022	)
Markit CMBX. NA.BBB.11	J.P. Morgan Chase	3.00%	11/18/2054	393,000	343,498		(25,984	)			(23,518)			(49,502	)
Markit CMBX. NA.BBB.9	Morgan Stanley	3.00%	9/17/2058	4,977,000	4,372,605		(409,425	)			(194,970)			(604,395	)
Markit CMBX. NA.BBB.11	Morgan Stanley	3.00%	11/18/2054	10,501,000	9,178,303		(694,284	)			(628,413)			(1,322,697	)
Markit CMBX. NA.BBB.10	Morgan Stanley	3.00%	11/17/2059	4,812,000	4,258,450		(331,552	)			(221,998)			(553,550	)
Tesla	J.P. Morgan Chase	1.00%	6/20/2020	1,358,000	1,306,673		(84,579	)			33,252			(51,327	)
						$	(2,772,851	)		$	(1,764,849)		$	(4,537,700	)

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
(2)	Upfront payments received are presented net of amortization (See Note 2(m)).
(3)	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $33,252. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $1,798,101.
(4)	Includes upfront payments received.

Total Return Swap Contracts at December 31, 2018:

Swap	Referenced	Referenced			Termination	Notional		Notional			Unrealized
Counterparty	Index*	Spread	Units	Position	Date	Amount		Value			Appreciation
J.P. Morgan Chase	IBXXLL	3 Mo. LIBOR+ .00%	12,894	Long	3/20/2019	$	2,121,000	$	(2,101,112	)		$	19,888
Morgan Stanley	IBXXLL	3 Mo. LIBOR+ .00%	7,156	Long	3/20/2019		1,179,000		(1,166,173	)			12,827
Goldman Sachs	IBXXLL	3 Mo. LIBOR+ .00%	13,184	Long	3/20/2019		2,200,000		(2,148,353	)			51,647
						$	5,500,000	$	(5,415,638	)		$	84,362

* iBoxx Leverage Loan Index.

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2018

Open Forward Foreign Currency Exchange Contracts at December 31, 2018:

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Appreciation
euro	Buy	J.P. Morgan Chase	2/19/2019	193,000	$219,972	$221,998		$	2,026
euro	Buy	Toronto Dominion Bank	4/10/2019	500,000	575,207	577,642			2,435
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts								$	4,461
Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Depreciation
euro	Sell	State Street Bank and Trust	2/19/2019	8,230,000	$9,399,157	$9,466,551		$	(67,394	)
euro	Sell	Toronto Dominion Bank	3/7/2019	16,316,000	18,640,443	18,792,898			(152,455	)
euro	Sell	State Street Bank and Trust	4/10/2019	860,000	988,330	993,545			(5,215	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$	(225,064	)

Open Futures Contracts at December 31, 2018:

				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Appreciation
U.S. 2-Year Treasury Note	March 2019	761	Long	$160,843,407	$161,569,812		$	726,405
U.S. 5-Year Treasury Note	March 2019	1,143	Long	129,095,529	131,087,790			1,992,261
Total Unrealized Appreciation on Open Futures Contracts							$	2,718,666
				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Depreciation
Euro-Bobl	March 2019	6	Short	EUR (793,849)	EUR (795,120)		$	(1,456	)
U.S. 10-Year Treasury Note	March 2019	22	Short	$(2,620,196)	$(2,684,343)			(64,147	)
U.S. 10-Year Ultra Treasury Bond	March 2019	23	Short	(2,898,318)	(2,991,797)			(93,479	)
U.S. Long Bond	March 2019	749	Short	(104,320,293)	(109,354,000)			(5,033,707	)
Ultra Long U.S. Treasury Bond	March 2019	10	Short	(1,521,779)	(1,606,562)			(84,783	)
Total Unrealized Depreciation on Open Futures Contracts							$	(5,277,572	)

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–	$	27,178,515	$	–	$	27,178,515
Common Stocks
Auto Parts & Equipment		–		1,486,875		–		1,486,875
Beverages		–		1,085,821		–		1,085,821
Energy: Exploration & Production		1,985,702		28,887		–		2,014,589
Personal & Household Products		2,357,686		158,506		912,300		3,428,492
Specialty Retail		11,503,457		893,804		–		12,397,261
Remaining Industries		79,228,862		–		–		79,228,862
Convertible Bonds		–		5,118,408		–		5,118,408
Floating Rate Loans
Diversified Capital Goods		–		–		691,801		691,801
Oil Field Equipment & Services		–		–		1,424,659		1,424,659
Personal & Household Products		–		3,165,048		2,249,682		5,414,730
Specialty Retail		–		10,980,248		–		10,980,248
Remaining Industries		–		50,377,401		–		50,377,401
Foreign Bond		–		1,104,351		–		1,104,351
Foreign Government Obligations		–		73,523,098		–		73,523,098
Government Sponsored Enterprises
Pass-Through		–		92,009,862		–		92,009,862
High Yield Corporate Bonds
Banking		–		42,215,896		125		42,216,021
Metals/Mining (Excluding Steel)		–		21,788,680		2		21,788,682
Remaining Industries		–		629,033,252		–		629,033,252
Municipal Bonds		–		47,236,140		–		47,236,140
Non-Agency Commercial
Mortgage-Backed Security		–		4,362,721		–		4,362,721
Preferred Stock		–		125,946		–		125,946
U.S. Treasury Obligations		–		31,800,976		–		31,800,976
Warrant		–		–		164		164
Short-Term Investment
Repurchase Agreement		–		25,403,742		–		25,403,742
Total	$	95,075,707	$	1,069,078,177	$	5,278,733	$	1,169,432,617

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2018

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Centrally Cleared Credit Default Swap Contracts
Assets	$			$	694,021		$	–	$	694,021
Liabilities		–			–			–		–
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(4,537,700	)		–		(4,537,700	)
Forward Foreign Currency Exchange Contracts
Assets		–			4,461			–		4,461
Liabilities		–			(225,064	)		–		(225,064	)
Futures Contracts
Assets		2,718,666			–			–		2,718,666
Liabilities		(5,277,572	)		–			–		(5,277,572	)
Total Return Swaps Contracts
Assets		–			84,362			–		84,362
Liabilities		–			–			–		–
Unfunded Commitments
Assets		–			–			–		–
Liabilities		–			(6,648	)		–		(6,648	)
Total	$	(2,558,906	)	$	(3,986,568	)	$	–	$	(6,545,474	)

(1)	Refer to Note 2(p) 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, 2018.

42 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

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

									High Yield
	Asset-Backed			Common		Floating			Corporate
Investment Type	Securities			Stocks		Rate Loans			Bonds			Warrant
Balance as of January 1, 2018	$	2,273,600		$	–	$	3,137,076		$	319,757		$	–
Accrued Discounts (Premiums)		–			–		21,360			(3,784	)		–
Realized Gain (Loss)		–			–		12,658			(30,794	)		–
Change in Unrealized Appreciation (Depreciation)		–			198,969		(587,217	)		42,159			(86,178	)
Purchases		–			713,331		8,563,322			430,278			86,342
Sales		–			–		(6,781,057	)		(513,940	)		–
Transfers into Level 3		–			–		–			–			–
Transfers out of Level 3		(2,273,600	)		–		–			(243,549	)		–
Balance as of December 31, 2018	$	–		$	912,300	$	4,366,142		$	127		$	164
Change in unrealized appreciation/depreciation for year ended December 31, 2018, related to Level 3 investments held at December 31, 2018	$	–		$	198,969	$	(223,551	)	$	–		$	(86,176	)

See Notes to Financial Statements. 43

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $1,212,973,864)	$	1,169,432,617
Cash		266,327
Deposits with brokers for futures collateral		1,687,998
Deposits with brokers for swaps collateral		4,806,664
Foreign cash, at value (cost $1,273)		3
Receivables:
Interest and dividends		13,214,466
Investment securities sold		2,323,016
Capital shares sold		269,225
Total return swap, at fair value		84,362
Unrealized appreciation on forward foreign currency exchange contracts		4,461
Prepaid expenses and other assets		5,588
Total assets		1,192,094,727
LIABILITIES:
Payables:
Investment securities purchased		106,865,424
Capital shares reacquired		1,051,810
Management fee		457,093
Variation margin on futures contracts		263,148
Directors’ fees		158,504
Fund administration		36,856
Variation margin for centrally cleared credit default swap agreements		48,414
Unrealized depreciation on forward foreign currency exchange contracts		225,064
Credit default swap agreements payable, at fair value (including upfront payments of $2,772,851)		4,537,700
Unrealized depreciation on unfunded commitments		6,648
Accrued expenses and other liabilities		1,139,456
Total liabilities		114,790,117
NET ASSETS	$	1,077,304,610
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,138,432,607
Total distributable earnings (loss)		(61,127,997	)
Net Assets	$	1,077,304,610
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		97,190,009
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$11.08

44 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $25,961)	$	1,582,463
Interest and other (net of foreign withholding taxes of $18,154)		55,391,925
Total investment income		56,974,388
Expenses:
Management fee		5,668,326
Non 12b-1 service fees		2,871,553
Shareholder servicing		1,229,150
Fund administration		459,407
Reports to shareholders		132,179
Custody		91,376
Professional		75,817
Directors’ fees		40,158
Other		86,795
Gross expenses		10,654,761
Expense reductions (See Note 9)		(26,741	)
Fees waived and expenses reimbursed (See Note 3)		(75,381	)
Net expenses		10,552,639
Net investment income		46,421,749
Net realized and unrealized gain (loss):
Net realized loss on investments		(2,026,848	)
Net realized gain on futures contracts		7,364,043
Net realized gain on foreign currency exchange contracts		1,530,860
Net realized loss on swap contracts		(118,170	)
Net realized gain on foreign currency related transactions		90,031
Net change in unrealized appreciation/depreciation on investments		(97,594,204	)
Net change in unrealized appreciation/depreciation on futures contracts		(2,177,820	)
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts		105,625
Net change in unrealized appreciation/depreciation on swap contracts		713,197
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(5,078	)
Net change in unrealized appreciation/depreciation on unfunded commitments		(6,648	)
Net realized and unrealized loss		(92,125,012	)
Net Decrease in Net Assets Resulting From Operations	$	(45,703,263	)

See Notes to Financial Statements. 45

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Operations:
Net investment income	$	46,421,749		$	46,435,962
Net realized gain on investments, futures contracts, forward currency exchange contracts, swaps and foreign currency related transactions		6,839,916			45,448,213
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		(98,964,928	)		6,990,239
Net increase (decrease) in net assets resulting from operations		(45,703,263	)		98,874,414
Distributions to shareholders(1)		(73,991,299	)		(59,089,628	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		123,044,541			146,613,258
Reinvestment of distributions		73,991,366			59,089,628
Cost of shares reacquired		(173,257,966	)		(138,899,244	)
Net increase in net assets resulting from capital share transactions		23,777,941			66,803,642
Net increase (decrease) in net assets		(95,916,621	)		106,588,428
NET ASSETS:
Beginning of year	$	1,173,221,231		$	1,066,632,803
End of year	$	1,077,304,610		$	1,173,221,231
Undistributed net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(47,823,337) and net realized gain $(11,266,291).
(2)	The SEC eliminated the requirement to disclose undistributed net investment income in 2018. For the year ended December 31, 2017, the undistributed net investment income was $110,404.

46 See Notes to Financial Statements.

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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
12/31/2018		$12.38		$0.49		$(0.99	)		$(0.50	)		$(0.53	)		$(0.27	)		$(0.80	)
12/31/2017		11.94		0.52		0.58			1.10			(0.53	)		(0.13	)		(0.66	)
12/31/2016		11.14		0.52		0.83			1.35			(0.55	)		–			(0.55	)
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	)

(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 (%)
	$11.08		(4.02	)		0.92		0.93		4.04		$1,077,305		153
	12.38		9.21			0.90		0.92		4.13		1,173,221		121
	11.94		12.13			0.90		0.93		4.41		1,066,633		120
	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

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. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.
	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

50

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, 2015 through December 31, 2018. 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 translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

51

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 foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain on foreign currency exchange contracts on the Fund’s Statement of Operations.
(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(i)	When–Issued, Forward Transactions or To–Be–Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(j)	TBA Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “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)

52

Notes to Financial Statements (continued)

	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 a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.
(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.
	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.
	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit

53

Notes to Financial Statements (continued)

	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)	Total Return Swaps–The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to their counterparty.
(o)	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

54

Notes to Financial Statements (continued)

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, 2018, the Fund had the following unfunded loan commitments:

Mavis Tire Express Service Corp. Delayed Draw Term Loan	$	195,583
Energizer Holdings, Inc. Bridge Term Loan		910,000
Claire’s Store, Inc. Revolving Credit Term Loan		42,005
Total	$	1,147,588

(p) 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, 2018 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.

55

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	.50%
Over $1 billion	.45%

For the fiscal year ended December 31, 2018, the effective management fee, net of waivers, was at an annualized rate of .49% 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.

For the period January 1, 2018 through April 30, 2018, Lord Abbett 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%. Effective May 1, 2018, Lord Abbett discontinued the agreement.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

56

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 was as follows:

	Year Ended 12/31/ 2018			Year Ended 12/31/ 2017
Distributions paid from:
Ordinary income		$	56,836,725		$	55,855,286
Net long-term capital gains			17,154,574			3,234,342
Total distributions paid		$	73,991,299		$	59,089,628

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – net	$	129,379
Total undistributed earnings		129,379
Temporary differences		(12,782,970	)
Unrealized losses – net		(48,474,406	)
Total accumulated losses – net	$	(61,127,997	)

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 $12,624,467 during fiscal 2018.

As of December 31, 2018, 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	$	1,214,132,884
Gross unrealized gain		11,223,209
Gross unrealized loss		(59,689,451	)
Net unrealized security loss	$	(48,466,242	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

U.S. Government Purchases	Non-U.S. Government Purchases	U.S. Government Sales	Non-U.S. Government Sales
$641,629,453	$1,212,749,281	$535,714,604	$1,239,483,015

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, 2018, the Fund engaged in cross-trades purchases of $1,187,066 and sales of $12,251,425, which resulted in net realized gains of $246,863.

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, 2018 (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, 2018 (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, 2018 (as described in note 2(m)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of December 31, 2018, 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			Equity Contracts
Centrally Cleared Credit Default Swaps Contracts(1)		–			–		$	694,021			–
Total Return Swap Contracts(2)		–			–			–		$	84,362
Forward Foreign Currency Exchange Contracts(3)		–		$	4,461			–			–
Futures Contracts(4)	$	2,718,666			–			–			–

58

Notes to Financial Statements (continued)

Liability Derivatives	Interest Rate Contracts		Foreign Currency Contracts		Credit Contracts			Equity Contracts
Credit Default Swap Contracts(5)		–		–		$	4,537,700		–
Forward Foreign Currency Exchange Contracts(6)		–	$	225,064			–		–
Futures Contracts(4)	$	5,277,572		–			–		–

(1)	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
(2)	Statement of Assets and Liabilities location: Total Return Swap, at fair value.
(3)	Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(4)	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investment. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
(5)	Statement of Assets and Liabilities location: Credit default swap agreements payable, at fair value.
(6)	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

Transactions in derivative instruments for the fiscal year ended December 31, 2018, were as follows:

	Interest Rate Contracts			Foreign Currency Contracts		Credit Contracts			Equity Contracts
Net Realized Gain (Loss)
Credit Default Swaps Contracts(1)		–			–	$	(118,170	)		–
Forward Foreign Currency Exchange Contracts(2)		–		$	1,530,860		–			–
Futures Contracts(3)	$	7,364,043			–		–			–
Net Change in Unrealized Appreciation/Depreciation
Credit Default Swaps Contracts(4)		–			–	$	628,835			–
Total Return Swap(4)		–			–		–		$	84,362
Forward Foreign Currency Exchange Contracts(5)		–		$	105,625		–			–
Futures Contracts(6)	$	(2,177,820	)		–		–			–
Average Number of Contracts/Notional Amounts*
Credit Default Swaps Contracts(7)		–			–	$	193,526,078			–
Total Return Swap Contracts(7)					–		–		$	592,308
Forward Foreign Currency Exchange Contracts(7)		–		$	37,313,934		–			–
Futures Contracts(8)		3,115			–		–			–

*	Calculated based on the number of contracts or notional amounts for the year ended December 31, 2018.
(1)	Statements of Operations location: Net realized loss on swap contracts.
(2)	Statements of Operations location: Net realized gain on foreign currency exchange contracts.
(3)	Statements of Operations location: Net realized gain on futures 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 futures contracts.
(7)	Amount represents notional amounts in U.S. dollars.
(8)	Amount represents number of contracts.

59

Notes to Financial Statements (continued)

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		$         4,461		$       –		$         4,461
Repurchase Agreements		25,403,742		–		25,403,742
Total Return Swap Contracts		84,362		–		84,362
Total		$25,492,565		$       –		$25,492,565

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.

$25,403,742

$          –

$       –

$(25,403,742

)

$       –

Goldman Sachs

51,647

(51,647

)

–

–

–

J.P. Morgan Chase

21,914

(21,914

)

–

–

–

Morgan Stanley

12,827

(12,827

)

–

–

–

Toronto Dominion Bank

2,435

(2,435

)

–

–

–

Total

$25,492,565

$(88,823

)

$       –

$(25,403,742

)

$       –

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts		$4,537,700		$       –		$4,537,700
Forward Foreign Currency Exchange Contracts		225,064		–		225,064
Total		$4,762,764		$       –		$4,762,764

60

Notes to Financial Statements (continued)

	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(c)
Credit Suisse		$   793,347		$          –			$               –			$       –		$   793,347
Deutsche Bank		611,842		–			–			–		611,842
Goldman Sachs		551,040		(51,647	)		–			–		499,393
J.P. Morgan Chase		100,829		(21,914	)		–			–		78,915
Morgan Stanley		2,480,642		(12,827	)		(2,467,815	)		–		–
State Street Bank and Trust		72,609		–			–			–		72,609
Toronto Dominion Bank		152,455		(2,435	)		–			–		150,020
Total		$4,762,764		$(88,823	)		$(2,467,815	)		$       –		$2,206,126

(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, 2018.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2018.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated

61

Notes to Financial Statements (continued)

Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, 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 debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”) in which the Fund may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the

62

Notes to Financial Statements (continued)

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 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.

63

Notes to Financial Statements (concluded)

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			Year Ended
	December 31, 2018			December 31, 2017
Shares sold		10,012,434			11,707,991
Reinvestment of distributions		6,608,633			4,788,463
Shares reacquired		(14,182,529	)		(11,090,027	)
Increase		2,438,538			5,406,427

64

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Bond Debenture Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

65

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

68

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/ Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

69

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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.

70

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmarks. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was above the

71

Approval of Advisory Contract (continued)

median of the performance peer group for the one-, three-, five-, and ten-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 appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain breakpoints in the management fee schedule, adequately addressed any economies of scale in managing the Fund.

72

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

73

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.

Tax Information

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

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $7,826,024 and $17,154,574, respectively, represent short-term capital gains and long-term capital gains.

74

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Series Fund, Inc. Bond-Debenture Portfolio	LASFBD-3 (02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Calibrated Dividend Growth Portfolio

For the fiscal year ended December 31, 2018

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and HoldingsPresented 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, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Calibrated Dividend Growth Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned –4.67%, 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 –4.38% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index¹, falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index², were down –11.01%. During the period, there were several

market-moving events. Notably, Congress passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued into the third quarter with trade tensions

1

mounting between the U.S. and China. In December, the White House announced a trade truce between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.-Mexico-Canada Agreement. In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%–1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%–2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s losses, however the S&P 500^® returned to

negative territory in December, posting its worst month since February 2009.

Stock selection within the industrials and information technology sectors detracted from relative performance over the period. Within the industrials sector, the Fund’s holding of 3M Company, a diversified technology company, was one of the top detractors. Shares of the firm sold off after the company missed third quarter profit estimates and lowered the full year earnings guidance. The Fund’s position in Northrop Grumman Corp. also detracted from relative performance. Shares of the government and commercial security company recently came under pressure as investors may have grown wary of the implications of the escalating trade war on the firm’s profits. Additionally, within the information technology sector, International Business Machines (IBM) Corp., an integrated technology company, detracted from relative performance. Shares fell after the market seemingly priced in some doubt about the $34 billion deal between IBM and Red Hat, Inc.

Conversely, stock selection within the consumer staples and financials sectors contributed positively to relative performance during the period. Within the consumer staples sector, Coca-Cola Company, a beverage company, also contributed positively to relative performance. Shares of Coca-Cola rose throughout the year on the back of accelerating business performance as underlying sales growth improved. The

2

company’s total beverage portfolio strategy is steadily building traction with positive growth and share gains across both its core sparkling portfolio and higher growth categories such as water and sports drinks. Costco Wholesale Corp., a multinational membership-only warehouse chain, also contributed positively to relative performance. Shares of the company rose as the firm consistently beat total and U.S. same store sales compared to the previous year, fueled in part by the firm’s continued investment in the digital and e-commerce space. Within the

financials sector, RenaissanceRe Holdings Ltd., a reinsurance and insurance coverage provider, was one of the top contributors to relative performance. The company benefited from the recent acquisition of Tokio Marine Holdings, Inc.’s reinsurance platform, which the market likely believes to be income accretive going forward.

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.

²    The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® 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, 2018. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

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

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

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

4

Investment Comparison

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

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year	5 Years	10 Years
Class VC	-4.67%	7.37%	11.28%

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

5

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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†
	7/1/18	12/31/18	7/1/18 – 12/31/18
Class VC
Actual	$1,000.00	$   967.80	$4.46
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, 2018

Sector*	%**
Communication Services		4.44	%
Consumer Discretionary		9.27	%
Consumer Staples		16.30	%
Energy		4.88	%
Financials		6.36	%
Health Care		12.24	%
Industrials		19.97	%
Information Technology		12.21	%
Materials		5.00	%
Utilities		8.30	%
Repurchase Agreement		1.03	%
Total		100.00	%

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

7

Schedule of Investments

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.91%
Aerospace & Defense 5.87%
General Dynamics Corp.		9,600	$	1,509
Harris Corp.		11,100		1,495
Lockheed Martin Corp.		6,892		1,805
Northrop Grumman Corp.		7,000		1,714
Raytheon Co.		11,300		1,733
Total				8,256
Air Freight & Logistics 0.99%
CH Robinson Worldwide, Inc.		7,200		605
FedEx Corp.		4,900		791
Total				1,396
Banks 0.41%
Commerce Bancshares, Inc.		10,125		571
Beverages 4.10%
Coca-Cola Co. (The)		72,468		3,431
PepsiCo, Inc.		21,124		2,334
Total				5,765
Biotechnology 1.85%
AbbVie, Inc.		28,199		2,600
Capital Markets 1.95%
S&P Global, Inc.		10,900		1,853
T. Rowe Price Group, Inc.		9,600		886
Total				2,739
Chemicals 4.02%
Air Products & Chemicals, Inc.		4,300		688
Ecolab, Inc.		10,100		1,488
PPG Industries, Inc.		17,206		1,759
Sherwin-Williams Co. (The)		4,375		1,722
Total				5,657
Commercial Services & Supplies 1.13%
Cintas Corp.		1,700		286
Waste Management, Inc.		14,600		1,299
Total				1,585

			Fair
			Value
Investments	Shares		(000)
Diversified Telecommunication Services 4.49%
AT&T, Inc.		92,608	$	2,643
Verizon Communications, Inc.		65,200		3,666
Total				6,309
Electric: Utilities 5.49%
Alliant Energy Corp.		27,400		1,158
Duke Energy Corp.		26,600		2,295
Edison International		18,800		1,067
Eversource Energy		24,400		1,587
NextEra Energy, Inc.		5,400		939
Xcel Energy, Inc.		13,600		670
Total				7,716
Electrical Equipment 1.07%
Emerson Electric Co.		6,600		394
Hubbell, Inc.		11,200		1,113
Total				1,507
Food & Staples Retailing 6.24%
Costco Wholesale Corp.		13,600		2,770
Sysco Corp.		31,100		1,949
Walgreens Boots Alliance, Inc.		25,321		1,730
Walmart, Inc.		24,980		2,327
Total				8,776
Food Products 1.81%
Flowers Foods, Inc.		37,300		689
Hormel Foods Corp.		14,700		627
J.M. Smucker Co. (The)		6,800		636
Kellogg Co.		10,400		593
Total				2,545
Gas Utilities 0.65%
UGI Corp.		17,000		907
Health Care Equipment & Supplies 6.04%
Abbott Laboratories		34,900		2,524
Becton, Dickinson & Co.		6,800		1,532
Medtronic plc (Ireland)(a)		39,991		3,638
West Pharmaceutical Services, Inc.		8,200		804
Total				8,498

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Health Care Providers & Services 2.69%
AmerisourceBergen Corp.		16,900	$	1,257
CVS Health Corp.		38,500		2,523
Total				3,780
Hotels, Restaurants & Leisure 2.21%
McDonald’s Corp.		17,474		3,103
Household Products 4.30%
Church & Dwight Co., Inc.		6,200		408
Clorox Co. (The)		10,500		1,618
Kimberly-Clark Corp.		15,335		1,747
Procter & Gamble Co. (The)		24,800		2,280
Total				6,053
Industrial Conglomerates 3.16%
3M Co.		13,667		2,604
Roper Technologies, Inc.		6,900		1,839
Total				4,443
Information Technology Services 4.33%
Accenture plc Class A (Ireland)(a)		14,900		2,101
Automatic Data Processing, Inc.		16,400		2,150
International Business Machines Corp.		16,187		1,840
Total				6,091
Insurance 4.06%
Chubb Ltd. (Switzerland)(a)		18,200		2,351
RenaissanceRe Holdings Ltd.		4,700		628
Torchmark Corp.		15,000		1,118
Travelers Cos., Inc. (The)		13,500		1,617
Total				5,714
Machinery 2.40%
Caterpillar, Inc.		4,600		585
Cummins, Inc.		10,800		1,443
Pentair plc (United Kingdom)(a)		12,700		480
Stanley Black & Decker, Inc.		7,200		862
Total				3,370

			Fair
			Value
Investments	Shares		(000)
Metals & Mining 1.02%
Nucor Corp.		27,700	$	1,435
Multi-Line Retail 1.31%
Target Corp.		27,800		1,837
Multi-Utilities 2.25%
Consolidated Edison, Inc.		10,400		795
Dominion Energy, Inc.		33,100		2,365
Total				3,160
Oil, Gas & Consumable Fuels 4.92%
Chevron Corp.		35,849		3,900
Exxon Mobil Corp.		8,400		573
Occidental Petroleum Corp.		30,273		1,858
ONEOK, Inc.		11,000		593
Total				6,924
Pharmaceuticals 1.78%
Johnson & Johnson		19,419		2,506
Professional Services 0.92%
Robert Half International, Inc.		22,700		1,298
Road & Rail 3.83%
CSX Corp.		11,300		702
J.B. Hunt Transport Services, Inc.		13,400		1,247
Union Pacific Corp.		24,900		3,442
Total				5,391
Semiconductors & Semiconductor Equipment 4.50%
Microchip Technology, Inc.		7,166		515
QUALCOMM, Inc.		39,857		2,268
Texas Instruments, Inc.		33,800		3,194
Xilinx, Inc.		4,200		358
Total				6,335
Software 3.49%
CDK Global, Inc.		20,700		991
Microsoft Corp.		38,600		3,921
Total				4,912

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Specialty Retail 3.56%
Lowe’s Cos., Inc.		34,025	$	3,142
TJX Cos., Inc. (The)		41,700		1,866
Total				5,008
Textiles, Apparel & Luxury Goods 2.28%
NIKE, Inc. Class B		43,300		3,210
Trading Companies & Distributors 0.79%
Fastenal Co.		21,300		1,114
Total Common Stocks (cost $139,961,561)				140,511

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.04%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $1,550,000 of U.S. Treasury Note at 2.00% due 8/15/2025; value: $1,500,836; proceeds: $1,467,889 (cost $1,467,770)		$1,468	$	1,468
Total Investments in Securities 100.95% (cost $141,429,331)				141,979
Liabilities in Excess of Other Assets(b) (0.95)%				(1,340	)
Net Assets 100.00%			$	140,639

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

Open Futures Contracts at December 31, 2018:

				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Depreciation
E-Mini S&P 500 Index	March 2019	9	Long	$1,128,869	$1,127,340	$(1,529)

10 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 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	$	140,511		$	–	$	–	$	140,511
Short-Term Investments
Repurchase Agreement		–			1,468		–		1,468
Total	$	140,511		$	1,468	$	–	$	141,979
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(2	)		–		–		(2)
Total	$	(2	)	$	–	$	–	$	(2)

(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, 2018.

See Notes to Financial Statements. 11

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $141,429,331)	$	141,979,022
Deposits with brokers for futures collateral		54,000
Receivables:
Interest and dividends		191,145
Capital shares sold		46,338
From advisor (See Note 3)		38,604
Variation margin for futures contracts		8,748
Prepaid expenses		719
Total assets		142,318,576
LIABILITIES:
Payables:
Capital shares reacquired		1,423,032
Management fee		96,131
Directors’ fees		24,398
Fund administration		5,127
Accrued expenses		130,557
Total liabilities		1,679,245
NET ASSETS	$	140,639,331
COMPOSITION OF NET ASSETS:
Paid-in capital	$	140,171,100
Total distributable earnings		468,231
Net Assets	$	140,639,331
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		10,434,515
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.48

12 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends	$	4,527,099
Interest		14,461
Total investment income		4,541,560
Expenses:
Management fee		1,331,599
Non 12b-1 service fees		443,615
Shareholder servicing		190,528
Fund administration		71,019
Professional		51,808
Reports to shareholders		38,487
Custody		13,234
Directors’ fees		6,313
Other		21,239
Gross expenses		2,167,842
Expense reductions (See Note 9)		(4,147	)
Fees waived and expenses reimbursed (See Note 3)		(596,101	)
Net expenses		1,567,594
Net investment income		2,973,966
Net realized and unrealized gain (loss):
Net realized gain on investments		13,972,002
Net realized gain on futures contracts		16,764
Net realized gain on foreign currency related transactions		4,111
Net change in unrealized appreciation/depreciation on investments		(24,278,640	)
Net change in unrealized appreciation/depreciation on futures contracts		(6,223	)
Net realized and unrealized loss		(10,291,986	)
Net Decrease in Net Assets Resulting From Operations	$	(7,318,020	)

See Notes to Financial Statements. 13

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2018			December 31, 2017
Operations:
Net investment income	$	2,973,966		$	3,069,437
Net realized gain on investments, futures contracts and foreign currency related transactions		13,992,877			10,163,338
Net change in unrealized appreciation/depreciation on investments and futures contracts		(24,284,863	)		18,400,668
Net increase (decrease) in net assets resulting from operations		(7,318,020	)		31,633,443
Distributions to shareholders(1)		(17,013,093	)		(13,592,687	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		32,964,166			21,128,282
Reinvestment of distributions		17,013,093			13,592,687
Cost of shares reacquired		(77,228,521	)		(31,869,957	)
Net increase (decrease) in net assets resulting from capital share transactions		(27,251,262	)		2,851,012
Net increase (decrease) in net assets		(51,582,375	)		20,891,768
NET ASSETS:
Beginning of year	$	192,221,706		$	171,329,938
End of year	$	140,639,331		$	192,221,706
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(3,082,034) and net realized gain $(10,510,653).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(21,797).

14 See Notes to Financial Statements.

This page is intentionally left blank.

15

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			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income(a)		gain (loss)			tions			income			gain			butions
12/31/2018		$16.02		$0.27		$(1.03	)		$(0.76	)		$(0.30	)		$(1.48	)		$(1.78	)
12/31/2017		14.47		0.26		2.49			2.75			(0.27	)		(0.93	)		(1.20	)
12/31/2016		13.60		0.28		1.78			2.06			(0.25	)		(0.94	)		(1.19	)
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	)

(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:
					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)		(%)
	$13.48		(4.67	)		0.88		1.22		1.68		$140,639		58
	16.02		19.12			0.85		1.21		1.71		192,222		58
	14.47		15.10			0.85		1.25		1.89		171,330		75
	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

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 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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain 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.
(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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of .41% 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.

Effective May 1, 2018 and continuing through April 30, 2019, 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. Prior to May 1, 2018, Lord Abbett 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%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

21

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 was as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	5,997,659		$	9,776,911
Net long-term capital gains			11,015,434			3,815,776
Total distributions paid		$	17,013,093		$	13,592,687

As of December 31, 2018, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	8,827
Undistributed long-term capital gains		2,882,207
Total undistributed earnings		2,891,034
Temporary differences		(826,491	)
Unrealized losses – net		(1,596,312	)
Total accumulated gains – net	$	468,231

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 $802,094 during fiscal year 2018.

As of December 31, 2018, 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	$	143,573,805
Gross unrealized gain		6,379,846
Gross unrealized loss		(7,976,158	)
Net unrealized security loss	$	(1,596,312	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$102,147,075	$141,634,343

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $5,163,742 and sales of $744,984, which resulted in net realized gains of $92,801.

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, 2018 (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, 2018, the Fund had futures contracts with unrealized depreciation of $(1,529), which is included in the Schedule of Investments. Only current day’s variation margin is reported within the Fund’s Statement of Assets and Liabilities. Amounts of $16,764 and $(6,223) 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 fiscal year was 9.

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		$1,467,770	$	–	$	1,467,770
Total		$1,467,770	$	–	$	1,467,770

	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.	$	1,467,770	$	–	$	–	$	(1,467,770	)	$	–
Total	$	1,467,770	$	–	$	–	$	(1,467,770	)	$	–

(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, 2018.

23

Notes to Financial Statements (continued)

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the

24

Notes to Financial Statements (concluded)

“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, 2018, 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 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, 2018			Year Ended December 31, 2017
Shares sold		2,056,130			1,365,645
Reinvestment of distributions		1,257,879			854,365
Shares reacquired		(4,880,648	)		(2,057,388	)
Increase (decrease)		(1,566,639	)		162,622

25

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Calibrated Dividend Growth Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

28

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett, (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmark as of various periods ended

32

Approval of Advisory Contract (continued)

August 31, 2018. 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 and took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included a

33

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

Tax Information

For corporate shareholders, 75% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $3,207,095 and $11,015,434, 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 (02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Classic Stock Portfolio

For the fiscal year ended December 31, 2018

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 — Classic Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Classic Stock Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

 

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -7.80%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Index¹, which returned –4.78% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index², falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index³, were down –11.01%. During the period, there were several market-moving events. Notably, Congress

passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued into the third quarter with trade tensions mounting between the U.S. and China. In December, the White House announced a trade truce

1

between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.-Mexico-Canada Agreement. In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%–1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%–2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s losses, however the S&P 500 returned to negative territory in December, posting its worst month since February 2009.

Stock selection within the financials and information technology sectors detracted from relative performance over the period. Within the financials sector, the Fund’s holding of Citizens Financial Group, Inc., a regional bank, was one of the top detractors. Shares of the firm sold off as investors grew wary of the relatively high deposit beta, whereby the firm gives individual depositors higher returns for their cash than its peers. In turn, the firm may face higher costs. The Fund’s holding of SVB Financial Group, a financial services company, also detracted from relative performance. Shares of SVB Financial decreased following Investor Day in December as investors were disappointed with the 2019 outlook, and more specifically, expressed disappointment with potentially lower margin expansion due to fewer projected rate hikes by the Fed. In the back half of 2018, most banks underperformed as a result of intensified late cycle concerns surrounding net interest margin contraction and increasing credit costs. Additionally, within the information technology sector, NVIDIA Corp., a computer graphics processor manufacturer, detracted from relative performance. Shares of NVIDIA sold off after management issued revenue guidance of $2.7 billion, which fell drastically short of expectations of $3.4 billion.

Conversely, stock selection within the consumer discretionary and health care sectors contributed positively to relative performance during the period. Within the

2

consumer discretionary sector, O’Reilly Automotive, Inc., an automotive aftermarket parts retailer, was a top contributor to relative performance. Shares of O’Reilly Automotive rose following favorable economic conditions, benefits from its expansive distribution network, and increases in average miles driven and vehicle age. The Fund’s position in Yum! Brands, Inc., a quick service restaurant franchise, also contributed to relative performance. Shares of the company increased following the announcement of a partnership with GrubHub as well as solid second quarter results with both the top and bottom lines beating consensus

estimates. Within the industrials sector, CSX Corp., a rail based freight transportation company, contributed the most to relative performance. Shares of CSX rose throughout the year after activist activity resulted in management changes, which brought about a turnaround strategy that resulted in a successful third quarter, where the firm reported doubled earnings per share year over year.

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

¹   The 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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® 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, 2018. 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, 2018
		1 Year	5 Years	10 years
Class VC		–7.80%	5.55%	9.92%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			7/1/18 –
	7/1/18	12/31/18	12/31/18
Class VC
Actual	$1,000.00	$   908.40	$4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.16	$5.09

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.00%, 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, 2018

Sector*	%**
Communication Services	14.00	%
Consumer Discretionary	8.14	%
Consumer Staples	7.20	%
Energy	5.95	%
Financials	14.43	%
Health Care	13.08	%
Industrials	8.80	%
Information Technology	13.83	%
Materials	3.57	%
Real Estate	2.16	%
Utilities	2.44	%
Repurchase Agreement	6.40	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 94.92%
Auto Components 1.05%
Lear Corp.		1,904	$	234
Banks 6.70%
Citizens Financial Group, Inc.		10,189		303
East West Bancorp, Inc.		3,241		141
Signature Bank		4,144		426
SVB Financial Group*		1,059		201
Wells Fargo & Co.		9,293		428
Total				1,499
Beverages 2.28%
Coca-Cola Co. (The)		10,781		510
Biotechnology 2.73%
Vertex Pharmaceuticals, Inc.*		3,686		611
Capital Markets 3.23%
Charles Schwab Corp. (The)		5,708		237
Morgan Stanley		12,240		485
Total				722
Chemicals 2.19%
DowDuPont, Inc.		9,162		490
Commercial Banks 0.44%
Royal Bank of Scotland Group PLC ADR		17,446		98
Consumer Finance 1.73%
Discover Financial Services		6,581		388
Diversified Telecommunication Services 0.72%
AT&T, Inc.		5,656		161
Electric: Utilities 2.47%
NextEra Energy, Inc.		3,179		553
Electrical Equipment 2.62%
AMETEK, Inc.		5,362		363
Hubbell, Inc.		2,260		225
Total				588

			Fair
			Value
Investments	Shares		(000)
Energy Equipment & Services 1.80%
Halliburton Co.		7,035	$	187
National Oilwell Varco, Inc.		8,373		215
Total				402
Entertainment 7.78%
Netflix, Inc.*		3,568		955
Nintendo Co. Ltd. ADR		10,150		336
Walt Disney Co. (The)		4,105		450
Total				1,741
Equity Real Estate Investment Trusts 2.19%
Prologis, Inc.		8,350		490
Food & Staples Retailing 2.56%
Walmart, Inc.		6,141		572
Food Products 0.63%
Mondelez International, Inc. Class A		3,537		142
Health Care Equipment & Supplies 2.69%
Baxter International, Inc.		9,155		603
Health Care Providers & Services 1.55%
Anthem, Inc.		1,317		346
Hotels, Restaurants & Leisure 1.99%
Yum! Brands, Inc.		4,850		446
Household Products 1.00%
Clorox Co. (The)		1,459		225
Industrial Conglomerates 2.84%
Honeywell International, Inc.		4,811		636
Information Technology Services 1.01%
Worldpay, Inc. Class A*		2,967		227
Insurance 2.55%
Chubb Ltd. (Switzerland)(a)		2,058		266
Hartford Financial Services Group, Inc. (The)		6,843		304
Total				570

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Interactive Media & Services 5.70%
Alphabet, Inc. Class A*		879	$	918
Tencent Holdings Ltd. ADR		9,070		358
Total				1,276
Internet & Direct Marketing Retail 1.96%
Alibaba Group Holding Ltd. ADR*		3,205		439
Machinery 2.98%
Caterpillar, Inc.		790		101
Parker-Hannifin Corp.		1,410		210
Stanley Black & Decker, Inc.		2,972		356
Total				667
Media 1.24%
Charter Communications, Inc. Class A*		644		184
Interpublic Group of Cos., Inc. (The)		1,769		36
Omnicom Group, Inc.		779		57
Total				277
Metals & Mining 1.43%
Nucor Corp.		4,175		216
Steel Dynamics, Inc.		3,459		104
Total				320
Oil, Gas & Consumable Fuels 4.24%
EOG Resources, Inc.		2,952		258
Marathon Petroleum Corp.		6,920		408
Noble Energy, Inc.		15,085		283
Total				949
Pharmaceuticals 6.30%
Bristol-Myers Squibb Co.		3,420		178
Jazz Pharmaceuticals plc (Ireland)*(a)		850		105
Johnson & Johnson		5,276		681
Novartis AG ADR		5,199		446
Total				1,410
Road & Rail 0.48%
CSX Corp.		1,724		107

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 0.80%
Texas Instruments, Inc.		1,888	$	178
Software 6.96%
Microsoft Corp.		15,352		1,559
Specialty Retail 2.01%
Foot Locker, Inc.		3,133		166
O’Reilly Automotive, Inc.*		827		285
Total				451
Technology Hardware, Storage & Peripherals 5.25%
Apple, Inc.		5,536		873
HP, Inc.		14,799		303
Total				1,176
Tobacco 0.82%
Philip Morris International, Inc.		2,764		185
Total Common Stocks (cost $21,228,795)				21,248

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 6.49%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $1,445,000 of U.S. Treasury Note at 2.875% due 7/31/2025; value: $1,482,717; proceeds: $1,453,608 (cost $1,453,491)	$	1,454		1,454
Total Investments in Securities 101.41% (cost $22,682,286)				22,702
Liabilities in Excess of Other Assets (1.41)%				(316	)
Net Assets 100.00%			$	22,386

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

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, 2018 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	$	21,248	$	–	$	–	$	21,248
Short-Term Investments
Repurchase Agreement		–		1,454		–		1,454
Total	$	21,248	$	1,454	$	–	$	22,702

(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, 2018.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $22,682,286)	$22,701,810
Receivables:
Investment securities sold	50,937
Interest and dividends	28,291
From advisor (See Note 3)	11,300
Capital shares sold	1,220
Prepaid expenses	209
Total assets	22,793,767
LIABILITIES:
Payables:
Investment securities purchased	311,975
Management fee	13,870
Directors’ fees	6,819
Capital shares reacquired	3,117
Fund administration	793
Accrued expenses	70,908
Total liabilities	407,482
NET ASSETS	$22,386,285
COMPOSITION OF NET ASSETS:
Paid-in capital	$20,630,171
Total distributable earnings	1,756,114
Net Assets	$22,386,285
Outstanding shares (50 million shares of common stock authorized, $.001 par value)	2,207,618
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$10.14

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $6,004)	$	597,379
Interest		5,839
Total investment income		603,218
Expenses:
Management fee		282,467
Non 12b-1 service fees		100,729
Shareholder servicing		43,456
Professional		42,387
Reports to shareholders		31,738
Fund administration		16,141
Custody		3,078
Directors’ fees		1,514
Other		6,990
Gross expenses		528,500
Expense reductions (See Note 8)		(917	)
Fees waived and expenses reimbursed (See Note 3)		(131,357	)
Net expenses		396,226
Net investment income		206,992
Net realized and unrealized gain (loss):
Net realized gain on investments		5,103,494
Net change in unrealized appreciation/depreciation on investments		(6,949,108	)
Net realized and unrealized loss		(1,845,614	)
Net Decrease in Net Assets Resulting From Operations	$	(1,638,622	)

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	December 31, 2018			December 31, 2017
Operations:
Net investment income	$	206,992		$	333,417
Net realized gain on investments		5,103,494			3,973,533
Net change in unrealized appreciation/depreciation on investments		(6,949,108	)		2,600,901
Net increase (decrease) in net assets resulting from operations		(1,638,622	)		6,907,851
Distributions to shareholders(1)		(4,327,282	)		(4,031,127	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		8,154,149			1,448,843
Reinvestment of distributions		4,327,282			4,031,127
Cost of shares reacquired		(29,336,653	)		(8,346,425	)
Net decrease in net assets resulting from capital share transactions		(16,855,222	)		(2,866,455	)
Net increase (decrease) in net assets		(22,821,126	)		10,269
NET ASSETS:
Beginning of year	$	45,207,411		$	45,197,142
End of year	$	22,386,285		$	45,207,411
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was Net investment income $(358,909) and Net realized gain $(3,672,218).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(6,310).

