UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05876

LORD ABBETT SERIES FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2017

Item 1: Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
42	Statement of Assets and Liabilities
43	Statement of Operations
44	Statements of Changes in Net Assets
46	Financial Highlights
48	Notes to Financial Statements
61	Supplemental Information to Shareholders

Lord Abbett Series Fund — Bond Debenture Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Bond Debenture Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

 

Daria L. Foster

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,047.70	$4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51

^† 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Asset Backed		2.55	%
Automotive		1.27	%
Banking		7.90	%
Basic Industry		11.59	%
Capital Goods		2.80	%
Commercial Mortgage Backed		0.13	%
Consumer Discretionary		0.26	%
Consumer Goods		4.45	%
Consumer Staples		0.26	%
Energy		10.70	%
Financial Services		3.69	%
Foreign Government		4.20	%
Healthcare		8.54	%
Insurance		1.91	%

Sector*	%**
Leisure		4.97	%
Media		5.35	%
Municipal		2.29	%
Real Estate		1.15	%
Retail		5.35	%
Services		3.57	%
Technology & Electronics		6.62	%
Telecommunications		3.31	%
Transportation		2.80	%
U.S. Government		0.13	%
Utility		4.08	%
Repurchase Agreement		0.13	%
Total		100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 100.04%
ASSET-BACKED SECURITIES 1.57%
Automobiles 0.11%
TCF Auto Receivables Owner Trust 2016-1A B†		2.32%		6/15/2022	$	979	$	969,224
Westlake Automobile Receivables Trust 2016-3A B†		2.07%		12/15/2021		277		276,495
Total								1,245,719
Other 1.46%
ALM XIX Ltd. 2016-19A C†		5.508%	#	7/15/2028		462		469,984
ALM XVIII Ltd. 2016-18A C†		5.508%	#	7/15/2027		500		507,861
Anchorage Capital CLO 7 Ltd. 2015-7A D†		4.808%	#	10/15/2027		400		400,827
Anchorage Capital CLO 8 Ltd. 2016-8A D†		5.372%	#	7/28/2028		250		252,771
Anchorage Capital CLO 9 Ltd. 2016-9A D†		4.951%	#	1/15/2029		900		912,854
Anchorage Capital CLO Ltd. 2013-1A C†		4.655%	#	7/13/2025		250		250,371
Ascentium Equipment Receivables Trust 2016-2A B†		2.50%		9/12/2022		417		418,062
BlueMountain CLO Ltd. 2016-1A D†		5.956%	#	4/20/2027		500		504,462
Engs Commercial Finance Trust 2016-1A A2†		2.63%		2/22/2022		1,062		1,060,678
Guggenheim 5180-2 CLO LP 2015-1A A2B†		3.739%	#	11/25/2027		2,500		2,511,631
JFIN CLO II Ltd. 2015-2A B1†		3.558%	#	10/19/2026		1,500		1,503,289
KKR Financial CLO Ltd. 2013-2A C†		4.903%	#	1/23/2026		500		503,022
Leaf Receivables Funding 11 LLC 2016-1 A3†		2.05%		6/15/2019		492		492,220
Leaf Receivables Funding 11 LLC 2016-1 A4†		2.49%		4/15/2022		634		635,240
Regatta III Funding Ltd. 2014-1A CR†		Zero Coupon		4/15/2026		400		399,571
Regatta IV Funding Ltd. 2014-1A DR†(a)		4.614%	#	7/25/2026		1,300		1,300,000
Sonic Capital LLC 2016-1A A2†		4.472%		5/20/2046		537		537,235
Sound Point CLO XI Ltd. 2016-1A D†		5.806%	#	7/20/2028		2,000		2,008,590
Voya CLO Ltd. 2016-2A C†		5.408%	#	7/19/2028		750		757,265
Westcott Park CLO Ltd. 2016-1A D†		5.506%	#	7/20/2028		850		865,121
Total								16,291,054
Total Asset-Backed Securities (cost $17,169,145)								17,536,773