12 See Notes to Financial Statements.

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13

Financial Highlights

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income(a)		gain (loss)			tions			income			gain			butions
12/31/2018		$13.33		$0.07		$(1.11	)		$(1.04	)		$(0.10	)		$(2.05	)		$(2.15	)
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	)

(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
					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)		(%)
	$10.14		(7.80	)		0.98		1.31		0.51		$22,386		30
	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

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.
	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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss), if applicable, on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(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

17

Notes to Financial Statements (continued)

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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of .38% 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)

Effective May 1, 2018 and continuing through April 30, 2019, 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 1.00%. This agreement may be terminated only upon the approval of the Board. Prior to May 1, 2018, Lord Abbett 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 0.95%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 were as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	655,200		$	1,067,214
Net long-term capital gains			3,672,082			2,963,913
Total distributions paid		$	4,327,282		$	4,031,127

As of December 31, 2018, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	4,003
Undistributed long-term capital gains		2,149,527
Total undistributed earnings		2,153,530
Temporary differences		(406,302	)
Unrealized gains – net		8,886
Total accumulated gains – net	$	1,756,114

19

Notes to Financial Statements (continued)

At the Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer post-October capital losses of $399,483 during fiscal year 2018.

As of December 31, 2018, 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	$	22,692,924
Gross unrealized gain		1,768,857
Gross unrealized loss		(1,759,971	)
Net unrealized security gain	$	8,886

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$11,655,177	$32,879,718

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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	$	1,453,491	$	—	$	1,453,491
Total	$	1,453,491	$	—	$	1,453,491

20

Notes to Financial Statements (continued)

	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.	$	1,453,491	$	–	$	–	$	(1,453,491	)	$	–
Total	$	1,453,491	$	–	$	–	$	(1,453,491	)	$	–

(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, 2018.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of

21

Notes to Financial Statements (continued)

$250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, 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 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. 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 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, 2018			Year Ended December 31, 2017
Shares sold		635,290			108,740
Reinvestment of distributions		410,828			302,332
Shares reacquired		(2,230,364	)		(631,764	)
Decrease		(1,184,246	)		(220,692	)

22

Notes to Financial Statements (concluded)

14. SUBSEQUENT EVENT  

On January 29, 2019, the Board of Directors of the Company approved a plan of liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved. It is anticipated that the liquidation and dissolution of the Fund will be completed on or about August 1, 2019 (the “Liquidation Date”). Any Fund shares outstanding on the Liquidation Date will be automatically redeemed on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”) of such shares after dividend distributions required to eliminate any Fund-level taxes are made and the Fund’s expenses and liabilities have been paid or otherwise provided for as directed by the Plan.

At any time before the Liquidation Date, shareholders may redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under “Purchases and Redemptions” in the prospectus. As stated in the prospectus, Fund shares are not offered directly to the public. Rather, Fund shares are offered only to separate accounts of certain insurance companies. Variable contract owners may not purchase or redeem Fund shares directly and should contact their insurance company for information on how the liquidation of the Fund will impact them.

23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Classic Stock Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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 knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. 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 and took

30

Approval of Advisory Contract (continued)

into account recent changes to the portfolio management team and other actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board 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, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s

31

Approval of Advisory Contract (concluded)

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

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

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.

Tax Information

For corporate shareholders, 87% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $467,859 and $3,672,082, 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. Classic Stock Portfolio	SFCLASS-PORT-3 (02/19)

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Series Fund—Developing Growth Portfolio

For the fiscal year ended December 31, 2018

Table of Contents

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

Lord Abbett Series Fund — Developing Growth Portfolio

Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Developing Growth Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned 4.88%, 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 –9.31% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index,² falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index,³ were down –11.01%.

During the period, there were several market-moving events. Notably, Congress passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The

1

aggressive U.S. trade posture continued into September with trade tensions mounting between the U.S. and China. In December, the White House announced a trade truce between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.–Mexico–Canada Agreement.

In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%–1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%–2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic

equity markets rallied in November and partially reversed October’s losses, however the S&P 500^® returned to negative territory in December, posting its worst month since February 2009.

The leading contributor to the Fund’s relative performance during the reporting period was security selection in the information technology sector. Within this sector, the Fund’s holdings of Twilio, Inc., a provider of a cloud-based communications software platform, contributed most to relative performance. Shares of Twilio benefited from the firm’s ability to capitalize on its vast and growing addressable market, through the introduction of new products like Flex, a cloud contact application, and expansion of the firm’s footprint with its acquisition of SendGrid, Inc. Another contributor to relative performance within this sector during the reporting period was the Fund’s position in Everbridge, Inc., a developer of critical event management software and applications. Shares of Everbridge appreciated as the company reported successive quarters of robust revenue and earnings growth, while continuing to expand internationally and completing a key acquisition of Unified Messaging Systems ASA.

Security selection within the health care sector also positively impacted the Fund’s relative performance during the reporting period. Within this sector, the Fund’s holdings of Foundation Medicine, Inc., a molecular diagnostic company,

2

contributed as Roche Holding AG acquired the firm in an effort to expand Roche’s existing capabilities.

The leading detractors from the Fund’s performance relative to the benchmark during the reporting period were security selection in and an underweight to the financials sector. Within this sector, the Fund’s position in Western Alliance Bancorporation, a provider of various banking services, detracted. Shares of Western Alliance Bancoporation declined as investors were concerned about a possible moderation in growth due to increased competition for loans among banks and non-banks. Another detractor within the sector was the Fund’s position in CenterState Banks, Inc., a bank holding company. U.S. banks, like Western Alliance and CenterState, faced headwinds during the latter half of the year as investors expected commercial and industrial loan growth to slow, while the industry continued to face tougher competition from non-bank lenders and corporate clients.

Security selection in the communication services (formerly telecommunication services) sector also detracted from the Fund’s performance relative to the benchmark during the reporting period. Within this sector, the Fund’s holdings of Eventbrite, Inc., an operator of a self-service online ticketing platform, detracted. Following the September initial public offering, shares of Eventbrite declined during the period as investors were concerned about valuation and the pending expiration of a share lockup. Additionally, though it beat consensus estimates in its first public reporting, Eventbrite’s performance was not of the magnitude that investors expected.

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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 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.

3

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, 2018. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For

more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

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

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

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

4

Investment Comparison

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

Average Annual Total Returns for the Periods Ended December 31, 2018
	1 Year	5 Years	Life of Class
Class VC2	4.88%	4.79%	12.14%

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.

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

6

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			7/1/18-
	7/1/18	12/31/18	12/31/18
Class VC
Actual	$1,000.00	$852.30	$4.44
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, 2018

Sector*	%**
Communication Services	3.79	%
Consumer Discretionary	19.23	%
Consumer Staples	3.25	%
Energy	0.93	%
Financials	3.05	%
Health Care	26.94	%
Industrials	14.13	%
Information Technology	25.49	%
Repurchase Agreement	3.19	%
Total	100.00	%

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

See Notes to Financial Statements. 7

Schedule of Investments

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.78%
Aerospace & Defense 3.87%
Aerovironment, Inc.*		16,099	$	1,094
Axon Enterprise, Inc.*		12,987		568
Curtiss-Wright Corp.		4,494		459
Total				2,121
Auto Components 0.76%
Fox Factory Holding Corp.*		7,075		417
Banks 2.79%
CenterState Bank Corp.		23,896		503
Webster Financial Corp.		8,637		426
Western Alliance Bancorp*		7,252		286
Wintrust Financial Corp.		4,744		315
Total				1,530
Biotechnology 11.11%
Agios Pharmaceuticals, Inc.*		4,595		212
Allogene Therapeutics, Inc.*		9,963		268
Amarin Corp. plc ADR*		23,684		322
Argenx SE ADR*		4,560		438
Audentes Therapeutics, Inc.*		6,756		144
Blueprint Medicines Corp.*		7,928		427
CareDx, Inc.*		23,206		583
Denali Therapeutics, Inc.*		20,015		414
Emergent BioSolutions, Inc.*		7,579		449
FibroGen, Inc.*		3,797		176
Immunomedics, Inc.*		13,577		194
Loxo Oncology, Inc.*		5,592		783
Myovant Sciences Ltd. (United Kingdom)*(a)		23,329		383
Repligen Corp.*		14,719		776
Sage Therapeutics, Inc.*		2,605		250
Sarepta Therapeutics, Inc.*		2,408		263
Total				6,082
Building Products 1.17%
Trex Co., Inc.*		10,771		639

			Fair
			Value
Investments	Shares		(000)
Capital Markets 0.25%
Evercore, Inc. Class A		1,913	$	137
Communications Equipment 0.25%
Acacia Communications, Inc.*		3,571		136
Construction & Engineering 0.78%
NV5 Global, Inc.*		7,050		427
Diversified Consumer Services 6.61%
Bright Horizons Family Solutions, Inc.*		7,722		861
Chegg, Inc.*		45,921		1,305
Grand Canyon Education, Inc.*		10,523		1,012
Strategic Education, Inc.		3,461		392
Weight Watchers International, Inc.*		1,320		51
Total				3,621
Electrical Equipment 1.66%
Generac Holdings, Inc.*		18,290		909
Energy Equipment & Services 0.93%
Cactus, Inc. Class A*		18,529		508
Entertainment 1.84%
Live Nation Entertainment, Inc.*		3,603		177
World Wrestling Entertainment, Inc. Class A		11,128		832
Total				1,009
Food & Staples Retailing 2.00%
BJ’s Wholesale Club Holdings, Inc.*		27,906		618
Sprouts Farmers Market, Inc.*		20,195		475
Total				1,093
Food Products 1.25%
Calavo Growers, Inc.		9,377		684
Health Care Equipment & Supplies 11.45%
Glaukos Corp.*		21,400		1,202
Haemonetics Corp.*		5,148		515
Inogen, Inc.*		1,119		139

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Health Care Equipment & Supplies (continued)
Insulet Corp.*		8,953	$	710
iRhythm Technologies, Inc.*		11,974		832
Masimo Corp.*		7,368		791
Penumbra, Inc.*		8,820		1,078
Tandem Diabetes Care, Inc.*		26,384		1,002
Total				6,269
Health Care Providers & Services 1.99%
Guardant Health, Inc.*		11,245		423
HealthEquity, Inc.*		11,128		664
Total				1,087
Health Care Technology 1.46%
Inspire Medical Systems, Inc.*		12,278		519
Teladoc, Inc.*		5,613		278
Total				797
Hotels, Restaurants & Leisure 3.69%
Dave & Buster’s Entertainment, Inc.		9,559		426
Planet Fitness, Inc. Class A*		29,685		1,592
Total				2,018
Household Durables 2.28%
iRobot Corp.*		9,219		772
Roku, Inc.*		8,241		252
Sonos, Inc.*		22,604		222
Total				1,246
Information Technology Services 3.44%
EPAM Systems, Inc.*		3,716		431
Okta, Inc.*		12,943		826
Twilio, Inc. Class A*		7,023		627
Total				1,884
Interactive Media & Services 1.95%
Cargurus, Inc.*		15,827		534
Eventbrite, Inc. Class A*		19,199		534
Total				1,068

			Fair
			Value
Investments	Shares		(000)
Internet & Direct Marketing Retail 2.82%
Etsy, Inc.*		28,785	$	1,369
Stamps.com, Inc.*		1,114		174
Total				1,543
Leisure Products 0.93%
Malibu Boats, Inc. Class A*		14,557		507
Machinery 3.60%
Chart Industries, Inc.*		7,978		519
Proto Labs, Inc.*		4,276		482
RBC Bearings, Inc.*		7,394		969
Total				1,970
Pharmaceuticals 0.93%
GW Pharmaceuticals plc ADR*		5,234		510
Professional Services 2.35%
Insperity, Inc.		13,797		1,288
Semiconductors & Semiconductor Equipment 2.48%
Inphi Corp.*		4,279		137
Monolithic Power Systems, Inc.		5,464		635
Semtech Corp.*		12,790		587
Total				1,359
Software 19.31%
Alteryx, Inc. Class A*		10,860		646
Anaplan, Inc.*		12,651		336
Appian Corp.*		8,945		239
Coupa Software, Inc.*		11,574		728
Elastic NV*		4,959		355
Everbridge, Inc.*		17,660		1,002
Five9, Inc.*		24,752		1,082
HubSpot, Inc.*		5,186		652
Mimecast Ltd.*		18,294		615
New Relic, Inc.*		9,676		783
Paycom Software, Inc.*		4,590		562
Paylocity Holding Corp.*		8,611		519
RingCentral, Inc. Class A*		10,215		842
SendGrid, Inc.*		19,438		839

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Software (continued)
Trade Desk, Inc. (The) Class A*		6,779	$	787
Zendesk, Inc.*		1,223		71
Zscaler, Inc.*		13,139		515
Total				10,573
Specialty Retail 1.37%
At Home Group, Inc.*		22,412		418
National Vision Holdings, Inc.*		11,757		331
Total				749
Textiles, Apparel & Luxury Goods 0.77%
Canada Goose Holdings, Inc. (Canada)*(a)		9,690		424
Trading Companies & Distributors 0.69%
Air Lease Corp.		12,588		380
Total Common Stocks (cost $54,143,572)				52,985

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 3.19%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $1,840,000 of U.S. Treasury Note at 2.00% due 8/15/2025; value: $1,781,637; proceeds: $1,746,151 (cost $1,746,010)	$	1,746	$	1,746
Total Investments in Securities 99.97% (cost $55,889,582)				54,731
Other Assets in Excess of Liabilities 0.03%				18
Net Assets 100.00%			$	54,749

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, 2018 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	$	52,985	$	–	$	–	$	52,985
Short-Term Investment
Repurchase Agreement		–		1,746		–		1,746
Total	$	52,985	$	1,746	$	–	$	54,731

(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, 2018.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $55,889,582)	$54,730,505
Receivables:
Capital shares sold	150,274
From advisor (See Note 3)	21,178
Interest and dividends	5,304
Prepaid expenses	242
Total assets	54,907,503
LIABILITIES:
Payables:
Management fee	35,509
Capital shares reacquired	33,026
Directors’ fees	3,552
Fund administration	1,894
Accrued expenses	84,929
Total liabilities	158,910
NET ASSETS	$54,748,593
COMPOSITION OF NET ASSETS:
Paid-in capital	$56,547,658
Total distributable earnings (loss)	(1,799,065	)
Net Assets	$54,748,593
Outstanding shares (50 million shares of common stock authorized, $.001 par value)	2,192,230
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$24.97

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends	$	148,575
Interest		19,037
Total investment income		167,612
Expenses:
Management fee		410,572
Non 12b-1 service fees		137,067
Shareholder servicing		57,255
Professional		40,655
Reports to shareholders		29,618
Fund administration		21,897
Custody		10,910
Directors’ fees		1,915
Other		7,609
Gross expenses		717,498
Expense reductions (See Note 8)		(1,332	)
Fees waived and expenses reimbursed (See Note 3)		(203,141	)
Net expenses		513,025
Net investment loss		(345,413	)
Net realized and unrealized gain (loss):
Net realized gain on investments		8,921,414
Net change in unrealized appreciation/depreciation on investments		(8,760,781	)
Net realized and unrealized gain		160,633
Net Decrease in Net Assets Resulting From Operations	$	(184,780	)

12 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, 2018			December 31, 2017
Operations:
Net investment loss	$	(345,413	)	$	(178,826	)
Net realized gain on investments		8,921,414			3,225,081
Net change in unrealized appreciation/depreciation on investments		(8,760,781	)		5,999,258
Net increase (decrease) in net assets resulting from operations		(184,780	)		9,045,513
Distributions to shareholders		(8,137,620	)		–
Capital share transactions (See Note 13):
Proceeds from sales of shares		30,041,903			9,093,518
Reinvestment of distributions		8,137,608			–
Cost of shares reacquired		(14,766,834	)		(7,085,462	)
Net increase in net assets resulting from capital share transactions		23,412,677			2,008,056
Net increase in net assets		15,090,277			11,053,569
NET ASSETS:
Beginning of year	$	39,658,316		$	28,604,747
End of year	$	54,748,593		$	39,658,316
Accumulated net investment loss(1)	$	–		$	–

⁽¹⁾ The SEC eliminated the requirement to disclose accumulated net investment loss in 2018. For the year ended December 31, 2017, the accumulated net investment income was $(2,269).

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 (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
12/31/2018		$28.18		$(0.21	)		$ 1.41			$ 1.20			$(4.41	)		$24.97
12/31/2017		21.69		(0.13	)		6.62			6.49			—			28.18
12/31/2016		22.28		(0.07	)		(0.52	)		(0.59	)		—			21.69
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

(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 (%)
	4.88			0.94		1.31		(0.63	)		$54,749		112
	29.92			0.90		1.38		(0.52	)		39,658		103
	(2.60	)		0.90		1.51		(0.34	)		28,605		222
	(8.21	)		0.90		1.56		(0.56	)		28,882		197
	3.71			0.90		2.02		(0.68	)		17,494		235

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.
	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 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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain 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.
(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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of 0.38% 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.

Effective May 1, 2018 and continuing through April 30, 2019, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating

18

Notes to Financial Statements (continued)

expenses to an annual rate of 0.95%. This agreement may be terminated only upon the approval of the Board. Prior to May 1, 2018, Lord Abbett 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 0.90%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal year ended December 31, 2018 and fiscal year ended December 31, 2017 was as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	1,901,367		$0
Net long-term capital gains			6,236,253		0
Total distributions paid		$	8,137,620		$0

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Temporary differences	$	(450,576	)
Unrealized losses – net		(1,348,489	)
Total accumulated losses – net	$	(1,799,065	)

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 $447,024 during fiscal year 2018.

As of December 31, 2018, 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:

19

Notes to Financial Statements (continued)

Tax cost	$	56,078,994
Gross unrealized gain		4,496,871
Gross unrealized loss		(5,845,360	)
Net unrealized security loss	$	(1,348,489	)

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, 2018 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Total
distributable		Paid-in
earnings (loss)		Capital
	$461		$(461	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$72,259,373	$58,793,988

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $249,174 and sales of $2,805 which resulted in net realized gains of $1,350.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

20

Notes to Financial Statements (continued)

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$1,746,010	$	–		$1,746,010
Total		$1,746,010	$	–		$1,746,010

	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.		$1,746,010	$	–	$	–		$(1,746,010	)	$	–
Total		$1,746,010	$	–	$	–		$(1,746,010	)	$	–

(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, 2018.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated

21

Notes to Financial Statements (continued)

Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the fiscal year ended December 31, 2018, 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

22

Notes to Financial Statements (concluded)

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			Year Ended
	December 31, 2018			December 31, 2017
Shares sold		893,328			371,336
Reinvestment of distributions		338,785			–
Shares reacquired		(447,289	)		(282,612	)
Increase		784,824			88,724

23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Developing Growth Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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 knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period (ranking in the 1st percentile of the peer

30

Approval of Advisory Contract (continued)

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board 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.

31

Approval of Advisory Contract (concluded)

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

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

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.

Tax Information

For corporate shareholders, 8% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $1,901,367 and $6,236,253, 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 Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Developing Growth Portfolio	SFDG-PORT-3 (02/19)

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Series Fund—Fundamental Equity Portfolio

For the fiscal year ended December 31, 2018

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, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Fundamental Equity Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

 

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -8.16%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index¹, which returned –8.27% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index², falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index³, were down –11.01%. During the period, there were several market-moving events. Notably, Congress

passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued into the third quarter with trade tensions mounting between the U.S. and China. In December, the White House announced a trade truce

1

between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.-Mexico-Canada Agreement. In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%-1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%-2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s losses, however the S&P 500^® returned to negative territory in December, posting its worst month since February 2009.

Stock selection within the consumer discretionary and health care sectors contributed positively to relative performance during the period. Within the consumer discretionary sector, O’Reilly Automotive, Inc., an automotive aftermarket parts retailer, contributed the most to relative performance. Shares of O’Reilly Automotive rose following favorable economic conditions, benefits from its expansive distribution network, and increases in average miles driven and vehicle age. The Fund’s position in Yum! Brands, Inc., a quick service restaurant franchise, also contributed to relative performance. Shares of the company increased following the announcement of a partnership with GrubHub Inc. as well as solid second quarter results with both the top and bottom lines beating consensus estimates. Within the health care sector, Merck & Co., Inc., a health care solutions provider, contributed the most to relative performance. Shares of Merck rose throughout the year as investors grew hopeful of the potential for income growth from the large portfolio of high-margin drugs as well as a full pipeline of new drugs.

Conversely, stock selection within the financials and materials sectors detracted from relative performance over the period. Within the financials sector, the Fund’s holding of Citizens Financial Group, Inc., a regional bank, was the top detractor. Shares of the firm sold off as investors grew wary of the relatively high deposit beta, whereby the firm gives individual depositors higher

2

returns for their cash than its peers. In turn, the firm may face higher costs. The Fund’s holding of SVB Financial Group, a financial services company, also detracted from relative performance. Shares of SVB Financial decreased following Investor Day in December as investors were disappointed with the 2019 outlook, and more specifically, expressed disappointment with potentially lower margin expansion due to fewer projected rate hikes by the Fed. In the back half of 2018, most banks underperformed as a result of intensified late-cycle concerns surrounding net

interest margin contraction and increasing credit costs. Additionally, within the materials sector, DowDuPont Inc., a multinational chemical company, detracted from relative performance. Shares trailed as the market focused on the potential contagion effect from lower oil prices on customer destocking.

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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® 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, 2018. 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, 2018

	1 Year	5 Years	10 Years
Class VC	-8.16%	4.36%	10.28%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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†
	7/1/18	12/31/18		7/1/18 – 12/31/18
Class VC
Actual	$1,000.00	$	947.60	$5.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.21	$6.06

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.19%, 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, 2018

Sector*	%**
Communication Services	7.28	%
Consumer Discretionary	7.70	%
Consumer Staples	6.78	%
Energy	10.01	%
Financials	19.79	%
Health Care	16.60	%
Industrials	8.25	%
Information Technology	8.23	%
Materials	4.02	%
Real Estate	2.69	%
Utilities	4.64	%
Repurchase Agreement	4.01	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.83%
Airlines 0.86%
Delta Air Lines, Inc.		35,896	$	1,791
Auto Components 0.97%
Lear Corp.		16,374		2,012
Banks 15.20%
Bank of America Corp.		294,527		7,257
Citizens Financial Group, Inc.		99,837		2,968
Comerica, Inc.		44,424		3,051
East West Bancorp, Inc.		48,845		2,126
JPMorgan Chase & Co.		86,321		8,427
Royal Bank of Scotland Group plc(a)	GBP	197,457		548
Signature Bank		16,113		1,657
SVB Financial Group*		7,268		1,380
Wells Fargo & Co.		90,333		4,163
Total				31,577
Beverages 2.35%
Coca-Cola Co. (The)		57,721		2,733
PepsiCo, Inc.		19,500		2,154
Total				4,887
Biotechnology 0.72%
Gilead Sciences, Inc.		23,800		1,489
Capital Markets 0.43%
Goldman Sachs Group, Inc. (The)		5,324		889
Chemicals 2.68%
DowDuPont, Inc.		104,300		5,578
Communications Equipment 3.61%
Cisco Systems, Inc.		173,200		7,505
Consumer Finance 0.97%
Discover Financial Services		34,068		2,009

Investments	Shares		Fair Value (000)
Diversified Telecommunication Services 4.26%
AT&T, Inc.		96,369	$	2,751
Verizon Communications, Inc.		108,400		6,094
Total				8,845
Electric: Utilities 4.78%
Duke Energy Corp.		54,545		4,707
NextEra Energy, Inc.		30,052		5,224
Total				9,931
Electrical Equipment 3.10%
AMETEK, Inc.		64,086		4,338
Hubbell, Inc.		21,198		2,106
Total				6,444
Energy Equipment & Services 0.97%
National Oilwell Varco, Inc.		78,504		2,017
Entertainment 1.96%
Walt Disney Co. (The)		37,091		4,067
Equity Real Estate Investment Trusts 2.77%
Boston Properties, Inc.		15,173		1,708
Prologis, Inc.		68,893		4,045
Total				5,753
Food & Staples Retailing 2.17%
Walmart, Inc.		48,489		4,517
Food Products 0.84%
Mondelez International, Inc.
Class A		43,563		1,744
Health Care Equipment & Supplies 2.55%
Abbott Laboratories		40,100		2,901
Boston Scientific Corp.*		67,972		2,402
Total				5,303
Health Care Providers & Services 1.57%
Anthem, Inc.		12,395		3,255
Hotels, Restaurants & Leisure 1.61%
Yum! Brands, Inc.		36,311		3,338

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		Fair Value (000)
Industrial Conglomerates 2.44%
Honeywell International, Inc.		38,304	$	5,061
Insurance 3.77%
Chubb Ltd. (Switzerland)(b)		34,950		4,515
Hartford Financial Services Group, Inc. (The)		74,863		3,327
Total				7,842
Interactive Media & Services 1.28%
Alphabet, Inc. Class A*		2,552		2,667
Internet & Direct Marketing Retail 0.23%
Alibaba Group Holding Ltd. ADR*		3,463		475
Machinery 1.61%
Stanley Black & Decker, Inc.		27,869		3,337
Media 0.43%
Interpublic Group of Cos., Inc. (The)		16,718		345
Omnicom Group, Inc.		7,365		539
Total				884
Metals & Mining 1.45%
Nucor Corp.		39,262		2,034
Steel Dynamics, Inc.		32,673		982
Total				3,016
Multi-Line Retail 0.70%
Dollar Tree, Inc.*		16,048		1,449
Oil, Gas & Consumable Fuels 9.34%
Chevron Corp.		67,768		7,373
ConocoPhillips		25,989	$	1,620
EOG Resources, Inc.		4,741		413
Marathon Petroleum Corp.		65,300		3,853
Noble Energy, Inc.		149,237		2,800
Royal Dutch Shell plc Class A ADR		57,312		3,340
Total				19,399

Investments	Shares		Fair Value (000)
Personal Products 1.12%
Unilever NV Registered Shares (United Kingdom)(b)		43,388	$	2,334
Pharmaceuticals 12.25%
Allergan plc		17,652		2,359
Jazz Pharmaceuticals plc  (Ireland)*(b)		8,026		995
Johnson & Johnson		61,609		7,950
Merck & Co., Inc.		90,132		6,887
Novartis AG ADR		14,925		1,281
Pfizer, Inc.		136,991		5,980
Total				25,452
Road & Rail 0.48%
CSX Corp.		16,202		1,007
Semiconductors & Semiconductor Equipment 0.52%
Intel Corp.		22,942		1,077
Software 2.97%
Microsoft Corp.		49,264		5,004
Oracle Corp.		25,805		1,165
Total				6,169
Specialty Retail 4.01%
Foot Locker, Inc.		29,579		1,573
Home Depot, Inc. (The)		22,353		3,841
O’Reilly Automotive, Inc.*		8,442		2,907
Total				8,321
Technology Hardware, Storage & Peripherals 1.37%
HP, Inc.		139,673		2,858
Tobacco 0.49%
Philip Morris International, Inc.		15,120		1,009
Total Common Stocks (cost $219,466,092)				205,308

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 4.13%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $8,645,000 of U.S. Treasury Note at 2.750% due 2/15/2028; value: $8,744,513; proceeds: $8,573,301 (cost $8,572,611)		$8,573	$	8,573
Total Investments in Securities 102.96% (cost $228,038,703)				213,881
Liabilities in Excess of Other Assets (2.96)%				(6,153	)
Net Assets 100.00%			$	207,728

ADR	American Depositary Receipt.
GBP	British pound.
*	Non-income producing security.
(a)	Investment in non-U.S. dollar denominated securities.
(b)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of December 31, 2018 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
Banks	$	31,029	$	548	$	–	$	31,577
Remaining Industries		173,731		–		–		173,731
Short-Term Investment
Repurchase Agreement		–		8,573		–		8,573
Total	$	204,760	$	9,121	$	–	$	213,881

(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, 2018.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $228,038,703)	$	213,880,734
Receivables:
Investment securities sold		1,013,849
Interest and dividends		318,630
Capital shares sold		35,620
Prepaid expenses		1,375
Total assets		215,250,208
LIABILITIES:
Payables:
Capital shares reacquired		4,863,670
Investment securities purchased		2,206,005
Management fee		138,019
Directors’ fees		55,759
Fund administration		7,361
Accrued expenses		251,890
Total liabilities		7,522,704
NET ASSETS	$	207,727,504
COMPOSITION OF NET ASSETS:
Paid-in capital	$	223,909,492
Total distributable earnings (loss)		(16,181,988	)
Net Assets	$	207,727,504
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		14,703,843
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.13

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $98,050)	$	7,510,113
Interest		54,013
Total investment income		7,564,126
Expenses:
Management fee		2,500,718
Non 12b-1 service fees		832,384
Shareholder servicing		358,462
Fund administration		133,371
Professional		47,202
Reports to shareholders		39,097
Directors’ fees		12,397
Custody		10,783
Other		38,663
Gross expenses		3,973,077
Expense reductions (See Note 8)		(7,529	)
Fees waived and expenses reimbursed (See Note 3)		(46,900	)
Net expenses		3,918,648
Net investment income		3,645,478
Net realized and unrealized gain (loss):
Net realized gain on investments		33,830,697
Net change in unrealized appreciation/depreciation on investments		(62,035,949	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(1,012	)
Net realized and unrealized loss		(28,206,264	)
Net Decrease in Net Assets Resulting From Operations	$	(24,560,786	)

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Operations:
Net investment income	$	3,645,478		$	3,855,557
Net realized gain on investments		33,830,697			31,007,779
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(62,036,961	)		10,765,589
Net increase (decrease) in net assets resulting from operations		(24,560,786	)		45,628,925
Distributions to shareholders(1)		(39,892,158	)		(33,180,215	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		169,751,566			13,642,490
Reinvestment of distributions		39,892,159			33,180,215
Cost of shares reacquired		(326,261,878	)		(57,991,110	)
Net decrease in net assets resulting from capital share transactions		(116,618,153	)		(11,168,405	)
Net increase (decrease) in net assets		(181,071,097	)		1,280,305
NET ASSETS:
Beginning of year	$	388,798,601		$	387,518,296
End of year	$	207,727,504		$	388,798,601
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(3,948,579) and net realized gain $(29,231,636).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(51,644).

12 See Notes to Financial Statements.

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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
12/31/2018		$18.86		$0.20		$(1.78	)		$(1.58	)		$(0.28	)		$(2.87	)		$(3.15	)
12/31/2017		18.30		0.19		2.10			2.29			(0.21	)		(1.52	)		(1.73	)
12/31/2016		16.28		0.23		2.34			2.57			(0.21	)		(0.34	)		(0.55	)
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	)

(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 (%)
	$14.13		(8.16	)		1.18		1.19		1.09		$207,728		117
	18.86		12.57			1.15		1.19		1.01		388,799		106
	18.30		15.74			1.15		1.20		1.36		387,518		132
	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

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.
	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, 2015 through December 31, 2018. 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 gain (loss), if applicable on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of .74% 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)

For the period January 1, 2018 through April 30, 2018, Lord Abbett 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%. Effective May 1, 2018, Lord Abbett discontinued the agreement.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 was as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	11,597,508		$	24,955,446
Net long-term capital gains			28,294,650			8,224,769
Total distributions paid		$	39,892,158		$	33,180,215

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – net	$	30,467
Total undistributed earnings		30,467
Temporary differences		(118,220	)
Unrealized losses – net		(16,094,235	)
Total accumulated losses – net	$	(16,181,988	)

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 $62,461 during fiscal year 2018.

As of December 31, 2018, 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:

19

Notes to Financial Statements (continued)

Tax cost	$	229,973,957
Gross unrealized gain		5,299,015
Gross unrealized loss		(21,392,238	)
Net unrealized security loss	$	(16,093,223	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$379,447,935	$527,896,269

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $550,712 and sales of $5,322,097, which resulted in net realized gains of $15,723.

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		$8,572,611	$	–	$	8,572,611
Total		$8,572,611	$	–	$	8,572,611

20

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)
Fixed Income Clearing Corp.	$	8,572,611	$	–	$	–	$	(8,572,611	)	$	–
Total	$	8,572,611	$	–	$	–	$	(8,572,611	)	$	–

(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, 2018.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the

21

Notes to Financial Statements (continued)

“Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, 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 these securities

22

Notes to Financial Statements (concluded)

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, 2018			Year Ended December 31, 2017
Shares sold		9,227,349			723,908
Reinvestment of distributions		2,819,102			1,762,529
Shares reacquired		(17,955,994	)		(3,047,575	)
Decrease		(5,909,543	)		(561,138	)

23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Fundamental Equity Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmarks. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was above the

30

Approval of Advisory Contract (continued)

median of the performance peer group for the one-, three-, and ten-year periods and below the median of the performance peer group for the five-year period. The Board also took into account recent changes to the portfolio management team and other actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was above the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain

31

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

Tax Information

For corporate shareholders, 59% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $8,079,141 and $28,294,650, 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 (02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth and Income Portfolio

For the fiscal year ended December 31, 2018

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, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Growth and Income Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -8.14%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index¹, which returned -8.27% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index², falling -4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index³, were down -11.01%. During the period, there were several market-moving events. Notably, Congress passed the

largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued into the third quarter with trade tensions mounting between the U.S. and China. In December, the White House announced a trade truce between

1

the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.-Mexico-Canada Agreement. In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%-1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%-2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s losses, however the S&P 500 returned to negative territory in December, posting its worst month since February 2009.

Stock selection within the consumer discretionary and health care sectors contributed positively to relative performance during the period. Within the consumer discretionary sector, the Fund’s position in Yum! Brands, Inc., a quick service restaurant franchise, contributed to relative performance. Shares of the company increased following the announcement of a partnership with GrubHub Inc. as well as solid second quarter results with both the top and bottom lines beating consensus estimates. The Fund’s position in O’Reilly Automotive, Inc., an automotive aftermarket parts retailer, contributed the most to relative performance. Shares of O’Reilly Automotive rose following favorable economic conditions, benefits from its expansive distribution network, and increases in average miles driven and vehicle age. Within the health care sector, Merck & Co., Inc., a health care solutions provider, contributed the most to relative performance. Shares of Merck rose throughout the year as investors grew hopeful of the potential for income growth from the large portfolio of high-margin drugs as well as a full pipeline of new drugs.

Conversely, stock selection within the financials and materials sectors detracted from relative performance over the period. Within the financials sector, the Fund’s holding of Citizens Financial Group, a regional bank, was a top detractor. Shares of the firm sold off as investors grew wary of the relatively high deposit beta, whereby

2

the firm gives individual depositors higher returns for their cash than its peers. In turn, the firm may face higher costs. The Fund’s holding of SVB Financial Group, a financial services company, also detracted from relative performance. Shares of SVB Financial decreased following Investor Day in December as investors were disappointed with the 2019 outlook, and more specifically, expressed disappointment with potentially lower margin expansion due to fewer projected rate hikes by the Fed. In the back half of 2018, most banks underperformed as a result of intensified late-cycle concerns surrounding net interest margin contraction

and increasing credit costs. Additionally, within the materials sector, DowDuPont Inc., a multinational chemical company, detracted from relative performance. Shares trailed as the market focused on the potential contagion effect from lower oil prices on customer destocking.

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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® 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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2018. 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, 2018

	1 Year	5 Years	10 Years
Class VC	–8.14%	4.99%	9.80%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			7/1/18 –
	7/1/18	12/31/18	12/31/18
Class VC
Actual	$1,000.00	$   947.10	$4.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.52	$4.74

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2018

Sector*	%**
Communication Services	6.81	%
Consumer Discretionary	7.06	%
Consumer Staples	6.71	%
Energy	9.92	%
Financials	20.25	%
Health Care	16.85	%
Industrials	8.32	%
Information Technology	9.15	%
Materials	4.00	%
Real Estate	2.65	%
Utilities	4.65	%
Repurchase Agreement	3.63	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.83%
Airlines 0.83%
Delta Air Lines, Inc.		90,616	$	4,522
Auto Components 1.00%
Lear Corp.		44,500		5,467
Banks 14.94%
Bank of America Corp.		795,270		19,595
Citizens Financial Group, Inc.		259,925		7,728
Comerica, Inc.		112,669		7,739
East West Bancorp, Inc.		124,341		5,413
JPMorgan Chase & Co.		220,765		21,551
Royal Bank of Scotland Group plc (United Kingdom)(a)		506,992		1,406
Signature Bank		42,115		4,330
SVB Financial Group*		18,369		3,489
Wells Fargo & Co.		229,968		10,597
Total				81,848
Beverages 2.28%
Coca-Cola Co. (The)		148,916		7,051
PepsiCo, Inc.		49,400		5,458
Total				12,509
Biotechnology 0.69%
Gilead Sciences, Inc.		60,878		3,808
Capital Markets 0.84%
Goldman Sachs Group, Inc. (The)		27,450		4,585
Chemicals 2.60%
DowDuPont, Inc.		265,831		14,217
Communications Equipment 3.22%
Cisco Systems, Inc.		407,470		17,656
Consumer Finance 0.94%
Discover Financial Services		87,073		5,135
Diversified Telecommunication Services 4.11%
AT&T, Inc.		249,148		7,111

			Fair
			Value
Investments	Shares		(000)
Verizon Communications, Inc.		274,220	$	15,416
Total				22,527
Electric: Utilities 4.68%
Duke Energy Corp.		140,599		12,133
NextEra Energy, Inc.		77,521		13,475
Total				25,608
Electrical Equipment 3.13%
AMETEK, Inc.		171,051		11,580
Hubbell, Inc.		56,023		5,565
Total				17,145
Energy Equipment & Services 0.96%
National Oilwell Varco, Inc.		203,872		5,239
Entertainment 1.43%
Walt Disney Co. (The)		71,479		7,838
Equity Real Estate Investment Trusts 2.66%
Boston Properties, Inc.		37,908		4,266
Prologis, Inc.		175,235		10,290
Total				14,556
Food & Staples Retailing 2.10%
Walmart, Inc.		123,443		11,499
Food Products 0.81%
Mondelez International, Inc. Class A		110,341		4,417
Health Care Equipment & Supplies 2.72%
Abbott Laboratories		120,929		8,747
Boston Scientific Corp.*		173,673		6,137
Total				14,884
Health Care Providers & Services 1.53%
Anthem, Inc.		31,947		8,390
Hotels, Restaurants & Leisure 0.96%
Yum! Brands, Inc.		57,083		5,247
Industrial Conglomerates 2.35%
Honeywell International, Inc.		97,591		12,894

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Insurance 3.62%
Chubb Ltd. (Switzerland)(a)		87,256	$	11,272
Hartford Financial Services Group, Inc. (The)		192,647		8,563
Total				19,835
Interactive Media & Services 1.30%
Alphabet, Inc. Class A*		6,821		7,128
Internet & Direct Marketing Retail 0.23%
Alibaba Group Holding Ltd. ADR*		9,102		1,248
Machinery 1.58%
Stanley Black & Decker, Inc.		72,375		8,666
Media 0.42%
Interpublic Group of Cos., Inc. (The)		43,785		903
Omnicom Group, Inc.		18,890		1,384
Total				2,287
Metals & Mining 1.43%
Nucor Corp.		101,972		5,283
Steel Dynamics, Inc.		84,063		2,525
Total				7,808
Multi-Line Retail 0.68%
Dollar Tree, Inc.*		41,039		3,707
Oil, Gas & Consumable Fuels 9.01%
Chevron Corp.		172,201		18,734
ConocoPhillips		66,168		4,126
EOG Resources, Inc.		11,986		1,045
Marathon Petroleum Corp.		168,613		9,950
Noble Energy, Inc.		371,727		6,974
Royal Dutch Shell plc Class A ADR		146,036		8,509
Total				49,338

			Fair
			Value
Investments	Shares		(000)
Personal Products 1.08%
Unilever NV Registered Shares (United Kingdom)(a)		110,060	$	5,921
Pharmaceuticals 11.98%
Allergan plc		44,461		5,943
Jazz Pharmaceuticals plc (Ireland)*(a)		20,680		2,563
Johnson & Johnson		166,623		21,503
Merck & Co., Inc.		224,707		17,170
Novartis AG ADR		38,076		3,267
Pfizer, Inc.		348,062		15,193
Total				65,639
Road & Rail 0.47%
CSX Corp.		41,345		2,569
Semiconductors & Semiconductor Equipment 1.10%
Intel Corp.		128,914		6,050
Software 3.52%
Microsoft Corp.		126,593		12,858
Oracle Corp.		142,738		6,445
Total				19,303
Specialty Retail 3.82%
Foot Locker, Inc.		76,208		4,054
Home Depot, Inc. (The)		55,256		9,494
O’Reilly Automotive, Inc.*		21,376		7,361
Total				20,909
Technology Hardware, Storage & Peripherals 1.34%
HP, Inc.		359,855		7,363
Tobacco 0.47%
Philip Morris International, Inc.		38,229		2,552
Total Common Stocks (cost $536,865,637)				530,314

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 3.65%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $19,840,000 of U.S. Treasury Note at 2.875% due 7/31/2025; value: $20,357,864; proceeds: $19,958,873 (cost $19,957,265)	$	19,957	$	19,957
Total Investments in Securities 100.48% (cost $556,822,902)				550,271
Liabilities in Excess of Other Assets (0.48)%				(2,604	)
Net Assets 100.00%			$	547,667

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, 2018 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
Bank	$	80,442	$	1,406	$	–	$	81,848
Remaining Industries		448,466		–		–		448,466
Short-Term Investment
Repurchase Agreement		–		19,957		–		19,957
Total	$	528,908	$	21,363	$	–	$	550,271

(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, 2018.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $556,822,902)	$	550,270,908
Receivables:
Investment securities sold		2,517,611
Capital shares sold		1,096,127
Interest and dividends		744,920
Prepaid expenses		3,370
Total assets		554,632,936
LIABILITIES:
Payables:
Investment securities purchased		5,711,101
Management fee		238,773
Directors’ fees		200,950
Capital shares reacquired		159,772
Fund administration		19,102
Accrued expenses		636,101
Total liabilities		6,965,799
NET ASSETS	$	547,667,137
COMPOSITION OF NET ASSETS:
Paid-in capital	$	552,472,246
Total distributable earnings (loss)		(4,805,109	)
Net Assets	$	547,667,137
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		17,869,598
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$30.65

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $184,099)	$	14,510,201
Interest and other		122,972
Total investment income		14,633,173
Expenses:
Management fee		3,209,808
Non 12b-1 service fees		1,604,035
Shareholder servicing		688,178
Fund administration		256,785
Professional		60,735
Reports to shareholders		59,677
Directors’ fees		22,777
Custody		9,324
Other		73,043
Gross expenses		5,984,362
Expense reductions (See Note 8)		(14,889	)
Net expenses		5,969,473
Net investment income		8,663,700
Net realized and unrealized gain (loss):
Net realized gain on investments		49,459,494
Net change in unrealized appreciation/depreciation on investments		(106,553,534	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(2,598	)
Net realized and unrealized loss		(57,096,638	)
Net Decrease in Net Assets Resulting From Operations	$	(48,432,938	)

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
DECREASE IN NET ASSETS	December 31, 2018			December 31, 2017
Operations:
Net investment income	$	8,663,700		$	8,775,945
Net realized gain on investments		49,459,494			70,166,662
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(106,556,132	)		8,637,716
Net increase (decrease) in net assets resulting from operations		(48,432,938	)		87,580,323
Distributions to shareholders(1)		(56,851,415	)		(75,753,325	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		18,918,349			17,368,355
Reinvestment of distributions		56,833,112			75,753,394
Cost of shares reacquired		(119,363,930	)		(126,934,815	)
Net decrease in net assets resulting from capital share transactions		(43,612,469	)		(33,813,066	)
Net decrease in net assets		(148,896,822	)		(21,986,068	)
NET ASSETS:
Beginning of year	$	696,563,959		$	718,550,027
End of year	$	547,667,137		$	696,563,959
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(9,018,929) and net realized gain $(66,734,396).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(205,674).

12 See Notes to Financial Statements.

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Financial Highlights

			Per Share Operating Performance:
											Distributions to
			Investment Operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-			Net
	value		invest-		and			ment			invest-			Net			Total
	beginning		ment		unrealized			oper-			ment			realized			distri-
	of period		income(a)		gain (loss)			ations			income			gain			butions
12/31/2018		$ 37.15		$ 0.50		$ (3.53	)	$	(3.03	)		$ (0.52	)		$ (2.95	)	$	(3.47	)
12/31/2017		36.72		0.48		4.39			4.87			(0.53	)		(3.91	)		(4.44	)
12/31/2016		32.21		0.52		4.99			5.51			(0.52	)		(0.48	)		(1.00	)
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	)

(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									Net
asset							Net		assets,		Portfolio
value,		Total			Total		investment		end of		turnover
end of		return(b)			expenses		income		period		rate
period		(%)			(%)		(%)		(000)		(%)
$	30.65		(8.14	)		0.93		1.35	$	547,667		89
	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

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.
	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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of asset and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss), if applicable, on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(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

17

Notes to Financial Statements (continued)

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, 2018 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, 2018, the effective management fee paid to Lord Abbett 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.

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

18

Notes to Financial Statements (continued)

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 were as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	19,004,931		$	33,415,693
Net long-term capital gains			37,846,484			42,337,632
Total distributions paid		$	56,851,415		$	75,753,325

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – net	$	65,313
Undistributed long-term capital gains		7,092,454
Total undistributed earnings		7,157,767
Temporary differences		(4,254,656	)
Unrealized losses – net		(7,708,220	)
Total accumulated losses – net	$	(4,805,109	)

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 $4,053,706 during fiscal year 2018.

As of December 31, 2018, 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	$	557,976,530
Gross unrealized gain		29,814,977
Gross unrealized loss		(37,520,599	)
Net unrealized security loss	$	(7,705,622	)

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.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$554,895,909	$653,735,630

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $997,326 and sales of $4,250,702 which resulted in net realized gains of $207,353.

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	$	19,957,265	$	–	$	19,957,265
Total	$	19,957,265	$	–	$	19,957,265

	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.	$	19,957,265	$	–	$	–	$	(19,957,265	)	$	–
Total	$	19,957,265	$	–	$	–	$	(19,957,265	)	$	–

(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, 2018.

20

Notes to Financial Statements (continued)

7. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the

21

Notes to Financial Statements (concluded)

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, 2018, 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 a 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			Year Ended
	December 31, 2018			December 31, 2017
Shares sold		532,820			459,722
Reinvestment of distributions		1,833,178			2,044,858
Shares reacquired		(3,246,152	)		(3,324,857	)
Decrease		(880,154	)		(820,277	)

22

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Growth and Income Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

25

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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 knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. 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 and took into account recent changes to the portfolio management team and other actions taken by Lord

29

Approval of Advisory Contract (continued)

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board 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, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s

30

Approval of Advisory Contract (concluded)

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

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

31

Householding

The Company has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semiannual report 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.

Tax Information

For corporate shareholders, 72% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $10,612,215 and $37,846,484, 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 (02/19)

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the fiscal year ended December 31, 2018

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, 2018

 

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — Growth Opportunities Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -2.89%, 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 -4.75% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index,² falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index,³ were down –11.01%. During the period, there were several market-moving events. Notably, Congress

passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued into September with trade tensions mounting between the U.S. and China. In December, the White House announced a

1

trade truce between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.–Mexico–Canada Agreement.

In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%–1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%–2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s losses, however the S&P 500^® returned to negative territory in December, posting its worst month since February 2009.

Security selection within the industrials sector contributed to relative performance during the trailing 12-month period. Within the sector, the Fund’s position in Cintas Corp., a supply and uniform rental company, contributed most to relative performance. Shares of Cintas rose as investors expected cost synergies and improving revenue from its acquisition of G&K Services, Inc. to accelerate revenue growth. Another contributor to relative performance within this sector during the reporting period was the Fund’s position in Expeditors International of Washington, Inc., a provider of global logistics services. Shares of Expeditors International appreciated as price increases continued to strengthen operating margins due to steady demand.

Security selection within the financials sector also contributed to relative performance during the period. Within this sector, the Fund’s positioning in shares of Goosehead Insurance, Inc., an insurance holding company, contributed. Shares of Goosehead steadily rose following the initial public offering in May as robust revenue growth and a continued increase in the company’s sales force and franchises outpaced expectations.

Security selection within the energy sector detracted from relative performance during the period. Within this sector, the Fund’s position in Cimarex Energy Co., an independent oil and gas production company, detracted. Shares of Cimarex came under pressure as headwinds within

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the Permian Basin caused differentials between oil and gas prices to increase, impacting Cimarex’s cash flow. Shares of Parsley Energy, Inc., an oil and natural gas firm, also detracted as investors’ increasing concerns over a supply glut in oil and a slowdown in global economic growth caused Western Texas Intermediate prices to plummet.

During the period, security selection in the consumer staples sector also detracted from relative performance. Specifically, the

Fund’s position in Brown-Forman Corp., an alcoholic beverage distributor, detracted. Shares of Brown-Forman declined as European tariffs led to weaker sales growth and investors were concerned about the firm’s valuation.

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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 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, 2018. 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.

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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, 2018

	1 Year	5 Years	10 Years
Class VC	–2.89%	5.65%	12.73%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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.

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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†
				7/1/18 –
	7/1/18	12/31/18		12/31/18
Class VC
Actual	$1,000.00	$	929.90	$5.59
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, 2018

Sector*	%**
Communication Services	1.88	%
Consumer Discretionary	15.13	%
Consumer Staples	2.91	%
Energy	1.07	%
Financials	8.00	%
Health Care	16.01	%
Industrials	16.65	%
Information Technology	30.86	%
Materials	5.48	%
Real Estate	1.79	%
Repurchase Agreement	0.22	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 103.97%
Aerospace & Defense 1.66%
TransDigm Group, Inc.*		3,253	$	1,106
Air Freight & Logistics 1.01%
Expeditors International of Washington, Inc.		9,859		671
Banks 1.41%
First Republic Bank		5,384		468
Western Alliance Bancorp*		11,943		472
Total				940
Beverages 1.56%
Brown-Forman Corp. Class B		21,864		1,040
Biotechnology 3.92%
Amarin Corp. plc ADR*		9,005		123
AnaptysBio, Inc.*		3,534		225
BioMarin Pharmaceutical, Inc.*		9,196		783
Myovant Sciences Ltd. (United Kingdom)*(a)		19,630		322
Neurocrine Biosciences, Inc.*		4,936		352
Sarepta Therapeutics, Inc.*		3,233		353
Vertex Pharmaceuticals, Inc.*		2,719		451
Total				2,609
Building Products 1.54%
Allegion plc (Ireland)(a)		12,817		1,022
Capital Markets 4.22%
E*TRADE Financial Corp.		15,227		668
MarketAxess Holdings, Inc.		2,864		605
Moody’s Corp.		6,666		934
MSCI, Inc.		4,041		596
Total				2,803
Chemicals 1.86%
Ashland Global Holdings, Inc.		6,359		451
Axalta Coating Systems Ltd.*		14,264		334
FMC Corp.		6,090		451
Total				1,236

Investments	Shares		Fair Value (000)
Commercial Services & Supplies 2.02%
Cintas Corp.		3,372	$	567
Healthcare Services Group, Inc.		19,323		776
Total				1,343
Construction Materials 1.53%
Vulcan Materials Co.		10,296		1,017
Consumer Finance 0.74%
SLM Corp.*		59,437		494
Containers & Packaging 2.32%
Avery Dennison Corp.		9,750		876
Owens-Illinois, Inc.*		38,560		665
Total				1,541
Diversified Consumer Services 1.04%
Service Corp. International		17,102		689
Electrical Equipment 2.35%
AMETEK, Inc.		13,055		884
Hubbell, Inc.		6,862		681
Total				1,565
Electronic Equipment, Instruments & Components 1.56%
Keysight Technologies, Inc.*		9,112		566
Trimble, Inc.*		14,419		474
Total				1,040
Equity Real Estate Investment Trusts 1.87%
SBA Communications Corp.*		7,673		1,242
Health Care Equipment & Supplies 5.00%
ABIOMED, Inc.*		1,407		457
Align Technology, Inc.*		2,736		573
Edwards Lifesciences Corp.*		7,930		1,215
Insulet Corp.*		2,341		186
Teleflex, Inc.		3,457		893
Total				3,324

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		Fair Value (000)
Health Care Providers & Services 2.10%
Centene Corp.*		9,919	$	1,143
Guardant Health, Inc.*		6,724		253
Total				1,396
Hotels, Restaurants & Leisure 4.22%
Aramark		32,328		937
Hilton Worldwide Holdings, Inc.		10,154		729
Norwegian Cruise Line Holdings Ltd.*		12,129		514
Vail Resorts, Inc.		2,983		629
Total				2,809
Household Products 1.46%
Church & Dwight Co., Inc.		14,804		974
Industrial Conglomerates 1.51%
Roper Technologies, Inc.		3,772		1,005
Information Technology Services 10.32%
DXC Technology Co.		8,781		467
Euronet Worldwide, Inc.*		6,943		711
Fidelity National Information Services, Inc.		10,732		1,100
FleetCor Technologies, Inc.*		3,463		643
Global Payments, Inc.		13,644		1,407
GoDaddy, Inc. Class A*		12,723		835
Square, Inc. Class A*		2,295		129
Total System Services, Inc.		9,372		762
Worldpay, Inc. Class A*		10,600		810
Total				6,864
Insurance 1.97%
Goosehead Insurance, Inc. Class A*		21,821		573
RenaissanceRe Holdings Ltd.		5,503		736
Total				1,309
Interactive Media & Services 1.96%
IAC/InterActiveCorp.*		5,473		1,002
Twitter, Inc.*		10,429		300
Total				1,302

Investments	Shares		Fair Value (000)
Internet & Direct Marketing Retail 0.54%
GrubHub, Inc.*		4,696	$	361
Life Sciences Tools & Services 3.90%
Agilent Technologies, Inc.		10,496		708
Charles River Laboratories International, Inc.*		6,873		778
Illumina, Inc.*		1,133		340
Mettler-Toledo International, Inc.*		1,351		764
Total				2,590
Machinery 4.39%
Fortive Corp.		16,858		1,141
IDEX Corp.		7,623		962
Stanley Black & Decker, Inc.		6,826		817
Total				2,920
Multi-Line Retail 3.11%
Dollar General Corp.		11,692		1,264
Dollar Tree, Inc.*		8,933		807
Total				2,071
Oil, Gas & Consumable Fuels 1.12%
Cimarex Energy Co.		7,198		444
Parsley Energy, Inc. Class A*		18,729		299
Total				743
Pharmaceuticals 1.77%
Elanco Animal Health, Inc.*		12,060		380
Zoetis, Inc.		9,297		796
Total				1,176
Professional Services 1.05%
CoStar Group, Inc.*		2,060		695
Road & Rail 1.82%
Genesee & Wyoming, Inc. Class A*		7,664		567
J.B. Hunt Transport Services, Inc.		6,881		640
Total				1,207

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 6.20%
Advanced Micro Devices, Inc.*		23,062	$	426
Analog Devices, Inc.		8,742		750
Lam Research Corp.		4,830		658
MACOM Technology Solutions Holdings, Inc.*		13,002		189
Marvell Technology Group Ltd.		17,659		286
Microchip Technology, Inc.		5,778		415
Skyworks Solutions, Inc.		5,794		388
Universal Display Corp.		4,304		403
Xilinx, Inc.		7,128		607
Total				4,122
Software 12.61%
Anaplan, Inc.*		9,854		262
New Relic, Inc.*		6,126		496
Palo Alto Networks, Inc.*		5,144		969
PTC, Inc.*		5,062		420
Red Hat, Inc.*		6,811		1,196
RingCentral, Inc. Class A*		10,511		867
ServiceNow, Inc.*		9,949		1,771
Splunk, Inc.*		10,610		1,112
Ultimate Software Group, Inc. (The)*		5,266		1,289
Total				8,382
Specialty Retail 6.55%
Burlington Stores, Inc.*		8,463		1,377
O’Reilly Automotive, Inc.*		3,911		1,346
Tractor Supply Co.		9,430		787
Ulta Salon, Cosmetics & Fragrance, Inc.*		3,446		844
Total				4,354
Technology Hardware, Storage & Peripherals 0.92%
NetApp, Inc.		10,210		609
Textiles, Apparel & Luxury Goods 0.84%
Carter’s, Inc.		6,863		560
Total Common Stocks (cost $66,192,213)				69,131

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.23%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $160,000 of U.S. Treasury Note at 2.00% due 8/15/2025 value: $154,925; proceeds: $151,488 (cost $151,476)		$151	$	151
Total Investments in Securities 104.20% (cost $66,343,689)				69,282
Liabilities in Excess of Other Assets (4.20)%				(2,790	)
Net Assets 100.00%			$	66,492

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

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 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	$	69,131	$	–	$	–	$	69,131
Short-Term Investment
Repurchase Agreement		–		151		–		151
Total	$	69,131	$	151	$	–	$	69,282

(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, 2018.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $66,343,689)	$	69,282,008
Receivables:
Investment securities sold		280,786
Capital shares sold		58,297
Interest and dividends		16,393
From advisor (See Note 3)		15,643
Prepaid expenses and other assets		141
Total assets		69,653,268
LIABILITIES:
Payables:
Capital shares reacquired		2,948,169
Management fee		48,076
Directors’ fees		19,822
Fund administration		2,404
Accrued expenses		142,841
Total liabilities		3,161,312
NET ASSETS	$	66,491,956
COMPOSITION OF NET ASSETS:
Paid-in capital	$	61,910,420
Total distributable earnings		4,581,536
Net Assets	$	66,491,956
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		6,345,217
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$10.48

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends	$	811,740
Interest		10,280
Total investment income		822,020
Expenses:
Management fee		967,531
Non 12b-1 service fees		302,041
Shareholder servicing		129,960
Fund administration		48,377
Professional		44,367
Reports to shareholders		37,242
Custody		4,771
Directors’ fees		4,569
Other		16,105
Gross expenses		1,554,963
Expense reductions (See Note 8)		(2,719	)
Fees waived and expenses reimbursed (See Note 3)		(183,484	)
Net expenses		1,368,760
Net investment loss		(546,740	)
Net realized and unrealized gain (loss):
Net realized gain on investments		18,773,332
Net realized gain on foreign currency related transactions		49
Net change in unrealized appreciation/depreciation on investments		(18,439,611	)
Net realized and unrealized gain		333,770
Net Decrease in Net Assets Resulting From Operations	$	(212,970	)

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Operations:
Net investment loss	$	(546,740	)	$	(383,896	)
Net realized gain on investments and foreign currency related transactions		18,773,381			6,248,087
Net change in unrealized appreciation/depreciation on investments		(18,439,611	)		21,239,301
Net increase (decrease) in net assets resulting from operations		(212,970	)		27,103,492
Distributions to shareholders(1)		(17,386,671	)		(4,600,431	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		28,497,917			5,748,922
Reinvestment of distributions		17,386,647			4,600,431
Cost of shares reacquired		(95,994,025	)		(22,386,775	)
Net decrease in net assets resulting from capital share transactions		(50,109,461	)		(12,037,422	)
Net increase (decrease) in net assets		(67,709,102	)		10,465,639
NET ASSETS:
Beginning of year	$	134,201,058		$	123,735,419
End of year	$	66,491,956		$	134,201,058
Accumulated net investment loss(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions represents realized gain.
(2)	The SEC eliminated the requirement to disclose accumulated net investment income in 2018. For the year ended December 31, 2017, the accumulated net investment loss was $(18,184).

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 (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
12/31/2018		$14.20		$(0.07	)		$(0.42	)		$(0.49	)		$(3.23	)		$10.48
12/31/2017		11.96		(0.04	)		2.77			2.73			(0.49	)		14.20
12/31/2016		11.88		(0.03	)		0.18			0.15			(0.07	)		11.96
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

(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 (%)
	(2.89	)		1.13		1.29		(0.45	)		$   66,492		39
	22.91			1.10		1.27		(0.29	)		134,201		69
	1.23			1.13		1.33		(0.25	)		123,735		155
	2.72			1.20		1.31		(0.42	)		91,977		125
	6.07			1.20		1.32		(0.28	)		87,234		198

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.
	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 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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss), if applicable, on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(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

17

Notes to Financial Statements (continued)

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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of 0.65% 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)

Effective May 1, 2018 and continuing through April 30, 2019, 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. Prior to May 1, 2018, Lord Abbett 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 1.10%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 were as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	1,416,794		$	1,521,325
Net long-term capital gains			15,969,877			3,079,106
Total distributions paid		$	17,386,671		$	4,600,431

As of December 31, 2018, the components of accumulated gains and losses on a tax-basis were as follows:

Undistributed long-term capital gains	$	2,982,287
Total undistributed earnings	$	2,982,287
Temporary differences		(359,564	)
Unrealized gains – net		1,958,813
Total accumulated gains – net	$	4,581,536

19

Notes to Financial Statements (continued)

At the Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer post-October capital losses of $339,742 during fiscal year 2018.

As of December 31, 2018, 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	$	67,323,195
Gross unrealized gain		7,041,497
Gross unrealized loss		(5,082,684	)
Net unrealized security gain	$	1,958,813

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$46,458,695	$111,822,621

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $367,380, and sales of $374,595, which resulted in net realized gains of $85,311.

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		$151,476	$	–		$151,476
Total		$151,476	$	–		$151,476

	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.		$151,476	$	–	$	–		$(151,476	)	$	–
Total		$151,476	$	–	$	–		$(151,476	)	$	–

(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, 2018.

7. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated

21

Notes to Financial Statements (continued)

Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

10. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, 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,

22

Notes to Financial Statements (concluded)

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, 2018			Year Ended December 31, 2017
Shares sold		2,019,933			442,997
Reinvestment of distributions		1,664,823			326,154
Shares reacquired		(6,791,466	)		(1,664,435	)
Decrease		(3,106,710	)		(895,284	)

23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Growth Opportunities Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was below the

30

Approval of Advisory Contract (continued)

median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board took into account recent changes to the portfolio management team and other actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was equal to the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain

31

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

Tax Information

For corporate shareholders, 74% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $1,416,794 and $15,969,877, 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 (02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—International Equity Portfolio

For the fiscal year ended December 31, 2018

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and HoldingsPresented 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
29	Report of Independent Registered Public Accounting Firm
30	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Equity Portfolio Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund — International Equity Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -18.34%, 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 with Net Dividends¹, which returned -14.20% over the same period.

Over the period, global equity markets experienced significant negative performance, despite most central banks remaining accommodative, interest rates remaining low, and unemployment steadily declining. In addition, corporate earnings

continued to grow, while global economic growth has showed signs of peaking and plateauing. Overall, European markets (as measured by the EURO STOXX 50^® Index²) fell roughly 18.4% in U.S. dollars for the period, while Japan’s Nikkei 225³ fell 10.35% in U.S. dollars.

In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50%-1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25%-2.50%. Meanwhile, other

1

central banks have continued their accommodative policies. The European Central Bank (ECB) has kept its benchmark refinancing rate unchanged at 0% since March 2016, and at its December 2018 meeting, the ECB confirmed the end of its asset purchase program (APP) later in the month. The Bank of Japan (BoJ) also maintained its stimulative monetary policy as short term interest rates remained unchanged, at -0.1%, at its December 2018 meeting, and the bank kept its 10-year government bond yield target at around 0%. The BoJ also maintained its upbeat view on Japan’s domestic economy despite slowing growth in China, uncertainty from Sino-U.S. trade dispute and volatile financial markets.

The International Monetary Fund lowered global growth estimates by 0.2 percentage points to 3.7% for both 2018 and 2019, reflecting “surprises that suppressed activity in early 2018 in some major advanced economies, the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging markets and developing economies arising from country-specific factors, tighter financial conditions, geopolitical tensions, and higher oil import bills”. Unemployment steadily declined in most developed countries, falling to 7.9% in the Euro area, 3.9% in the United States, 2.5% in Japan, and 3.8% 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.

Volatility, as measured by the VIX index, has crept back up this year after remaining near all-time low levels for most of 2017. Sources of tension throughout the year have come from aggressive U.S. trade posture with trade tensions mounting between the U.S. and China, remaining uncertainty regarding a potential hard “Brexit” outcome, and the gradual and continuous rise of rates by the Fed.

During the period, the Fund’s underperformance relative to its benchmark was driven by stock selection, particularly within the industrials and consumer discretionary sectors. Within the industrials sector, an overweight position in Loomis AB detracted from relative performance. Shares of the Swedish armored car services company fell as the long-term structural decline in the usage of cash in society put a damper on the valuation. Additionally, shares of en-japan inc. also detracted from relative performance. Shares of the Japanese internet-based recruiting solutions company declined amid structural concerns around Japan’s declining working-age population and general labor shortages.

Security selection in the consumer discretionary sector also detracted from relative performance. Within the consumer discretionary sector, an overweight position in GVC Holdings PLC detracted from relative performance. Shares of the

2

electronic gaming company fell after the U.K. budget announcement of an increase in remote gambling duty (RGD) as well as the implementation of maximum stakes for fixed-odds betting terminals.

Conversely, stock selection within the financials and real estate sectors contributed to relative performance over the period. Within the financials sector, shares of Swiss Life Holding AG contributed to relative performance. The Switzerland-based insurance company’s shares rose as it continues to make a strong case for better margins, more cash flow, and a commitment to attractive capital management. ASR Nederland N.V., a Netherlands-based insurance company, also contributed to relative performance. The company benefited as a result of new

financial targets that were marginally better than expected, and from a continued focus on solvency ratios that have kept the company less sensitive to equity market declines.

Within the real estate sector, shares of Aroundtown SA, a Luxembourg-based real estate company, contributed to performance. The company has continued to benefit from its focus in regions with solid economic fundamentals and from the improvement of rental and occupancy levels in the German office property 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 MSCI ACWI (All Country World Index) ex-USA Index is a subset of the MSCI ACWI Index. The MSCI ACWI (All Country World Index) 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 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 that have been created are traded worldwide, and 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 first 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.

3

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, 2018. 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 and the MSCI ACWI ex-USA^® Index with Net Dividends, 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 Period Ended December 31, 2018
	1 Year	5 Years	Life of Class
Class VC2	–18.34%	–2.16%	1.98%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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†
	7/1/18	12/31/18	7/1/18 – 12/31/18
Class VC
Actual	$1,000.00	$   872.20	$4.34
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, 2018

Sector*	%**
Communication Services	7.80	%
Consumer Discretionary	10.85	%
Consumer Staples	11.09	%
Energy	6.27	%
Financials	24.62	%
Health Care	8.99	%
Industrials	9.86	%
Information Technology	6.32	%
Materials	7.12	%
Real Estate	2.71	%
Utilities	0.96	%
Repurchase Agreement	3.41	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 95.92%
Australia 1.65%
Metals & Mining
BHP Group Ltd.		39,728	$	960
Brazil 2.49%
Banks 1.51%
Itau Unibanco Holding SA ADR		96,091		878
Wireless Telecommunication Services 0.98%
TIM Participacoes SA		187,200		572
Total Brazil				1,450
Brunei 1.02%
Insurance
Hiscox Ltd.		28,696		593
Canada 2.75%
Aerospace & Defense 1.57%
CAE, Inc.		49,900		917
Metals & Mining 1.18%
Lundin Mining Corp.		166,700		689
Total Canada				1,606
China 4.85%
Insurance 1.15%
Ping An Insurance Group Co. of China Ltd. Class H		76,000		670
Interactive Media & Services 1.23%
Tencent Holdings Ltd.		17,900		717
Internet & Direct Marketing Retail 1.82%
Alibaba Group Holding Ltd. ADR*		7,759		1,064
Oil, Gas & Consumable Fuels 0.65%
CNOOC Ltd.		244,000		376
Total China				2,827

Investments	Shares		U.S. $ Fair Value (000)
Denmark 1.10%
Insurance
Tryg A/S		25,458	$	642
Finland 0.84%
Communications Equipment
Nokia OYJ		84,695		492
France 12.19%
Aerospace & Defense 0.95%
Thales SA		4,728		552
Beverages 1.37%
Pernod Ricard SA		3,022		496
Remy Cointreau SA		2,652		301
				797
Construction & Engineering 1.57%
Vinci SA		11,171		919
Diversified Telecommunication Services 2.37%
Orange SA		37,015		600
Vivendi SA		32,267		782
				1,382
Food Products 1.00%
Danone SA		8,303		585
Oil, Gas & Consumable Fuels 1.92%
Total SA		21,196		1,118
Personal Products 1.11%
L’Oreal SA		2,844		651
Pharmaceuticals 1.39%
Sanofi		9,349		811
Textiles, Apparel & Luxury Goods 0.51%
LVMH Moet Hennessy Louis Vuitton SE		1,013		296
Total France				7,111

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
Germany 11.65%
Automobiles 1.08%
Volkswagen AG		3,952	$	632
Chemicals 0.92%
Symrise AG		7,216		535
Diversified Telecommunication Services 1.16%
Deutsche Telekom AG Registered Shares		39,704		675
Industrial Conglomerates 0.78%
Rheinmetall AG		5,132		455
Information Technology Services 0.59%
Wirecard AG		2,270		342
Insurance 1.63%
Allianz SE Registered Shares		4,745		954
Life Sciences Tools & Services 0.54%
MorphoSys AG*		3,092		316
Real Estate Management & Development 2.69%
Aroundtown SA		119,818		994
Vonovia SE		12,833		578
				1,572
Software 1.54%
SAP SE		9,029		896
Textiles, Apparel & Luxury Goods 0.72%
adidas AG		2,007		419
Total Germany				6,796
Hong Kong 4.14%
Auto Components 0.53%
Xinyi Glass Holdings Ltd.		280,000		309
Capital Markets 0.71%
Hong Kong Exchanges & Clearing Ltd.		14,200		411

Investments	Shares		U.S. $ Fair Value (000)
Hotels, Restaurants & Leisure 0.79%
Galaxy Entertainment Group Ltd.		73,000	$	461
Insurance 2.11%
AIA Group Ltd.		148,400		1,233
Total Hong Kong				2,414
India 2.25%
Banks 1.40%
ICICI Bank Ltd. ADR		79,553		819
Commercial Banks 0.85%
HDFC Bank Ltd.		4,772		494
Total India				1,313
Indonesia 2.65%
Banks 1.63%
Bank Rakyat Indonesia Persero Tbk PT		3,732,200		951
Commercial Banks 1.02%
Bank Mandiri Persero Tbk PT		1,163,200		597
Total Indonesia				1,548
Ireland 2.41%
Banks 0.80%
Bank of Ireland Group plc		84,141		468
Construction Materials 0.62%
CRH plc		13,665		362
Life Sciences Tools & Services 0.99%
ICON plc*		4,460		576
Total Ireland				1,406
Israel 1.09%
Software
Nice Ltd. ADR*		5,845		633

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
Japan 15.00%
Automobiles 1.33%
Toyota Motor Corp.		13,400	$	776
Building Products 1.11%
Daikin Industries Ltd.		6,100		648
Chemicals 0.71%
Kansai Paint Co. Ltd.		21,700		417
Commercial Services & Supplies 0.80%
Secom Co. Ltd.		5,600		464
Construction & Engineering 1.08%
Taisei Corp.		14,700		630
Diversified Financial Services 1.39%
ORIX Corp.		55,400		809
Food & Staples Retailing 1.30%
Seven & i Holdings Co., Ltd.		17,400		756
Health Care Equipment & Supplies 1.39%
Hoya Corp.		13,400		808
Household Durables 1.97%
Sony Corp.		23,800		1,147
Machinery 0.41%
Komatsu Ltd.		11,200		241
Personal Products 1.05%
Shiseido Co., Ltd.		9,800		614
Specialty Retail 0.67%
Bic Camera, Inc.		30,600		388
Trading Companies & Distributors 1.08%
Mitsubishi Corp.		23,030		631
Wireless Telecommunication Services 0.71%
NTT DOCOMO, Inc.		18,500		416
Total Japan				8,745

Investments	Shares		U.S. $ Fair Value (000)
Luxembourg 0.53%
Multi-Line Retail
B&M European Value Retail SA		86,910	$	312
Netherlands 5.64%
Banks 1.14%
ING Groep NV		61,944		666
Health Care Equipment & Supplies 1.30%
Koninklijke Philips NV		21,603		758
Insurance 0.53%
ASR Nederland NV		7,765		307
Oil, Gas & Consumable Fuels 1.97%
Royal Dutch Shell plc B Shares		38,499		1,151
Semiconductors & Semiconductor Equipment 0.70%
ASML Holding NV		2,587		405
Total Netherlands				3,287
New Zealand 0.56%
Diversified Telecommunication Services
Spark New Zealand Ltd.		117,453		328
Norway 0.29%
Banks
Sparebank 1 Oestlandet		17,663		170
Philippines 1.80%
Banks
Metropolitan Bank & Trust Co.		677,852		1,047
Singapore 1.47%
Banks
United Overseas Bank Ltd.		47,400		857

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
South Africa 0.72%
Paper & Forest Products
Mondi plc		20,191	$	421
Sweden 1.59%
Communications Equipment 0.77%
Telefonaktiebolaget LM Ericsson		50,554		447
Specialty Retail 0.82%
Hennes & Mauritz AB B Shares		33,654		479
Total Sweden				926
Switzerland 5.50%
Food Products 1.90%
Nestle SA Registered Shares		13,656		1,108
Insurance 2.05%
Swiss Life Holding AG Registered Shares*		3,102		1,197
Pharmaceuticals 1.55%
Novartis AG Registered Shares		10,549		904
Total Switzerland				3,209
Taiwan 0.76%
Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,053		445
Turkey 0.73%
Wireless Telecommunication Services
Turkcell Iletisim Hizmetleri AS		185,525		425
United Kingdom 10.25%
Banks 0.85%
Royal Bank of Scotland Group plc		178,019		494

Investments	Shares		U.S. $ Fair Value (000)
Beverages 0.98%
Coca-Cola European Partners plc*		12,460	$	574
Household Products 0.69%
Reckitt Benckiser Group plc		5,249		402
Metals & Mining 1.27%
Anglo American plc		33,046		739
Multi-Utilities 0.95%
National Grid plc		56,697		555
Oil, Gas & Consumable Fuels 1.69%
BP plc		155,732		984
Personal Products 1.61%
Unilever NV CVA		17,302		937
Pharmaceuticals 1.77%
AstraZeneca plc		13,870		1,035
Trading Companies & Distributors 0.44%
Ashtead Group plc		12,262		256
Total United Kingdom				5,976
Total Common Stocks (cost $58,669,014)				55,939

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2018

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 3.38%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $2,080,000 of U.S. Treasury Note at 2.00% due 8/15/2025; value: $2,014,024; proceeds: $1,972,449 (cost $1,972,290)	$	1,972	$	1,972
Total Investments in Securities 99.30% (cost $60,641,304)				57,911
Foreign Cash and Other Assets in Excess of Liabilities 0.70%				407
Net Assets 100.00%			$	58,318

ADR	American Depositary Receipt.
CVA	Company Voluntary Arrangement.
*	Non-income producing security.

12 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks
Australia	$	–	$	960	$	–	$	960
Brazil		878		572		–		1,450
Brunei(3)		–		593		–		593
Canada		1,606		–		–		1,606
China		1,064		1,763		–		2,827
Denmark		–		642		–		642
Finland		–		492		–		492
France(3)		301		6,810		–		7,111
Germany(3)		–		6,796		–		6,796
Hong Kong		–		2,414		–		2,414
India		1,313		–		–		1,313
Indonesia(3)		–		1,548		–		1,548
Ireland(3)		576		830		–		1,406
Israel		633		–		–		633
Japan		–		8,745		–		8,745
Luxembourg		–		312		–		312
Netherlands		–		3,287		–		3,287
New Zealand		–		328		–		328
Norway(3)		–		170		–		170
Philippines		–		1,047		–		1,047
Singapore		–		857		–		857
South Africa		–		421		–		421
Sweden		–		926		–		926
Switzerland		–		3,209		–		3,209
Taiwan		445		–		–		445
Turkey		–		425		–		425
United Kingdom		–		5,976		–		5,976
Short-Term Investment
Repurchase Agreement		–		1,972		–		1,972
Total	$	6,816	$	51,095	$	–	$	57,911

(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)	Securities in the amount of $2,875,332 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on December 31, 2018. Securities in the amount of $922,222 were transferred from Level 2 to Level 1 as a result of utilizing the last sale or official closing price on the exchange or system on which the securities are principally traded on December 31, 2018.

See Notes to Financial Statements. 13

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $60,641,304)	$	57,910,797
Foreign cash, at value (cost $830,323)		817,983
Receivables:
Capital shares sold		127,044
Interest and dividends		94,649
From advisor (See Note 3)		19,662
Prepaid expenses and other assets		1,089
Total assets		58,971,224
LIABILITIES:
Payables:
Investment securities purchased		489,974
Management fee		37,379
Directors’ fees		6,568
Fund administration		1,994
Capital shares reacquired		12
Accrued expenses		117,209
Total liabilities		653,136
NET ASSETS	$	58,318,088
COMPOSITION OF NET ASSETS:
Paid-in capital	$	66,394,544
Total distributable earnings (loss)		(8,076,456	)
Net Assets	$	58,318,088
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		4,000,282
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.58

14 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $172,970)	$	1,605,001
Interest		17,415
Total investment income		1,622,416
Expenses:
Management fee		483,912
Non 12b-1 service fees		161,277
Shareholder servicing		69,114
Professional		60,136
Reports to shareholders		33,061
Custody		31,649
Fund administration		25,809
Directors’ fees		2,270
Other		17,117
Gross expenses		884,345
Expense reductions (See Note 9)		(1,498	)
Fees waived and expenses reimbursed (See Note 3)		(300,260	)
Net expenses		582,587
Net investment income		1,039,829
Net realized and unrealized loss:
Net realized loss on investments (net of foreign capital gains tax of $35,683)		(2,202,496	)
Net realized loss on foreign currency exchange contracts		(96,183	)
Net realized gain on foreign currency related transactions		37,496
Net change in unrealized appreciation/depreciation on investments		(11,429,805	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(42,092	)
Net realized and unrealized loss		(13,733,080	)
Net Decrease in Net Assets Resulting From Operations	$	(12,693,251	)

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, 2018			December 31, 2017
Operations:
Net investment income	$	1,039,829		$	1,027,514
Net realized gain (loss) on investments, forward currency exchange contracts and foreign currency related transactions		(2,261,183	)		6,179,085
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(11,471,897	)		7,223,373
Net increase (decrease) in net assets resulting from operations		(12,693,251	)		14,429,972
Distributions to shareholders(1)		(1,103,224	)		(1,203,254	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		7,146,266			1,733,223
Reinvestment of distributions		1,103,224			1,203,254
Cost of shares reacquired		(2,956,902	)		(8,370,323	)
Net increase (decrease) in net assets resulting from capital share transactions		5,292,588			(5,433,846	)
Net increase (decrease) in net assets		(8,503,887	)		7,792,872
NET ASSETS:
Beginning of year	$	66,821,975		$	59,029,103
End of year	$	58,318,088		$	66,821,975
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions represents net investment income.
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(113,574).

16 See Notes to Financial Statements.

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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
12/31/2018		$18.20		$0.28		$(3.62	)		$(3.34	)		$(0.28	)	$	–		$	–
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	)		–

(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)		(%)
$	(0.28	)	$	14.58		(18.34	)		0.90		1.37		1.61	$	58,318		134
	(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

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”).

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 quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates.
	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 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, 2015 through December 31, 2018. 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 gain 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 in Net change in unrealized appreciation/depreciation on foreign currency exchange contracts 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

21

Notes to Financial Statements (continued)

	upon closing of such contracts is included in Net realized loss on foreign currency exchange contracts 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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of 0.28% of the Fund’s average daily net assets.

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

Effective May 1, 2018 and continuing through April 30, 2019, 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 .92%. This agreement may be terminated only upon the approval of the Board. Prior to May 1, 2018, Lord Abbett 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 .87%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

23

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2018 and fiscal year ended December 31, 2017 was as follows:

	Year Ended			Year Ended
	12/31/2018			12/31/2017
Distributions paid from:
Ordinary income		$	1,103,224		$	1,203,254
Total distributions paid		$	1,103,224		$	1,203,254

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Capital loss Carryforward*	$	(4,681,571	)
Temporary differences		(60,380	)
Unrealized losses – net		(3,334,505	)
Total accumulated losses – net	$	(8,076,456	)

* The capital losses will carry forward indefinitely.

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 late-year ordinary losses of $53,812 during fiscal year 2018.

As of December 31, 2018, 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	$	61,233,085
Gross unrealized gain		1,194,207
Gross unrealized loss		(4,516,495	)
Net unrealized security loss	$	(3,322,288	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$87,815,348	$83,340,431

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $27,633.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2018 (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)

24

Notes to Financial Statements (continued)

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.

As of December 31, 2018, the Fund had no forward foreign currency exchange contracts outstanding. An amount of $(96,183) is included in the Statement of Operations related to forward foreign currency exchange contracts under the caption Net realized loss on foreign currency exchange contracts. The average notional amounts in U.S. dollars of forward foreign currency exchange contracts throughout the period was $2,679,280.

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:

			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	$	1,972,290	$	–	$	1,972,290
Total	$	1,972,290	$	–	$	1,972,290

	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.	$	1,972,290	$	–	$	–	$	(1,972,290	)	$	–
Total	$	1,972,290	$	–	$	–	$	(1,972,290	)	$	–

(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, 2018.

25

Notes to Financial Statements (continued)

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord

26

Notes to Financial Statements (continued)

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, 2018, 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 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 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.

27

Notes to Financial Statements (concluded)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended			Year Ended
	December 31, 2018			December 31, 2017
Shares sold		420,266			106,804
Reinvestment of distributions		75,577			66,810
Shares reacquired		(168,010	)		(501,938	)
Increase (decrease)		327,833			(328,324	)

15. SUBSEQUENT EVENT  

On January 29, 2019, the Board of Directors of the Company approved a plan of liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved. It is anticipated that the liquidation and dissolution of the Fund will be completed on or about May 1, 2019 (the Liquidation Date”). Any Fund shares outstanding on the Liquidation Date will be automatically redeemed on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”) of such shares after dividend distributions required to eliminate any Fund-level taxes are made and the Fund’s expenses and liabilities have been paid or otherwise provided for as directed by the Plan.

At any time before the Liquidation Date, shareholders may redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under “Purchases and Redemptions” in the prospectus. As stated in the prospectus, Fund shares are not offered directly to the public. Rather, Fund shares are offered only to separate accounts of certain insurance companies. Variable contract owners may not purchase or redeem Fund shares directly and should contact their insurance company for information on how the liquidation of the Fund will impact them.

28

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the International Equity Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

29

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

32

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

33

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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.

34

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was below the

35

Approval of Advisory Contract (continued)

median of the performance peer group for the one-, three-, and five-year periods and took into account changes to the portfolio management team and other actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain

36

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

37

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.

Tax Information

The Fund intends to pass through foreign source income of $1,740,980 and foreign taxes of $208,469.

38

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 (02/19)

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Series Fund—International Opportunities Portfolio

For the fiscal year ended December 31, 2018

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
29	Report of Independent Registered Public Accounting Firm
30	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Opportunities Portfolio
Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund - International Opportunities Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -23.67%, 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 U.S. SmallCap^® Index¹, which returned –18.41% over the same period.

Over the period, global equity markets experienced significant negative performance, despite most central banks remaining accommodative, interest rates remaining low, and unemployment steadily declining. In addition, corporate earnings

continued to grow, while global economic growth has showed signs of peaking and plateauing. Overall, European markets (as measured by the EURO STOXX 50^® Index²) fell roughly 18.4% in U.S. dollars for the period, while Japan’s Nikkei 225³ fell 10.35%.

In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50% - 1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25% - 2.50%.

1

Meanwhile, other central banks have continued their accommodative policies. The European Central Bank (ECB) has kept its benchmark refinancing rate unchanged at 0% since March 2016, and at its December 2018 meeting, the ECB confirmed the end of its asset purchase program (APP) later in the month. The Bank of Japan (BoJ) also maintained its stimulative monetary policy as short term interest rates remained unchanged, at –0.1%, at its December 2018 meeting, and the bank kept its 10-year government bond yield target at around 0%. The BoJ also maintained its upbeat view on the domestic economy despite slowing growth in China, uncertainty from Sino-U.S. trade dispute and volatile financial markets.

The International Monetary Fund lowered global growth estimates by 0.2 percentage points to 3.7% for both 2018 and 2019, reflecting “surprises that suppressed activity in early 2018 in some major advanced economies, the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging markets and developing economies arising from country-specific factors, tighter financial conditions, geopolitical tensions, and higher oil import bills”. Unemployment steadily declined in most developed countries, falling to 7.9% in the Euro area, 3.9% in the United States, 2.5% in Japan, and 3.8% 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.

Volatility, as measured by the VIX index, has crept back up this year after remaining near all-time low levels for most of 2017. Sources of tension throughout the year have come from aggressive U.S. trade posture with trade tensions mounting between the U.S. and China, remaining uncertainty regarding a potential hard “Brexit” outcome, and the gradual and continuous rise of rates by the Fed.

Stock selection, most notably in the financials and real estate sectors, was the primary driver of relative underperformance during the period. Within the financials sector, shares of Arrow Global Group Plc detracted from relative performance. Shares of the British debt management solutions company fell as margins continued to be pressured and as low money multiples at this stage in the cycle translate into lower returns. In addition, shares of TP ICAP Plc detracted from relative performance. The British financial markets brokering services company’s stock fell after the company fired its CEO and warned that returns will be lower than expected this year.

Within the real estate sector, shares of Aedas Homes Sa detracted from relative performance over the period. Shares of the Spanish residential home builder retreated throughout the year as it suffered from building permit concerns

2

and heightened construction costs, both of which have been prevalent themes in Spain’s construction sector this year.

Conversely, stock selection in the consumer discretionary and consumer staples sectors contributed to relative performance. Within the consumer discretionary sector, shares of Moncler SpA contributed to relative performance. Shares of the Italian luxury apparel company rose as first half 2018 earnings results demonstrated accelerating momentum and incremental support from its Fragment Genius launch. In addition, holdings of Basic-Fit N.V. also contributed to relative performance during the period. Shares of the Dutch health and fitness club company rose, as it increased previous

guidance and expects to open more clubs in 2018.

Within the consumer staples sector, an overweight position to Nichirei Corp. contributed to relative performance, as shares of the company rose during the year. The Japanese packaged foods company benefited as management described a clear cut recovery plan for its second half operations, and analysts cited expectations for faster growth in household-prepared foods and a recovery in Thailand.