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)		Fair Value
COMMON STOCKS 13.70%
Air Transportation 0.20%
Azul SA ADR*		55	$	1,160,454
Hawaiian Holdings, Inc.*		24		1,121,260
Total				2,281,714
Auto Parts & Equipment 0.15%
Chassix Holdings, Inc.		59		1,685,135
Banking 0.21%
Danske Bank A/S(c)		DKK 31		1,203,855
UniCredit SpA*(c)		EUR 63		1,178,096
Total				2,381,951
Beverages 0.67%
Becle SAB de CV*(c)		MXN 704		1,199,822
Brown-Forman Corp. Class B		22		1,053,940
Constellation Brands, Inc. Class A		6		1,201,126
Davide Campari-Milano SpA(c)		EUR 84		593,363
Monster Beverage Corp.*		23		1,117,800
Remy Cointreau SA(c)		EUR 20		2,284,778
Total				7,450,829
Building & Construction 0.11%
KB Home		52		1,241,814
Building Materials 0.20%
Fortune Brands Home & Security, Inc.		18		1,141,700
Summit Materials, Inc. Class A*		40		1,142,992
Total				2,284,692
Cable & Satellite Television 0.10%
Charter Communications, Inc. Class A*		3		1,145,627
Chemicals 0.20%
Platform Specialty Products Corp.*		85		1,078,510
Versum Materials, Inc.		35		1,122,225
Total				2,200,735
Discount Stores 0.10%
Wal-Mart Stores, Inc.		14		1,096,225

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)			Fair Value
Diversified Capital Goods 0.26%
Illinois Tool Works, Inc.		8		$	1,103,025
Rockwell Automation, Inc.		11			1,764,878
Total					2,867,903
Electric: Integrated 0.75%
CMS Energy Corp.		50			2,302,464
El Paso Electric Co.		31			1,621,725
IDACORP, Inc.		20			1,669,787
PNM Resources, Inc.		29			1,108,141
Portland General Electric Co.		36			1,655,623
Total					8,357,740
Electronics 0.42%
Cognex Corp.		8			691,256
Keyence Corp.(c)		JPY 2			1,074,754
Trimble, Inc.*		37			1,318,506
Universal Display Corp.		14			1,567,301
Total					4,651,817
Energy: Exploration & Production 0.35%
Bonanza Creek Energy, Inc.*		32			1,021,221
Chaparral Energy, Inc.*		59			1,302,648
Chaparral Energy, Inc.		12			273,920
Diamondback Energy, Inc.*		12			1,095,649
Peabody Energy Corp.		—	(d)		9,968
Templar Energy LLC Class A Units		46			220,697
Total					3,924,103
Food & Drug Retailers 0.07%
Cia Brasileira de Distribuicao ADR*		42			824,013
Food: Wholesale 0.10%
Hershey Co. (The)		10			1,110,313
Forestry/Paper 0.22%
Louisiana-Pacific Corp.*		50			1,210,949
Potlatch Corp.		27			1,225,400
Total					2,436,349

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)		Fair Value
Gaming 0.41%
Penn National Gaming, Inc.*		79	$	1,689,551
Scientific Games Corp. Class A*		49		1,265,850
Wynn Resorts Ltd.		12		1,647,128
Total				4,602,529
Hotels 0.30%
Choice Hotels International, Inc.		18		1,144,292
Marriott International, Inc. Class A		11		1,075,424
Wyndham Worldwide Corp.		12		1,159,735
Total				3,379,451
Integrated Energy 0.11%
First Solar, Inc.*		30		1,187,587
Investments & Miscellaneous Financial Services 0.32%
BlackRock, Inc.		3		1,154,869
MarketAxess Holdings, Inc.		6		1,166,380
TransUnion*		28		1,204,018
Total				3,525,267
Machinery 0.25%
Nabtesco Corp.(c)		JPY 19		548,497
Nordson Corp.		10		1,199,612
Toro Co. (The)		15		1,067,967
Total				2,816,076
Managed Care 0.16%
WellCare Health Plans, Inc.*		10		1,772,257
Media: Content 0.20%
Netflix, Inc.*		15		2,206,935
Medical Products 0.88%
ABIOMED, Inc.*		4		616,190
Align Technology, Inc.*		8		1,170,786
Baxter International, Inc.		20		1,207,773
Charles River Laboratories International, Inc.*		12		1,177,083
Hill-Rom Holdings, Inc.		15		1,225,994
Intuitive Surgical, Inc.*		2		1,691,149
Mettler-Toledo International, Inc.*		2		1,088,799
Penumbra, Inc.*		19		1,711,037
Total				9,888,811