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. SmallCap^® 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, 2018. 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, 2018
	1 Year	5 Years	10 Years
Class VC	–23.67%	1.27%	9.82%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

6

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

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period†
				7/1/18 -
	7/1/18	12/31/18		12/31/18
Class VC
Actual	$1,000.00	$	813.70	$5.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.90	$6.36

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.25%, 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, 2018

Sector*	%**
Communication Services	5.22	%
Consumer Discretionary	15.64	%
Consumer Staples	10.04	%
Energy	3.15	%
Financials	16.42	%
Health Care	8.16	%
Industrials	18.77	%
Information Technology	3.47	%
Materials	8.78	%
Real Estate	7.95	%
Utilities	2.14	%
Repurchase Agreement	0.26	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.41%
Australia 4.22%
Auto Components 1.04%
GUD Holdings Ltd.		52,396	$	415
Beverages 1.03%
Coca-Cola Amatil Ltd.		71,493		412
Diversified Financial Services 1.18%
IMF Bentham Ltd.		211,563		468
Electric: Utilities 0.97%
AusNet Services		351,034		385
Total Australia				1,680
Canada 10.22%
Aerospace & Defense 1.63%
CAE, Inc.		35,200		647
Entertainment 1.80%
Entertainment One Ltd.		158,048		718
Metals & Mining 2.69%
Hudbay Minerals, Inc.		141,402		669
Lundin Mining Corp.		96,800		400
				1,069
Oil, Gas & Consumable Fuels 3.08%
Africa Oil Corp.*		276,667		217
Arrow Exploration Corp.*		25,683		7
Canacol Energy Ltd.*		186,500		552
Vermilion Energy, Inc.		21,300		449
				1,225
Paper & Forest Products 1.02%
Interfor Corp.*		38,600		408
Total Canada				4,067
Denmark 1.21%
Construction & Engineering
FLSmidth & Co. A/S		10,642		480

Investments	Shares		U.S. $ Fair Value (000)
Finland 1.66%
Health Care Providers & Services 0.46%
Terveystalo OYJ*†		19,846	$	182
Machinery 0.47%
Konecranes OYJ		6,107		185
Trading Companies & Distributors 0.73%
Cramo OYJ		17,098		293
Total Finland				660
France 2.78%
Construction Materials 0.47%
Vicat SA		3,940		187
Health Care Providers & Services 1.77%
Korian SA		19,840		706
Specialty Retail 0.54%
Maisons du Monde SA†		11,161		214
Total France				1,107
Germany 6.15%
Industrial Conglomerates 1.12%
Rheinmetall AG		5,027		446
Interactive Media & Services 0.86%
XING SE		1,261		343
Life Sciences Tools & Services 2.06%
Gerresheimer AG		8,909		586
MorphoSys AG*		2,286		233
				819
Machinery 0.86%
Deutz AG		57,878		341
Real Estate Management & Development 1.25%
PATRIZIA Immobilien AG		25,997		497
Total Germany				2,446

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
Hong Kong 3.95%
Auto Components 1.59%
Xinyi Glass Holdings Ltd.		574,000	$	634
Consumer Finance 1.14%
Sun Hung Kai & Co., Ltd.		956,000		452
Hotels, Restaurants & Leisure 0.66%
Melco International Development Ltd.		129,000		261
Pharmaceuticals 0.56%
SSY Group Ltd.		302,000		224
Total Hong Kong				1,571
India 2.17%
Consumer Finance 0.67%
Satin Creditcare Network Ltd.*		74,741		266
Thrifts & Mortgage Finance 1.50%
Dewan Housing Finance Corp., Ltd.		62,044		221
Indiabulls Housing Finance Ltd.		30,920		378
				599
Total India				865
Indonesia 1.62%
Banks 1.21%
PT Bank Tabungan Negara Persero Tbk		2,728,000		483
Consumer Finance 0.41%
PT Clipan Finance Indonesia Tbk*		7,426,600		162
Total Indonesia				645
Ireland 6.46%
Beverages 1.60%
C&C Group plc		204,040		637

Investments	Shares		U.S. $ Fair Value (000)
Equity Real Estate Investment Trusts 1.35%
Hibernia REIT plc		374,697	$	537
Health Care Providers & Services 1.57%
UDG Healthcare plc		81,914		624
Household Durables 1.53%
Cairn Homes plc*		139,833		172
Glenveagh Properties plc*†		541,671		438
				610
Information Technology Services 0.41%
Keywords Studios plc		11,739		160
Total Ireland				2,568
Israel 0.80%
Food Products
Strauss Group Ltd.		13,948		317
Italy 4.17%
Capital Markets 0.56%
Anima Holding SpA†		60,084		223
Construction Materials 1.75%
Buzzi Unicem SpA		40,280		695
Diversified Financial Services 0.82%
doBank SpA†		30,744		326
Textiles, Apparel & Luxury Goods 1.04%
Brunello Cucinelli SpA		12,043		415
Total Italy				1,659
Japan 19.84%
Banks 0.28%
Shinsei Bank Ltd.		9,500		113
Chemicals 0.57%
Kansai Paint Co. Ltd.		11,700		225
Construction & Engineering 1.60%
SHO-BOND Holdings Co., Ltd.		8,600		638

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
Japan (continued)
Containers & Packaging 0.76%
Fuji Seal International, Inc.		8,600	$	303
Distributors 0.81%
PALTAC Corp.		6,800		321
Diversified Financial Services 0.53%
Aruhi Corp.		11,600		210
Electronic Equipment, Instruments & Components 1.22%
Azbil Corp.		15,300		302
Topcon Corp.		13,700		182
				484
Entertainment 0.53%
Capcom Co., Ltd.		10,700		212
Equity Real Estate Investment Trusts 1.65%
GLP J-REIT		644		656
Food Products 1.63%
Nichirei Corp.		23,700		649
Health Care Providers & Services 0.51%
Japan Lifeline Co., Ltd.		15,700		202
Hotels, Restaurants & Leisure 1.52%
HIS Co., Ltd.		14,000		509
St. Marc Holdings Co., Ltd.		4,200		94
				603
Information Technology Services 0.70%
NS Solutions Corp.		11,600		278
Machinery 0.76%
DMG Mori Co., Ltd.		27,100		304
Professional Services 1.67%
en-japan, Inc.		5,700		176
TechnoPro Holdings, Inc.		11,900		489
				665

Investments	Shares		U.S. $ Fair Value (000)
Real Estate Management & Development 1.20%
Kenedix, Inc.		111,700	$	479
Specialty Retail 2.75%
Bic Camera, Inc.		43,500		551
United Arrows Ltd.		17,000		542
				1,093
Wireless Telecommunication Services 1.15%
Okinawa Cellular Telephone Co.		13,900		457
Total Japan				7,892
Luxembourg 0.99%
Multi-Line Retail
B&M European Value Retail SA		109,666		394
Netherlands 3.80%
Air Freight & Logistics 0.59%
PostNL NV		103,413		236
Hotels, Restaurants & Leisure 1.06%
Basic-Fit NV*†		14,150		421
Insurance 1.17%
ASR Nederland NV		11,742		465
Machinery 0.98%
Aalberts Industries NV		11,722		390
Total Netherlands				1,512
Philippines 2.47%
Industrial Conglomerates 1.32%
Alliance Global Group, Inc.		2,327,300		526
Real Estate Management & Development 1.15%
Filinvest Land, Inc.		17,052,500		456
Total Philippines				982
Portugal 1.12%
Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA		159,458		445

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Shares		U.S. $ Fair Value (000)
South Korea 1.01%
Food & Staples Retailing
GS Retail Co., Ltd.		11,122	$	403
Spain 5.20%
Food Products 1.09%
Ebro Foods SA		21,738		434
Household Durables 1.13%
Neinor Homes SA*†		30,111		448
Professional Services 1.81%
Applus Services SA		64,942		721
Real Estate Management & Development 1.17%
Aedas Homes SAU*†		18,331		465
Total Spain				2,068
Sweden 3.32%
Commercial Services & Supplies 2.64%
Bravida Holding AB†		89,936		624
Loomis AB Class B		13,260		427
				1,051
Food & Staples Retailing 0.68%
Axfood AB		15,822		271
Total Sweden				1,322
Switzerland 1.31%
Containers & Packaging
SIG Combibloc Group AG*		48,855		522
Taiwan 0.42%
Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		36,000		167
Turkey 0.75%
Diversified Telecommunication Services
Turkcell Iletisim Hizmetleri AS		130,445		299

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom 8.79%
Beverages 1.95%
Britvic plc		76,189	$	776
Capital Markets 0.58%
Man Group plc		135,642		230
Consumer Finance 1.13%
Arrow Global Group plc		199,674		449
Electronic Equipment, Instruments & Components 0.65%
accesso Technology Group plc *		14,045		260
Insurance 1.89%
Lancashire Holdings Ltd.		97,185		750
Machinery 0.93%
Concentric AB		27,311		369
Media 0.62%
Huntsworth plc		180,605		249
Pharmaceuticals 1.04%
Dechra Pharmaceuticals plc		15,637		413
Total United Kingdom				3,496
United States 1.54%
Exchange-Traded Funds
VanEck Vectors Junior Gold Miners		20,240		612
Vietnam 1.44%
Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.		134,290		572
Total Common Stocks (cost $45,783,654)				38,751

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2018

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 0.26%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $105,000 of U.S. Treasury Note at 2.87% due 7/31/2025; value: $107,741; proceeds: $102,083 (cost $102,075)		$102	$	102
Total Investments in Securities 97.67% (cost $45,885,729)				38,853
Cash, Foreign Cash and Other Assets in Excess Liabilities 2.33%				927
Net Assets 100.00%			$	39,780

REIT	Real Estate Investment Trust
*	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, 2018

The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks
Australia	$	–	$	1,680	$	–	$	1,680
Canada(3)		3,132		935		–		4,067
Denmark		–		480		–		480
Finland(3)		–		660		–		660
France(3)		–		1,107		–		1,107
Germany		–		2,446		–		2,446
Hong Kong		–		1,571		–		1,571
India		–		865		–		865
Indonesia(3)		–		645		–		645
Ireland(3)		1,784		784		–		2,568
Israel		–		317		–		317
Italy(3)		–		1,659		–		1,659
Japan(3)		–		7,892		–		7,892
Luxembourg		–		394		–		394
Netherlands(3)		–		1,512		–		1,512
Philippines(3)		–		982		–		982
Portugal(3)		–		445		–		445
South Korea		–		403		–		403
Spain(3)		465		1,603		–		2,068
Sweden(3)		–		1,322		–		1,322
Switzerland		–		522		–		522
Taiwan		–		167		–		167
Turkey		–		299		–		299
United Kingdom(3)		249		3,247		–		3,496
United States		612		–		–		612
Vietnam		–		572		–		572
Short-Term Investment
Repurchase Agreement		–		102		–		102
Total	$	6,242	$	32,611	$	–	$	38,853

(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)	Securities in the amount of $9,241,149 were transferred from Level 1 to Level 2 due to a change in valuation technique resulting in adjusted valuations (as described in Note 2(a)) on December 31, 2018. Securities in the amount of $684,317 were transferred from Level 2 to Level 1 as a result of utilizing the last sale or official closing price on the exchange or system on which the securities are principally traded on December 31, 2018.

See Notes to Financial Statements. 13

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $45,885,729)	$	38,852,930
Cash		98,267
Foreign cash, at value (cost $871,325)		872,760
Receivables:
Interest and dividends		66,738
Capital shares sold		38,706
From advisor (See Note 3)		24,834
Prepaid expenses		211
Total assets		39,954,446
LIABILITIES:
Payables:
Management fee		25,538
Directors’ fees		8,841
Capital shares reacquired		4,736
Fund administration		1,362
Accrued expenses		134,021
Total liabilities		174,498
NET ASSETS	$	39,779,948
COMPOSITION OF NET ASSETS:
Paid-in capital	$	47,376,997
Total distributable earnings (loss)		(7,597,049	)
Net Assets	$	39,779,948
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		6,209,508
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$6.41

14 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $112,354)	$	1,049,236
Interest		8,603
Total investment income		1,057,839
Expenses:
Management fee		374,983
Non 12b-1 service fees		124,916
Custody		65,683
Professional		61,229
Shareholder servicing		55,032
Reports to shareholders		31,295
Fund administration		19,999
Directors’ fees		1,787
Other		13,090
Gross expenses		748,014
Expense reductions (See Note 9)		(1,141	)
Fees waived and expenses reimbursed (See Note 3)		(131,241	)
Net expenses		615,632
Net investment income		442,207
Net realized and unrealized gain (loss):
Net realized gain on investments (net of foreign capital gains tax of $31,907)		4,163,940
Net realized loss on foreign currency exchange contracts		(27,633	)
Net realized gain on foreign currency related transactions		20,545
Net change in unrealized appreciation/depreciation on investments		(17,142,944	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(13,820	)
Net realized and unrealized loss		(12,999,912	)
Net Decrease in Net Assets Resulting From Operations	$	(12,557,705	)

See Notes to Financial Statements. 15

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Operations:
Net investment income	$	442,207		$	251,313
Net realized gain on investments, forward currency exchange contracts and foreign currency related transactions		4,156,852			8,169,890
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(17,156,764	)		8,470,593
Net increase (decrease) in net assets resulting from operations		(12,557,705	)		16,891,796
Distributions to shareholders(1)		(6,316,048	)		(5,068,281	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		11,712,753			24,321,830
Reinvestment of distributions		6,316,048			5,068,281
Cost of shares reacquired		(16,036,773	)		(27,556,502	)
Net increase in net assets resulting from capital share transactions		1,992,028			1,833,609
Net increase (decrease) in net assets		(16,881,725	)		13,657,124
NET ASSETS:
Beginning of year	$	56,661,673		$	43,004,549
End of year	$	39,779,948		$	56,661,673
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(580,813) and net realized gain $(4,487,468).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(299,300).

16 See Notes to Financial Statements.

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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
12/31/2018		$9.86		$0.08		$(2.37	)		$(2.29	)		$(0.08	)		$(1.08	)		$(1.16	)
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	)

(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 (%)
$	6.41		(23.67	)		1.23		1.50		0.89	$	39,780		81
	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

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. Forward foreign currency exchange contracts are valued using daily forward exchange rates.
	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 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, 2015 through December 31, 2018. 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 gain 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), if applicable, is included in Net change in unrealized appreciation/depreciation on foreign currency exchange contracts 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

21

Notes to Financial Statements (continued)

	foreign currency in U.S. dollars upon closing of such contracts is included in Net realized loss on foreign currency exchange contracts 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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of .49% 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.

Effective May 1, 2018 and continuing through April 30, 2019, 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 1.25%. This agreement may be terminated only upon the approval of the Board. Prior to May 1, 2018, Lord Abbett 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%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

23

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 were as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	1,190,859		$	669,964
Net long-term capital gains			5,125,189			4,398,317
Total distributions paid		$	6,316,048		$	5,068,281

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Temporary differences	$	(257,070	)
Unrealized losses – net		(7,339,979	)
Total accumulated losses – net	$	(7,597,049	)

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 $245,589 and late-year ordinary losses of $2,643 during fiscal year 2018.

As of December 31, 2018, 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	$	46,194,546
Gross unrealized gain		1,134,153
Gross unrealized loss		(8,475,769	)
Net unrealized security loss	$	(7,341,616	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$39,205,623	$42,407,178

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $14,601 and sales of $125,567, which resulted in net realized gains of $37,595.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2018 (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)

24

Notes to Financial Statements (continued)

and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

As of December 31, 2018, the Fund had no forward foreign currency exchange contracts outstanding. An amount of $(27,633) is included in the Statement of Operations related to forward foreign currency exchange contracts under the caption Net realized loss on foreign currency exchange contracts. The average notional amounts in U.S. dollars of forward foreign currency exchange contracts throughout the fiscal year was $776,545.

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		$102,075	$	–		$102,075
Total		$102,075	$	–		$102,075

	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.		$102,075	$	–	$	–		$(102,075	)	$	–
Total		$102,075	$	–	$	–		$(102,075	)	$	–

(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, 2018.

25

Notes to Financial Statements (continued)

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund

26

Notes to Financial Statements (concluded)

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, 2018, 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 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.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2018			Year Ended December 31, 2017
Shares sold		1,302,475			2,634,183
Reinvestment of distributions		924,425			523,558
Shares reacquired		(1,766,094	)		(2,932,383	)
Increase		460,806			225,358

27

Notes to Financial Statements (concluded)

15. SUBSEQUENT EVENT  

On January 29, 2019, the Board of Directors of the Company approved a plan of liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved. It is anticipated that the liquidation and dissolution of the Fund will be completed on or about August 1, 2019 (the Liquidation Date”). Any Fund shares outstanding on the Liquidation Date will be automatically redeemed on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”) of such shares after dividend distributions required to eliminate any Fund-level taxes are made and the Fund’s expenses and liabilities have been paid or otherwise provided for as directed by the Plan.

At any time before the Liquidation Date, shareholders may redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under “Purchases and Redemptions” in the prospectus. As stated in the prospectus, Fund shares are not offered directly to the public. Rather, Fund shares are offered only to separate accounts of certain insurance companies. Variable contract owners may not purchase or redeem Fund shares directly and should contact their insurance company for information on how the liquidation of the Fund will impact them.

28

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the International Opportunities Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

29

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

32

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

33

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett In 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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.

34

Approval of Advisory Contract

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

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended August 31, 2018. 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 and took

35

Approval of Advisory Contract (continued)

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board 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, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s

36

Approval of Advisory Contract (concluded)

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

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

37

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.

Tax Information

Of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $744,079 and $5,125,189 respectively, represent short-term capital gains and long-term capital gains.

The Fund intends to pass through foreign source income of $1,157,254 and foreign taxes of $144,261.

38

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.	International Opportunities Portfolio	SFIO-PORT-3 (02/19)

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

For the fiscal year ended December 31, 2018

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 — Mid Cap Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Mid Cap Stock Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned –15.04%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell MidCap^® Value Index¹, which returned –12.29% over the same period.

Domestic equity returns were negative over the past year, with large cap stocks, as represented by the S&P 500^® Index², falling –4.38% during the period, while small cap stocks, as represented by the Russell 2000^® Index³, were down -11.01%.

During the period, there were several market-moving events. Notably, Congress passed the largest rewrite of the U.S. tax code in decades, which went into effect in January 2018. The tax bill reduced the corporate tax rate from 35% to 21% and allowed for a one-time repatriation tax of 15.5%, rather than the standard repatriation tax rate of 35%. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods on top of the $50 billion previously announced. The aggressive U.S. trade posture continued

1

into the third quarter with trade tensions mounting between the U.S. and China. In December, the White House announced a trade truce between the U.S. and China following a meeting between President Trump and President Xi Jinping at the G20 summit. The U.S. agreed to maintain a 10% tariff rate on $200 billion worth of Chinese imports at the start of 2019 as opposed to the originally planned 25% tariff rate. In return, China agreed to purchase a substantial amount of U.S. agriculture, industrial, and energy products to further reduce the trade imbalance. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. Trade discussions between Mexico, Canada, and the U.S., however, took a more favorable turn as the negotiations resulted in a revised version of the North American Free Trade Agreement (NAFTA) called the U.S.-Mexico-Canada Agreement. In March 2018, the Federal Reserve (the “Fed”) raised its target for short-term interest rates by 0.25%, to a range of 1.50% – 1.75%, and followed with rate hikes of 0.25% at each of its June, September, and December meetings, raising the target range to 2.25% – 2.50%. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October 2018. Following the prior month’s volatility, domestic equity markets rallied in November and partially reversed October’s

losses, however the S&P 500^® returned to negative territory in December, posting its worst month since February 2009.

Stock selection within the information technology and industrials sectors detracted from relative performance over the period. Within the information technology sector, the Fund’s holding of Flex Ltd., a supply chain insight and logistics provider, was one of the top detractors. Shares of the firm sold off following the downward revision to guidance, news of the CEO’s retirement, and announcement that the firm planned to exit its relationship with Nike. The Fund’s holding of Conduent, Inc., a business process services provider, also detracted from relative performance. Shares of Conduent pulled back following an earnings guidance reduction on the third quarter earnings call. However, we do not believe the company is facing structural issues and anticipate that the new business wins already in the pipeline will lead to positive revenue growth. Additionally, within the industrials sector, ADT Inc., a monitored security provider, detracted from relative performance. Shares of ADT came under pressure after the company’s IPO as investors grew wary of intensifying competition from both existing and new firms, such as Ring and SimpliSafe.

Conversely, stock selection within the financials and utilities sectors contributed positively to relative performance during the period. Within the financials sector, Argo Group International Holdings, Ltd., a

2

specialty property and casualty insurance company, was a top contributor to relative performance. Shares of Argo Group International rose as the firm continued to lower risk through portfolio remixing and cost cuts. The Fund’s position in RenaissanceRe Holdings Ltd., a reinsurance and insurance coverage provider, was another top contributor to relative performance. The company benefited from the recent acquisition of Tokio Marine Holdings, Inc.’s reinsurance platform, which the market likely believes to be income accretive going forward. Within

the utilities sector, FirstEnergy Corp., an energy generation, transmission, and distribution company, contributed the most to relative performance. Shares of FirstEnergy rose throughout the year after the firm received an equity investment totaling $2.5 billion from a group of prominent investors.

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.

³   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® 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.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2018. 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, 2018
	1 Year	5 Years	10 Years
Class VC	–15.04%	2.54%	9.94%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period†
				7/1/18 –
	7/1/18	12/31/18		12/31/18
Class VC
Actual	$1,000.00	$	857.00	$5.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.31	$5.96

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.17% 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, 2018

Sector*	%**
Consumer Discretionary	10.83	%
Consumer Staples	5.15	%
Energy	5.87	%
Financials	19.27	%
Health Care	7.25	%
Industrials	14.49	%
Information Technology	7.92	%
Materials	7.83	%
Real Estate	9.74	%
Utilities	9.55	%
Repurchase Agreement	2.10	%
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, 2018

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.15%
Aerospace & Defense 2.90%
Huntington Ingalls Industries, Inc.		16,500	$	3,140
Textron, Inc.		83,468		3,839
Total				6,979
Airlines 1.42%
Alaska Air Group, Inc.		56,415		3,433
Auto Components 1.00%
Lear Corp.		19,600		2,408
Banks 8.68%
CIT Group, Inc.		81,754		3,129
Citizens Financial Group, Inc.		144,000		4,281
East West Bancorp, Inc.		50,400		2,194
First Horizon National Corp.		172,200		2,266
KeyCorp		349,100		5,160
Signature Bank		13,816		1,420
Sterling Bancorp		149,962		2,476
Total				20,926
Beverages 2.86%
Coca-Cola European Partners plc (United Kingdom)*(a)		74,959		3,437
Cott Corp.		247,700		3,453
Total				6,890
Capital Markets 1.96%
BrightSphere Investment Group plc (United Kingdom)(a)		143,230		1,529
E*TRADE Financial Corp.		72,900		3,199
Total				4,728
Chemicals 4.58%
Ashland Global Holdings, Inc.		50,193		3,562
Axalta Coating Systems Ltd.*		79,931		1,872
Eastman Chemical Co.		29,217		2,136
FMC Corp.		24,311		1,798
Platform Specialty Products Corp.*		160,506		1,658
Total				11,026

			Fair
			Value
Investments	Shares		(000)
Construction & Engineering 1.34%
Jacobs Engineering Group, Inc.		55,200	$	3,227
Containers & Packaging 1.39%
Graphic Packaging Holding Co.		248,436		2,644
Packaging Corp. of America		8,402		701
Total				3,345
Electric: Utilities 8.10%
Edison International		77,600		4,405
Entergy Corp.		34,839		2,999
Evergy, Inc.		97,944		5,560
FirstEnergy Corp.		174,395		6,549
Total				19,513
Electrical Equipment 3.55%
AMETEK, Inc.		35,401		2,397
Hubbell, Inc.		39,839		3,957
nVent Electric plc (United Kingdom)(a)		97,899		2,199
Total				8,553
Electronic Equipment, Instruments & Components 3.76%
Corning, Inc.		138,300		4,178
Flex Ltd.*		175,500		1,335
Keysight Technologies, Inc.*		57,326		3,559
Total				9,072
Energy Equipment & Services 0.73%
National Oilwell Varco, Inc.		68,200		1,753
Equity Real Estate Investment Trusts 9.76%
Alexandria Real Estate Equities, Inc.		36,706		4,230
Boston Properties, Inc.		33,900		3,815
Camden Property Trust		35,500		3,126
Duke Realty Corp.		132,401		3,429
Healthcare Trust of America, Inc. Class A		119,840		3,033
Highwoods Properties, Inc.		51,100		1,977

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Equity Real Estate Investment Trusts (continued)
UDR, Inc.		98,759	$	3,913
Total				23,523
Food Products 2.31%
Bunge Ltd.		27,217		1,455
Conagra Brands, Inc.		89,674		1,915
TreeHouse Foods, Inc.*		43,225		2,192
Total				5,562
Health Care Equipment & Supplies 2.42%
Hill-Rom Holdings, Inc.		28,181		2,495
Zimmer Biomet Holdings, Inc.		32,200		3,340
Total				5,835
Health Care Providers & Services 2.26%
Centene Corp.*		24,216		2,792
Encompass Health Corp.		43,074		2,658
Total				5,450
Hotels, Restaurants & Leisure 2.49%
Aramark		93,700		2,714
MGM Resorts International		135,778		3,294
Total				6,008
Household Durables 1.33%
Lennar Corp. Class A		48,100		1,883
Mohawk Industries, Inc.*		11,200		1,310
Total				3,193
Information Technology Services 1.28%
Conduent, Inc.*		290,303		3,086
Insurance 8.68%
Argo Group International Holdings Ltd.		63,232		4,252
Axis Capital Holdings Ltd.		57,100		2,949
Hanover Insurance Group, Inc. (The)		32,248		3,766
Hartford Financial Services Group, Inc. (The)		88,486		3,933
Lincoln National Corp.		52,200		2,678
RenaissanceRe Holdings Ltd.		24,897		3,329
Total				20,907

			Fair
			Value
Investments	Shares		(000)
Life Sciences Tools & Services 1.39%
PerkinElmer, Inc.		42,600	$	3,346
Machinery 5.32%
Flowserve Corp.		51,946		1,975
ITT, Inc.		47,727		2,304
Parker-Hannifin Corp.		11,869		1,770
Pentair plc (United Kingdom)(a)		77,099		2,913
Stanley Black & Decker, Inc.		32,270		3,864
Total				12,826
Media 1.48%
Cable One, Inc.		2,000		1,640
Interpublic Group of Cos., Inc. (The)		34,656		715
Omnicom Group, Inc.		16,500		1,209
Total				3,564
Metals & Mining 1.88%
Lundin Mining Corp.(b)	CAD	312,266		1,290
Nucor Corp.		34,400		1,782
Steel Dynamics, Inc.		48,800		1,466
Total				4,538
Multi-Line Retail 1.46%
Dollar Tree, Inc.*		38,853		3,509
Multi-Utilities 1.48%
CMS Energy Corp.		71,786		3,564
Oil, Gas & Consumable Fuels 5.16%
Concho Resources, Inc.*		12,900		1,326
Hess Corp.		54,800		2,219
Marathon Petroleum Corp.		62,278		3,675
Noble Energy, Inc.		167,044		3,134
ONEOK, Inc.		38,346		2,069
Total				12,423
Pharmaceuticals 1.19%
Jazz Pharmaceuticals plc (Ireland)*(a)		9,200		1,141
Mylan NV*		63,365		1,736
Total				2,877

8 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 1.87%
Marvell Technology Group Ltd.		120,200	$	1,946
Qorvo, Inc.*		42,178		2,561
Total				4,507
Specialty Retail 2.18%
Advance Auto Parts, Inc.		21,900		3,449
Foot Locker, Inc.		33,990		1,808
Total				5,257
Technology Hardware, Storage & Peripherals 1.02%
NetApp, Inc.		41,262		2,462
Textiles, Apparel & Luxury Goods 0.92%
Tapestry, Inc.		65,700		2,217
Total Common Stocks (cost $252,621,675)				236,507

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 2.10%
Repurchase Agreement
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $5,045,000 of U.S. Treasury Note at 2.875% due 7/31/2025; value: $5,176,685; proceeds: $5,073,349 (cost $5,072,941)		$5,073	$	5,073
Total Investments in Securities 100.25% (cost $257,694,616)				241,580
Liabilities in Excess of Foreign Cash and Other Assets (0.25)%				(609	)
Net Assets 100.00%			$	240,971

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

The following is a summary of the inputs used as of December 31, 2018 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	$	236,507	$	–	$	–	$	236,507
Short-Term Investment
Repurchase Agreement		–		5,073		–		5,073
Total	$	236,507	$	5,073	$	–	$	241,580

(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, 2018.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $257,694,616)	$	241,580,304
Foreign cash, at value (cost $228)		211
Receivables:
Capital shares sold		1,090,554
Interest and dividends		358,698
Investment securities sold		249,724
Prepaid expenses		1,624
Total assets		243,281,115
LIABILITIES:
Payables:
Investment securities purchased		1,388,008
Management fee		159,850
Directors’ fees		101,021
Capital shares reacquired		42,498
Fund administration		8,525
Accrued expenses		609,972
Total liabilities		2,309,874
NET ASSETS	$	240,971,241
COMPOSITION OF NET ASSETS:
Paid-in capital	$	260,753,179
Total distributable earnings (loss)		(19,781,938	)
Net Assets	$	240,971,241
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		12,130,290
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$19.87

10 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends (net of foreign withholding taxes of $9,813)	$	5,433,149
Interest		72,204
Total investment income		5,505,353
Expenses:
Management fee		2,285,062
Non 12b-1 service fees		760,932
Shareholder servicing		235,630
Fund administration		121,870
Professional		57,967
Reports to shareholders		46,999
Custody		12,212
Directors’ fees		10,925
Other		35,594
Gross expenses		3,567,191
Expense reductions (See Note 9)		(7,035	)
Net expenses		3,560,156
Net investment income		1,945,197
Net realized and unrealized gain (loss):
Net realized gain on investments		7,786,830
Net realized gain on foreign currency exchange contracts		9,067
Net realized gain on foreign currency related transactions		704
Net change in unrealized appreciation/depreciation on investments		(53,111,569	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(17	)
Net realized and unrealized loss		(45,314,985	)
Net Decrease in Net Assets Resulting From Operations	$	(43,369,788	)

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
DECREASE IN NET ASSETS	December 31, 2018			December 31, 2017
Operations:
Net investment income	$	1,945,197		$	1,880,601
Net realized gain on investments, forward currency exchange contracts and foreign currency related transactions		7,796,601			24,410,967
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(53,111,586	)		(3,751,279	)
Net increase (decrease) in net assets resulting from operations		(43,369,788	)		22,540,289
Distributions to shareholders(1)		(11,050,110	)		(33,995,704	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		25,115,342			23,848,124
Reinvestment of distributions		11,050,110			33,995,704
Cost of shares reacquired		(72,162,141	)		(71,563,154	)
Net decrease in net assets resulting from capital share transactions		(35,996,689	)		(13,719,326	)
Net decrease in net assets		(90,416,587	)		(25,174,741	)
NET ASSETS:
Beginning of year	$	331,387,828		$	356,562,569
End of year	$	240,971,241		$	331,387,828
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions was net investment income $(1,987,686) and net realized gain $(32,008,018).
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(103,835).

12 See Notes to Financial Statements.

This page is intentionally left blank.

13

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			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income(a)		gain (loss)			tions			income			gain			butions
12/31/2018		$24.51		$0.15		$(3.83	)		$(3.68	)		$(0.17	)		$(0.79	)		$(0.96	)
12/31/2017		25.52		0.14		1.58			1.72			(0.16	)		(2.57	)		(2.73	)
12/31/2016		23.28		0.13		3.69			3.82			(0.13	)		(1.45	)		(1.58	)
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	)

(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									Net
asset							Net		assets,		Portfolio
value,		Total			Total		investment		end of		turnover
end of		return(b)			expenses		income		period		rate
period		(%)			(%)		(%)		(000)		(%)
$	19.87		(15.04	)		1.17		0.64	$	240,971		50
	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

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. Forward foreign currency exchange contracts are valued using daily forward exchange rates.
	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, 2015 through December 31, 2018. 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 gain 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.
(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 foreign currency exchange contracts 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 foreign currency exchange contracts in the Fund’s Statement of Operations.

17

Notes to Financial Statements (continued)

(h)

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

(i)

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

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

A summary of inputs used in valuing the Fund’s investments as of December 31, 2018 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,

18

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	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the fiscal year ended December 31, 2018, 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.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017 was as follows:

	Year Ended 12/31/2018			Year Ended 12/31/2017
Distributions paid from:
Ordinary income		$	1,912,376		$	5,200,449
Net long-term capital gains			9,137,734			28,795,255
Total distributions paid		$	11,050,110		$	33,995,704

19

Notes to Financial Statements (continued)

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – net	$	30,712
Total Undistributed earnings		30,712
Temporary differences	$	(2,358,180	)
Unrealized losses – net	$	(17,454,470	)
Total accumulated losses – net	$	(19,781,938	)

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 $2,257,159 during fiscal year 2018.

As of December 31, 2018, 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	$	259,034,757
Gross unrealized gain		13,388,435
Gross unrealized loss		(30,842,888	)
Net unrealized security loss	$	(17,454,453	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

Purchases	Sales
$148,942,462	$183,992,609

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2018.

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, 2018, the Fund engaged in cross-trades purchases of $1,764,839 and sales of $705,741 which resulted in net realized gains of $159,681.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the year ended December 31, 2018 (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

20

Notes to Financial Statements (continued)

loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

As of December 31, 2018, the Fund had no forward foreign currency exchange contracts outstanding. An amount of $9,067 is included in the Statement of Operations related to forward foreign currency exchange contracts under the caption Net realized gain on foreign currency exchange contracts. The average notional amounts in U.S. dollars of forward foreign currency exchange contracts throughout the fiscal year was $759,240.

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		$5,072,941	$	–	$	5,072,941
Total		$5,072,941	$	–	$	5,072,941

	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.	$	5,072,941	$	–	$	–	$	(5,072,941	)	$	–
Total	$	5,072,941	$	–	$	–	$	(5,072,941	)	$	–

(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, 2018.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in

21

Notes to Financial Statements (continued)

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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

22

Notes to Financial Statements (concluded)

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 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 a 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.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2018			Year Ended December 31, 2017
Shares sold		1,051,803			917,562
Reinvestment of distributions		561,489			1,373,182
Shares reacquired		(3,005,419	)		(2,739,249	)
Decrease		(1,392,127	)		(448,505	)

23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Mid Cap Stock Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

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
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).
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.
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).

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was below the

30

Approval of Advisory Contract (continued)

median of the performance peer group for the one-, three-, five-, and ten-year periods and took into account recent changes to the portfolio management team and other actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that although the Fund’s net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee rate was equal to the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain

31

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

Tax Information

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

Additionally, of the distribution paid to the shareholders during the fiscal year ended December 31, 2018, $9,137,734 represent 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. Mid Cap Stock Portfolio	LASFMCV-3 (02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Short Duration Income Portfolio

For the fiscal year ended December 31, 2018

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
50	Statement of Assets and Liabilities
51	Statement of Operations
52	Statements of Changes in Net Assets
54	Financial Highlights
56	Notes to Financial Statements
68	Report of Independent Registered Public Accounting Firm
69	Supplemental Information to Shareholders

Lord Abbett Series Fund — Short Duration Income
Portfolio Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Short Duration Income Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

  For the fiscal year ended December 31, 2018, the Fund returned 1.15%, 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 1.62% over the same period.

  During the period, there were several market-moving events. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods, on top of the $50

billion previously announced. The aggressive U.S. trade posture continued into September with trade tensions mounting between the U.S. and China. While the impact has yet to fully be realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. In 2018, the U.S. Federal Reserve (“Fed”) raised its target for short-term interest rates by 0.25% at each of its March, June, September and December meetings, raising the target range to 2.25%–2.50%. As the Fed continued to raise rates, the U.S.

1

Treasury yield curve flattened throughout the year. The yield on 10-year U.S. Treasury securities (“Treasuries”) reached multi-year highs in November, and pulled back in December as risk-off sentiment roiled the markets and caused investors to flocked to safety. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced the largest monthly drop since 2008 in October. US equity markets were volatile to finish out the year, with the S&P 500² suffering the largest decline in December 2018 since the Great Depression, culminating in the worst year since the financial crisis. Additionally, leveraged credit segments of the market experienced a sharp sell-off, notably in December, due to concerns over slower growth, falling oil prices, year-end technical pressures and general risk-off sentiment. Despite the sell-off, the U.S. economy continued to expand by more than 2% during each quarter of the trailing 12-month period, with domestic GDP growth ranging between 2.2% to 4.2% from the third quarter of 2017 to the third quarter of 2018. The 4.2% GDP growth in the second quarter marked the strongest growth rate since the third quarter of 2014. Inflation, as measured by the Consumer Price Index (CPI), gained 1.9%, a decline of 0.1% year-over-year, mainly driven lower by falling energy prices. Oil prices suffered sharp declines due to oversupply concerns.

Consistent with the Fund’s strategic design, the Fund maintained exposure 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 pursue relative value opportunities across sectors. In our view, these sector weightings were important factors that affected performance.

For the trailing 12-month period, security selection in investment grade corporate bonds was the primary detractor from relative performance. Specifically, exposure to “BBB”-rated corporate bonds detracted as lower quality tiers underperformed higher credit quality tiers during the period. Additionally, security selection within the financials sector detracted from performance as these securities were hurt amid Italian political risk and Brexit uncertainty. The Fund’s allocation to sovereign securities also detracted from relative performance. Sovereign securities were negatively impacted by global economic weakness, trade tensions, geopolitical pressures with China, and Turkey and Argentina concerns.

The Fund’s allocation to commercial mortgage-backed securities (CMBS) was the primary contributor to relative performance during the period. CMBS outperformed investment grade corporate bonds as corporate spread widening accelerated in the fourth quarter amid a negative environment for risk assets. We

2

remain attracted to CMBS’s domestic orientation and find attractive valuations within single-asset, single-borrower issues. The Fund’s allocation to asset-backed securities (ABS) also contributed to relative performance. Despite modest spread widening during the period, ABS outperformed investment grade corporates. We believe this sector offers superior risk-adjusted returns compared to

corporate bonds, while providing additional liquidity, which help particularly within the fourth quarter.

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.

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, 2018. 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 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, 2018

	1 Year	Life of Class
Class VC2	1.15%	1.61%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			7/1/18 -
	7/1/18	12/31/18	12/31/18
Class VC
Actual	$1,000.00	$1,009.40	$4.31
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, 2018

Sector*	%**
Auto		2.18	%
Basic Industry		0.38	%
Capital Goods		0.49	%
Consumer Cyclical		1.12	%
Consumer Discretionary		0.71	%
Consumer Services		0.82	%
Consumer Staples		0.34	%
Energy		8.21	%
Financial Services		61.71	%
Foreign Government		0.16	%
Healthcare		2.47	%
Integrated Oils		0.31	%
Materials & Processing		4.31	%
Municipal		0.11	%
Other		0.05	%
Producer Durables		1.62	%
Technology		2.46	%
Telecommunications		0.51	%
Transportation		0.62	%
U.S. Government		3.24	%
Utilities		2.63	%
Repurchase Agreement		5.55	%
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, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 91.99%
ASSET-BACKED SECURITIES 25.44%
Automobiles 8.91%
ACC Trust 2018-1 A†	3.70%	12/21/2020	$	55	$	54,893
American Credit Acceptance Receivables Trust 2015-3 C†	4.84%	10/12/2021		60		60,261
AmeriCredit Automobile Receivables Trust 2016-3 A3	1.46%	5/10/2021		20		19,805
AmeriCredit Automobile Receivables Trust 2016-3 B	1.80%	10/8/2021		31		30,659
AmeriCredit Automobile Receivables Trust 2017-2 B	2.40%	5/18/2022		43		42,480
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		64		63,545
AmeriCredit Automobile Receivables Trust 2017-3 A2A	1.69%	12/18/2020		16		15,747
AmeriCredit Automobile Receivables Trust 2017-3 B	2.24%	6/19/2023		29		28,643
AmeriCredit Automobile Receivables Trust 2017-4 A2A	1.83%	5/18/2021		27		27,283
AmeriCredit Automobile Receivables Trust 2017-4 A3	2.04%	7/18/2022		97		95,869
AmeriCredit Automobile Receivables Trust 2017-4 B	2.36%	12/19/2022		42		41,483
Bank of The West Auto Trust 2017-1 A3†	2.11%	1/15/2023		100		98,813
Bank of The West Auto Trust 2017-1 A4†	2.33%	9/15/2023		100		98,662
California Republic Auto Receivables Trust 2015-3 A4	2.13%	5/17/2021		8		7,780
California Republic Auto Receivables Trust 2015-4 A4†	2.58%	6/15/2021		138		137,913
California Republic Auto Receivables Trust 2015-4 B†	3.73%	11/15/2021		12		12,026
California Republic Auto Receivables Trust 2016-1 A4	2.24%	10/15/2021		47		46,372
California Republic Auto Receivables Trust 2016-1 B	3.43%	2/15/2022		335		334,993
California Republic Auto Receivables Trust 2016-2 A4	1.83%	12/15/2021		14		14,365
California Republic Auto Receivables Trust 2018-1 A2	2.86%	3/15/2021		336		335,427

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Automobiles (continued)
California Republic Auto Receivables Trust 2018-1 A3	3.14%	8/15/2022	$	97		$	97,255
Capital Auto Receivables Asset Trust 2015-2 C	2.67%	8/20/2020		132			131,749
Capital Auto Receivables Asset Trust 2015-3 B	2.43%	9/21/2020		11			10,982
Capital Auto Receivables Asset Trust 2015-3 C	2.90%	12/21/2020		10			9,994
Capital Auto Receivables Asset Trust 2015-3 D	3.34%	3/22/2021		9			9,020
Capital Auto Receivables Asset Trust 2016-1 A4	1.98%	10/20/2020		14			14,030
Capital Auto Receivables Asset Trust 2016-1 B	2.67%	12/21/2020		12			11,972
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		2			2,114
Capital Auto Receivables Asset Trust 2016-2 A4	1.63%	1/20/2021		24			23,891
Capital Auto Receivables Asset Trust 2016-2 B	2.11%	3/22/2021		4			3,971
Capital Auto Receivables Asset Trust 2017-1 A2†	1.76%	6/22/2020		15			15,027
Capital Auto Receivables Asset Trust 2017-1 A3†	2.02%	8/20/2021		28			27,760
Capital Auto Receivables Asset Trust 2017-1 A4†	2.22%	3/21/2022		17			16,753
Capital Auto Receivables Asset Trust 2018-2 A2†	3.02%	2/22/2021		188			187,926
Capital Auto Receivables Asset Trust 2018-2 A3†	3.27%	6/20/2023		80			80,187
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		19			19,262
CarMax Auto Owner Trust 2016-3 A4	1.60%	1/18/2022		15			14,708
CarMax Auto Owner Trust 2016-4 A3	1.40%	8/15/2021		22			21,389
CarMax Auto Owner Trust 2016-4 A4	1.60%	6/15/2022		21			20,509
CarMax Auto Owner Trust 2017-3 A4	2.22%	11/15/2022		49			48,346
CarMax Auto Owner Trust 2017-4 A3	2.11%	10/17/2022		125			123,752
Chesapeake Funding II LLC 2016-1A A1†	2.11%	3/15/2028		49			49,220
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		69			68,990
Chesapeake Funding II LLC 2017-2A A1†	1.99%	5/15/2029		67			66,438
Chesapeake Funding II LLC 2017-3A A1†	1.91%	8/15/2029		147			144,866
Chesapeake Funding II LLC 2017-4A A1†	2.12%	11/15/2029		187			184,920
Chrysler Capital Auto Receivables Trust 2015-BA B†	2.70%	12/15/2020		3			2,998
Chrysler Capital Auto Receivables Trust 2016-AA A3†	1.77%	10/15/2020		1	(a)		636
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	6/15/2022		11			10,987
CPS Auto Receivables Trust 2017-C A†	1.78%	9/15/2020		12			12,099
CPS Auto Receivables Trust 2017-C B†	2.30%	7/15/2021		100			99,551
CPS Auto Receivables Trust 2018-B A†	2.72%	9/15/2021		64			63,468
CPS Auto Receivables Trust 2018-B B†	3.23%	7/15/2022		100			99,951
CPS Auto Receivables Trust 2018-B C†	3.58%	3/15/2023		100			100,317
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		1			1,141
Drive Auto Receivables Trust 2015-BA D†	3.84%	7/15/2021		3			3,480
Drive Auto Receivables Trust 2015-BA E†	5.15%	8/15/2022		50			50,345
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		3			3,496

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023	$	22		$	22,146
Drive Auto Receivables Trust 2016-BA C†	3.19%	7/15/2022		8			7,511
Drive Auto Receivables Trust 2016-BA D†	4.53%	8/15/2023		41			41,271
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		60			59,933
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		27			27,145
Drive Auto Receivables Trust 2017-2 B	2.25%	6/15/2021		8			7,953
Drive Auto Receivables Trust 2017-2 C	2.75%	9/15/2023		42			41,920
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		180			180,668
Drive Auto Receivables Trust 2017-BA C†	2.61%	8/16/2021		34			34,241
Drive Auto Receivables Trust 2017-BA D†	3.72%	10/17/2022		173			173,373
Drive Auto Receivables Trust 2018-3 B	3.37%	9/15/2022		49			49,040
Drive Auto Receivables Trust 2018-3 C	3.72%	9/16/2024		118			118,336
Drive Auto Receivables Trust 2018-4 B	3.36%	10/17/2022		58			57,906
Drive Auto Receivables Trust 2018-4 C	3.66%	11/15/2024		113			113,503
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		34			34,352
Drive Auto Receivables Trust 2018-5 C	3.99%	1/15/2025		84			84,795
Exeter Automobile Receivables Trust 2017-3A A†	2.05%	12/15/2021		21			20,538
Exeter Automobile Receivables Trust 2017-3A B†	2.81%	9/15/2022		50			49,671
First Investors Auto Owner Trust 2017-1A A1†	1.69%	4/15/2021		5			4,913
First Investors Auto Owner Trust 2017-3A A1†	2.00%	3/15/2022		22			21,512
First Investors Auto Owner Trust 2018-1A B†	3.51%	5/15/2023		100			100,505
First Investors Auto Owner Trust 2018-2A C†	4.03%	1/15/2025		16			16,265
First Investors Auto Owner Trust 2018-2A D†	4.28%	1/15/2025		10			10,204
Flagship Credit Auto Trust 2015-3 A†	2.38%	10/15/2020		–	(a)		319
Flagship Credit Auto Trust 2016-2 A2†	3.05%	8/16/2021		30			29,824
Flagship Credit Auto Trust 2016-4 A2†	1.96%	2/16/2021		4			3,783
Flagship Credit Auto Trust 2017-3 A†	1.88%	10/15/2021		27			26,686
Flagship Credit Auto Trust 2017-3 B†	2.59%	7/15/2022		30			29,647
Flagship Credit Auto Trust 2017-4 A†	2.07%	4/15/2022		44			44,132
Flagship Credit Auto Trust 2018-3 A†	3.07%	2/15/2023		272			271,899
Ford Credit Auto Owner Trust 2017-2 A†	2.36%	3/15/2029		100			97,502
Ford Credit Auto Owner Trust 2018-2 A†	3.47%	1/15/2030		100			101,015
Hyundai Auto Receivables Trust 2016-B C	2.19%	11/15/2022		72			71,021
Nissan Auto Receivables Owner Trust 2016-B A3	1.32%	1/15/2021		14			13,557
Santander Drive Auto Receivables Trust 2015-3 C	2.74%	1/15/2021		4			3,912
Santander Drive Auto Receivables Trust 2015-4 C	2.97%	3/15/2021		35			34,683
Santander Drive Auto Receivables Trust 2015-5 D	3.65%	12/15/2021		22			22,053
Santander Drive Auto Receivables Trust 2016-1 D	4.02%	4/15/2022		264			266,503

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust 2016-2 B	2.08%	2/16/2021	$	1	$	1,482
Santander Drive Auto Receivables Trust 2017-1 D	3.17%	4/17/2023		14		13,960
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		88		87,580
Santander Drive Auto Receivables Trust 2017-3 C	2.76%	12/15/2022		20		19,887
Santander Drive Auto Receivables Trust 2018-3 A3	3.03%	2/15/2022		64		64,048
Santander Drive Auto Receivables Trust 2018-3 B	3.29%	10/17/2022		98		98,102
Santander Drive Auto Receivables Trust 2018-4 C	3.56%	7/15/2024		54		54,433
Santander Drive Auto Receivables Trust 2018-5 B	3.52%	12/15/2022		84		84,093
Santander Drive Auto Receivables Trust 2018-5 C	3.81%	12/16/2024		78		78,577
TCF Auto Receivables Owner Trust 2015-1A A4†	1.96%	11/16/2020		126		125,623
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%	4/15/2021		29		28,953
TCF Auto Receivables Owner Trust 2015-1A D†	3.53%	3/15/2022		10		9,969
TCF Auto Receivables Owner Trust 2015-2A B†	3.00%	9/15/2021		6		5,987
TCF Auto Receivables Owner Trust 2015-2A C†	3.75%	12/15/2021		4		4,006
TCF Auto Receivables Owner Trust 2016-1A A4†	2.03%	2/15/2022		50		49,600
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%	6/15/2022		33		32,475
TCF Auto Receivables Owner Trust 2016-PT1A A†	1.93%	6/15/2022		36		35,322
Toyota Auto Receivables Owner Trust 2016-A A3	1.25%	3/16/2020		9		9,018
Toyota Auto Receivables Owner Trust 2016-D A3	1.23%	10/15/2020		24		23,822
Westlake Automobile Receivables Trust 2016-2A C†	2.83%	5/17/2021		6		5,644
Westlake Automobile Receivables Trust 2016-3A B†	2.07%	12/15/2021		2		1,863
Westlake Automobile Receivables Trust 2017-1A B†	2.30%	10/17/2022		79		78,860
Westlake Automobile Receivables Trust 2017-2A A2A†	1.80%	7/15/2020		23		22,971
Westlake Automobile Receivables Trust 2017-2A B†	2.25%	12/15/2020		67		66,592
Westlake Automobile Receivables Trust 2018-3A A2A†	2.98%	1/18/2022		167		166,948
World Omni Auto Receivables Trust 2018-D A4	3.44%	12/16/2024		39		39,700
World Omni Auto Receivables Trust 2018-D B	3.67%	12/16/2024		48		49,001
World Omni Select Auto Trust 2018-1A B†	3.68%	7/15/2023		17		17,206
World Omni Select Auto Trust 2018-1A D†	4.13%	1/15/2025		60		61,065
Total						7,051,543
Credit Cards 6.50%
American Express Credit Account Master Trust 2017-6 A	2.04%	5/15/2023		167		164,490
American Express Credit Account Master Trust 2017-7 A	2.35%	5/15/2025		229		225,138
BA Credit Card Trust 2017-A2	1.84%	1/17/2023		140		137,545
Barclays Dryrock Issuance Trust 2016-1 A	1.52%	5/16/2022		100		99,200

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
Barclays Dryrock Issuance Trust 2017-1 A	2.785% (1 Mo. LIBOR + .33%	)#	3/15/2023	$	320	$	320,208
Barclays Dryrock Issuance Trust 2017-2 A	2.755% (1 Mo. LIBOR + .30%	)#	5/15/2023		221		220,726
Barclays Dryrock Issuance Trust 2018-1 A	2.785%	#	7/15/2024		100		99,776
Capital One Multi-Asset Execution Trust 2015-A3	2.855% (1 Mo. LIBOR + .40%	)#	3/15/2023		50		50,103
Capital One Multi-Asset Execution Trust 2016-A4	1.33%		6/15/2022		28		27,721
Capital One Multi-Asset Execution Trust 2017-A4	1.99%		7/17/2023		235		231,441
Capital One Multi-Asset Execution Trust 2017-A6	2.29%		7/15/2025		133		129,976
Citibank Credit Card Issuance Trust 2014-A1	2.88%		1/23/2023		135		134,980
Citibank Credit Card Issuance Trust 2017-A3	1.92%		4/7/2022		100		98,752
Citibank Credit Card Issuance Trust 2017-A8	1.86%		8/8/2022		178		175,158
Citibank Credit Card Issuance Trust 2018-A6	3.21%		12/7/2024		337		340,713
Discover Card Execution Note Trust 2015-A2 A	1.90%		10/17/2022		145		143,044
Discover Card Execution Note Trust 2015-A4	2.19%		4/17/2023		100		99,034
Discover Card Execution Note Trust 2017-A6	1.88%		2/15/2023		161		158,599
First National Master Note Trust 2017-2 A	2.895% (1 Mo. LIBOR + .44%	)#	10/16/2023		172		171,736
Golden Credit Card Trust 2018-1A A†	2.62%		1/15/2023		168		167,199
Golden Credit Card Trust 2018-4A A†	3.44%		10/15/2025		151		150,398
Master Credit Card Trust II Series 2018-1A A†	2.969% (1 Mo. LIBOR + .49%	)#	7/21/2024		100		99,755
Synchrony Credit Card Master Note Trust 2015-1 A	2.37%		3/15/2023		24		23,817
Synchrony Credit Card Master Note Trust 2016-2 A	2.21%		5/15/2024		179		175,736
Synchrony Credit Card Master Note Trust 2016-2 B	2.55%		5/15/2024		100		98,661
Synchrony Credit Card Master Note Trust 2017-1 A	1.93%		6/15/2023		99		97,475
Synchrony Credit Card Master Note Trust 2017-1 B	2.19%		6/15/2023		202		199,438
Synchrony Credit Card Master Note Trust 2017-2 A	2.62%		10/15/2025		129		127,362
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		100		98,296
Synchrony Credit Card Master Note Trust 2018-2 A	3.47%		5/15/2026		99		100,279
World Financial Network Credit Card Master Trust 2012-A	3.14%		1/17/2023		17		16,999
World Financial Network Credit Card Master Trust 2015-B A	2.55%		6/17/2024		49		48,585
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		134		130,558
World Financial Network Credit Card Master Trust 2017-A	2.12%		3/15/2024		150		148,011

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
World Financial Network Credit Card Master Trust 2017-B A	1.98%		6/15/2023	$	131	$	130,278
World Financial Network Credit Card Master Trust 2017-C A	2.31%		8/15/2024		56		55,241
World Financial Network Credit Card Master Trust 2018-C A	3.55%		8/15/2025		213		215,856
World Financial Network Credit Card Master Trust 2018-C M	3.95%		8/15/2025		36		36,487
Total							5,148,771
Other 10.03%
Access Point Funding I LLC 2017-A†	3.06%		4/15/2029		88		88,018
Ammc CLO 19 Ltd. 2016-19A A†	3.936% (3 Mo. LIBOR + 1.50%	)#	10/15/2028		250		250,217
Arbor Realty Collateralized Loan Obligation Ltd. 2017-FL3 A†	3.445% (1 Mo. LIBOR + .99%	)#	12/15/2027		100		99,512
Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A†	3.605% (1 Mo. LIBOR + 1.15%	)#	6/15/2028		100		99,125
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022		17		17,124
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		20		19,854
Ascentium Equipment Receivables Trust 2017-2A A2†	2.00%		5/11/2020		15		14,580
Avery Point V CLO Ltd. 2014-5A AR†	3.429% (3 Mo. LIBOR + .98%	)#	7/17/2026		205		204,248
AXIS Equipment Finance Receivables VI LLC 2018-2A A2†	3.89%		7/20/2022		100		100,634
BlueMountain CLO Ltd. 2012-2A AR2†	3.695% (3 Mo. LIBOR + 1.05%	)#	11/20/2028		250		248,676
CNH Equipment Trust 2015-B A4	1.89%		4/15/2022		11		10,970
CNH Equipment Trust 2015-C A3	1.66%		11/16/2020		11		11,265
Conn’s Receivables Funding LLC 2018-A†	3.25%		1/15/2023		53		52,632
CoreVest American Finance Trust 2018-1 A	3.804%		6/15/2051		99		99,522
Dell Equipment Finance Trust 2016-1 B†	2.03%		7/22/2021		29		28,815
Dell Equipment Finance Trust 2017-1 A3†	2.14%		4/22/2022		80		79,494
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		17		16,575
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		26		26,335
Diamond Resorts Owner Trust 2018-1 A†	3.70%		1/21/2031		107		107,819
Diamond Resorts Owner Trust 2018-1 B†	4.19%		1/21/2031		87		87,637
DLL LLC 2018-1 A2†	2.81%		11/17/2020		100		99,887

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
DLL LLC 2018-1 A3†	3.10%		4/18/2022	$	182	$	182,173
DLL LLC 2018-1 A4†	3.27%		4/17/2026		109		110,180
DLL Securitization Trust 2017-A A2†	1.89%		7/15/2020		55		54,868
DLL Securitization Trust 2017-A A3†	2.14%		12/15/2021		100		99,027
DLL Securitization Trust 2017-A A4†	2.43%		11/17/2025		100		98,702
Dryden 30 Senior Loan Fund 2013-30A AR†	3.434% (3 Mo. LIBOR + .82%	)#	11/15/2028		250		246,732
Engs Commercial Finance Trust 2016-1A A2†	2.63%		2/22/2022		40		39,643
Ford Credit Floorplan Master Owner Trust 2015-2 A1	1.98%		1/15/2022		23		22,756
Ford Credit Floorplan Master Owner Trust 2017-2 A1	2.16%		9/15/2022		100		98,555
FREED ABS TRUST 2018-2 A†	3.99%		10/20/2025		146		146,430
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A A†	4.005% (1 Mo. LIBOR + 1.55%	)#	3/15/2027		229		229,054
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A B†	5.205% (1 Mo. LIBOR + 2.75%	)#	3/15/2027		100		100,176
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 A†	4.005% (1 Mo. LIBOR + 1.55%	)#	9/15/2028		124		124,018
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 AS†	4.605% (1 Mo. LIBOR + 2.15%	)#	9/15/2028		38		38,013
Halcyon Loan Advisors Funding Ltd. 2015-2A AR†	3.57% (3 Mo. LIBOR + 1.08%	)#	7/25/2027		250		248,493
KREF Ltd. 2018-FL1 A†	3.402% (1 Mo. LIBOR + 1.10%	)#	6/15/2036		100		99,910
LCM XXIV Ltd. 24A A†	3.779% (3 Mo. LIBOR + 1.31%	)#	3/20/2030		250		249,104
Magnetite VII Ltd. 2012-7A A1R2†	3.236% (3 Mo. LIBOR + .80%	)#	1/15/2028		250		246,164
Mountain Hawk III CLO Ltd. 2014-3A AR†	3.645% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		192		192,299
MVW Owner Trust 2017-1A A†	2.42%		12/20/2034		71		69,972
Navient Student Loan Trust 2018-1A A1†	2.696% (1 Mo. LIBOR + .19%	)#	3/25/2067		39		38,784
NextGear Floorplan Master Owner Trust 2016-2A A2†	2.19%		9/15/2021		100		99,300
NextGear Floorplan Master Owner Trust 2017-1A A2†	2.54%		4/18/2022		100		99,360
NextGear Floorplan Master Owner Trust 2018-2A A2†	3.69%		10/16/2023		100		100,843
NextGear Floorplan Master Owner Trust 2018-2A B†	4.01%		10/16/2023		100		100,907
Nissan Master Owner Trust Receivables 2016-A A2	1.54%		6/15/2021		35		34,769
Nissan Master Owner Trust Receivables 2017-B A	2.885% (1 Mo. LIBOR + .43%	)#	4/18/2022		78		78,001
Octagon Investment Partners XXI Ltd. 2014-1A A1AR†	3.964% (3 Mo. LIBOR + 1.35%	)#	11/14/2026		250		250,088

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
OHA Loan Funding Ltd. 2015-1A AR†	4.026% (3 Mo. LIBOR + 1.41%	)#	8/15/2029	$	250		$	250,285
OneMain Financial Issuance Trust 2015-1A A†	3.19%		3/18/2026		19			19,447
Orec Ltd. 2018-CRE1 A†	3.487% (1 Mo. LIBOR + 1.18%	)#	6/15/2036		136			135,524
OZLM VIII Ltd. 2014-8A A1RR†	3.625% (3 Mo. LIBOR + 1.17%	)#	10/17/2029		250			249,010
Palmer Square Loan Funding Ltd. 2018-5A A1†	3.32% (3 Mo. LIBOR + .85%	)#	1/20/2027		250			249,358
PFS Financing Corp. 2018-B A†	2.89%		2/15/2023		122			121,052
Ready Capital Mortgage Financing LLC 2018-FL2 A†	3.356% (1 Mo. LIBOR + .85%	)#	6/25/2035		85			84,776
Salem Fields CLO Ltd. 2016-2A A1R†	3.64% (3 Mo. LIBOR + 1.15%	)#	10/25/2028		250			248,648
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		64			64,042
SCF Equipment Leasing LLC 2018-1A A1†	2.81%		4/20/2021		67			66,877
SCF Equipment Leasing LLC 2018-1A A2†	3.63%		10/20/2024		161			161,388
SLC Student Loan Trust 2008-1 A4A	4.388% (3 Mo. LIBOR + 1.60%	)#	12/15/2032		63			64,334
SoFi Professional Loan Program 2017-D A1FX†	1.72%		9/25/2040		34			33,379
SoFi Professional Loan Program LLC 2017-C A2A†	1.75%		7/25/2040		33			32,768
SoFi Professional Loan Program LLC 2017-E A2A†	1.86%		11/26/2040		76			75,245
SoFi Professional Loan Program LLC 2017-F A1FX†	2.05%		1/25/2041		60			59,280
THL Credit Wind River CLO Ltd. 2012-1A BR†	4.286% (3 Mo. LIBOR + 1.85%	)#	1/15/2026		250			248,976
Towd Point Asset Trust 2018-SL1 A†	3.106% (1 Mo. LIBOR + .60%	)#	1/25/2046		127			126,585
TPG Real Estate Finance Issuer Ltd. 2018-FL2 A†	3.585% (1 Mo. LIBOR + 1.13%	)#	11/15/2037		138			137,252
Wells Fargo Dealer Floorplan Master Note Trust 2015-2 A	3.12% (1 Mo. LIBOR + .65%	)#	1/20/2022		5			5,012
West CLO Ltd. 2014-2A A1AR†	3.306% (3 Mo. LIBOR + .87%	)#	1/16/2027		250			248,919
Total								7,943,417
Total Asset-Backed Securities (cost $20,216,573)								20,143,731
				Shares (000)
COMMON STOCK 0.00%
Oil
Templar Energy LLC Class A Units (cost $728)					–	(b)		45

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
CONVERTIBLE BONDS 0.08%
Electric: Power 0.01%
Clearway Energy, Inc.†	3.25%	6/1/2020	$	11	$	10,516
Energy Equipment & Services 0.01%
Tesla Energy Operations, Inc.	1.625%	11/1/2019		10		9,386
Real Estate Investment Trusts 0.06%
VEREIT, Inc.	3.75%	12/15/2020		44		43,428
Total Convertible Bonds (cost $64,665)						63,330
CORPORATE BONDS 36.66%
Aerospace/Defense 0.44%
Bombardier, Inc. (Canada)†(c)	6.00%	10/15/2022		2		1,885
Bombardier, Inc. (Canada)†(c)	6.125%	1/15/2023		106		99,640
Bombardier, Inc. (Canada)†(c)	8.75%	12/1/2021		89		92,004
Embraer Overseas Ltd.†	5.696%	9/16/2023		33		34,527
Embraer SA (Brazil)(c)	5.15%	6/15/2022		2		2,062
L3 Technologies, Inc.	4.95%	2/15/2021		6		6,142
Triumph Group, Inc.	4.875%	4/1/2021		38		34,295
United Technologies Corp.	3.65%	8/16/2023		81		80,763
Total						351,318
Air Transportation 0.38%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)†(c)	3.875%	9/15/2024		16		15,086
Air Canada 2015-2 Class B Pass-Through Trust (Canada)†(c)	5.00%	6/15/2025		8		8,450
American Airlines 2013-2 Class B Pass-Through Trust†	5.60%	1/15/2022		126		127,574
American Airlines 2014-1 Class B Pass-Through Trust	4.375%	4/1/2024		65		64,627
Continental Airlines 2012-1 Class B Pass-Through Trust	6.25%	10/11/2021		2		2,248
Delta Airlines 2011-1 Class A Pass Through Trust	5.30%	10/15/2020		19		18,987
UAL 2007-1 Pass Through Trust	7.336%	1/2/2021		6		6,047
United Airlines 2014-1 Class B Pass-Through Trust	4.75%	10/11/2023		10		10,258
US Airways 2012-2 Class B Pass-Through Trust	6.75%	12/3/2022		10		10,581
US Airways 2013-1 Class B Pass-Through Trust	5.375%	5/15/2023		34		34,887
Total						298,745

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Auto Parts: Original Equipment 0.29%
American Axle & Manufacturing, Inc.	6.625%		10/15/2022	$	12	$	11,910
Nexteer Automotive Group Ltd.†	5.875%		11/15/2021		200		203,400
Titan International, Inc.	6.50%		11/30/2023		16		14,400
Total							229,710
Automotive 1.75%
American Honda Finance Corp.	1.65%		7/12/2021		18		17,346
American Honda Finance Corp.	1.70%		9/9/2021		6		5,770
Daimler Finance North America LLC†	2.875%		3/10/2021		150		148,210
Daimler Finance North America LLC†	3.75%		11/5/2021		150		150,563
Deck Chassis Acquisition, Inc.†	10.00%		6/15/2023		19		18,335
Ford Motor Credit Co. LLC	8.125%		1/15/2020		300		311,497
General Motors Co.	4.875%		10/2/2023		71		71,231
General Motors Financial Co., Inc.	3.15%		6/30/2022		103		98,264
General Motors Financial Co., Inc.	3.20%		7/6/2021		46		44,958
General Motors Financial Co., Inc.	4.20%		3/1/2021		85		84,988
General Motors Financial Co., Inc.	4.375%		9/25/2021		50		50,234
Hyundai Capital America†	1.75%		9/27/2019		36		35,548
Hyundai Capital America†	2.00%		7/1/2019		5		4,969
Hyundai Capital America†	2.50%		3/18/2019		117		116,812
Hyundai Capital America†	3.25%		9/20/2022		31		30,173
Volkswagen Group of America Finance LLC†	4.00%		11/12/2021		200		200,535
Total							1,389,433
Banks: Regional 5.40%
ABN AMRO Bank NV (Netherlands)(c)	6.25%		4/27/2022		400		424,184
Associated Banc-Corp.	2.75%		11/15/2019		29		28,869
Associated Bank NA	3.50%		8/13/2021		47		46,910
Banco de Credito del Peru (Panama)†(c)	2.25%		10/25/2019		200		198,140
Bank of America Corp.	2.328% (3 Mo. LIBOR + .63%	)#	10/1/2021		59		57,861
Bank of America Corp.	2.369% (3 Mo. LIBOR + .66%	)#	7/21/2021		37		36,345
Bank of America Corp.	5.49%		3/15/2019		300		301,377
Barclays Bank plc (United Kingdom)†(c)	10.179%		6/12/2021		160		179,956
CIT Group, Inc.	4.125%		3/9/2021		28		27,650
Citigroup, Inc.	2.876% (3 Mo. LIBOR + .95%	)#	7/24/2023		61		59,063
Citigroup, Inc.	2.90%		12/8/2021		70		68,913
Citigroup, Inc.	3.199% (3 Mo. LIBOR + .69%	)#	10/27/2022		91		88,843
Citigroup, Inc.	4.05%		7/30/2022		42		42,224
Citigroup, Inc.	8.50%		5/22/2019		45		45,923

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Compass Bank	5.50%		4/1/2020	$	68	$	69,524
Credit Suisse AG	5.40%		1/14/2020		22		22,343
Discover Bank	7.00%		4/15/2020		250		260,318
Discover Bank	8.70%		11/18/2019		250		260,800
Goldman Sachs Group, Inc. (The)	2.876% (3 Mo. LIBOR + .82%	)#	10/31/2022		96		93,269
Goldman Sachs Group, Inc. (The)	2.908% (3 Mo. LIBOR + 1.05%	)#	6/5/2023		67		64,368
Goldman Sachs Group, Inc. (The)	3.618% (3 Mo. LIBOR + 1.11%	)#	4/26/2022		72		71,223
Goldman Sachs Group, Inc. (The)	5.25%		7/27/2021		103		106,958
Goldman Sachs Group, Inc. (The)	5.375%		3/15/2020		119		121,667
Goldman Sachs Group, Inc. (The)	5.75%		1/24/2022		24		25,138
Goldman Sachs Group, Inc. (The)	6.00%		6/15/2020		19		19,672
Intesa Sanpaolo SpA (Italy)(c)	3.875%		1/15/2019		200		199,965
Macquarie Bank Ltd. (Australia)†(c)	6.625%		4/7/2021		95		100,547
Macquarie Group Ltd. (Australia)†(c)	3.189% (3 Mo. LIBOR + 1.02%	)#	11/28/2023		12		11,555
Macquarie Group Ltd. (Australia)†(c)	4.15% (3 Mo. LIBOR + 1.33%	)#	3/27/2024		75		75,076
Macquarie Group Ltd. (Australia)†(c)	6.00%		1/14/2020		75		77,000
Macquarie Group Ltd. (Australia)†(c)	7.625%		8/13/2019		75		76,954
Morgan Stanley	2.80%		6/16/2020		11		10,931
Morgan Stanley	3.414% (3 Mo. LIBOR + .80%	)#	2/14/2020		56		56,002
Morgan Stanley	3.649% (3 Mo. LIBOR + 1.18%	)#	1/20/2022		59		58,824
Morgan Stanley	4.875%		11/1/2022		84		86,632
Nordea Bank Abp (Finland)†(c)	4.875%		5/13/2021		200		203,523
Popular, Inc.	6.125%		9/14/2023		23		22,871
Royal Bank of Scotland Group plc (United Kingdom)(c)	6.125%		12/15/2022		22		22,314
Santander UK Group Holdings plc (United Kingdom)(c)	3.125%		1/8/2021		173		170,178
SVB Financial Group	5.375%		9/15/2020		5		5,160
UBS AG	7.625%		8/17/2022		250		266,875
Wells Fargo & Co.	3.069%		1/24/2023		117		114,017
Total							4,279,962
Beverages 0.16%
Keurig Dr Pepper, Inc.	3.20%		11/15/2021		46		45,226
Keurig Dr Pepper, Inc.†	4.057%		5/25/2023		84		83,737
Total							128,963

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Biotechnology Research & Production 0.06%
Sotera Health Topco, Inc. PIK 8.875%†		8.125%		11/1/2021	$	48	$	45,240
Building Materials 0.57%
Boral Finance Pty Ltd. (Australia)†(c)		3.00%		11/1/2022		19		18,372
CPG Merger Sub LLC†		8.00%		10/1/2021		43		41,925
Griffon Corp.		5.25%		3/1/2022		61		55,434
Holcim US Finance Sarl & Cie SCS (Luxembourg)†(c)		6.00%		12/30/2019		208		213,073
Martin Marietta Materials, Inc.		3.327% (3 Mo. LIBOR + .65%	)#	5/22/2020		10		9,948
Standard Industries, Inc.†		5.375%		11/15/2024		18		16,965
Summit Materials LLC/Summit Materials Finance Corp.		8.50%		4/15/2022		13		13,634
Vulcan Materials Co.		3.388% (3 Mo. LIBOR + .65%	)#	3/1/2021		20		19,856
Vulcan Materials Co.		3.388% (3 Mo. LIBOR + .60%	)#	6/15/2020		65		64,604
Total								453,811
Business Services 0.26%
APX Group, Inc.		8.75%		12/1/2020		92		87,860
Chicago Parking Meters LLC†		5.489%		12/30/2020		30		31,098
Equifax, Inc.		3.60%		8/15/2021		24		23,978
ERAC USA Finance LLC†		5.25%		10/1/2020		25		25,805
IHS Markit Ltd. (United Kingdom)(c)		4.125%		8/1/2023		23		22,794
Verisk Analytics, Inc.		4.875%		1/15/2019		17		17,006
Total								208,541
Chemicals 1.14%
Blue Cube Spinco LLC		9.75%		10/15/2023		10		11,025
Blue Cube Spinco LLC		10.00%		10/15/2025		4		4,540
Celanese US Holdings LLC		4.625%		11/15/2022		160		164,590
Celanese US Holdings LLC		5.875%		6/15/2021		86		90,451
DowDuPont, Inc.		4.205%		11/15/2023		48		49,132
Platform Specialty Products Corp.†		6.50%		2/1/2022		104		104,390
Rayonier AM Products, Inc.†		5.50%		6/1/2024		8		7,080
Syngenta Finance NV (Netherlands)†(c)		3.698%		4/24/2020		200		198,586
Syngenta Finance NV (Netherlands)†(c)		3.933%		4/23/2021		200		197,368
Yara International ASA (Norway)†(c)		7.875%		6/11/2019		72		73,356
Total								900,518
Coal 0.05%
Eterna Capital Pte Ltd. PIK 1.00% (Singapore)(c)		7.50%		12/11/2022		32		31,233
Peabody Energy Corp.†		6.00%		3/31/2022		8		7,790
Total								39,023

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 0.32%
Dell International LLC/EMC Corp.†		4.42%	6/15/2021	$	93	$	92,958
Dell International LLC/EMC Corp.†		5.45%	6/15/2023		109		111,021
Dell International LLC/EMC Corp.†		5.875%	6/15/2021		30		30,042
GCI LLC		6.75%	6/1/2021		16		16,076
Total							250,097
Computer Software 0.28%
Dun & Bradstreet Corp. (The)		4.25%	6/15/2020		3		3,043
First Data Corp.†		5.75%	1/15/2024		31		30,391
Infor Software Parent LLC/Infor Software Parent, Inc. PIK 7.875%†		7.125%	5/1/2021		26		25,415
Informatica LLC†		7.125%	7/15/2023		51		49,923
Sophia LP/Sophia Finance, Inc.†		9.00%	9/30/2023		58		58,290
TIBCO Software, Inc.†		11.375%	12/1/2021		55		57,750
Total							224,812
Construction/Homebuilding 0.48%
Ashton Woods USA LLC/Ashton Woods Finance Co.†		6.875%	2/15/2021		11		10,615
Brookfield Residential Properties, Inc. (Canada)†(c)		6.50%	12/15/2020		98		98,123
Century Communities, Inc.		6.875%	5/15/2022		30		29,325
DR Horton, Inc.		3.75%	3/1/2019		60		59,997
DR Horton, Inc.		4.75%	2/15/2023		7		7,096
DR Horton, Inc.		5.75%	8/15/2023		9		9,471
M/I Homes, Inc.		6.75%	1/15/2021		103		102,871
Taylor Morrison Communities, Inc.		6.625%	5/15/2022		16		16,040
William Lyon Homes, Inc.		7.00%	8/15/2022		50		49,625
Total							383,163
Containers 0.32%
OI European Group BV (Netherlands)†(c)		4.00%	3/15/2023		20		18,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer
LLC/Reynolds Group Issuer (Luxembourg) SA		6.875%	2/15/2021		35		34,697
Reynolds Group Issuer, Inc./Reynolds Group Issuer
LLC/Reynolds Group Issuer (Luxembourg) SA		5.75%	10/15/2020		199		198,419
Total							251,866
Drugs 0.42%
AmerisourceBergen Corp.		3.50%	11/15/2021		14		14,051
Bayer US Finance II LLC†		2.75%	7/15/2021		32		31,185
Elanco Animal Health, Inc.†		3.912%	8/27/2021		19		19,129
Elanco Animal Health, Inc.†		4.272%	8/28/2023		22		22,003
Express Scripts Holding Co.		4.75%	11/15/2021		24		24,703

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Drugs (continued)
Takeda Pharmaceutical Co. Ltd. (Japan)†(c)		3.80%		11/26/2020	$	200	$	201,258
Teva Pharmaceutical Finance Co. BV (Curacao)(c)		3.65%		11/10/2021		9		8,532
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(c)		1.70%		7/19/2019		16		15,792
Total								336,653
Electric: Power 2.25%
AES Corp. (The)		4.875%		5/15/2023		31		30,380
Ausgrid Finance Pty Ltd. (Australia)†(c)		3.85%		5/1/2023		114		113,852
Dominion Energy, Inc.		2.962%		7/1/2019		37		36,873
Dominion Energy, Inc.		4.104%		4/1/2021		77		77,637
Duquesne Light Holdings, Inc.†		5.90%		12/1/2021		19		20,115
Duquesne Light Holdings, Inc.†		6.40%		9/15/2020		192		200,279
Emera US Finance LP		2.70%		6/15/2021		115		112,094
Enel Finance International NV (Netherlands)†(c)		2.875%		5/25/2022		200		188,582
Entergy Texas, Inc.		7.125%		2/1/2019		27		27,075
Exelon Generation Co. LLC		3.40%		3/15/2022		7		6,895
Exelon Generation Co. LLC		4.25%		6/15/2022		2		2,029
Jersey Central Power & Light Co.†		4.70%		4/1/2024		54		56,282
Jersey Central Power & Light Co.		7.35%		2/1/2019		107		107,329
Metropolitan Edison Co.		7.70%		1/15/2019		11		11,016
Oklahoma Gas & Electric Co.		8.25%		1/15/2019		100		100,179
Origin Energy Finance Ltd. (Australia)†(c)		5.45%		10/14/2021		110		114,328
Pennsylvania Electric Co.		5.20%		4/1/2020		11		11,277
PNM Resources, Inc.		3.25%		3/9/2021		28		27,788
PPL Capital Funding, Inc.		3.50%		12/1/2022		20		19,692
PPL WEM Ltd./Western Power Distribution Ltd. (United Kingdom)†(c)		5.375%		5/1/2021		20		20,661
PSEG Power LLC		3.85%		6/1/2023		78		78,137
PSEG Power LLC		5.125%		4/15/2020		3		3,080
Puget Energy, Inc.		6.00%		9/1/2021		54		57,156
San Diego Gas & Electric Co.		1.914%		2/1/2022		15		14,722
SCANA Corp.		4.125%		2/1/2022		33		33,033
SCANA Corp.		4.75%		5/15/2021		91		92,162
SCANA Corp.		6.25%		4/1/2020		39		39,966
Sempra Energy		2.936% (3 Mo. LIBOR + .50%	)#	1/15/2021		37		36,389
TECO Finance, Inc.		5.15%		3/15/2020		7		7,160
TransAlta Corp. (Canada)(c)		4.50%		11/15/2022		5		4,887
Vistra Energy Corp.		7.375%		11/1/2022		124		128,340
Total								1,779,395

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electrical Equipment 0.33%
Broadcom Corp./Broadcom Cayman Finance Ltd.		2.65%	1/15/2023	$	71	$	66,134
Broadcom Corp./Broadcom Cayman Finance Ltd.		3.00%	1/15/2022		148		142,428
Marvell Technology Group Ltd Term Loan		4.20%	6/22/2023		50		49,902
Total							258,464
Electronics 0.17%
PerkinElmer, Inc.		5.00%	11/15/2021		52		53,681
Tech Data Corp.		3.70%	2/15/2022		28		27,490
Trimble, Inc.		4.15%	6/15/2023		53		53,330
Total							134,501
Engineering & Contracting Services 0.04%
StandardAero Aviation Holdings, Inc.†		10.00%	7/15/2023		27		28,890
Entertainment 0.22%
Eldorado Resorts, Inc.		7.00%	8/1/2023		11		11,330
Scientific Games International, Inc.		6.25%	9/1/2020		31		29,915
Scientific Games International, Inc.		6.625%	5/15/2021		36		34,290
Scientific Games International, Inc.		10.00%	12/1/2022		94		95,527
WMG Acquisition Corp.†		5.625%	4/15/2022		2		2,002
Total							173,064
Financial Services 3.27%
Aircastle Ltd.		4.40%	9/25/2023		29		28,550
Aircastle Ltd.		5.00%	4/1/2023		70		70,338
Aircastle Ltd.		5.125%	3/15/2021		148		150,483
Aircastle Ltd.		5.50%	2/15/2022		133		136,183
Aircastle Ltd.		7.625%	4/15/2020		71		74,276
Discover Financial Services		5.20%	4/27/2022		144		149,497
E*TRADE Financial Corp.		2.95%	8/24/2022		36		34,954
GE Capital International Funding Co. Unlimited Co. (Ireland)(c)		2.342%	11/15/2020		400		386,182
International Lease Finance Corp.		5.875%	4/1/2019		34		34,141
International Lease Finance Corp.		6.25%	5/15/2019		104		104,930
International Lease Finance Corp.		8.25%	12/15/2020		380		408,902
International Lease Finance Corp.		8.625%	1/15/2022		2		2,225
Jefferies Financial Group, Inc.		5.50%	10/18/2023		195		198,868
Jefferies Group LLC		6.875%	4/15/2021		32		34,069
Jefferies Group LLC		8.50%	7/15/2019		379		388,969
Lazard Group LLC		4.25%	11/14/2020		29		29,393
Nationstar Mortgage Holdings, Inc.†		8.125%	7/15/2023		71		69,402

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Nationstar Mortgage LLC/Nationstar Capital Corp.		6.50%		7/1/2021	$	89	$	86,997
Navient Corp.		4.875%		6/17/2019		9		8,972
Navient Corp.		5.00%		10/26/2020		112		107,520
Navient Corp.		5.875%		3/25/2021		22		21,147
Navient Corp.		6.625%		7/26/2021		58		56,115
VFH Parent LLC/Orchestra Co-Issuer, Inc.†		6.75%		6/15/2022		7		6,811
Total								2,588,924
Food 0.17%
B&G Foods, Inc.		4.625%		6/1/2021		8		7,830
Conagra Brands, Inc.		3.80%		10/22/2021		55		55,053
Conagra Brands, Inc.		4.30%		5/1/2024		47		46,768
Smithfield Foods, Inc.†		2.70%		1/31/2020		17		16,772
Smithfield Foods, Inc.†		3.35%		2/1/2022		10		9,570
Total								135,993
Health Care Products 0.96%
Becton Dickinson & Co.		3.678% (3 Mo. LIBOR + .88%	)#	12/29/2020		52		51,492
Kinetic Concepts, Inc./KCI USA, Inc.†		7.875%		2/15/2021		59		59,811
Kinetic Concepts, Inc./KCI USA, Inc.†		12.50%		11/1/2021		6		6,450
Life Technologies Corp.		5.00%		1/15/2021		430		440,742
Life Technologies Corp.		6.00%		3/1/2020		182		187,125
Zimmer Biomet Holdings, Inc.		3.70%		3/19/2023		14		13,863
Total								759,483
Health Care Services 0.95%
Acadia Healthcare Co., Inc.		6.125%		3/15/2021		18		17,910
Centene Corp.		5.625%		2/15/2021		264		265,320
Cigna Corp.†		3.138% (3 Mo. LIBOR + .35%	)#	3/17/2020		8		7,950
Eagle Holding Co. II LLC PIK 8.375%†		7.625%		5/15/2022		24		22,980
Fresenius Medical Care US Finance II, Inc.†		4.125%		10/15/2020		7		7,011
Fresenius Medical Care US Finance II, Inc.†		5.875%		1/31/2022		194		202,394
Fresenius Medical Care US Finance, Inc.†		5.75%		2/15/2021		6		6,183
HCA, Inc.		5.875%		3/15/2022		8		8,220
Surgery Center Holdings, Inc.†		8.875%		4/15/2021		39		39,097
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†		7.50%		10/1/2024		37		38,665
Universal Health Services, Inc.†		4.75%		8/1/2022		136		135,660
Total								751,390

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Household Equipment/Products 0.43%
Newell Brands, Inc.		3.85%	4/1/2023	$	159	$	156,813
Newell Brands, Inc.		5.00%	11/15/2023		18		18,326
Scotts Miracle-Gro Co. (The)		6.00%	10/15/2023		109		109,000
Spectrum Brands Holdings, Inc.		7.75%	1/15/2022		52		52,780
Spectrum Brands, Inc.		6.625%	11/15/2022		6		6,090
Total							343,009
Insurance 0.33%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer†		8.25%	8/1/2023		36		35,887
American International Group, Inc.		4.125%	2/15/2024		18		18,093
American International Group, Inc.		4.875%	6/1/2022		4		4,153
Assurant, Inc.		4.20%	9/27/2023		45		45,176
AXA Equitable Holdings, Inc.†		3.90%	4/20/2023		23		22,736
CNA Financial Corp.		5.875%	8/15/2020		11		11,414
CNO Financial Group, Inc.		4.50%	5/30/2020		5		4,963
Liberty Mutual Group, Inc.†		5.00%	6/1/2021		17		17,468
Protective Life Corp.		7.375%	10/15/2019		15		15,423
Willis North America, Inc.		7.00%	9/29/2019		44		45,018
Willis Towers Watson plc (United Kingdom)(c)		5.75%	3/15/2021		14		14,648
WR Berkley Corp.		5.375%	9/15/2020		24		24,720
Total							259,699
Leasing 0.13%
Aviation Capital Group LLC†		3.875%	5/1/2023		38		37,264
Avolon Holdings Funding Ltd. (Ireland)†(c)		5.50%	1/15/2023		6		5,835
DAE Funding LLC (United Arab Emirates)†(c)		4.00%	8/1/2020		18		17,595
Park Aerospace Holdings Ltd. (Ireland)†(c)		5.25%	8/15/2022		16		15,540
Park Aerospace Holdings Ltd. (Ireland)†(c)		4.50%	3/15/2023		30		28,125
Total							104,359
Leisure 0.45%
LTF Merger Sub, Inc.†		8.50%	6/15/2023		164		166,870
NCL Corp. Ltd.†		4.75%	12/15/2021		11		10,945
Royal Caribbean Cruises Ltd.		5.25%	11/15/2022		120		126,151
Silversea Cruise Finance Ltd.†		7.25%	2/1/2025		46		48,861
Total							352,827
Lodging 0.03%
Wyndham Destinations, Inc.		5.625%	3/1/2021		20		20,000

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Fair Value
Machinery: Agricultural 0.31%
BAT Capital Corp.	3.222%	8/15/2024		$	80	$	73,770
Philip Morris International, Inc.	2.375%	8/17/2022			6		5,769
Pyxus International, Inc.	9.875%	7/15/2021			39		29,737
Reynolds American, Inc.	4.85%	9/15/2023			38		38,492
Viterra, Inc. (Canada)†(c)	5.95%	8/1/2020			92		94,836
Total							242,604
Machinery: Industrial/Specialty 0.44%
CNH Industrial Capital LLC	4.20%	1/15/2024			24		23,738
CNH Industrial Capital LLC	4.375%	11/6/2020			14		14,112
CNH Industrial Capital LLC	4.375%	4/5/2022			79		79,537
CNH Industrial Capital LLC	4.875%	4/1/2021			60		61,116
CNH Industrial NV (United Kingdom)(c)	4.50%	8/15/2023			62		62,459
Nvent Finance Sarl (Luxembourg)(c)	3.95%	4/15/2023			69		68,569
Roper Technologies, Inc.	3.65%	9/15/2023			40		40,069
Total							349,600
Manufacturing 0.80%
Gates Global LLC/Gates Global Co.†	6.00%	7/15/2022			45		44,269
General Electric Co.	2.70%	10/9/2022			54		50,150
General Electric Co.	3.10%	1/9/2023			8		7,471
General Electric Co.	3.15%	9/7/2022			23		21,754
General Electric Co.	4.375%	9/16/2020			16		15,981
General Electric Co.	4.625%	1/7/2021			42		42,127
General Electric Co.	4.65%	10/17/2021			146		146,527
General Electric Co.	5.30%	2/11/2021			177		177,301
General Electric Co.	5.50%	1/8/2020			34		34,405
Pentair Finance Sarl (Luxembourg)(c)	2.65%	12/1/2019			96		95,290
Total							635,275
Media 0.78%
CCO Holdings LLC/CCO Holdings Capital Corp.	5.25%	3/15/2021			76		76,095
Charter Communications Operating LLC/Charter Communications Operating Capital	4.50%	2/1/2024			58		57,973
Cox Communications, Inc.†	2.95%	6/30/2023			58		55,864
Cox Communications, Inc.†	3.25%	12/15/2022			199		194,573
NBCUniversal Enterprise, Inc.†	5.25%	–	(d)		200		203,000
Time Warner Cable LLC	8.25%	4/1/2019			22		22,248
Time Warner Cable LLC	8.75%	2/14/2019			6		6,034
Total							615,787

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Metal Fabricating 0.09%
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.†		7.375%	12/15/2023	$	39	$	37,927
Zekelman Industries, Inc.†		9.875%	6/15/2023		28		29,610
Total							67,537
Metals & Minerals: Miscellaneous 1.95%
Anglo American Capital plc (United Kingdom)†(c)		4.125%	9/27/2022		200		197,852
Century Aluminum Co.†		7.50%	6/1/2021		80		79,200
First Quantum Minerals Ltd. (Canada)†(c)		7.00%	2/15/2021		16		15,390
FMG Resources August 2006 Pty Ltd. (Australia)†(c)		5.125%	5/15/2024		17		15,704
Freeport-McMoRan, Inc.		4.00%	11/14/2021		14		13,668
Freeport-McMoRan, Inc.		6.875%	2/15/2023		17		17,595
Glencore Finance Canada Ltd. (Canada)†(c)		4.25%	10/25/2022		99		98,768
Glencore Finance Canada Ltd. (Canada)†(c)		4.95%	11/15/2021		267		272,892
Glencore Funding LLC†		3.00%	10/27/2022		11		10,501
Glencore Funding LLC†		3.125%	4/29/2019		83		82,591
Glencore Funding LLC†		4.125%	5/30/2023		24		23,587
Glencore Funding LLC†		4.625%	4/29/2024		16		15,916
Goldcorp, Inc. (Canada)(c)		3.625%	6/9/2021		80		79,632
Goldcorp, Inc. (Canada)(c)		3.70%	3/15/2023		36		35,790
Hecla Mining Co.		6.875%	5/1/2021		23		22,612
Hudbay Minerals, Inc. (Canada)†(c)		7.25%	1/15/2023		35		34,737
Joseph T Ryerson & Son, Inc.†		11.00%	5/15/2022		35		35,350
Kinross Gold Corp. (Canada)(c)		5.125%	9/1/2021		17		17,043
Kinross Gold Corp. (Canada)(c)		5.95%	3/15/2024		57		57,000
Newmont Mining Corp.		3.50%	3/15/2022		17		16,834
Newmont Mining Corp.		5.125%	10/1/2019		67		67,680
Teck Resources Ltd. (Canada)†(c)		8.50%	6/1/2024		311		333,936
Total							1,544,278
Natural Gas 0.09%
CenterPoint Energy Resources Corp.		4.50%	1/15/2021		10		10,205
National Fuel Gas Co.		3.75%	3/1/2023		8		7,813
National Fuel Gas Co.		4.90%	12/1/2021		26		26,492
National Fuel Gas Co.		7.395%	3/30/2023		25		27,660
Total							72,170
Office Furniture & Business Equipment 0.02%
Xerox Corp.		3.625%	3/15/2023		7		6,303
Xerox Corp.		5.625%	12/15/2019		10		10,077
Total							16,380

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Oil 3.63%
Anadarko Petroleum Corp.		4.85%		3/15/2021	$	29	$	29,706
Anadarko Petroleum Corp.		6.95%		6/15/2019		7		7,098
Antero Resources Corp.		5.125%		12/1/2022		132		124,575
Canadian Oil Sands Ltd. (Canada)†(c)		7.75%		5/15/2019		13		13,221
Canadian Oil Sands Ltd. (Canada)†(c)		9.40%		9/1/2021		63		70,302
Carrizo Oil & Gas, Inc.		6.25%		4/15/2023		61		56,730
Cenovus Energy, Inc. (Canada)(c)		5.70%		10/15/2019		13		13,705
Chaparral Energy, Inc.†		8.75%		7/15/2023		82		59,040
CNOOC Finance 2015 Australia Pty Ltd. (Australia)(c)		2.625%		5/5/2020		200		198,218
CNX Resources Corp.		5.875%		4/15/2022		28		26,950
Continental Resources, Inc.		4.50%		4/15/2023		128		126,089
Continental Resources, Inc.		5.00%		9/15/2022		329		327,031
Devon Energy Corp.		6.30%		1/15/2019		6		6,005
Diamondback Energy, Inc.†		4.75%		11/1/2024		45		43,650
Diamondback Energy, Inc.		4.75%		11/1/2024		32		31,040
Eclipse Resources Corp.		8.875%		7/15/2023		31		26,738
Encana Corp. (Canada)(c)		6.50%		5/15/2019		186		187,930
Energen Corp.		4.625%		9/1/2021		31		30,845
Eni SpA (Italy)†(c)		4.15%		10/1/2020		100		100,598
Gazprom OAO Via Gaz Capital SA (Luxembourg)†(c)		6.51%		3/7/2022		100		104,679
Gulfport Energy Corp.		6.625%		5/1/2023		33		31,350
HighPoint Operating Corp.		7.00%		10/15/2022		17		15,555
Laredo Petroleum, Inc.		5.625%		1/15/2022		55		49,638
Marathon Petroleum Corp.†		5.375%		10/1/2022		43		43,387
MEG Energy Corp. (Canada)†(c)		6.50%		1/15/2025		3		3,056
Motiva Enterprises LLC†		5.75%		1/15/2020		37		37,654
Newfield Exploration Co.		5.75%		1/30/2022		51		51,637
Oasis Petroleum, Inc.		6.875%		3/15/2022		205		193,725
Petrobras Global Finance BV (Netherlands)(c)		6.125%		1/17/2022		9		9,259
Petroleos Mexicanos (Mexico)(c)		3.50%		1/30/2023		80		72,600
Petroleos Mexicanos (Mexico)(c)		4.625%		9/21/2023		178		167,498
Petroleos Mexicanos (Mexico)(c)		5.50%		1/21/2021		26		25,942
Petroleos Mexicanos (Mexico)(c)		6.375%		2/4/2021		174		176,349
Phillips 66		3.289% (3 Mo. LIBOR + .60%	)#	2/26/2021		19		18,793
Pioneer Natural Resources Co.		7.50%		1/15/2020		10		10,393
Range Resources Corp.		5.00%		8/15/2022		77		69,204
Range Resources Corp.		5.00%		3/15/2023		16		14,140
Range Resources Corp.		5.75%		6/1/2021		28		27,230

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Range Resources Corp.	5.875%	7/1/2022	$	13	$	12,090
Resolute Energy Corp.	8.50%	5/1/2020		61		60,161
Sable Permian Resources Land LLC/AEPB Finance Corp.†	13.00%	11/30/2020		27		28,350
Seven Generations Energy Ltd. (Canada)†(c)	6.75%	5/1/2023		81		80,595
Seven Generations Energy Ltd. (Canada)†(c)	6.875%	6/30/2023		81		80,190
SM Energy Co.	6.125%	11/15/2022		16		15,200
Total						2,878,146
Oil: Crude Producers 3.96%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	5.50%	10/15/2019		38		38,324
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	6.25%	10/15/2022		28		28,630
Andeavor Logistics LP/Tesoro Logistics Finance Corp.	6.375%	5/1/2024		149		154,401
Boardwalk Pipelines LP	5.75%	9/15/2019		7		7,084
Buckeye Partners LP	5.50%	8/15/2019		50		50,542
Columbia Pipeline Group, Inc.	3.30%	6/1/2020		110		109,643
Enable Midstream Partners LP	2.40%	5/15/2019		50		49,721
Enable Oklahoma Intrastate Transmission LLC†	6.25%	3/15/2020		79		81,280
Enbridge Energy Partners LP	5.20%	3/15/2020		100		102,155
Enbridge Energy Partners LP	9.875%	3/1/2019		110		111,134
Energy Transfer LP	4.25%	3/15/2023		99		95,535
Energy Transfer Operating LP	4.65%	6/1/2021		40		40,717
Energy Transfer Operating LP	9.00%	4/15/2019		222		225,761
Energy Transfer Operating LP	9.70%	3/15/2019		129		130,539
Florida Gas Transmission Co. LLC†	5.45%	7/15/2020		228		234,774
Florida Gas Transmission Co. LLC†	7.90%	5/15/2019		164		166,480
Gulf South Pipeline Co. LP	4.00%	6/15/2022		30		29,750
Kinder Morgan Energy Partners LP	5.30%	9/15/2020		15		15,409
Kinder Morgan Energy Partners LP	5.80%	3/1/2021		62		64,733
Kinder Morgan Energy Partners LP	6.50%	4/1/2020		194		200,963
Kinder Morgan Energy Partners LP	6.85%	2/15/2020		70		72,498
Kinder Morgan Energy Partners LP	9.00%	2/1/2019		112		112,486
Kinder Morgan, Inc.†	5.00%	2/15/2021		32		32,794
Kinder Morgan, Inc.†	5.625%	11/15/2023		66		69,909
Kinder Morgan, Inc.	6.50%	9/15/2020		9		9,431
Midcontinent Express Pipeline LLC†	6.70%	9/15/2019		33		33,475
NGPL PipeCo LLC†	4.375%	8/15/2022		9		8,865
Northern Natural Gas Co.†	4.25%	6/1/2021		14		14,284
ONEOK Partners LP	8.625%	3/1/2019		19		19,135

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers (continued)
ONEOK, Inc.	7.50%	9/1/2023	$	62	$	70,512
Rockies Express Pipeline LLC†	6.00%	1/15/2019		37		37,023
Sabine Pass Liquefaction LLC	5.625%	2/1/2021		240		247,328
Sabine Pass Liquefaction LLC	5.625%	4/15/2023		400		421,789
Spectra Energy Partners LP	4.60%	6/15/2021		5		5,141
Texas Eastern Transmission LP†	2.80%	10/15/2022		5		4,812
Texas Eastern Transmission LP†	4.125%	12/1/2020		5		5,042
Texas Gas Transmission LLC†	4.50%	2/1/2021		25		25,275
Williams Cos., Inc. (The)	7.875%	9/1/2021		9		9,840
Total						3,137,214
Oil: Integrated Domestic 0.31%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.	2.773%	12/15/2022		2		1,920
National Oilwell Varco, Inc.	2.60%	12/1/2022		149		140,773
SESI LLC	7.125%	12/15/2021		87		74,385
TechnipFMC plc (United Kingdom)(c)	3.45%	10/1/2022		26		25,685
Total						242,763
Real Estate Investment Trusts 0.84%
Brixmor Operating Partnership LP	3.25%	9/15/2023		49		47,374
Corporate Office Properties LP	3.70%	6/15/2021		84		83,334
EPR Properties	5.25%	7/15/2023		9		9,289
EPR Properties	5.75%	8/15/2022		51		53,509
HCP, Inc.	4.25%	11/15/2023		5		5,013
Healthcare Trust of America Holdings LP	2.95%	7/1/2022		10		9,727
Highwoods Realty LP	3.20%	6/15/2021		8		7,907
Reckson Operating Partnership LP	7.75%	3/15/2020		75		78,493
Senior Housing Properties Trust	3.25%	5/1/2019		51		50,749
SITE Centers Corp.	4.625%	7/15/2022		11		11,302
SL Green Operating Partnership LP	3.25%	10/15/2022		3		2,901
SL Green Realty Corp.	4.50%	12/1/2022		26		26,333
Vereit Operating Partnership LP	3.00%	2/6/2019		123		122,929
Vereit Operating Partnership LP	4.125%	6/1/2021		41		41,397
Vereit Operating Partnership LP	4.60%	2/6/2024		83		83,998
Welltower, Inc.	4.50%	1/15/2024		6		6,159
Weyerhaeuser Co.	4.70%	3/15/2021		25		25,633
Weyerhaeuser Co.	7.375%	10/1/2019		2		2,055
Total						668,102

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Retail 0.02%
Dollar Tree, Inc.	3.70%		5/15/2023	$	18	$	17,619
Savings & Loan 0.13%
People’s United Financial, Inc.	3.65%		12/6/2022		102		102,174
Technology 0.86%
Alibaba Group Holding Ltd. (China)(c)	2.80%		6/6/2023		200		193,709
Baidu, Inc. (China)(c)	3.875%		9/29/2023		200		199,395
Baidu, Inc. (China)(c)	4.375%		5/14/2024		200		202,045
eBay, Inc.	3.021% (3 Mo. LIBOR + .48%	)#	8/1/2019		75		74,951
VeriSign, Inc.	4.625%		5/1/2023		8		7,900
Total							678,000
Telecommunications 0.30%
AT&T, Inc.	3.956% (3 Mo. LIBOR + 1.18%	)#	6/12/2024		18		17,473
Level 3 Parent LLC	5.75%		12/1/2022		31		30,522
T-Mobile USA, Inc.	6.00%		4/15/2024		73		73,183
Vodafone Group plc (United Kingdom)(c)	3.426% (3 Mo. LIBOR + .99%	)#	1/16/2024		47		45,879
Vodafone Group plc (United Kingdom)(c)	3.75%		1/16/2024		70		69,068
Total							236,125
Toys 0.01%
Mattel, Inc.	2.35%		8/15/2021		9		8,010
Transportation: Miscellaneous 0.06%
Watco Cos. LLC/Watco Finance Corp.†	6.375%		4/1/2023		25		25,188
XPO Logistics, Inc.†	6.50%		6/15/2022		25		24,875
Total							50,063
Utilities 0.01%
United Utilities plc (United Kingdom)(c)	5.375%		2/1/2019		10		10,014
Total Corporate Bonds (cost $29,482,658)							29,033,714
FLOATING RATE LOANS(e) 1.46%
Aerospace/Defense 0.01%
Gol Luxco SA Term Loan (Luxembourg)(c)	6.50%		8/31/2020		6		6,154
Air Transportation 0.04%
American Airlines, Inc. 2017 Replacement Term Loan	–	(f)	10/10/2021		34		33,121

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 0.23%
Dell International LLC Replacement Term Loan A2	4.28% (1 Mo. LIBOR + 1.75%	)	9/7/2021	$	185	$	180,174
Containers 0.06%
Ball Corp. Dollar Term Loan A	4.022% (1 Mo. LIBOR + 1.50%	)	3/18/2021		43		42,527
Berry Global, Inc. Term Loan S	–	(f)	2/8/2020		4		3,944
Berry Global, Inc. Term Loan T	–	(f)	1/6/2021		4		3,917
Total							50,388
Electrical Equipment 0.16%
Analog Devices, Inc. Three Year Term Loan	3.475% (1 Mo. LIBOR + 1.13%	)	3/10/2020		20		20,205	(g)
Marvell Technology Group Ltd Term Loan A	3.755% (3 Mo. LIBOR + 1.38%	)	7/6/2021		103		103,240
Total							123,445
Entertainment 0.03%
GLP Capital, L.P. Incremental Tranche A1 Term Loan	4.004% (1 Mo. LIBOR + 1.50%	)	4/28/2021		16		15,710
Yonkers Racing Corp. 1st Lien Initial Term Loan	7.75% (3 Mo. Prime + 2.25%	)	5/31/2024		12		12,058
Total							27,768
Financial Services 0.05%
Delos Finance 2018 Sarl New Term Loan (Luxembourg)(c)	4.553% (3 Mo. LIBOR + 1.75%	)	10/6/2023		32		31,561
Flying Fortress Holdings, LLC 2018 New Term Loan	–	(f)	10/30/2022		9		8,845
Total							40,406
Health Care Products 0.03%
Zimmer Biomet Holdings, Inc. Term Loan	3.69% (1 Mo. LIBOR + 1.25%	)	9/30/2019		21		21,180	(g)
Investment Management Companies 0.04%
RPI Finance Trust Term Loan A4	4.022% (1 Mo. LIBOR + 1.50%	)	5/4/2022		30		28,959
Lodging 0.04%
Hilton Worldwide Finance, LLC Term Loan B2	–	(f)	10/25/2023		36		34,418
Machinery: Industrial/Specialty 0.03%
Flowserve Corp. 2012 Term Loan	4.303% (3 Mo. LIBOR + 1.50%	)	10/14/2020		22		21,670	(g)

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Manufacturing 0.01%
Tyco International Holding S.a.r.I. Term Loan (Luxembourg)(c)	4.158% (3 Mo. LIBOR + 1.25%	)	3/2/2020	$	10	$	10,426
Media 0.04%
Unitymedia Hessen GmbH & Co. KG Facility Term Loan B	4.705% (1 Mo. LIBOR + 2.25%	)	9/30/2025		32		31,008
Metal Fabricating 0.01%
Doncasters US Finance LLC 2nd Lien Term Loan	11.053% (3 Mo. LIBOR + 8.25%	)	10/9/2020		8		6,325
Miscellaneous 0.05%
Reynolds Group Holdings Inc. Incremental U.S. Term Loan	–	(f)	2/5/2023		26		24,841
Utex Industries, Inc. 1st Lien Initial Term Loan	6.522% (1 Mo. LIBOR + 4.00%	)	5/21/2021		14		12,730
Utex Industries, Inc. 2nd Lien Initial Term Loan	9.772% (1 Mo. LIBOR + 7.25%	)	5/20/2022		6		5,190
Total							42,761
Oil 0.02%
Petroleos Mexicanos Term Loan (Mexico)(c)	3.31% (1 Mo. LIBOR + .85%	)	2/14/2020		20		19,900	(g)
Oil: Crude Producers 0.02%
Buckeye Partners LP Delayed Draw Term Loan	3.88% (1 Mo. LIBOR + 1.35%	)	9/30/2019		17		16,957	(g)
Real Estate Investment Trusts 0.13%
Invitation Homes Operating Partnership LP Initial Term Loan	4.204% (1 Mo. LIBOR + 1.70%	)	2/6/2022		106		102,290	(g)
Retail 0.27%
Panera Bread Co. Term Loan	4.25% (1 Mo. LIBOR + 1.75%	)	7/18/2022		86		82,934
PVH Corp. Tranche A Term Loan	3.955% (1 Mo. LIBOR + 1.50%	)	5/19/2021		128		127,388
Total							210,322
Technology 0.00%
Symantec Corp. Term Loan A2	4.063% (1 Mo. LIBOR + 1.50%	)	8/1/2019		2		1,491

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Telecommunications 0.19%
AT&T Inc. Advance Tranche A Term Loan	3.595% (1 Mo. LIBOR + 1.13%	)	12/14/2020	$	66		$	66,151
CenturyLink, Inc. Initial Term Loan A	5.272% (1 Mo. LIBOR + 2.75%	)	11/1/2022		85			82,648
Total								148,799
Total Floating Rate Loans (cost $1,174,038)								1,157,962
FOREIGN GOVERNMENT OBLIGATIONS 0.16%
Argentina
Republic of Argentina(c)	4.625%		1/11/2023		130			103,106
Republic of Argentina(c)	5.625%		1/26/2022		25			21,188
Total								124,294
Total Foreign Government Obligations (cost $139,737)								124,294
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.61%
Government National Mortgage Assoc. 2014-64 A	2.20%		2/16/2045		23			22,860
Government National Mortgage Assoc. 2014-64 IO	1.158%	#(h)	12/16/2054		279			15,397
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		1	(a)		581
Government National Mortgage Assoc. 2014-78 IO	0.57%	#(h)	3/16/2056		53			1,740
Government National Mortgage Assoc. 2014-109 A	2.325%		1/16/2046		11			11,066
Government National Mortgage Assoc. 2014-112 A	3.00%	#(h)	1/16/2048		5			5,397
Government National Mortgage Assoc. 2014-135 AS	2.30%		2/16/2047		16			15,270
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(h)	2/16/2049		26			25,383
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(h)	2/16/2053		38			37,277
Government National Mortgage Assoc. 2017 20 AS	2.50%		2/16/2057		55			52,531
Government National Mortgage Assoc. 2017-22 GA	2.60%	#(h)	8/16/2051		28			26,372
Government National Mortgage Assoc. 2017 23 AB	2.60%		12/16/2057		39			37,252
Government National Mortgage Assoc. 2017-28 AB	2.50%		10/16/2051		66			62,149
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		57			54,766
Government National Mortgage Assoc. 2017-51 AS	2.75%		4/16/2058		89			86,265
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		86			83,570
Government National Mortgage Assoc. 2017-54 AD	2.75%		1/16/2057		82			79,346
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		59			56,535
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		73			70,646
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		48			46,046
Government National Mortgage Assoc. 2017-72 AM	2.60%		9/16/2051		29			27,864
Government National Mortgage Assoc. 2017-74 AS	2.60%		10/16/2057		29			28,111
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		59			56,911
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		47			44,006

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Government National Mortgage Assoc. 2017-90 AS	2.70%		7/16/2057	$	65		$	62,601
Government National Mortgage Assoc. 2017-92 AS	2.75%		6/16/2058		59			56,880
Government National Mortgage Assoc. 2017-100 AS	2.75%		2/16/2058		48			46,440
Government National Mortgage Assoc. 2017-168 AS	2.70%		8/16/2058		169			162,209
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $1,325,382)								1,275,471
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.26%
Federal Home Loan Mortgage Corp.	3.106% (12 Mo. LIBOR + 1.64%	)#	10/1/2043		8			7,647
Federal Home Loan Mortgage Corp.	4.019% (12 Mo. LIBOR + 1.84%	)#	6/1/2042		6			6,663
Federal Home Loan Mortgage Corp.	4.407% (12 Mo. LIBOR + 1.81%	)#	6/1/2041		9			9,700
Federal Home Loan Mortgage Corp.	4.616% (12 Mo. LIBOR + 1.90%	)#	12/1/2040		14			15,088
Federal National Mortgage Assoc.	2.679% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		7			7,280
Federal National Mortgage Assoc.	2.717% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		27			27,548
Federal National Mortgage Assoc.	2.825% (12 Mo. LIBOR + 1.60%	)#	10/1/2045		9			8,734
Federal National Mortgage Assoc.	2.923% (12 Mo. LIBOR + 1.72%	)#	6/1/2042		18			17,644
Federal National Mortgage Assoc.	3.673% (12 Mo. LIBOR + 1.82%	)#	1/1/2042		31			31,934
Federal National Mortgage Assoc.	3.961% (12 Mo. LIBOR + 1.78%	)#	3/1/2042		12			12,472
Federal National Mortgage Assoc.	3.982% (12 Mo. LIBOR + 1.82%	)#	4/1/2040		22			23,299
Federal National Mortgage Assoc.	4.216% (12 Mo. LIBOR + 1.78%	)#	10/1/2036		30			31,652
Federal National Mortgage Assoc.	4.428% (12 Mo. LIBOR + 1.82%	)#	12/1/2040		2			2,283
Federal National Mortgage Assoc.	4.512% (12 Mo. LIBOR + 1.80%	)#	10/1/2040		1	(a)		610
Federal National Mortgage Assoc.	4.528% (12 Mo. LIBOR + 1.81%	)#	12/1/2040		1			1,111
Total Government Sponsored Enterprises Pass-Throughs (cost $206,981)								203,665

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 0.10%
Miscellaneous
Illinois	4.95%		6/1/2023	$	7	$	7,111
Illinois	5.877%		3/1/2019		75		75,334
Total							82,445
Total Municipal Bonds (cost $82,334)							82,445
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 24.86%
Americold LLC 2010-ARTA A1†	3.847%		1/14/2029		25		25,280
AOA Mortgage Trust 2015-1177 A†	2.957%		12/13/2029		100		99,590
AREIT Trust 2018-CRE2 A†	3.287% (1 Mo. LIBOR + .98%%	)#	11/14/2035		100		100,187
Atrium Hotel Portfolio Trust 2017-ATRM A†	3.385% (1 Mo. LIBOR + .93%	)#	12/15/2036		100		99,283
Atrium Hotel Portfolio Trust 2018-ATRM A†	3.405% (1 Mo. LIBOR + .95%	)#	6/15/2035		100		99,608
Atrium Hotel Portfolio Trust 2018-ATRM B†	3.885% (1 Mo. LIBOR + 1.43%	)#	6/15/2035		100		99,386
Atrium Hotel Portfolio Trust 2018-ATRM C†	4.105% (1 Mo. LIBOR + 1.65%	)#	6/15/2035		100		99,278
Aventura Mall Trust 2013-AVM C†	3.743%	#(h)	12/5/2032		100		101,671
BAMLL Trust 2011-FSHN A†	4.42%		7/11/2033		100		102,731
Bancorp Commercial Mortgage Trust (The) 2018-CR3 A†	3.305% (1 Mo. LIBOR + .85%	)#	1/15/2033		52		51,318
BB-UBS Trust 2012-TFT A†	2.892%		6/5/2030		200		196,897
BB-UBS Trust 2012-TFT B†	3.468%	#(h)	6/5/2030		100		97,546
BB-UBS Trust 2012-TFT C†	3.468%	#(h)	6/5/2030		100		97,136
BBCMS Mortgage Trust 2018-TALL A†	3.177% (1 Mo. LIBOR + .72%	)#	3/15/2037		200		196,822
BBCMS Mortgage Trust 2018-TALL E†	4.892% (1 Mo. LIBOR + 2.44%	)#	3/15/2037		132		128,693
BBCMS Trust 2018-BXH A†	3.455% (1 Mo. LIBOR + 1.00%%	)#	10/15/2037		82		81,514
BDS 2018-FL1 A†	3.305% (1 Mo. LIBOR + .85%	)#	1/15/2035		86		84,697
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E†	5.406%	#(h)	11/11/2041		15		15,064
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 F†	5.677%	#(h)	11/11/2041		25		25,133
BX Commercial Mortgage Trust 2018-BIOA A†	3.126% (1 Mo. LIBOR + .67%	)#	3/15/2037		209		205,308
BX Trust 2017-SLCT A†	3.375% (1 Mo. LIBOR + .92%	)#	7/15/2034		40		39,312
BX Trust 2017-SLCT B†	3.655% (1 Mo. LIBOR + 1.20%	)#	7/15/2034		40		39,532

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BX Trust 2017-SLCT D†	4.505% (1 Mo. LIBOR + 2.05%	)#	7/15/2034	$	62	$	61,160
BX Trust 2017-SLCT E†	5.605% (1 Mo. LIBOR + 3.15%	)#	7/15/2034		51		50,525
BX Trust 2018-BILT A†	3.255% (1 Mo. LIBOR + .80% Floor .80%	)#	5/15/2030		46		45,743
BX Trust 2018-BILT D†	4.225% (1 Mo. LIBOR + 1.77% Floor 1.77%	)#	5/15/2030		19		18,835
BX Trust 2018-GW A†	3.255% (1 Mo. LIBOR + .80%	)#	5/15/2035		29		28,425
BX Trust 2018-GW D†	4.225% (1 Mo. LIBOR + 1.77% Floor 1.77%	)#	5/15/2035		15		14,734
BXP Trust 2017-CQHP A†	3.305% (1 Mo. LIBOR + .85%	)#	11/15/2034		43		42,491
Caesars Palace Las Vegas Trust 2017-VICI A†	3.531%		10/15/2034		371		373,525
Caesars Palace Las Vegas Trust 2017-VICI B†	3.835%		10/15/2034		140		140,532
Caesars Palace Las Vegas Trust 2017-VICI C†	4.138%		10/15/2034		166		166,948
Caesars Palace Las Vegas Trust 2017-VICI D†	4.354%	#(h)	10/15/2034		40		40,080
Caesars Palace Las Vegas Trust 2017-VICI E†	4.354%	#(h)	10/15/2034		300		293,554
Caesars Palace Las Vegas Trust 2017-VICI XA IO†	0.823%	#(h)	10/15/2034		1,000		28,863
Caesars Palace Las Vegas Trust 2017-VICI XB IO†	0.393%	#(h)	10/15/2034		1,000		14,715
CCRESG Commercial Mortgage Trust 2016-HEAT B†	4.114%		4/10/2029		29		29,280
CCRESG Commercial Mortgage Trust 2016-HEAT C†	4.919%		4/10/2029		29		29,558
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.187%	#(h)	11/10/2049		192		13,593
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.753%	#(h)	12/10/2054		188		9,013
CFCRE Commercial Mortgage Trust 2018-TAN A†	4.236%		2/15/2033		134		137,647
CHT Mortgage Trust 2017-CSMO A†	3.385% (1 Mo. LIBOR + 1.93%	)#	11/15/2036		282		279,013
CHT Mortgage Trust 2017-CSMO B†	3.855% (1 Mo. LIBOR + 1.40%	)#	11/15/2036		100		98,990
CHT Mortgage Trust 2017-CSMO D†	4.705% (1 Mo. LIBOR + 2.25%	)#	11/15/2036		100		98,038
Citigroup Commercial Mortgage Trust 2013-375P A†	3.251%		5/10/2035		100		99,904
Citigroup Commercial Mortgage Trust 2013-375P B†	3.518%	#(h)	5/10/2035		110		109,585
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		10		9,920
Citigroup Commercial Mortgage Trust 2015-GC31 XA IO	0.401%	#(h)	6/10/2048		961		20,455
Citigroup Commercial Mortgage Trust 2015-SHP2 XCP IO†	Zero Coupon	#(h)	7/15/2027		46,545		382
Cold Storage Trust 2017-ICE3 A†	3.455% (1 Mo. LIBOR + 1.00%	)#	4/15/2036		100		98,354

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Loan Trust 2008-LS1 ASM	6.05%	#(h)	12/10/2049	$	3	$	2,672
Commercial Mortgage Pass-Through Certificates 2012-CR3 B†	3.922%		10/15/2045		200		199,019
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2†	3.40%		10/5/2030		100		98,007
Commercial Mortgage Pass-Through Certificates 2013-CR11 A2	3.047%		8/10/2050		20		19,983
Commercial Mortgage Pass-Through Certificates 2013-CR7 A4	3.213%		3/10/2046		94		94,166
Commercial Mortgage Pass-Through Certificates 2013-SFS A1†	1.873%		4/12/2035		94		91,699
Commercial Mortgage Pass-Through Certificates 2014-CR18 A5	3.828%		7/15/2047		70		71,502
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4	3.532%		8/10/2047		33		33,296
Commercial Mortgage Pass-Through Certificates 2014-LC15 A3	3.727%		4/10/2047		100		101,888
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4	3.819%		6/10/2047		13		13,284
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XB1 IO†	0.097%	#(h)	9/10/2047		2,000		16,809
Commercial Mortgage Pass-Through Certificates 2015-PC1 XA IO†	0.717%	#(h)	7/10/2050		96		2,904
Commercial Mortgage Pass-Through Certificates 2016-GCT C†	3.461%	#(h)	8/10/2029		319		314,694
Commercial Mortgage Pass-Through Certificates 2016-GCT D†	3.461%	#(h)	8/10/2029		100		97,932
Commercial Mortgage Pass-Through Certificates 2016-GCT XA IO†	0.784%		8/10/2029		4,000		64,620
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	4.069% (1 Mo. LIBOR + 1.72%	)#	10/15/2034		67		66,940
Commercial Mortgage Pass-Through Certificates 2016-SAVA B†	4.649% (1 Mo. LIBOR + 2.30%	)#	10/15/2034		100		100,141
Commercial Mortgage Trust 2016-CD1 XA IO	1.425%	#(h)	8/10/2049		56		4,434
Core Industrial Trust 2015-CALW XA IO†	0.81%	#(h)	2/10/2034		954		20,497
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B1†	5.466%		5/15/2023		31		31,569
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B2†	5.538%		5/15/2023		200		203,687
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO†	0.552%	#(h)	9/15/2037		1,000		29,721

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal  Amount  (000)		Fair  Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates 2016-MFF B†	4.955% (1 Mo. LIBOR + 2.50%	)#	11/15/2033	$	50	$	50,095
Credit Suisse Mortgage Capital Certificates 2016-MFF C†	5.955% (1 Mo. LIBOR + 3.50%	)#	11/15/2033		50		50,196
Credit Suisse Mortgage Capital Certificates 2017-HD A†	3.405% (1 Mo. LIBOR + .95%	)#	2/15/2031		50		49,819
Credit Suisse Mortgage Capital Certificates 2017-HD D†	4.955% (1 Mo. LIBOR + 2.50%	)#	2/15/2031		50		49,769
Credit Suisse Mortgage Capital Certificates 2017-LSTK A†	2.761%		4/5/2033		364		360,951
Credit Suisse Mortgage Capital Certificates 2017-LSTK B†	3.03%		4/5/2033		50		49,434
Credit Suisse Mortgage Capital Certificates 2017-LSTK C†	3.229%		4/5/2033		50		49,353
Credit Suisse Mortgage Capital Certificates 2017-LSTK D†	3.331%	#(h)	4/5/2033		50		49,053
Credit Suisse Mortgage Capital Certificates 2017-MOON A†	3.197%		7/10/2034		60		60,125
Credit Suisse Mortgage Capital Certificates 2017-MOON B†	3.197%	#(h)	7/10/2034		50		49,785
Credit Suisse Mortgage Capital Certificates 2017-MOON C†	3.197%	#(h)	7/10/2034		109		107,435
Credit Suisse Mortgage Capital Certificates 2017-MOON D†	3.197%	#(h)	7/10/2034		50		48,344
Credit Suisse Mortgage Capital Certificates 2017-MOON X IO†	0.09%	#(h)	7/10/2034		28,675		34,783
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A†	3.405% (1 Mo. LIBOR + .95%	)#	12/15/2030		50		49,841
CSAIL Commercial Mortgage Trust 2015-C4 A2	3.157%		11/15/2048		10		9,974
CSAIL Commercial Mortgage Trust 2016-C6 XA IO	1.795%	#(h)	1/15/2049		984		87,562
DBGS Mortgage Trust 2018-BIOD A†	3.258% (1 Mo. LIBOR + .80%	)#	5/15/2035		93		92,463
DBJPM Mortgage Trust 2016-C3 XA IO	1.50%	#(h)	9/10/2049		197		17,528
DBUBS Mortgage Trust 2011-LC2A A4†	4.537%		7/10/2044		100		102,849
DBWF Mortgage Trust 2015-LCM A1†	2.998%		6/10/2034		18		17,654
DBWF Mortgage Trust 2016-85T XA IO†	0.014%	#(h)	12/10/2036		3,140		11,775
DBWF Mortgage Trust 2018-AMXP A†	3.747%	#(h)	5/5/2035		325		329,929
DBWF Mortgage Trust 2018-AMXP B†	3.996%	#(h)	5/5/2035		100		101,516
DBWF Mortgage Trust 2018-AMXP C†	3.83%	#(h)	5/5/2035		100		100,658
DBWF Mortgage Trust 2018-GLKS A†	3.41% (1 Mo. LIBOR + 1.03%	)#	11/19/2035		134		133,776

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
DBWF Mortgage Trust 2018-GLKS B†	3.73% (1 Mo. LIBOR + 1.35%	)#	11/19/2035	$	100	$	99,950
DBWF Mortgage Trust 2018-GLKS C†	4.13% (1 Mo. LIBOR + 1.75%	)#	11/19/2035		100		99,955
DBWF Mortgage Trust 2018-GLKS D†	4.78% (1 Mo. LIBOR + 2.40%	)#	11/19/2035		100		99,980
GAHR Commercial Mortgage Trust 2015-NRF BFX†	3.382%	#(h)	12/15/2034		100		99,574
GAHR Commercial Mortgage Trust 2015-NRF CFX†	3.382%	#(h)	12/15/2034		323		320,292
GRACE Mortgage Trust 2014-GRCE A†	3.369%		6/10/2028		100		100,315
GS Mortgage Securities Corp. II 2012-BWTR A†	2.954%		11/5/2034		214		212,173
GS Mortgage Securities Corp. II 2012-TMSQ A†	3.007%		12/10/2030		100		98,962
GS Mortgage Securities Corp. Trust 2012-SHOP A†	2.933%		6/5/2031		236		235,543
GS Mortgage Securities Corp. Trust 2016-RENT C†	4.067% (1 Mo. LIBOR + 2.30% Floor 2.30%	)#	2/10/2029		100		100,357
GS Mortgage Securities Corp. Trust 2017-485L XB IO†	0.111%	#(h)	2/10/2037		1,590		18,690	(i)
GS Mortgage Securities Corp. Trust 2017-GPTX A†	2.856%		5/10/2034		100		99,198
GS Mortgage Securities Corp. Trust 2017-GPTX C†	3.302%		5/10/2034		100		99,450
GS Mortgage Securities Corp. Trust 2017-STAY A†	3.305% (1 Mo. LIBOR + .85%	)#	7/15/2032		100		99,225
GS Mortgage Securities Corp. Trust 2018-FBLU A†	3.405% (1 Mo. LIBOR + .95%	)#	11/15/2035		133		132,601
GS Mortgage Securities Corp. Trust 2018-RIVR A†	3.405% (1 Mo. LIBOR + .95%	)#	7/15/2035		100		99,819
GS Mortgage Securities Trust 2011-GC5 B†	5.391%	#(h)	8/10/2044		107		110,846
GS Mortgage Securities Trust 2012-GC6 XA IO†	1.945%	#(h)	1/10/2045		293		13,667
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		20		20,503
GS Mortgage Securities Trust 2013-G1 A2†	3.557%	#(h)	4/10/2031		100		100,001
GS Mortgage Securities Trust 2013-GC14 A5	4.243%		8/10/2046		100		103,987
GS Mortgage Securities Trust 2015-GS1 XB IO	0.183%	#(h)	11/10/2048		1,082		15,738
GS Mortgage Securities Trust 2016-GS4 225A†	2.636%		11/10/2029		15		14,643	(i)
GS Mortgage Securities Trust 2016-GS4 225C†	3.778%		11/10/2029		26		25,559	(i)
GS Mortgage Securities Trust 2016-GS4 225D†	4.766%		11/10/2029		35		34,668	(i)
Hilton Orlando Trust 2018-ORL A†	3.225% (1 Mo. LIBOR + .77%	)#	12/15/2034		41		40,751
Hilton Orlando Trust 2018-ORL D†	4.155% (1 Mo. LIBOR + 1.70%	)#	12/15/2034		34		33,575
HMH Trust 2017-NSS A†	3.062%		7/5/2031		100		97,991
HMH Trust 2017-NSS B†	3.343%		7/5/2031		100		98,138
HMH Trust 2017-NSS C†	3.787%		7/5/2031		100		96,955

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
HMH Trust 2017-NSS D†	4.723%		7/5/2031	$	100	$	97,928
Hospitality Mortgage Trust 2017-HIT D†	4.537% (1 Mo. LIBOR + 2.15%	)#	5/8/2030		100		98,666
Hospitality Mortgage Trust 2017-HIT E†	5.937% (1 Mo. LIBOR + 3.55%	)#	5/8/2030		100		98,969
Hudsons Bay Simon JV Trust 2015-HB7 A7†	3.914%		8/5/2034		100		99,887
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		179		175,911
Hudsons Bay Simon JV Trust 2015-HB7 XA7 IO†	1.245%	#(h)	8/5/2034		1,000		42,145
Irvine Core Office Trust 2013-IRV A1†	2.068%		5/15/2048		24		23,392
Irvine Core Office Trust 2013-IRV A2†	3.173%	#(h)	5/15/2048		27		26,948
JPMorgan Chase Commercial Mortgage Securities Trust 2009-IWST C†	7.445%	#(h)	12/5/2027		25		25,853
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	#(h)	5/15/2045		11		11,259
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A†	3.905%		5/5/2030		185		187,045
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C14 A4	4.133%	#(h)	8/15/2046		32		33,017
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		22		22,247
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A4	3.997%		4/15/2047		76		78,122
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA IO	1.088%	#(h)	1/15/2048		935		37,197
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A†	3.429%		6/10/2027		200		198,693
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C28 A2	2.773%		10/15/2048		43		43,038
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 XA IO	0.608%	#(h)	7/15/2048		915		25,543
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C32 ASB	3.358%		11/15/2048		33		33,008
JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA IO	0.798%	#(h)	12/15/2049		964		36,668
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A†	2.798%		10/5/2031		225		221,449
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI B†	3.201%		10/5/2031		25		24,587
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C†	3.554%		10/5/2031		20		19,676

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D†	4.009%	#(h)	10/5/2031	$	35	$	34,325
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI E†	4.009%	#(h)	10/5/2031		12		11,555
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO†	0.657%	#(h)	10/5/2031		1,000		16,075
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA IO	1.085%	#(h)	9/15/2050		994		65,336
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A†	3.392%		6/5/2032		67		66,811
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B†	3.795%		6/5/2032		27		26,940
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C†	4.036%	#(h)	6/5/2032		20		19,922
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MAUI C†	3.637% (1 Mo. LIBOR + 1.25%	)#	7/15/2034		20		19,764
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MAUI D†	4.337% (1 Mo. LIBOR + 1.95%	)#	7/15/2034		31		30,510
JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A†	3.735%		1/5/2031		243		247,082
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A†	3.455% (1 Mo. LIBOR + 1.00%	)#	6/15/2032		206		202,254
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B†	3.755% (1 Mo. LIBOR + 1.30%	)#	6/15/2032		68		67,214
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C†	4.055% (1 Mo. LIBOR + 1.60%	)#	6/15/2032		52		51,262
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ E†	5.455% (1 Mo. LIBOR + 3.00%	)#	6/15/2035		10		9,789
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ XCP IO†	1.285%	#(h)	6/15/2032		20,156		244,914
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A†	3.655% (1 Mo. LIBOR + 1.20%	)#	4/15/2031		90		90,082
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B†	4.355% (1 Mo. LIBOR + 1.90% Floor 1.90%	)#	4/15/2031		24		24,017
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C†	4.755% (1 Mo. LIBOR + 2.30%	)#	4/15/2031		18		18,018
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC D†	5.575% (1 Mo. LIBOR + 3.12% Floor 3.12%	)#	4/15/2031		10		10,019
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL†	3.329% (1 Mo. LIBOR + .95%	)#	7/5/2033		45		44,943

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFX†	4.248%		7/5/2033	$	138	$	143,389
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX†	4.549%		7/5/2033		41		42,496
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL†	4.379% (1 Mo. LIBOR + 1.65%	)#	7/5/2033		16		15,981
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX†	4.95%		7/5/2033		54		55,838
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT DFL†	4.929% (1 Mo. LIBOR + 2.25%	)#	7/5/2033		16		16,009
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT DFX†	5.35%		7/5/2033		62		63,965
LMREC, Inc. 2015-CRE1 AR†	3.484% (1 Mo. LIBOR + .98%	)#	2/22/2032		122		121,676
LMREC, Inc. 2015-CRE1 BR†	4.754% (1 Mo. LIBOR + 2.25%	)#	2/22/2032		100		100,068
LSTAR Commercial Mortgage Trust 2015-3 A2†	2.729%	#(h)	4/20/2048		4		4,422
LSTAR Commercial Mortgage Trust 2015-3 A3†	3.127%	#(h)	4/20/2048		56		55,621
LSTAR Commercial Mortgage Trust 2016-4 XA IO†	1.885%	#(h)	3/10/2049		907		61,740
LSTAR Commercial Mortgage Trust 2017-5 A1†	2.417%		3/10/2050		41		40,073
LSTAR Commercial Mortgage Trust 2017-5 A2†	2.776%		3/10/2050		100		98,493
LSTAR Commercial Mortgage Trust 2017-5 A3†	4.50%		3/10/2050		100		103,621
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1†	2.117%		10/15/2030		43		41,540
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2†	3.277%		10/15/2030		100		97,905
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A4	4.137%	#(h)	8/15/2046		139		144,923
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4	2.918%		2/15/2046		10		9,863
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.694%	#(h)	7/15/2050		477		13,339
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 ASB	3.479%		5/15/2048		21		21,200
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA IO	1.437%	#(h)	11/15/2049		977		77,224
Morgan Stanley Capital Barclays Bank Trust 2016-MART B†	2.48%		9/13/2031		50		48,887
Morgan Stanley Capital Barclays Bank Trust 2016-MART C†	2.817%		9/13/2031		100		97,953

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO†	Zero Coupon	#(h)	9/13/2031	$	9,863	$	99
Morgan Stanley Capital I Trust 2014-CPT A†	3.35%		7/13/2029		140		140,447
Morgan Stanley Capital I Trust 2014-MP A†	3.469%		8/11/2033		100		101,230
Morgan Stanley Capital I Trust 2015-UBS8 ASB	3.626%		12/15/2048		12		12,179
Morgan Stanley Capital I Trust 2016-UB11 XB IO	0.994%	#(h)	8/15/2049		1,000		64,541
Motel 6 Trust 2017-MTL6 E†	5.705% (1 Mo. LIBOR + 3.25%	)#	8/15/2034		206		204,292
Motel 6 Trust 2017-MTL6 F†	6.705% (1 Mo. LIBOR + 4.25%	)#	8/15/2034		63		63,461
MSCG Trust 2015-ALDR A1†	2.612%		6/7/2035		17		16,589
MSCG Trust 2016-SNR A†	3.348%	#(h)	11/15/2034		49		47,981
MSCG Trust 2016-SNR B†	4.181%		11/15/2034		28		27,565
MSCG Trust 2016-SNR C†	5.205%		11/15/2034		21		21,046
Nationslink Funding Corp. 1999-LTL1 D†	6.45%		1/22/2026		9		8,796
Natixis Commercial Mortgage Securities Trust 2018-285M A†	3.79%	#(h)	11/15/2032		98		99,311
Natixis Commercial Mortgage Securities Trust 2018-285M B†	3.79%	#(h)	11/15/2032		24		24,022
Palisades Center Trust 2016-PLSD A†	2.713%		4/13/2033		10		9,834
Palisades Center Trust 2016-PLSD D†	4.737%		4/13/2033		77		75,726
PFP Ltd. 2017-3 A†	3.505% (1 Mo. LIBOR + 1.05%	)#	1/14/2035		7		7,265
PFP Ltd. 2017-3 B†	4.205% (1 Mo. LIBOR + 1.75%	)#	1/14/2035		100		100,213
PFP Ltd. 2017-3 D†	5.955% (1 Mo. LIBOR + 3.50%	)#	1/14/2035		100		100,186
Prima Capital CRE Securitization 2015-5A C†	4.50%		12/24/2050		121		119,821
Prima Capital CRE Securitization Ltd. 2016-6A A†	2.85%		8/24/2040		127		126,022
RAIT Trust 2017-FL7 A†	3.405% (1 Mo. LIBOR + .95%	)#	6/15/2037		87		86,613
RAIT Trust 2017-FL8 A†	3.305% (1 Mo. LIBOR + .85%	)#	12/15/2037		30		30,430
RBS Commercial Funding, Inc. Trust 2013-SMV A†	3.26%		3/11/2031		100		99,246
ReadyCap Commercial Mortgage Trust 2015-2 A†	3.804%		6/25/2055		23		23,373
ReadyCap Commercial Mortgage Trust 2018-4 A†	3.39%		2/27/2051		100		100,392
ReadyCap Mortgage Trust 2016-3 A†	2.94%		11/20/2038		75		74,439
Shelter Growth CRE Issuer Ltd. 2018-FL1 A†	3.455% (1 Mo. LIBOR + 1.00%	)#	1/15/2035		49		48,744
Shops at Crystals Trust 2016-CSTL XB IO†	0.203%	#(h)	7/5/2036		1,000		16,175
SLIDE 2018-FUN A†	3.355% (1 Mo. LIBOR + .90%	)#	6/15/2031		70		69,227
SLIDE 2018-FUN B†	3.705% (1 Mo. LIBOR + 1.25%	)#	6/15/2031		15		14,812
SLIDE 2018-FUN C†	4.005% (1 Mo. LIBOR + 1.55%	)#	6/15/2031		13		12,823
SLIDE 2018-FUN D†	4.305% (1 Mo. LIBOR + 1.85%	)#	6/15/2031		20		19,704

42 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
SLIDE 2018-FUN XCP IO†	0.976%	#(h)	12/15/2020	$	1,648	$	29,824	(i)
Stonemont Portfolio Trust 2017-MONT D†	4.52% (1 Mo. LIBOR + 2.05%	)#	8/20/2030		98		98,045
Stonemont Portfolio Trust 2017-MONT E†	5.22% (1 Mo. LIBOR + 2.75%	)#	8/20/2030		146		146,277
Stonemont Portfolio Trust 2017-MONT F†	6.07% (1 Mo. LIBOR + 3.60%	)#	8/20/2030		94		94,381
Stonemont Portfolio Trust 2017-MONT XCP IO†	0.638%	#(h)	8/20/2030		14,750		295
UBS-BAMLL Trust 2012-WRM D†	4.238%	#(h)	6/10/2030		100		93,304
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4	3.525%		5/10/2063		34		34,388
UBS-Barclays Commercial Mortgage Trust 2012-C4 A5	2.85%		12/10/2045		200		197,827
UBS-Barclays Commercial Mortgage Trust 2013-C5 A4	3.185%		3/10/2046		77		77,018
UBS-Barclays Commercial Mortgage Trust 2013-C5 XA IO†	0.967%	#(h)	3/10/2046		875		28,815
UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3	3.595%		1/10/2045		82		82,215
VNDO Mortgage Trust 2012-6AVE A†	2.996%		11/15/2030		300		297,526
Waldorf Astoria Boca Raton Trust 2016-BOCA C†	4.955% (1 Mo. LIBOR + 2.50%	)#	6/15/2029		100		99,569
Waldorf Astoria Boca Raton Trust 2016-BOCA E†	6.805% (1 Mo. LIBOR + 4.35%	)#	6/15/2029		27		26,901
Wells Fargo Commercial Mortgage Trust 2010-C1 C†	5.597%	#(h)	11/15/2043		100		102,283
Wells Fargo Commercial Mortgage Trust 2015-C26 ASB	2.991%		2/15/2048		21		20,823
Wells Fargo Commercial Mortgage Trust 2015-C29 ASB	3.40%		6/15/2048		10		10,099
Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO	0.018%	#(h)	6/15/2048		2,000		5,704
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A	3.075%		12/15/2048		10		9,975
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2B	4.599%	#(h)	12/15/2048		36		36,940
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.748%	#(h)	9/15/2048		958		35,269
Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA IO	1.782%	#(h)	8/15/2049		978		101,573
Wells Fargo Commercial Mortgage Trust 2018-C44 A2	4.178%		5/15/2051		35		36,312

See Notes to Financial Statements. 43

Schedule of Investments (continued)

December 31, 2018

Investments	Interest  Rate		Maturity  Date	Principal  Amount  (000)		Fair  Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
West Town Mall Trust 2017-KNOX A†	3.823%		7/5/2030	$	74	$	74,274
West Town Mall Trust 2017-KNOX B†	4.322%		7/5/2030		31		31,306
West Town Mall Trust 2017-KNOX C†	4.346%	#(h)	7/5/2030		25		24,848
West Town Mall Trust 2017-KNOX D†	4.346%	#(h)	7/5/2030		25		24,415
West Town Mall Trust 2017-KNOX X IO†	0.376%	#(h)	7/5/2030		1,604		19,738
WF-RBS Commercial Mortgage Trust 2011-C2 A4†	4.869%	#(h)	2/15/2044		24		24,691
WF-RBS Commercial Mortgage Trust 2011-C4 A3†	4.394%		6/15/2044		6		5,804
WF-RBS Commercial Mortgage Trust 2012-C7 A2	3.431%		6/15/2045		50		50,309
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.756%	#(h)	6/15/2045		25		25,540
WF-RBS Commercial Mortgage Trust 2012-C7 XA IO†	1.405%	#(h)	6/15/2045		75		2,740
WF-RBS Commercial Mortgage Trust 2012-C8 XA IO†	1.836%	#(h)	8/15/2045		344		18,299
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		311		308,885
Total Non-Agency Commercial Mortgage-Backed Securities (cost $19,886,567)							19,688,207
				Shares  (000)
PREFERRED STOCK 0.00%
Oil
Templar Energy LLC (cost $11,530)					1		3,472
				Principal  Amount  (000)
U.S. TREASURY OBLIGATIONS 1.36%
U.S. Treasury Inflation Indexed Note(j)	0.125%		4/15/2022	$	173		167,039
U.S. Treasury Inflation Indexed Note(j)	0.625%		4/15/2023		913		898,406
U.S. Treasury Note	2.875%		10/31/2023		9		9,150
Total U.S. Treasury Obligations (cost $1,074,121)							1,074,595
Total Long-Term Investments (cost $73,665,314)							72,850,931
SHORT-TERM INVESTMENTS 7.46%
COMMERCIAL PAPER 1.38%
Automotive 0.12%
Ford Motor Credit Co. LLC	4.39%		11/25/2019		100		96,459

44 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Business Services 0.31%
TYCO INTL HLDG SARL	2.839%		1/2/2019	$	250	$	250,000
Electric: Power 0.31%
South Carolina Fuel	3.876%		1/17/2019		250		249,603
Leisure 0.32%
Royal Caribbean Cruise	3.168%		1/2/2019		250		250,000
Oil: Crude Producers 0.32%
Energy Transfer Partners	3.347%		1/2/2019		250		250,000
Total Commercial Paper (cost $1,095,732)							1,096,062
CONVERTIBLE BOND 0.03%
Technology
Vipshop Holdings Ltd. (China)(c) (cost $23,865)	1.50%		3/15/2019		24		23,700
CORPORATE BONDS 0.53%
Advertising 0.01%
Aimia, Inc. (Canada)(k)	6.85%		5/17/2019	CAD	10		7,435
Banks: Regional 0.25%
Sberbank of Russia Via SB Capital SA (Luxembourg)(c)	4.15%		3/6/2019	$	200		199,978
Computer Hardware 0.11%
HP, Inc.	3.376% (3 Mo. LIBOR + .94%	)#	1/14/2019		90		90,015
Drugs 0.04%
Shire Acquisitions Investments Ireland DAC (Ireland)(c)	1.90%		9/23/2019		31		30,571
Electric: Power 0.02%
Sempra Energy	9.80%		2/15/2019		18		18,121
Metals & Minerals: Miscellaneous 0.01%
Glencore Funding LLC†	2.50%		1/15/2019		11		11,006
Oil 0.05%
Rowan Cos., Inc.	7.875%		8/1/2019		27		26,797
Anadarko Petroleum Corp.	8.70%		3/15/2019		8		8,083
Total							34,880

See Notes to Financial Statements. 45

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity		Amount			Fair
Investments	Rate	Date		(000)			Value
Oil: Crude Producers 0.01%
Kinder Morgan Energy Partners LP	2.65%	2/1/2019		$	7	$	6,996
Telecommunications 0.03%
Hughes Satellite Systems Corp.	6.50%	6/15/2019			20		20,213
Total Corporate Bonds (cost $420,437)							419,215
REPURCHASE AGREEMENT
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $4,350,000 of U.S. Treasury Note at 2.875% due 7/31/2025; value: value: $4,463,544; proceeds: $4,372,127 (cost $4,371,775)					4,372		4,371,775
Total Short-Term Investment (cost $5,911,809)							5,910,752
Total Investments in Securities 99.45% (cost $79,577,123)							78,761,683
Other Assets in Excess of Liabilities(l) 0.55%							435,632
Net Assets 100.00%						$	79,197,315

CAD	Canadian dollar.
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, 2018.
(a)	Amount is less than $1,000.
(b)	Amount represents less than 1,000 shares.
(c)	Foreign security traded in U.S. dollars.
(d)	Security is perpetual in nature and has no stated maturity.
(e)	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, 2018.
(f)	Interest rate to be determined.
(g)	Level 3 Investment as described in Note 2(l) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
(h)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(i)	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.
(j)	Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
(k)	Investment in non-U.S. dollar denominated securities.
(l)	Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

46 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Open Forward Foreign Currency Exchange Contracts at December 31, 2018:

Forward
Foreign					U.S. $
Currency					Cost on	U.S. $
Exchange	Transaction		Expiration	Foreign	Origination	Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date	Value	Appreciation
Canadian dollar	Sell	State Street Bank and Trust	3/5/2019	10,000	$7,561	$7,336	$225

Open Futures Contracts at December 31, 2018:

				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Appreciation
U.S. 2-Year Treasury Note	March 2019	68	Long	$14,361,337	$14,437,250	$75,913
				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Depreciation
U.S. 5-Year Treasury Note	March 2019	2	Short	$(227,201)	$(229,375)	$(2,174)

See Notes to Financial Statements. 47

Schedule of Investments (continued)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	20,143,731	$	–	$	20,143,731
Common Stock		–			45		–		45
Convertible Bonds		–			63,330		–		63,330
Corporate Bonds		–			29,033,714		–		29,033,714
Floating Rate Loans
Electrical Equipment		–			103,240		20,205		123,445
Health Care Products		–			–		21,180		21,180
Machinery: Industrial/Specialty		–			–		21,670		21,670
Oil		–			–		19,900		19,900
Oil: Crude Producers		–			–		16,957		16,957
Real Estate Investment Trusts		–			–		102,290		102,290
Remaining Industries		–			852,520		–		852,520
Foreign Government Obligations		–			124,294		–		124,294
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			1,275,471		–		1,275,471
Government Sponsored Enterprises Pass-Throughs		–			203,665		–		203,665
Municipal Bonds		–			82,445		–		82,445
Non-Agency Commercial Mortgage-Backed Securities		–			19,564,823		123,384		19,688,207
Preferred Stock		–			3,472		–		3,472
U.S. Treasury Obligations		–			1,074,595		–		1,074,595
Short-Term Investments
Commercial Paper		–			1,096,062		–		1,096,062
Convertible Bond		–			23,700		–		23,700
Corporate Bonds		–			419,215		–		419,215
Repurchase Agreement		–			4,371,775		–		4,371,775
Total	$	–		$	78,436,097	$	325,586	$	78,761,683
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	225	$	–	$	225
Liabilities		–			–		–		–
Futures Contracts
Assets		75,913			–		–		75,913
Liabilities		(2,174	)		–		–		(2,174	)
Total	$	73,739		$	225	$	–	$	73,964

(1)	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
(3)	There were no Level 1/Level 2 transfers during the fiscal year ended December 31, 2018.

48 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

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

							Non-Agency
							Commercial
	Corporate			Floating			Mortgage-Backed
Investment Type	Bonds			Rate Loans			Securities
Balance as of January 1, 2018	$	10,506		$	1,114,857		$	318,739
Accrued Discounts (Premiums)		–			612			(67,246	)
Realized Gain (Loss)		–			298			(757	)
Change in Unrealized Appreciation (Depreciation)		–			(2,487	)		1,203
Purchases		–			120,508			33,574
Sales		–			(1,031,586	)		(140,185	)
Transfers into Level 3		–			–			–
Transfers out of Level 3		(10,506	)		–			(21,944	)
Balance as of December 31, 2018	$	–		$	202,202		$	123,384
Change in unrealized appreciation/depreciation for year ended December 31, 2018, related to Level 3 investments held at December 31, 2018	$	–		$	(3,491	)	$	(430	)

See Notes to Financial Statements. 49

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $79,577,123)	$	78,761,683
Deposits with brokers for futures collateral		32,575
Receivables:
Interest and dividends		545,596
Capital shares sold		169,524
Investment securities sold		62,452
From advisor (See Note 3)		9,063
Variation margin on futures contracts		4,812
Unrealized appreciation on forward foreign currency exchange contracts		225
Prepaid expenses		295
Total assets		79,586,225
LIABILITIES:
Payables:
Investment securities purchased		188,464
Capital shares reacquired		48,047
Management fee		22,534
Directors’ fees		3,591
Fund administration		2,575
To bank		68
Accrued expenses		123,631
Total liabilities		388,910
NET ASSETS	$	79,197,315
COMPOSITION OF NET ASSETS:
Paid-in capital	$	82,916,914
Total distributable earnings (loss)		(3,719,599	)
Net Assets	$	79,197,315
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		5,636,915
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	14.05

50 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Dividends	$	845
Interest and other (net of foreign withholding taxes of $34)		2,275,132
Total investment income		2,275,977
Expenses:
Management fee		239,774
Non 12b-1 service fees		171,500
Shareholder servicing		79,988
Professional		52,477
Reports to shareholders		29,494
Fund administration		27,403
Custody		18,004
Directors’ fees		2,321
Other		9,341
Gross expenses		630,302
Expense reductions (See Note 9)		(1,621	)
Fees waived and expenses reimbursed (See Note 3)		(56,762	)
Net expenses		571,919
Net investment income		1,704,058
Net realized and unrealized loss:
Net realized loss on investments		(102,817	)
Net realized loss on futures contracts		(95,105	)
Net realized gain on foreign currency exchange contracts		19
Net realized loss on foreign currency related transactions		(126	)
Net change in unrealized appreciation/depreciation on investments		(707,222	)
Net change in unrealized appreciation/depreciation on futures contracts		84,401
Net change in unrealized appreciation/depreciation on foreign currency exchange contracts		425
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		15
Net realized and unrealized loss		(820,410	)
Net Increase in Net Assets Resulting From Operations	$	883,648

See Notes to Financial Statements. 51

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
Operations:
Net investment income	$	1,704,058		$	1,093,316
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts and foreign currency related transactions		(198,029	)		33,358
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts and translation of assets and liabilities denominated in foreign currencies		(622,381	)		(45,528	)
Net increase in net assets resulting from operations		883,648			1,081,146
Distributions to shareholders(1)		(2,584,971	)		(2,047,290	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		40,985,837			33,186,207
Reinvestment of distributions		2,584,971			2,047,290
Cost of shares reacquired		(22,560,074	)		(21,598,047	)
Net increase in net assets resulting from capital share transactions		21,010,734			13,635,450
Net increase in net assets		19,309,411			12,669,306
NET ASSETS:
Beginning of year	$	59,887,904		$	47,218,598
End of year	$	79,197,315		$	59,887,904
Undistributed net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions represents net investment income.
(2)	The SEC eliminated the requirement to disclose undistributed net investment income in 2018. For the year ended December 31, 2017, the undistributed net investment income was $11,873.

52 See Notes to Financial Statements.

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53

Financial Highlights

			Per Share Operating Performance:
										Distributions to
			Investment operations:							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
12/31/2018		$14.38		$0.36		$(0.20	)		$0.16		$(0.49	)		$     –
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	)
4/4/2014 to 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 the 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.

54 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 (%)
	$(0.49	)		$14.05		1.15			0.83			0.92			2.48			$79,197		65
	(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. 55

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. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates.
	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

56

Notes to Financial Statements (continued)

	and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2015 through December 31, 2018. 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 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 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.
(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

57

Notes to Financial Statements (continued)

	in Net change in unrealized appreciation/depreciation on foreign currency exchange contracts 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 foreign currency exchange contracts 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 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

58

Notes to Financial Statements (continued)

	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, 2018, 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 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).

59

Notes to Financial Statements (continued)

A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2018 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, 2018, 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.

Effective May 1, 2018 and continuing through April 30, 2019, 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. Prior to May 1, 2018, Lord Abbett 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 .80%.

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if

60

Notes to Financial Statements (continued)

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, 2018 and 2017 was as follows:

	Year Ended			Year Ended
	12/31/2018			12/31/2017
Distributions paid from:
Ordinary income		$	2,584,971		$	2,047,290
Total distributions paid		$	2,584,971		$	2,047,290

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – Net	$	190,555
Total undistributed earnings		190,555
Capital loss carryforwards*		(1,481,819	)
Temporary differences		(3,591	)
Unrealized losses – net		(2,424,744	)
Total accumulated losses	$	(3,719,599	)

* The capital losses will carry forward indefinitely.

As of December 31, 2018, 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	$	81,260,390
Gross unrealized gain		200,057
Gross unrealized loss		(2,624,800	)
Net unrealized security loss	$	(2,424,743	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

U.S.	Non-U.S.	U.S.	Non-U.S.
Government	Government	Government	Government
Purchases	Purchases	Sales	Sales
$12,500,623	$47,051,029	$12,333,442	$30,393,090

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

61

Notes to Financial Statements (continued)

with provisions of the Rule. For the fiscal year ended December 31, 2018, the Fund engaged in cross-trades purchases of $502,987 and sales of $445,954 which resulted in net realized gains of $1,567.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2018 (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, 2018 (as described in note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2018, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds use of derivative instruments:

		Foreign
	Interest Rate	Currency
Asset Derivatives	Contracts	Contracts
Forward Foreign Currency Exchange Contracts(1)	–	$225
Futures Contracts(2)	$75,913	–
Liability Derivatives
Futures Contracts(2)	$ 2,174	–

(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 the current day’s variation margin is reported within the Statement of Assets and Liabilities.

62

Notes to Financial Statements (continued)

Transactions in derivative instruments for the fiscal year ended December 31, 2018, were as follows:

			Foreign
	Interest Rate		Currency
	Contracts		Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts(1)	–		$	19
Futures Contracts(2)	$(95,105	)		–
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts(3)	–		$	425
Futures Contracts(4)	$84,401			–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(5)	–		$	5,709
Futures Contracts(6)	68			–

*	Calculated based on the number of contracts or notional amounts for the year ended December 31, 2018.
(1)	Statements of Operations location: Net realized gain on foreign currency exchange contracts.
(2)	Statements of Operations location: Net realized loss on futures contracts.
(3)	Statements of Operations location: Net change in unrealized appreciation/depreciation on foreign currency exchange contracts.
(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 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
Forward Foreign Currency Exchange Contracts	$	225	$	–	$	225
Repurchase Agreement		4,371,775		–		4,371,775
Total	$	4,372,000	$	–	$	4,372,000

63

Notes to Financial Statements (continued)

	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.		$4,371,775		$       –		$       –		$(4,371,775	)	$	–
State Street Bank and Trust		225		–		–		–			225
Total		$4,372,000		$       –		$       –		$(4,371,775	)	$	225

(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, 2018.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

64

Notes to Financial Statements (continued)

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

During the fiscal year ended December 31, 2018, 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 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.

65

Notes to Financial Statements (continued)

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

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

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund’s investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

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

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies

66

Notes to Financial Statements (concluded)

and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

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, 2018			December 31, 2017
Shares sold		2,853,571			2,247,989
Reinvestment of distributions		184,481			142,561
Shares reacquired		(1,567,064	)		(1,465,617	)
Increase		1,470,988			924,933

67

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Short Duration Income Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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 Short Duration Income Portfolio of the Fund as of December 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

68

Basic Information About Management

The Board is responsible for the management of the business and affairs of the 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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

69

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
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).
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.
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).

70

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

71

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

72

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Assistant Secretary, and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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.

73

Approval of Advisory Contract

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

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended August 31, 2018. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods. The Board further considered

74

Approval of Advisory Contract (continued)

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, while the Fund’s net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee rate was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board 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, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s

75

Approval of Advisory Contract (concluded)

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

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

76

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.

77

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		SFSDI-PORT-3
LORD ABBETT DISTRIBUTOR LLC.	Short Duration Income Portfolio	(02/19)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the fiscal year ended December 31, 2018

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
32	Statement of Assets and Liabilities
33	Statement of Operations
34	Statements of Changes in Net Assets
36	Financial Highlights
38	Notes to Financial Statements
48	Report of Independent Registered Public Accounting Firm
49	Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio
Annual Report

For the fiscal year ended December 31, 2018

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund - Total Return Portfolio for the fiscal year ended December 31, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

For the fiscal year ended December 31, 2018, the Fund returned -1.03%, 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 –0.26% over the same period.

During the period, there were several market-moving events. In June 2018, the White House announced its intent to impose additional tariffs on $200 billion worth of Chinese goods, on top of the $50 billion previously announced. The aggressive U.S. trade posture continued

into September with trade tensions mounting between the U.S. and China. While the impact has yet to be fully realized, many corporations anticipate that the retaliatory tariffs will weigh on profits. In 2018, the Federal Reserve (the “Fed”) hiked short-term interest rates by 0.25% at each of its March, June, September and December meetings, raising the target range to 2.25% - 2.50%. As the Fed continued to raise rates, the U.S. Treasury yield curve flattened throughout the year. The yield on 10-year U.S. Treasury securities (“Treasuries”) reached multi-year highs in November, and pulled back in

1

December as risk-off sentiment roiled the markets and investors flocked to safety. Amid rising concerns surrounding escalating trade tensions, slowing global growth, and increasing interest rates, the Nasdaq experienced it’s largest monthly drop since 2008 in October 2018. US equity markets were volatile to finish out the year, with the S&P 500 suffering the largest December decline since the Great Depression, culminating in the worst year since the financial 2007 - 2008 crisis. Additionally, leveraged credit segments of the market experienced a sharp sell-off, notably in December, due to concerns over slower growth, falling oil prices, year-end technical pressures and general risk-off sentiment. Despite the sell-off, the U.S. economy continued to expand by more than 2% during each quarter of the trailing 12-month period, with domestic GDP growth ranging between 2.2% to 4.2% from the third quarter of 2017 to the third quarter of 2018. The 4.2% GDP growth in the second quarter marked the strongest growth rate since the third quarter of 2014. Inflation, as measured by the Consumer Price Index (CPI), gained 1.9%, which was a decline of 0.1% year-over-year, mainly driven lower by falling energy prices. Oil prices suffered sharp declines due to oversupply concerns.

For the 12-month period ended December 2018, the Fund’s overweight to and security selection within high yield corporates detracted from performance. The asset class came under pressure during

the 4th quarter as spreads widened due to falling oil prices and concerns around slowing global growth. An underweight position to Treasuries also detracted. Treasuries benefited from a flight to quality during the 4th quarter, amid increased volatility in risk assets. Lastly, security selection within high-quality mortgage-backed securities (MBS) detracted from relative performance.

The Fund’s overweight to asset-backed securities (ABS) was the largest contributor to relative performance. Notable contributions came from the Fund’s positioning in ‘A’ and ‘BBB’ rated ABS. Over the year we have found relative value in credit card, auto-related, equipment dealer and franchise-related ABS. An overweight to and security selection within commercial mortgage-backed securities (CMBS) also contributed over the period. We continue to favor structured products, which we believe tend to have less international exposure and be less affected by global weakness than corporate 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.

2

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, 2018. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

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

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

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

3

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in both the Bloomberg Barclays U.S. 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, 2018

	1 Year	5 Years	Life of Class
Class VC2	–1.03%	2.47%	3.62%

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, 2018 through December 31, 2018).

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 7/1/18 – 12/31/18” 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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			7/1/18 –
	7/1/18	12/31/18	12/31/18
Class VC
Actual	$1,000.00	$1,008.50	$3.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.73	$3.52

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.69%, 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, 2018

Sector*	%**
Auto		0.66	%
Basic Industry		0.10	%
Consumer Cyclical		0.42	%
Consumer Discretionary		0.40	%
Consumer Services		1.34	%
Consumer Staples		0.72	%
Energy		2.27	%
Financial Services		33.48	%
Foreign Government		2.04	%
Health Care		0.88	%
Integrated Oils		0.34	%
Materials & Processing		1.94	%
Municipal		0.11	%
Producer Durables		0.65	%
Technology		1.20	%
Telecommunications		0.48	%
Transportation		0.17	%
U.S. Government		49.59	%
Utilities		1.14	%
Repurchase Agreement		2.07	%
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, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
LONG-TERM INVESTMENTS 119.66%
ASSET-BACKED SECURITIES 32.51%
Automobiles 14.63%
ACC Trust 2018-1 B†	4.82%		5/20/2021	$	289	$	289,864
Ally Auto Receivables Trust 2017-5 A2	1.81%		6/15/2020		121		120,850
American Credit Acceptance Receivables Trust 2016-2 C†	6.09%		5/12/2022		272		276,362
American Credit Acceptance Receivables Trust 2018-1 A†	2.72%		3/10/2021		599		598,439
American Credit Acceptance Receivables Trust 2018-4 A†	3.38%		12/13/2021		1,670		1,670,496
AmeriCredit Automobile Receivables Trust 2015-2 C	2.40%		1/8/2021		1,512		1,509,380
AmeriCredit Automobile Receivables Trust 2015-2 D	3.00%		6/8/2021		1,365		1,361,297
AmeriCredit Automobile Receivables Trust 2015-3 B	2.08%		9/8/2020		65		64,572
AmeriCredit Automobile Receivables Trust 2016-2 C	2.87%		11/8/2021		2,600		2,593,626
AmeriCredit Automobile Receivables Trust 2017-2 A2A	1.65%		9/18/2020		236		235,661
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%		3/20/2023		669		664,245
AmeriCredit Automobile Receivables Trust 2017-3 A2A	1.69%		12/18/2020		148		147,552
AmeriCredit Automobile Receivables Trust 2017-3 B	2.24%		6/19/2023		275		271,614
Americredit Automobile Receivables Trust 2018-2 A2A	2.86%		11/18/2021		3,560		3,553,544
Americredit Automobile Receivables Trust 2018-3 A2A	3.11%		1/18/2022		862		862,778
Americredit Automobile Receivables Trust 2018-3 A2B	2.705% (1 Mo. LIBOR + .25%	)#	1/18/2022		862		862,156
Avis Budget Rental Car Funding AESOP LLC 2013-2A A†	2.97%		2/20/2020		178		178,261
Avis Budget Rental Car Funding AESOP LLC 2014-1A A†	2.46%		7/20/2020		592		590,316
BMW Vehicle Owner Trust 2018-A A2A	2.09%		11/25/2020		1,308		1,303,525
California Republic Auto Receivables Trust 2014-3 B	2.66%		8/17/2020		293		292,808

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Automobiles (continued)
California Republic Auto Receivables Trust 2015-1 A4	1.82%	9/15/2020	$	146	$	145,539
California Republic Auto Receivables Trust 2015-2 B	2.53%	6/15/2021		908		903,024
California Republic Auto Receivables Trust 2015-3 B	2.70%	9/15/2021		120		119,478
California Republic Auto Receivables Trust 2016-2 B	2.52%	5/16/2022		328		324,268
California Republic Auto Receivables Trust 2017-1 A3	1.90%	3/15/2021		662		659,336
California Republic Auto Receivables Trust 2018-1 A2	2.86%	3/15/2021		1,447		1,444,533
California Republic Auto Receivables Trust 2018-1 B	3.56%	3/15/2023		1,037		1,045,173
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		37		37,042
Capital Auto Receivables Asset Trust 2017-1 B†	2.43%	5/20/2022		462		455,692
Capital Auto Receivables Asset Trust 2017-1 C†	2.70%	9/20/2022		656		649,968
Capital Auto Receivables Asset Trust 2017-1 D†	3.15%	2/20/2025		427		426,067
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		335		332,876
Chesapeake Funding II LLC 2016-1A A1†	2.11%	3/15/2028		129		128,219
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		699		696,112
Chesapeake Funding II LLC 2017-2A A1†	1.99%	5/15/2029		541		535,489
Chesapeake Funding II LLC 2017-3A A1†	1.91%	8/15/2029		1,182		1,166,624
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	6/15/2022		195		194,761
Chrysler Capital Auto Receivables Trust 2016-AA C†	3.25%	6/15/2022		134		134,193
CPS Auto Receivables Trust 2016-B D†	6.58%	3/15/2022		150		156,653
CPS Auto Receivables Trust 2017-D A†	1.87%	3/15/2021		380		378,532
CPS Auto Receivables Trust 2018-A B†	2.77%	4/18/2022		319		316,503
CPS Auto Receivables Trust 2018-A C†	3.05%	12/15/2023		260		258,417
CPS Auto Receivables Trust 2018-B D†	4.26%	3/15/2024		417		424,575
CPS Auto Trust 2018-C A†	2.87%	9/15/2021		792		791,673
CPS Auto Trust 2018-C B†	3.43%	7/15/2022		331		331,264
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		4		4,383
Drive Auto Receivables Trust 2015-BA D†	3.84%	7/15/2021		1,650		1,652,302
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		82		81,812
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023		607		611,035
Drive Auto Receivables Trust 2016-AA C†	3.91%	5/17/2021		353		354,087
Drive Auto Receivables Trust 2016-BA D†	4.53%	8/15/2023		979		985,467
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		1,215		1,214,797
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		254		255,362
Drive Auto Receivables Trust 2017-3 C	2.80%	7/15/2022		1,459		1,455,522
Drive Auto Receivables Trust 2017-AA D†	4.16%	5/15/2024		447		452,202
Drive Auto Receivables Trust 2018-3 A2	2.75%	10/15/2020		1,877		1,875,815

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date		(000)		Value
Automobiles (continued)
Drive Auto Receivables Trust 2018-3 A3	3.01%		11/15/2021	$	1,048	$	1,046,794
Drive Auto Receivables Trust 2018-3 B	3.37%		9/15/2022		414		414,342
Drive Auto Receivables Trust 2018-3 C	3.72%		9/16/2024		987		989,808
Drive Auto Receivables Trust 2018-4 A2A	2.78%		10/15/2020		1,004		1,002,969
Drive Auto Receivables Trust 2018-4 A3	3.04%		11/15/2021		1,568		1,565,778
Drive Auto Receivables Trust 2018-5 A2A	3.08%		7/15/2021		1,437		1,436,827
Drive Auto Receivables Trust 2018-5 A2B	2.775% (1 Mo. LIBOR + .32%	)#	7/15/2021		1,179		1,177,410
Enterprise Fleet Financing LLC 2017-1 A2†	2.13%		7/20/2022		292		290,347
First Investors Auto Owner Trust 2017-3A A2†	2.41%		12/15/2022		571		566,682
First Investors Auto Owner Trust 2017-3A B†	2.72%		4/17/2023		218		216,149
First Investors Auto Owner Trust 2018-2A A1†	3.23%		12/15/2022		967		968,466
Flagship Credit Auto Trust 2017-1 A†	1.93%		12/15/2021		206		205,378
Flagship Credit Auto Trust 2017-3 A†	1.88%		10/15/2021		252		250,440
Flagship Credit Auto Trust 2017-3 B†	2.59%		7/15/2022		300		296,466
Flagship Credit Auto Trust 2017-4 A†	2.07%		4/15/2022		407		404,097
Flagship Credit Auto Trust 2018-1 A†	2.59%		6/15/2022		664		660,178
Flagship Credit Auto Trust 2018-3 A†	3.07%		2/15/2023		2,208		2,207,129
Flagship Credit Auto Trust 2018-3 B†	3.59%		12/16/2024		725		727,661
Ford Credit Auto Lease Trust 2017-B A2A	1.80%		6/15/2020		646		644,377
Ford Credit Auto Owner Trust 2014-2 A†	2.31%		4/15/2026		2,909		2,889,168
Ford Credit Auto Owner Trust 2017-1 A†	2.62%		8/15/2028		1,238		1,220,716
Ford Credit Auto Owner Trust 2017-2 B†	2.60%		3/15/2029		108		105,216
Ford Credit Auto Owner Trust 2018-2 A†	3.47%		1/15/2030		3,712		3,749,670
Ford Credit Auto Owner Trust/Ford Credit 2014-1 A†	2.26%		11/15/2025		2,624		2,616,131
Foursight Capital Automobile Receivables Trust 2016-1 A2†	2.87%		10/15/2021		195		195,038
Foursight Capital Automobile Receivables Trust 2018-1 A2†	2.85%		8/16/2021		510		508,656
Foursight Capital Automobile Receivables Trust 2018-1 A3†	3.24%		9/15/2022		830		830,699
Foursight Capital Automobile Receivables Trust 2018-1 B†	3.53%		4/17/2023		412		413,511
Foursight Capital Automobile Receivables Trust 2018-1 C†	3.68%		8/15/2023		194		194,573
GM Financial Automobile Leasing Trust 2016-3 A3	1.61%		12/20/2019		103		103,169
GM Financial Automobile Leasing Trust 2017-2 A2A	1.72%		1/21/2020		111		111,112
GM Financial Consumer Automobile Receivables Trust 2017-3A A2A†	1.71%		9/16/2020		723		720,376
Harley-Davidson Motorcycle Trust 2015-2 A4	1.66%		12/15/2022		147		146,821

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2018

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Automobiles (continued)
Honda Auto Receivables Owner Trust 2016-2 A3	1.39%	4/15/2020	$	79	$	78,238
Huntington Auto Trust 2016-1 A3	1.59%	11/16/2020		1,092		1,086,951
Hyundai Auto Lease Securitization Trust 2017-C A2A†	1.89%	3/16/2020		787		783,881
Mercedes-Benz Auto Lease Trust 2018-A A2	2.20%	4/15/2020		937		934,617
Mercedes-Benz Auto Lease Trust 2018-B A2	3.04%	12/15/2020		2,302		2,303,668
Mercedes-Benz Auto Receivables Trust 2016-1 A3	1.26%	2/16/2021		277		274,369
Santander Drive Auto Receivables Trust 2015-1 C	2.57%	4/15/2021		88		87,667
Santander Drive Auto Receivables Trust 2015-4 C	2.97%	3/15/2021		1,346		1,344,984
Santander Drive Auto Receivables Trust 2016-2 B	2.08%	2/16/2021		28		28,164
Santander Drive Auto Receivables Trust 2016-3 B	1.89%	6/15/2021		151		150,579
Santander Drive Auto Receivables Trust 2017-2 B	2.21%	10/15/2021		1,359		1,355,344
Santander Drive Auto Receivables Trust 2017-3 C	2.76%	12/15/2022		192		190,912
Santander Drive Auto Receivables Trust 2018-1 A2	2.10%	11/16/2020		408		407,266
Santander Drive Auto Receivables Trust 2018-3 A2A	2.78%	3/15/2021		1,297		1,295,205
SunTrust Auto Receivables Trust 2015-1A A4†	1.78%	1/15/2021		251		250,033
SunTrust Auto Receivables Trust 2015-1A D†	3.24%	1/16/2023		754		753,536
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%	4/15/2021		791		789,731
TCF Auto Receivables Owner Trust 2016-PT1A B†	2.92%	10/17/2022		598		594,131
Westlake Automobile Receivables Trust 2017-2A A2A†	1.80%	7/15/2020		260		259,406
Wheels SPV 2 LLC 2016-1A A2†	1.59%	5/20/2025		123		123,015
Wheels SPV 2 LLC 2018-1A A2†	3.06%	4/20/2027		541		541,140
World Omni Select Auto Trust 2018-1A A2†	3.24%	4/15/2022		1,208		1,210,341
Total						82,165,473
Credit Cards 7.70%
American Express Credit Account Master Trust 2017-1 A	1.93%	9/15/2022		1,415		1,398,624
American Express Credit Account Master Trust 2017-4 A	1.64%	12/15/2021		4,540		4,519,020
American Express Credit Account Master Trust 2018-6 A	3.06%	2/15/2024		5,294		5,314,944
Barclays Dryrock Issuance Trust 2014-3 A	2.41%	7/15/2022		927		923,005
Capital One Multi-Asset Execution Trust 2016-A4	1.33%	6/15/2022		1,230		1,217,727
Chase Issuance Trust 2012-A4	1.58%	8/15/2021		813		806,468
Chase Issuance Trust 2016-A5	1.27%	7/15/2021		1,651		1,636,677
Citibank Credit Card Issuance Trust 2017-A2	1.74%	1/19/2021		2,773		2,771,239
Citibank Credit Card Issuance Trust 2017-A9	1.80%	9/20/2021		2,112		2,095,260
Citibank Credit Card Issuance Trust 2018-A6	3.21%	12/7/2024		1,175		1,187,946

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Credit Cards (continued)
Discover Card Execution Note Trust 2012-A6	1.67%		1/18/2022	$	3,001	$	2,981,819
Discover Card Execution Note Trust 2014-A1	2.885% (1 Mo. LIBOR + .43%	)#	7/15/2021		2,761		2,761,336
Discover Card Execution Note Trust 2014-A4	2.12%		12/15/2021		967		963,472
Discover Card Execution Note Trust 2016-A1	1.64%		7/15/2021		619		618,546
Discover Card Execution Note Trust 2016-A4	1.39%		3/15/2022		980		969,337
Master Credit Card Trust II Series 2018-1A B†	3.245%		7/21/2024		943		940,040
Synchrony Credit Card Master Note Trust 2016-1 A	2.04%		3/15/2022		1,225		1,222,560
Synchrony Credit Card Master Note Trust 2016-3 A	1.58%		9/15/2022		862		853,646
Synchrony Credit Card Master Note Trust 2017-2 A	2.62%		10/15/2025		814		803,662
Synchrony Credit Card Master Note Trust 2018-2 A	3.47%		5/15/2026		767		776,905
World Financial Network Credit Card Master Trust 2012-A	3.14%		1/17/2023		890		889,943
World Financial Network Credit Card Master Trust 2017-B A	1.98%		6/15/2023		1,217		1,210,290
World Financial Network Credit Card Master Trust 2017-C A	2.31%		8/15/2024		2,151		2,121,848
World Financial Network Credit Card Master Trust 2017-C M	2.66%		8/15/2024		946		934,437
World Financial Network Credit Card Master Trust 2018-B A	3.46%		7/15/2025		3,274		3,310,180
Total							43,228,931
Home Equity 0.02%
Meritage Mortgage Loan Trust 2004-2 M3	3.481% (1 Mo. LIBOR + .98%	)#	1/25/2035		112		110,058
New Century Home Equity Loan Trust 2005-A A6	4.682%	#(a)	8/25/2035		20		20,080
Total							130,138
Other 10.16%
Access Point Funding I LLC 2017-A†	3.06%		4/15/2029		182		181,316
Allegro CLO IV Ltd. 2016-1A†	3.836% (3 Mo. LIBOR + 1.40%	)#	1/15/2029		1,650		1,652,507
ALM VII Ltd. 2012-7A A1R†	3.916% (3 Mo. LIBOR + 1.48%	)#	10/15/2028		746		747,297
Apidos CLO XVI 2013-16A CR†	5.45% (3 Mo. LIBOR + 3.00%	)#	1/19/2025		250		250,107
Ares XLI Clo Ltd. 2016-41A A†	3.846% (3 Mo. LIBOR + 1.41%	)#	1/15/2029		2,463		2,465,255
Ares XXXIII CLO Ltd. 2015-1A A1R†	4.101% (3 Mo. LIBOR + 1.35%	)#	12/5/2025		250		250,615

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other (continued)
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022	$	174	$	173,075
Ascentium Equipment Receivables Trust 2016-2A B†	2.50%		9/12/2022		182		181,007
Ascentium Equipment Receivables Trust 2017-1A A2†	1.87%		7/10/2019		29		28,825
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		183		181,666
Avery Point IV CLO Ltd. 2014-1A BR†	4.09% (3 Mo. LIBOR + 1.60%	)#	4/25/2026		322		321,478
Avery Point V CLO Ltd. 2014-5A BR†	3.949% (3 Mo. LIBOR + 1.50%	)#	7/17/2026		372		368,576
Avery Point VII CLO Ltd. 2015-7A A1†	3.936% (3 Mo. LIBOR + 1.50%	)#	1/15/2028		1,184		1,184,731
Benefit Street Partners CLO IV Ltd. 2014-IVA A1R†	3.959% (3 Mo. LIBOR + 1.49%	)#	1/20/2029		500		500,254
Benefit Street Partners CLO IV Ltd. 2014-IVA A2R†	4.519% (3 Mo. LIBOR + 2.05%	)#	1/20/2029		673		669,830
Benefit Street Partners CLO IV Ltd. 2014-IVA BR†	5.369% (3 Mo. LIBOR + 2.90%	)#	1/20/2029		500		499,073
BlueMountain CLO 2013-1 Ltd. 2013-1A A1R†	3.869% (3 Mo. LIBOR + 1.40%	)#	1/20/2029		1,660		1,665,070
Cedar Funding VI CLO Ltd. 2016-6A BR†	4.069% (3 Mo. LIBOR + 1.60%	)#	10/20/2028		650		634,121
Cent CLO Ltd. 2013-19A A1A†	3.839% (3 Mo. LIBOR + 1.33%	)#	10/29/2025		670		670,762
Conn’s Receivables Funding LLC 2017-B C†	5.95%		11/15/2022		1,063		1,080,042
Daimler Trucks Retail Trust 2018-1 A2†	2.60%		5/15/2020		1,195		1,193,757
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		88		87,684
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		60		59,781
Diamond Resorts Owner Trust 2017-1A B†	4.11%		10/22/2029		443		443,428
DLL LLC 2018-1 A3†	3.10%		4/18/2022		1,510		1,511,439
DLL LLC 2018-ST2 A2†	3.14%		10/20/2020		2,232		2,228,740
DRB Prime Student Loan Trust 2015-D A2†	3.20%		1/25/2040		465		465,749
Engs Commercial Finance Trust 2018-1A A1†	2.97%		2/22/2021		1,035		1,032,148
Ford Credit Floorplan Master Owner Trust 2017-2 A1	2.16%		9/15/2022		942		928,390
Ford Credit Floorplan Master Owner Trust 2018 4 A	4.06%		11/15/2030		721		724,624
GMF Floorplan Owner Revolving Trust 2016-1 A1†	1.96%		5/17/2021		1,109		1,104,004
Halcyon Loan Advisors Funding Ltd. 2015-2A CR†	4.64% (3 Mo. LIBOR + 2.15%	)#	7/25/2027		250		242,558

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other (continued)
Hardee’s Funding LLC 2018-1A A2II†	4.959%		6/20/2048	$	1,167	$	1,190,066
ICG US CLO Ltd. 2015-2A AR†	3.286% (3 Mo. LIBOR + .85%	)#	1/16/2028		1,231		1,223,652
Jamestown CLO VII Ltd. 2015-7A CR†	5.09% (3 Mo. LIBOR + 2.60%	)#	7/25/2027		611		579,748
LCM XXII Ltd. 22A-A1†	3.949% (3 Mo. LIBOR + 1.48%	)#	10/20/2028		318		319,397
LCM XXIV Ltd. 24A A†	3.779% (3 Mo. LIBOR + 1.31%	)#	3/20/2030		679		676,568
Madison Park Funding XXI Ltd. 2016-21A A1†	4.02% (3 Mo. LIBOR + 1.53%	)#	7/25/2029		324		325,546
Massachusetts Educational Financing Authority 2008-1 A1	3.44% (3 Mo. LIBOR + .95%	)#	4/25/2038		584		585,279
Mountain Hawk III CLO Ltd. 2014-3A AR†	3.645% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		1,807		1,807,612
Mountain View CLO X Ltd. 2015-10A BR†	3.786% (3 Mo. LIBOR + 1.35%	)#	10/13/2027		623		609,633
Navient Private Education Refi Loan Trust 2018-DA A2A†	4.00%		12/15/2059		570		583,144
Navient Student Loan Trust 2016-7A A†	3.656% (1 Mo. LIBOR + 1.15%	)#	3/25/2066		662		665,492
Navient Student Loan Trust 2017-2A A†	3.556% (1 Mo. LIBOR + 1.05%	)#	12/27/2066		1,261		1,262,738
NextGear Floorplan Master Owner Trust 2016-1A A2†	2.74%		4/15/2021		4,315		4,310,265
OHA Loan Funding Ltd. 2016-1A B1†	4.269% (3 Mo. LIBOR + 1.80%	)#	1/20/2028		1,574		1,570,280
OneMain Financial Issuance Trust 2015-1A A†	3.19%		3/18/2026		94		94,124
OneMain Financial Issuance Trust 2016-1A A†	3.66%		2/20/2029		315		315,622
OneMain Financial Issuance Trust 2016-2A B†	5.94%		3/20/2028		100		101,583
Orec Ltd. 2018-CRE1 A†	3.487% (1 Mo. LIBOR + 1.18%	)#	6/15/2036		1,030		1,026,393
Palmer Square Loan Funding Ltd. 2018-1A A1†	3.036% (3 Mo. LIBOR + .60%	)#	4/15/2026		1,098		1,091,402
Palmer Square Loan Funding Ltd. 2018-1A A2†	3.486% (3 Mo. LIBOR + 1.05%	)#	4/15/2026		414		396,465
Palmer Square Loan Funding Ltd. 2018-1A B†	3.836% (3 Mo. LIBOR + 1.40%	)#	4/15/2026		314		293,994
Palmer Square Loan Funding Ltd. 2018-5A A1†	3.32% (3 Mo. LIBOR + .85%	)#	1/20/2027		1,071		1,068,251
Palmer Square Loan Funding Ltd. 2018-5A A2†	3.87% (3 Mo. LIBOR + 1.40%	)#	1/20/2027		255		250,823
Pennsylvania Higher Education Assistance Agency 2006-1 B	2.76% (3 Mo. LIBOR + .27%	)#	4/25/2038		302		290,589

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other (continued)
PFS Financing Corp. 2018-B†	3.08%		2/15/2023	$	469	$	464,756
Recette CLO Ltd. 2015-1A AR†	3.389% (3 Mo. LIBOR + .92%	)#	10/20/2027		500		494,538
Regatta VI Funding Ltd. 2016-1A CR†	4.519% (3 Mo. LIBOR + 2.05%	)#	7/20/2028		485		462,078
Riserva Clo Ltd. 2016-3A A†	3.905% (3 Mo. LIBOR + 1.46%	)#	10/18/2028		250		250,138
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		298		297,157
SCF Equipment Leasing LLC 2018-1A A2†	3.63%		10/20/2024		1,328		1,331,204
Shackleton CLO Ltd. 2016-9A B†	4.369% (3 Mo. LIBOR + 1.90%	)#	10/20/2028		499		496,656
SLC Student Loan Trust 2008-1 A4A	4.388% (3 Mo. LIBOR + 1.60%	)#	12/15/2032		1,648		1,689,418
SLM Private Education Loan Trust 2010-A 2A†	5.705% (1 Mo. LIBOR + 3.25%	)#	5/16/2044		12		11,688
SLM Student Loan Trust 2011-1 A1	3.026% (1 Mo. LIBOR + .52%	)#	3/25/2026		10		10,145
Sound Point CLO XI Ltd. 2016-1A AR†	3.558% (3 Mo. LIBOR + 1.10%	)#	7/20/2028		591		587,831
TCI-Symphony CLO Ltd. 2016-1A A†	3.916% (3 Mo. LIBOR + 1.48%	)#	10/13/2029		250		250,398
THL Credit Wind River CLO Ltd. 2012-1A BR†	4.286% (3 Mo. LIBOR + 1.85%	)#	1/15/2026		1,700		1,693,034
Towd Point Asset Trust 2018-SL1 A†	3.106% (1 Mo. LIBOR + .60%	)#	1/25/2046		1,025		1,022,091
TPG Real Estate Finance Issuer Ltd. 2018-FL2 A†	3.585% (1 Mo. LIBOR + 1.13%	)#	11/15/2037		1,050		1,044,307
Westgate Resorts LLC 2018-1A A†	3.38%		12/20/2031		423		422,668
WhiteHorse VIII Ltd. 2014-1A AR†	3.441% (3 Mo. LIBOR + .90%	)#	5/1/2026		1,323		1,317,576
Wingstop Funding LLC 2018-1 A2†	4.97%		12/5/2048		850		870,315
Total							57,082,573
Total Asset-Backed Securities (cost $182,931,058)							182,607,115
CORPORATE BONDS 24.88%
Aerospace/Defense 0.55%
Bombardier, Inc.(Canada)†(b)	7.50%		3/15/2025		1,065		1,007,756
Embraer SA (Brazil)(b)	5.15%		6/15/2022		10		10,313
Kratos Defense & Security Solutions, Inc.†	6.50%		11/30/2025		811		826,206
United Technologies Corp.	3.65%		8/16/2023		1,227		1,223,403
Total							3,067,678

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Air Transportation 0.03%
American Airlines 2013-2 Class B Pass-Through Trust†	5.60%		1/15/2022	$	150	$	151,813
Apparel 0.11%
PVH Corp.	7.75%		11/15/2023		561		622,710
Automotive 0.89%
Aston Martin Capital Holdings Ltd. (Jersey)†(b)	6.50%		4/15/2022		200		190,000
Daimler Finance North America LLC†	3.75%		2/22/2028		1,150		1,083,735
Ford Motor Co.	7.45%		7/16/2031		1,597		1,650,953
General Motors Co.	6.60%		4/1/2036		1,574		1,537,470
Tesla, Inc.†	5.30%		8/15/2025		609		531,352
Total							4,993,510
Banks: Regional 4.47%
Banco de Credito e Inversiones SA (Chile)†(b)	3.50%		10/12/2027		535		482,503
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)#	7/21/2028		1,128		1,071,475
Bank of America Corp.	3.95%		4/21/2025		250		242,538
Bank of America Corp.	4.00%		1/22/2025		728		710,038
Bank of America Corp.	4.45%		3/3/2026		315		312,141
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%	)#	1/10/2028		2,363		2,275,312
Citigroup, Inc.	4.45%		9/29/2027		552		532,832
Goldman Sachs Group, Inc. (The)	4.223%	#(c)	5/1/2029		491		473,712
Goldman Sachs Group, Inc. (The)	6.25%		2/1/2041		588		672,663
Intesa Sanpaolo SpA (Italy)†(b)	3.875%		1/12/2028		621		531,638
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028		553		528,147
JPMorgan Chase & Co.	3.782% (3 Mo. LIBOR + 1.34%	)#	2/1/2028		2,626		2,553,112
Macquarie Group Ltd. (Australia)†(b)	4.654%	#(c)	3/27/2029		1,431		1,404,029
Morgan Stanley	3.625%		1/20/2027		55		52,354
Morgan Stanley	3.875%		1/27/2026		593		579,202
Morgan Stanley	4.00%		7/23/2025		770		760,634
Morgan Stanley	7.25%		4/1/2032		84		106,085
Popular, Inc.	6.125%		9/14/2023		107		106,399
Royal Bank of Canada (Canada)†(b)	3.35%		10/22/2021		3,144		3,177,923
Santander UK plc (United Kingdom)†(b)	5.00%		11/7/2023		223		218,235
Santander UK plc (United Kingdom)(b)	7.95%		10/26/2029		902		1,065,481
Toronto-Dominion Bank (The) (Canada)(b)	3.625% (5 Yr Swap rate + 2.21%	)#	9/15/2031		1,594		1,507,744
Turkiye Garanti Bankasi AS (Turkey)†(b)	6.25%		4/20/2021		200		199,143
UBS AG	7.625%		8/17/2022		1,234		1,317,295
UBS AG (Switzerland)(b)	5.125%		5/15/2024		835		832,971

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2018

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banks: Regional (continued)
Wachovia Corp.	7.574%	#(c)	8/1/2026	$	596	$	707,030
Wells Fargo Bank NA	5.85%		2/1/2037		1,880		2,119,066
Wells Fargo Bank NA	6.60%		1/15/2038		437		541,952
Total							25,081,654
Beverages 0.44%
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc.†	3.65%		2/1/2026		1,325		1,253,596
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc.†	4.70%		2/1/2036		624		582,725
Becle SAB de CV (Mexico)†(b)	3.75%		5/13/2025		350		334,379
Fomento Economico Mexicano SAB de CV (Mexico)(b)	4.375%		5/10/2043		300		288,818
Total							2,459,518
Business Services 0.65%
Adani Ports & Special Economic Zone Ltd. (India)†(b)	4.00%		7/30/2027		275		246,193
Ahern Rentals, Inc.†	7.375%		5/15/2023		1,451		1,168,055
Brink’s Co. (The)†	4.625%		10/15/2027		921		842,927
United Rentals North America, Inc.	4.875%		1/15/2028		704		619,520
Weight Watchers International, Inc.†	8.625%		12/1/2025		754		771,908
Total							3,648,603
Chemicals 0.68%
Ashland LLC	6.875%		5/15/2043		539		533,610
Braskem Netherlands Finance BV (Netherlands)†(b)	4.50%		1/10/2028		550		510,406
CNAC HK Finbridge Co. Ltd. (Hong Kong)(b)	3.50%		7/19/2022		580		565,706
Mexichem SAB de CV (Mexico)†(b)	4.875%		9/19/2022		205		206,794
Phosagro OAO Via Phosagro Bond Funding DAC (Ireland)†(b)	3.949%		4/24/2023		960		899,543
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%		4/1/2025		1,181		1,074,710
Total							3,790,769
Coal 0.23%
Peabody Energy Corp.†	6.375%		3/31/2025		788		734,810
Warrior Met Coal, Inc.†	8.00%		11/1/2024		532		529,340
Total							1,264,150
Computer Hardware 0.47%
Dell International LLC/EMC Corp.†	5.45%		6/15/2023		251		255,655
Dell International LLC/EMC Corp.†	6.02%		6/15/2026		158		159,016

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware (continued)
Dell International LLC/EMC Corp.†	7.125%	6/15/2024	$	1,053	$	1,072,238
Dell International LLC/EMC Corp.†	8.35%	7/15/2046		1,068		1,160,823
Total						2,647,732
Computer Software 0.14%
Oracle Corp.	6.125%	7/8/2039		675		812,626
Construction/Homebuilding 0.48%
Century Communities, Inc.	5.875%	7/15/2025		576		510,480
PulteGroup, Inc.	7.875%	6/15/2032		442		459,680
Taylor Morrison Communities, Inc.	6.625%	5/15/2022		416		417,040
TRI Pointe Group, Inc.	5.25%	6/1/2027		310		245,288
William Lyon Homes, Inc.	5.875%	1/31/2025		307		262,485
William Lyon Homes, Inc.	6.00%	9/1/2023		605		547,525
Williams Scotsman International, Inc.†	6.875%	8/15/2023		281		270,462
Total						2,712,960
Containers 0.04%
BWAY Holding Co.†	7.25%	4/15/2025		274		246,942
Drugs 0.23%
Bausch Health Cos., Inc.†	5.625%	12/1/2021		402		396,221
Bayer Corp.†	6.65%	2/15/2028		271		308,037
Valeant Pharmaceuticals International†	9.25%	4/1/2026		594		595,485
Total						1,299,743
Electric: Power 1.32%
Ausgrid Finance Pty Ltd. (Australia)†(b)	4.35%	8/1/2028		1,000		999,242
Berkshire Hathaway Energy Co.	3.80%	7/15/2048		314		282,965
Calpine Corp.	5.75%	1/15/2025		916		840,430
Electricite de France SA (France)†(b)	5.00%	9/21/2048		1,398		1,243,086
Emirates Semb Corp., Water & Power Co. PJSC (United Arab Emirates)†(b)	4.45%	8/1/2035		275		258,114
Entergy Louisiana LLC	4.00%	3/15/2033		411		416,759
Exelon Generation Co. LLC	5.60%	6/15/2042		238		233,930
Exelon Generation Co. LLC	6.25%	10/1/2039		592		619,827
Massachusetts Electric Co.†	4.004%	8/15/2046		501		473,249
Minejesa Capital BV (Netherlands)†(b)	4.625%	8/10/2030		250		223,771
PSEG Power LLC	8.625%	4/15/2031		347		451,695
South Carolina Electric & Gas Co.	6.05%	1/15/2038		707		830,086
South Carolina Electric & Gas Co.	6.625%	2/1/2032		246		298,127

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
Vistra Energy Corp.	7.625%	11/1/2024	$	241	$	254,857
Total						7,426,138
Electronics 0.00%
Trimble, Inc.	4.90%	6/15/2028		13		12,832
Engineering & Contracting Services 0.46%
Brand Industrial Services, Inc.†	8.50%	7/15/2025		1,297		1,112,177
China Railway Resources Huitung Ltd. (Hong Kong)†(b)	3.85%	2/5/2023		900		901,543
Indika Energy Capital III Pte Ltd. (Singapore)†(b)	5.875%	11/9/2024		640		559,658
Total						2,573,378
Entertainment 0.52%
Eldorado Resorts, Inc.	6.00%	4/1/2025		1,143		1,108,299
Jacobs Entertainment, Inc.†	7.875%	2/1/2024		445		459,462
Mohegan Gaming & Entertainment†	7.875%	10/15/2024		587		551,046
Six Flags Entertainment Corp.†	5.50%	4/15/2027		860		812,700
Total						2,931,507
Financial Services 1.37%
Affiliated Managers Group, Inc.	3.50%	8/1/2025		125		121,630
Affiliated Managers Group, Inc.	4.25%	2/15/2024		248		253,173
Ally Financial, Inc.	8.00%	11/1/2031		577		643,355
BrightSphere Investment Group plc (United Kingdom)(b)	4.80%	7/27/2026		489		471,855
GE Capital International Funding Co. Unlimited Co. (Ireland)(b)	4.418%	11/15/2035		2,377		2,005,414
International Lease Finance Corp.	5.875%	4/1/2019		1,433		1,438,937
International Lease Finance Corp.	5.875%	8/15/2022		156		163,528
Navient Corp.	6.625%	7/26/2021		796		770,130
Navient Corp.	6.75%	6/25/2025		323		276,165
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.50%	3/15/2027		427		427,573
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		677		606,376
Quicken Loans, Inc.†	5.25%	1/15/2028		299		265,736
SURA Asset Management SA (Colombia)†(b)	4.375%	4/11/2027		280		261,100
Total						7,704,972

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Food 0.55%
Albertsons Cos LLC/Safeway, Inc./Albertsons LP/Albertson’s LLC	6.625%	6/15/2024	$	1,166	$	1,087,295
Arcor SAIC (Argentina)†(b)	6.00%	7/6/2023		297		274,695
Campbell Soup Co.	3.80%	8/2/2042		486		364,958
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		370		293,225
Gruma SAB de CV (Mexico)†(b)	4.875%	12/1/2024		200		201,002
Lamb Weston Holdings, Inc.†	4.875%	11/1/2026		871		840,515
Total						3,061,690
Health Care Services 0.97%
Acadia Healthcare Co., Inc.	5.625%	2/15/2023		739		703,897
Acadia Healthcare Co., Inc.	6.50%	3/1/2024		389		377,330
CHS/Community Health Systems, Inc.	8.00%	11/15/2019		657		627,435
HCA, Inc.	5.25%	6/15/2026		828		823,860
HCA, Inc.	5.50%	6/15/2047		598		568,100
HCA, Inc.	7.50%	11/6/2033		125		131,875
MPH Acquisition Holdings LLC†	7.125%	6/1/2024		97		90,695
Polaris Intermediate Corp. PIK 8.50%†	8.50%	12/1/2022		1,146		1,049,587
WellCare Health Plans, Inc.	5.25%	4/1/2025		1,107		1,069,639
Total						5,442,418
Household Equipment/Products 0.02%
Kimberly-Clark de Mexico SAB de CV (Mexico)†(b)	3.80%	4/8/2024		100		97,979
Insurance 0.26%
CNO Financial Group, Inc.	5.25%	5/30/2025		547		522,727
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044		373		388,135
Willis North America, Inc.	7.00%	9/29/2019		524		536,128
Total						1,446,990
Leisure 0.16%
Carnival plc	7.875%	6/1/2027		277		345,830
Silversea Cruise Finance Ltd.†	7.25%	2/1/2025		495		525,789
Total						871,619
Machinery: Industrial/Specialty 0.59%
Kennametal, Inc.	4.625%	6/15/2028		553		552,384
Nvent Finance Sarl (Luxembourg)(b)	4.55%	4/15/2028		2,038		2,001,664
SPX FLOW, Inc.†	5.625%	8/15/2024		825		783,750
Total						3,337,798

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Manufacturing 0.29%
General Electric Co.	2.962% (3 Mo. LIBOR + .38%	)#	5/5/2026	$	717	$	577,782
General Electric Co.	6.15%		8/7/2037		199		194,830
Siemens Financieringsmaatschappij NV (Netherlands)†(b)	2.35%		10/15/2026		954		870,546
Total							1,643,158
Media 1.82%
21st Century Fox America, Inc.	7.75%		12/1/2045		451		665,261
AMC Networks, Inc.	4.75%		8/1/2025		900		819,000
Cablevision Systems Corp.	5.875%		9/15/2022		1,123		1,106,155
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%		2/15/2026		1,405		1,380,413
Comcast Corp.	3.969%		11/1/2047		747		670,318
Cox Communications, Inc.†	4.50%		6/30/2043		531		449,888
Cox Communications, Inc.†	4.70%		12/15/2042		455		402,461
Cox Communications, Inc.†	8.375%		3/1/2039		694		868,110
Myriad International Holdings BV (Netherlands)†(b)	5.50%		7/21/2025		770		777,809
Time Warner Cable LLC	6.55%		5/1/2037		110		113,296
Time Warner Cable LLC	7.30%		7/1/2038		1,091		1,186,995
Time Warner Entertainment Co. LP	8.375%		7/15/2033		502		613,804
Time Warner, Inc.	6.25%		3/29/2041		695		738,199
VTR Finance BV (Chile)†(b)	6.875%		1/15/2024		455		456,706
Total							10,248,415
Metal Fabricating 0.02%
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.†	7.375%		12/15/2023		130		126,425
Metals & Minerals: Miscellaneous 0.81%
Anglo American Capital plc (United Kingdom)†(b)	4.00%		9/11/2027		1,457		1,317,943
Anglo American Capital plc (United Kingdom)†(b)	4.75%		4/10/2027		789		756,808
Barrick North America Finance LLC	7.50%		9/15/2038		200		245,397
Corp. Nacional del Cobre de Chile (Chile)†(b)	4.50%		9/16/2025		700		710,622
Freeport-McMoRan, Inc.	3.875%		3/15/2023		291		269,903
Glencore Finance Canada Ltd. (Canada)†(b)	5.55%		10/25/2042		647		583,614
Kinross Gold Corp. (Canada)(b)	5.95%		3/15/2024		281		281,000
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)†(b)	4.10%		4/11/2023		430		410,284
Total							4,575,571
Natural Gas 0.18%
Dominion Energy Gas Holdings LLC	4.60%		12/15/2044		1,026		1,016,650

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil 1.99%
Afren plc (United Kingdom)†(b)(d)	6.625%	12/9/2020	$	244	$	1,003
Berry Petroleum Co. LLC†	7.00%	2/15/2026		289		261,545
California Resources Corp.†	8.00%	12/15/2022		885		601,800
Chesapeake Energy Corp.	7.50%	10/1/2026		285		245,100
Continental Resources, Inc.	4.50%	4/15/2023		770		758,502
Ecopetrol SA (Colombia)(b)	5.875%	5/28/2045		289		273,550
Eni SpA (Italy)†(b)	5.70%	10/1/2040		1,800		1,870,714
Equinor ASA (Norway)(b)	7.15%	11/15/2025		605		722,431
Gazprom OAO via Gaz Capital SA (Luxembourg)†(b)	4.95%	2/6/2028		200		191,354
Hilcorp Energy I LP/Hilcorp Finance Co.†	6.25%	11/1/2028		287		253,636
Indigo Natural Resources LLC†	6.875%	2/15/2026		291		251,715
Kerr-McGee Corp.	7.875%	9/15/2031		479		575,216
MEG Energy Corp. (Canada)†(b)	7.00%	3/31/2024		450		432,000
Pertamina Persero PT (Indonesia)†(b)	5.625%	5/20/2043		200		189,900
Petrobras Global Finance BV (Netherlands)(b)	4.375%	5/20/2023		358		342,201
Petrobras Global Finance BV (Netherlands)(b)	7.25%	3/17/2044		737		728,624
Petroleos Mexicanos (Mexico)(b)	4.50%	1/23/2026		956		826,462
Precision Drilling Corp. (Canada)(b)	7.75%	12/15/2023		147		136,159
Sinopec Group Overseas Development Ltd.†	4.375%	10/17/2023		364		372,687
SM Energy Co.	6.625%	1/15/2027		569		509,255
Valero Energy Corp.	10.50%	3/15/2039		668		1,024,418
WPX Energy, Inc.	5.25%	9/15/2024		374		340,340
YPF SA (Argentina)†(b)	8.50%	7/28/2025		281		253,251
Total						11,161,863
Oil: Crude Producers 0.68%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(b)	4.60%	11/2/2047		320		313,278
Cheniere Corpus Christi Holdings LLC	5.125%	6/30/2027		1,425		1,350,615
Colonial Pipeline Co.†	4.25%	4/15/2048		714		687,283
Energy Transfer Partners LP	7.50%	7/1/2038		233		261,030
Energy Transfer Partners LP/Regency Energy Finance Corp.	5.00%	10/1/2022		23		23,490
IFM US Colonial Pipeline 2 LLC†	6.45%	5/1/2021		620		647,650
Northern Natural Gas Co.†	4.30%	1/15/2049		371		363,009
Peru LNG Srl (Peru)†(b)	5.375%	3/22/2030		200		194,510
Total						3,840,865

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Integrated Domestic 0.46%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.	4.08%	12/15/2047	$	1,894	$	1,566,570
Halliburton Co.	7.45%	9/15/2039		195		243,336
Transocean Proteus Ltd.†	6.25%	12/1/2024		789		759,220
Total						2,569,126
Paper & Forest Products 0.09%
Fibria Overseas Finance Ltd. (Brazil)(b)	4.00%	1/14/2025		552		522,606
Real Estate Investment Trusts 0.88%
China Evergrande Group (China)(b)	8.75%	6/28/2025		1,000		846,419
Country Garden Holdings Co. Ltd. (China)(b)	4.75%	9/28/2023		374		331,364
Country Garden Holdings Co. Ltd. (China)(b)	4.75%	1/17/2023		226		201,633
EPR Properties	4.75%	12/15/2026		501		496,628
Equinix, Inc.	5.875%	1/15/2026		500		505,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.	5.625%	5/1/2024		195		193,781
Shimao Property Holdings Ltd. (Hong Kong)(b)	4.75%	7/3/2022		500		472,237
VEREIT Operating Partnership LP	4.875%	6/1/2026		1,916		1,918,958
Total						4,966,020
Retail 0.31%
CEC Entertainment, Inc.	8.00%	2/15/2022		841		740,080
IRB Holding Corp.†	6.75%	2/15/2026		1,130		991,575
Total						1,731,655
Steel 0.18%
Cleveland-Cliffs, Inc.	5.75%	3/1/2025		863		778,857
Vale Overseas Ltd. (Brazil)(b)	6.875%	11/10/2039		188		218,080
Total						996,937
Technology 0.46%
Alibaba Group Holding Ltd. (China)(b)	4.20%	12/6/2047		521		463,697
Baidu, Inc. (China)(b)	3.50%	11/28/2022		433		429,039
Netflix, Inc.	4.375%	11/15/2026		1,855		1,688,050
Total						2,580,786
Telecommunications 0.65%
AT&T, Inc.	6.00%	8/15/2040		523		535,542
CenturyLink, Inc.	6.75%	12/1/2023		536		517,910
Intelsat Connect Finance SA (Luxembourg)†(b)	9.50%	2/15/2023		579		500,835
Ooredoo International Finance Ltd.†	3.75%	6/22/2026		300		288,038

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications (continued)
Sprint Capital Corp.	6.875%		11/15/2028	$	243	$	230,243
Sprint Corp.	7.875%		9/15/2023		1,082		1,113,107
Verizon Communications, Inc.	3.716% (3 Mo. LIBOR + 1.10%	)#	5/15/2025		475		460,960
Total							3,646,635
Transportation: Miscellaneous 0.20%
Autoridad del Canal de Panama (Panama)†(b)	4.95%		7/29/2035		200		204,502
Burlington Northern Santa Fe LLC	5.75%		5/1/2040		200		234,939
Pelabuhan Indonesia III Persero PT (Indonesia)†(b)	4.50%		5/2/2023		220		216,275
Rumo Luxembourg Sarl (Luxembourg)†(b)	7.375%		2/9/2024		458		478,564
Total							1,134,280
Utilities 0.23%
Aegea Finance Sarl (Brazil)†(b)	5.75%		10/10/2024		574		549,611
Aquarion Co.†	4.00%		8/15/2024		724		736,124
Total							1,285,735
Total Corporate Bonds (cost $146,963,145)							139,754,456
FOREIGN GOVERNMENT OBLIGATIONS 2.76%
Angola 0.11%
Republic of Angola†(b)	9.50%		11/12/2025		560		590,781
Argentina 1.25%
City of Buenos Aires(e)	51.476% (BADLAR + 3.25%	)#	3/29/2024	ARS	1,800		41,671
Provincia de Buenos Aires†(b)	6.50%		2/15/2023	$	226		183,060
Provincia de Mendoza†(b)	8.375%		5/19/2024		400		326,000
Republic of Argentina(b)	4.625%		1/11/2023		305		241,903
Republic of Argentina(b)	5.625%		1/26/2022		3,473		2,943,368
Republic of Argentina(b)	6.875%		4/22/2021		3,000		2,721,780
Republic of Argentina(b)	8.28%		12/31/2033		714		560,205
Total							7,017,987
Bahamas 0.12%
Commonwealth of Bahamas†(b)	6.00%		11/21/2028		370		378,325
Commonwealth of Bahamas†(b)	6.95%		11/20/2029		300		318,750
Total							697,075
Bermuda 0.07%
Government of Bermuda†	3.717%		1/25/2027		430		411,153

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Dominican Republic 0.03%
Dominican Republic†(b)	6.50%	2/15/2048	$	200	$	189,500
Egypt 0.07%
Arab Republic of Egypt†(b)	6.125%	1/31/2022		220		216,307
Arab Republic of Egypt†(b)	7.903%	2/21/2048		200		172,830
Total						389,137
Ghana 0.04%
Republic of Ghana†(b)	7.875%	8/7/2023		225		220,889
Latvia 0.05%
Republic of Latvia†(b)	5.25%	6/16/2021		258		269,711
Lithuania 0.11%
Republic of Lithuania†(b)	7.375%	2/11/2020		592		620,025
Mexico 0.25%
United Mexican States(b)	3.75%	1/11/2028		600		562,656
United Mexican States(b)	4.00%	10/2/2023		834		831,152
Total						1,393,808
Nigeria 0.04%
Republic of Nigeria†(b)	7.143%	2/23/2030		275		244,074
Qatar 0.20%
State of Qatar†(b)	3.25%	6/2/2026		825		798,890
State of Qatar†(b)	5.103%	4/23/2048		310		326,314
Total						1,125,204
Romania 0.01%
Republic of Romania†(b)	6.125%	1/22/2044		49		54,497
Sri Lanka 0.07%
Republic of Sri Lanka†(b)	6.25%	7/27/2021		200		193,179
Republic of Sri Lanka†(b)	6.85%	11/3/2025		200		187,472
Total						380,651
Turkey 0.34%
Republic of Turkey(b)	3.25%	3/23/2023		220		197,923
Republic of Turkey(b)	5.625%	3/30/2021		1,206		1,209,724
Republic of Turkey(b)	5.75%	3/22/2024		510		494,391
Total						1,902,038
Total Foreign Government Obligations (cost $16,564,410)						15,506,530

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.59%
Federal Home Loan Mortgage Corp. K072 A2	3.444%		12/25/2027	$	1,019	$	1,030,710
Federal Home Loan Mortgage Corp. Q001 XA IO	2.267%	#(a)	2/25/2032		2,803		404,402
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		26		25,274
Government National Mortgage Assoc. 2015-47 AE	2.90%	#(a)	11/16/2055		1,180		1,158,597
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(a)	2/16/2049		777		761,493
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(a)	2/16/2053		277		271,107
Government National Mortgage Assoc. 2017-168 AS	2.70%		8/16/2058		1,594		1,528,721
Government National Mortgage Assoc. 2017-41 AS	2.60%		6/16/2057		1,271		1,211,815
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		661		641,469
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		434		418,097
Government National Mortgage Assoc. 2017-86 AS	2.75%		2/16/2058		506		490,236
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		426		398,802
Government National Mortgage Assoc. 2017-90 AS	2.70%		7/16/2057		593		569,493
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $9,198,742)							8,910,216
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 35.89%
Federal Home Loan Mortgage Corp.	5.00%		9/1/2019 - 6/1/2026		43		43,396
Federal National Mortgage Assoc.(f)	3.50%		TBA		8,500		8,501,845
Federal National Mortgage Assoc.	3.961% (12 Mo. LIBOR + 1.78%	)#	3/1/2042		537		561,233
Federal National Mortgage Assoc.(f)	4.00%		TBA		61,550		62,767,837
Federal National Mortgage Assoc.(f)	4.50%		TBA		124,300		128,793,083
Federal National Mortgage Assoc.	5.50%		12/1/2034 - 9/1/2036		840		904,777
Federal National Mortgage Assoc.	5.50%		2/1/2035		1		1,005
Total Government Sponsored Enterprises Pass-Throughs (cost $200,265,527)							201,573,176
MUNICIPAL BONDS 0.14%
Miscellaneous
North Texas Tollway Auth	8.91%		2/1/2030		538		569,215
Pennsylvania	5.35%		5/1/2030		235		241,119
Total Municipal Bonds (cost $808,916)							810,334
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.27%
Atrium Hotel Portfolio Trust 2018-ATRM A†	3.405% (1 Mo. LIBOR + .95%	)#	6/15/2035		537		534,893
Bancorp Commercial Mortgage Trust (The) 2018-CR3 A†	3.305% (1 Mo. LIBOR + .85%	)#	1/15/2033		446		441,859
BB-UBS Trust 2012-SHOW A†	3.43%		11/5/2036		1,342		1,344,428
BWAY Mortgage Trust 2015-1740 A†	2.917%		1/10/2035		880		854,329

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BX Trust 2018-GW A†	3.255% (1 Mo. LIBOR + .80%	)#	5/15/2035	$	1,467	$	1,437,903
Caesars Palace Las Vegas Trust 2017-VICI A†	3.531%		10/15/2034		1,474		1,484,032
Caesars Palace Las Vegas Trust 2017-VICI B†	3.835%		10/15/2034		901		904,425
CGBAM Commercial Mortgage Trust 2015-SMRT B†	3.213%		4/10/2028		212		211,697
CGBAM Commercial Mortgage Trust 2015-SMRT C†	3.516%		4/10/2028		159		159,146
Citigroup Commercial Mortgage Trust 2016-GC36 D†	2.85%		2/10/2049		1,250		987,866
Commercial Mortgage Pass-Through Certificates 2014-CR17 A5	3.977%		5/10/2047		1,000		1,030,624
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.176%	#(a)	8/10/2047		715		28,846
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.44%	#(a)	7/10/2050		178		179,380
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.44%	#(a)	7/10/2050		410		403,956
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.44%	#(a)	7/10/2050		574		511,247
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	4.069% (1 Mo. LIBOR + 1.72%	)#	10/15/2034		678		677,609
CSAIL Commercial Mortgage Trust 2015-C2 C	4.205%	#(a)	6/15/2057		700		676,788
DBWF Mortgage Trust 2015-LCM D†	3.421%	#(a)	6/10/2034		257		225,058
DBWF Mortgage Trust 2018-GLKS A†	3.41% (1 Mo. LIBOR + 1.03%	)#	11/19/2035		1,008		1,006,314
GAHR Commercial Mortgage Trust 2015-NRF DFX†	3.382%	#(a)	12/15/2034		278		274,505
GS Mortgage Securities Corp. Trust 2018-FBLU A†	3.405% (1 Mo. LIBOR + .95%	)#	11/15/2035		1,007		1,003,979
GS Mortgage Securities Corp. Trust 2018-RIVR A†	3.405% (1 Mo. LIBOR + .95%	)#	7/15/2035		683		681,767
GS Mortgage Securities Trust 2015-GC32 C	4.411%	#(a)	7/10/2048		195		193,193
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		668		656,473
Hudsons Bay Simon JV Trust 2015-HB7 D7†	5.159%	#(a)	8/5/2034		629		578,505
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ D†	4.555% (1 Mo. LIBOR + 2.10%	)#	6/15/2032		799		786,281
JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON A†	4.128%		7/5/2031		1,673		1,735,655
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.297%	#(a)	7/15/2048		374		360,098
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A†	3.455% (1 Mo. LIBOR + 1.00%	)#	6/15/2032		1,600		1,570,909
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A†	3.475% (1 Mo. LIBOR + 1.02%	)#	11/15/2035		542		541,626

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL†	3.329% (1 Mo. LIBOR + .95%	)#	7/5/2033	$	377	$	376,520
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFX†	4.248%		7/5/2033		1,056		1,097,241
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL†	3.979%	#(a)	7/5/2033		1,130		1,128,609
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX†	4.549%		7/5/2033		340		352,407
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX†	4.95%		7/5/2033		453		468,419
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1	6.25%		10/25/2036		15		12,122
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.694%	#(a)	7/15/2050		19,080		533,559
SFAVE Commercial Mortgage Securities Trust 2015-5AVE A2B†	4.144%	#(a)	1/5/2043		250		236,465
Structured Asset Securities Corp. 2006-3H 1A2	5.75%		12/25/2035		8		7,769
UBS-BAMLL Trust 2012-WRM E†	4.238%	#(a)	6/10/2030		595		549,034
UBS-Barclays Commercial Mortgage Trust 2012-C3 B†	4.365%	#(a)	8/10/2049		200		203,700
Wells Fargo Commercial Mortgage Trust 2013-LC12 D†	4.287%	#(a)	7/15/2046		364		307,839
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.128%	#(a)	5/15/2048		1,489		1,295,664
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E†	4.878%	#(a)	1/15/2059		434		392,209	(g)
WFRBS Commercial Mortgage Trust 2014-C22 A4	3.488%		9/15/2057		1,125		1,130,372
Total Non-Agency Commercial Mortgage-Backed Securities (cost $29,254,243)							29,575,320
U.S. TREASURY OBLIGATIONS 16.62%
U.S. Treasury Bond	2.75%		11/15/2042		11,565		11,082,638
U.S. Treasury Bond	3.00%		8/15/2048		26,465		26,393,212
U.S. Treasury Inflation Indexed Note(h)	0.50%		1/15/2028		6,730		6,427,498
U.S. Treasury Inflation Indexed Note(h)	0.625%		4/15/2023		26,307		25,881,496
U.S. Treasury Note	1.875%		12/15/2020		5,335		5,271,523
U.S. Treasury Note	2.875%		10/31/2023		10,299		10,471,278
U.S. Treasury Note	2.875%		11/15/2021		1,773		1,792,860
U.S. Treasury Note	3.125%		11/15/2028		5,786		6,006,623
Total U.S. Treasury Obligations (cost $91,552,297)							93,327,128
Total Long-Term Investments (cost $677,538,338)							672,064,275

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2018

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 15.99%
GOVERNMENT SPONSORED ENTERPRISES SECURITIES 4.15%
Federal Home Loan Bank	Zero Coupon	1/31/2019	$	7,924	$	7,908,873
Federal Home Loan Bank	Zero Coupon	2/6/2019		1,983		1,978,391
Federal Home Loan Bank	Zero Coupon	2/15/2019		13,451		13,411,710
Total Government Sponsored Enterprises Securities (cost $23,298,573)						23,298,974
REPURCHASE AGREEMENT 2.82%
Repurchase Agreement dated 12/31/2018, 1.45% due 1/2/2019 with Fixed Income Clearing Corp. collateralized by $15,720,000 of U.S. Treasury Note at 2.875% due 7/31/2025; value: $16,130,323; proceeds: $15,812,753 (cost $15,811,479)				15,811		15,811,479
U.S. TREASURY OBLIGATION 9.02%
Government
U.S. Treasury Bill (cost $50,647,602)	Zero Coupon	3/14/2019		50,889		50,645,790
Total Short-Term Investment (cost $89,757,654)						89,756,243
Total Investments in Securities 135.65% (cost $767,295,992)						761,820,518
Liabilities in Excess of Cash and Other Assets(i) (35.65%)						(200,210,245	)
Net Assets 100.00%					$	561,610,273

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, 2018.
(a)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(b)	Foreign security traded in U.S. dollars.
(c)	Variable Rate is Fixed to Float: Rate remains fixed until designated future date.
(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)	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.
(h)	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.
(i)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on futures contracts as follows:

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2018

Open Futures Contracts at December 31, 2018:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 5-Year Treasury Note	March 2019	386	Long	$	43,734,911		$	44,269,375			$	534,464
U.S. Long Bond	March 2019	246	Long		34,325,111			35,915,991				1,590,880
Total Unrealized Appreciation on Open Futures Contracts											$	2,125,344
Type	Expiration	Contracts	Position		Notional Amount			Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note	March 2019	95	Long	$	20,170,910		$	20,169,697			$	(1,213	)
U.S. 10-Year Treasury Note	March 2019	92	Short		(10,957,184	)		(11,225,437	)			(268,253	)
U.S. 10-Year Ultra Treasury Bond	March 2019	11	Long		1,431,910			1,430,859				(1,051	)
Ultra Long U.S. Treasury Bond	March 2019	130	Short		(19,996,944	)		(20,885,313	)			(888,369	)
Total Unrealized Depreciation on Open Futures Contracts											$	(1,158,886	)

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2018

The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	182,607,115	$	–	$	182,607,115
Corporate Bonds		–			139,754,456		–		139,754,456
Foreign Government Obligations		–			15,506,530		–		15,506,530
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			8,910,216		–		8,910,216
Government Sponsored Enterprises Pass-Throughs		–			201,573,176		–		201,573,176
Municipal Bonds		–			810,334		–		810,334
Non-Agency Commercial Mortgage-Backed Securities		–			29,183,111		392,209		29,575,320
U.S. Treasury Obligations		–			93,327,128		–		93,327,128
Short-Term Investments
Government Sponsored Enterprises Securities		–			23,298,974		–		23,298,974
Repurchase Agreement		–			15,811,479		–		15,811,479
U.S. Treasury Obligation		–			50,645,790		–		50,645,790
Total	$	–		$	761,428,309	$	392,209	$	761,820,518
Other Financial Instruments
Futures Contracts
Assets	$	2,125,344		$	–	$	–	$	2,125,344
Liabilities		(1,158,886	)		–		–		(1,158,886	)
Total	$	966,458		$	–	$	–	$	966,458

(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, 2018.

30 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2018

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

Investment Type	Asset-Backed Securities			Non-Agency Commercial Mortgage- Backed Securities
Balance as of January 1, 2018	$	4,488,220		$	–
Accrued Discounts (Premiums)		–			508
Realized Gain (Loss)		10,063			–
Change in Unrealized Appreciation (Depreciation)		45			32,283
Purchases		–			–
Sales		(1,742,063	)		–
Transfers into Level 3		–			359,418
Transfers out of Level 3		(2,756,265	)		–
Balance as of December 31, 2018	$	–		$	392,209
Change in unrealized appreciation/depreciation for period ended December 31, 2018, related to Level 3 investments held at December 31, 2018	$	–		$	32,283

See Notes to Financial Statements. 31

Statement of Assets and Liabilities

December 31, 2018

ASSETS:
Investments in securities, at fair value (cost $767,295,992)	$	761,820,518
Cash		1,440
Deposits with brokers for futures collateral		565,032
Receivables:
Interest and dividends		3,437,939
Investment securities sold		2,030,703
Capital shares sold		143,873
From advisor (See Note 3)		114,508
Prepaid expenses		2,340
Total assets		768,116,353
LIABILITIES:
Payables:
Investment securities purchased		201,078,304
Capital shares reacquired		4,697,711
Management fee		215,940
Directors’ fees		45,613
Variation margin on futures contracts		26,711
Fund administration		19,195
Accrued expenses		422,606
Total liabilities		206,506,080
NET ASSETS	$	561,610,273
COMPOSITION OF NET ASSETS:
Paid-in capital	$	589,663,069
Total distributable earnings (loss)		(28,052,796	)
Net Assets	$	561,610,273
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		35,180,457
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$15.96

32 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2018

Investment income:
Interest and other	$	19,047,989
Interest earned from Interfund Lending (See Note 11)		769
Total investment income		19,048,758
Expenses:
Management fee		2,537,051
Non 12b-1 service fees		1,409,782
Shareholder servicing		604,718
Fund administration		225,516
Reports to shareholders		69,802
Professional		54,272
Custody		21,008
Directors’ fees		19,537
Other		60,189
Gross expenses		5,001,875
Expense reductions (See Note 9)		(13,185	)
Fees waived and expenses reimbursed (See Note 3)		(1,189,244	)
Net expenses		3,799,446
Net investment income		15,249,312
Net realized and unrealized gain (loss):
Net realized loss on investments		(11,717,911	)
Net realized loss on futures contracts		(671,026	)
Net realized loss on foreign currency related transactions		(5,961	)
Net change in unrealized appreciation/depreciation on investments		(9,157,108	)
Net change in unrealized appreciation/depreciation on futures contracts		1,091,607
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		307
Net realized and unrealized loss		(20,460,092	)
Net Decrease in Net Assets Resulting From Operations	$	(5,210,780	)

See Notes to Financial Statements. 33

Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
INCREASE IN NET ASSETS	December 31, 2018			December 31, 2017
Operations:
Net investment income	$	15,249,312		$	10,725,398
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		(12,394,898	)		609,800
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(8,065,194	)		6,869,409
Net increase (decrease) in net assets resulting from operations		(5,210,780	)		18,204,607
Distributions to shareholders(1)		(18,110,707	)		(13,065,635	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		99,983,765			141,989,369
Reinvestment of distributions		18,110,707			13,065,635
Cost of shares reacquired		(87,540,643	)		(52,931,398	)
Net increase in net assets resulting from capital share transactions		30,553,829			102,123,606
Net increase in net assets		7,232,342			107,262,578
NET ASSETS:
Beginning of year	$	554,377,931		$	447,115,353
End of year	$	561,610,273		$	554,377,931
Distributions in excess of net investment income(2)	$	–		$	–

(1)	The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended December 31, 2017, the source of distributions represents net investment income.
(2)	The SEC eliminated the requirement to disclose distributions in excess of net investment income in 2018. For the year ended December 31, 2017, the distributions in excess of net investment income was $(33,848).

34 See Notes to Financial Statements.

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35

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
12/31/2018	$	16.65	$	0.44	$	(0.60	)	$	(0.16	)	$	(0.53	)	$	–		$	(0.53	)
12/31/2017		16.42		0.36		0.27			0.63			(0.40	)		–			(0.40	)
12/31/2016		16.25		0.36		0.31			0.67			(0.44	)		(0.06	)		(0.50	)
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	)

(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.

36 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 (%)
	$15.96		(1.03	)		0.67		0.89		2.70		$561,610		611
	16.65		3.86			0.64		0.88		2.16		554,378		452
	16.42		4.26			0.64		0.89		2.16		447,115		443
	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

See Notes to Financial Statements. 37

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. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models 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

38

Notes to Financial Statements (continued)

	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, 2015 through December 31, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss), if applicable, on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	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

39

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 a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.
(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 liability. Observable inputs are

40

Notes to Financial Statements (continued)

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, 2018 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, 2018, the effective management fee, net of waivers, was at an annualized rate of .24% 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.

Effective May 1, 2018 and continuing through April 30, 2019, 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 .69%. This agreement may be terminated only upon the approval of the Board. Prior to May 1, 2018, Lord Abbett 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%.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be

41

Notes to Financial Statements (continued)

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

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the fiscal years ended December 31, 2018 and 2017, was as follows:

	Year Ended		Year Ended
	12/31/2018		12/31/2017
Distributions paid from:
Ordinary income	$	18,110,707	$	13,065,635
Total distributions paid	$	18,110,707	$	13,065,635

As of December 31, 2018, the components of accumulated losses on a tax-basis were as follows:

Undistributed ordinary income – net	$	15,288
Total undistributed earnings		15,288
Capital loss carryforwards*		(18,973,335	)
Temporary differences		(45,613	)
Unrealized losses – net		(9,049,136	)
Total accumulated losses – net	$	(28,052,796	)

* The capital losses will carry forward indefinitely.

As of December 31, 2018, 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	$	771,836,041
Gross unrealized gain		6,539,500
Gross unrealized loss		(15,588,556	)
Net unrealized security loss	$	(9,049,056	)

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

42

Notes to Financial Statements (continued)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2018 were as follows:

U.S.		Non-U.S.		U.S.		Non-U.S.
Government		Government		Government		Government
	Purchases		Purchases		Sales		Sales
	$3,515,710,890		$407,283,655		$3,486,016,286		$333,798,096

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, 2018, the Fund engaged in cross-trade purchases of $1,071,956 and sales of $1,123,449, which resulted in net realized gains of $47,691.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2018 (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, 2018, the Fund had futures contracts with unrealized appreciation of $2,125,344 and depreciation of $(1,158,886) 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 $(671,026) and net change in unrealized appreciation/depreciation of $1,091,607 are included on the Statement of Operations related to futures contracts under the captions Net realized loss 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 514.

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:

43

Notes to Financial Statements (continued)

			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Repurchase Agreement	$	15,811,479	$	–	$	15,811,479
Total	$	15,811,479	$	–	$	15,811,479

	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.	$	15,811,479	$	–	$	–	$	(15,811,479	)	$	–
Total	$	15,811,479	$	–	$	–	$	(15,811,479	)	$	–

(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, 2018.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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  

During the period ended August 8, 2018, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Fund did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, 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, $350 million, or $1

44

Notes to Financial Statements (continued)

billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through December 31, 2018, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

During the year ended December 31, 2018, the Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Average	Average	Interest
Loan	Interest Rate	Income	*
$12,593,213	2.23%	769

* Included in the Statement of Operations

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

45

Notes to Financial Statements (continued)

institutions, not by government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. The prepayment rate also will affect the price and volatility of these securities. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprises involved, not by the U.S. Government.

The lower-rated or high-yield bonds (also known as “junk” bonds) in which the Fund may invest are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, industry and sector, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market 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

46

Notes to Financial Statements (concluded)

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, 2018			December 31, 2017
Shares sold		6,114,426			8,429,040
Reinvestment of distributions		1,139,038			788,496
Shares reacquired		(5,360,418	)		(3,155,253	)
Increase		1,893,046			6,062,283

47

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Total Return Portfolio, one of the portfolios constituting the Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2018, 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, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, 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, 2019

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

48

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

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

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

Independent Directors

The following Independent Directors also are directors/trustees of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 62 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).
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.

49

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
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).
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.
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).

50

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
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Clients Services, joined Lord Abbett in 1994.
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 of Equities, joined Lord Abbett in 2001.
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 (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.
Eli Rabinowich (1975)	Executive Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2018 and was formerly a Portfolio Manager, Partner, and Analyst at Pzena Investment Management from (2004–2018).

51

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
Jeffrey Rabinowitz (1972)	Executive Vice President	Elected in 2017	Portfolio Manager, joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC (2014–2017) and Managing Director and Portfolio Manager/Technology Analyst for U.S. Growth Equity at Goldman Sachs Asset Management (1999–2014).
Steven F. Rocco (1979)	Executive Vice President	Elected in 2014	Partner and Director of Taxable Fixed Income, joined Lord Abbett in 2004.
A. Edward Allinson (1961)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2005.
Vernon T. Bice (1974)	Vice President	Elected in 2011	Portfolio Manager, joined Lord Abbett in 2011.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected in 2018	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
Robert S. Clark (1975)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2010.
Matthew R. DeCicco (1977)	Vice President	Elected in 2003	Managing Director and Portfolio Manager, joined Lord Abbett in 1999.
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Christopher J. Gizzo (1986)	Vice President	Elected in 2018	Managing Director and Portfolio Manager, joined Lord Abbett in 2008.
Bernard J. Grzelak (1971)	Chief Financial Officer and Vice President	Elected in 2017	Partner, Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

52

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).
So Young Lee (1971)	Vice President	Elected in 2018	Portfolio Manager, joined Lord Abbett in 2013.
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.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected in 2007	Partner and 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.
Kewjin Yuoh (1971)	Vice President	Elected in 2012	Partner and Portfolio Manager, joined Lord Abbett in 2010.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014).
Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Taxation, joined Lord Abbett in 2003.

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.

53

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, which included the approval of a proposal to reduce the management fee schedule effective May 1, 2019, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended August 31, 2018. The Board observed that although the Fund’s investment performance was below

54

Approval of Advisory Contract (continued)

the median of the performance peer group for the one-, three-, and five-year periods, the Fund outperformed both benchmarks for the one-, three-, and five-year periods. The Board considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement, as revised with a reduced management fee schedule effective May 1, 2019, should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates under the terms of the current Agreement, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. The Board further considered that the Fund’s management fee schedule would be reduced, effective May 1, 2019. 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the reduced management fee schedule, which included certain breakpoints in the management fee schedule, adequately addressed any economies of scale in managing the Fund.

55

Approval of Advisory Contract (concluded)

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement, as revised, 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.

56

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.

57

 

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Series Fund, Inc.

Total Return Portfolio SFTR-PORT-3
(02/19)

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, 2018 (the “Period”).

(b) Not applicable.

(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d) The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

(e) Not applicable.

(f) See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3: Audit Committee Financial Expert.

The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4: Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2018 and 2017 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:
		2018	2017
Audit Fees {a}		$464,200	$464,200
Audit-Related Fees		- 0 -	- 0 -
Total audit and audit-related fees		464,200	464,200
Tax Fees {b}		115,804	123,098
All Other Fees		- 0 -	- 0 -
Total Fees		$580,004	$587,298

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended December 31, 2018 and 2017 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, 2018 and 2017 were:

	Fiscal year ended:
		2018	2017
All Other Fees {a}		$200,339	201,416

{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, 2018 and 2017 were:

	Fiscal year ended:
		2018	2017
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/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: February 15, 2019

By:	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

Date: February 15, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: February 15, 2019

By:	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

Date: February 15, 2019

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, 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, 2019

/s/ Douglas B. Sieg

Douglas B. Sieg

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, 2019

/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, 2019

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	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.