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)		Fair Value
Metals/Mining (Excluding Steel) 0.16%
Century Aluminum Co.*		110	$	1,714,081
Mirabela Nickel Ltd.*(c)		AUD 2,560		19,678
Peabody Energy Corp.		1		24,737
Total				1,758,496
Monoline Insurance 0.11%
FNF Group		28		1,261,606
Non-Electric Utilities 0.26%
Aqua America, Inc.		51		1,691,640
Cia de Saneamento Basico do Estado de Sao Paulo ADR		122		1,162,839
Total				2,854,479
Packaging 0.10%
Silgan Holdings, Inc.		36		1,145,288
Personal & Household Products 0.69%
Brunswick Corp.		20		1,272,603
Clorox Co. (The)		8		1,120,282
Hasbro, Inc.		17		1,877,494
L’Oreal SA(c)		EUR 5		1,104,139
LVMH Moet Hennessy Louis Vuitton SE(c)		EUR 5		1,281,313
Pool Corp.		9		1,069,417
Total				7,725,248
Pharmaceuticals 0.74%
Blueprint Medicines Corp.*		34		1,729,924
Exelixis, Inc.*		52		1,280,046
Incyte Corp.*		13		1,577,652
Loxo Oncology, Inc.*		16		1,268,686
Regeneron Pharmaceuticals, Inc.*		2		1,180,701
Vertex Pharmaceuticals, Inc.*		9		1,204,290
Total				8,241,299
Printing & Publishing 0.10%
S&P Global, Inc.		8		1,143,978
Property & Casualty 0.21%
Allstate Corp. (The)		13		1,176,252
Progressive Corp. (The)		28		1,221,293
Total				2,397,545

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)		Fair Value
Real Estate Development & Management 0.08%
Realogy Holdings Corp.		27	$	871,282
Real Estate Investment Trusts 0.25%
Colony Starwood Homes		32		1,111,644
CoreSite Realty Corp.		16		1,650,993
Total				2,762,637
Recreation & Travel 0.30%
Royal Caribbean Cruises Ltd.		10		1,134,572
Six Flags Entertainment Corp.		19		1,148,566
Vail Resorts, Inc.		6		1,119,824
Total				3,402,962
Restaurants 0.60%
Chipotle Mexican Grill, Inc.*		2		1,008,210
Dave & Buster’s Entertainment, Inc.*		17		1,115,373
Shake Shack, Inc. Class A*		46		1,599,073
Starbucks Corp.		19		1,091,680
Yum China Holdings, Inc.*		48		1,905,928
Total				6,720,264
Software/Services 1.16%
Arista Networks, Inc.*		7		1,067,254
Atlassian Corp. plc Class A (Australia)*(b)		32		1,138,214
Blackbaud, Inc.		13		1,149,050
Global Payments, Inc.		12		1,120,781
InterXion Holding NV (Netherlands)*(b)		25		1,159,470
Mastercard, Inc. Class A		10		1,182,558
MercadoLibre, Inc. (Argentina)(b)		4		1,061,975
MSCI, Inc.		11		1,155,548
PayPal Holdings, Inc.*		21		1,105,602
Shopify, Inc. Class A (Canada)*(b)		7		572,063
Tableau Software, Inc. Class A*		18		1,124,304
Veeva Systems, Inc. Class A*		18		1,116,455
Total				12,953,274
Specialty Retail 0.69%
Cie Financiere Richemont SA(c)		CHF 14		1,150,439
Kering(c)		EUR 4		1,379,726
Maisons du Monde SA†*(c)		EUR 16		609,250
Moncler SpA(c)		EUR 73		1,708,548

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares (000)		Fair Value
Specialty Retail (continued)
Sally Beauty Holdings, Inc.*		29	$	585,225
Wayfair, Inc. Class A*		30		2,289,410
Total				7,722,598
Steel Producers/Products 0.07%
BlueScope Steel Ltd.(c)		AUD 82		837,172
Support: Services 0.59%
Adtalem Global Education, Inc.		29		1,105,180
Bright Horizons Family Solutions, Inc.*		15		1,142,708
Laureate Education, Inc. Class A*		37		643,351
Sotheby’s*		23		1,224,159
Total System Services, Inc.		19		1,123,992
Triton International Ltd.		40		1,324,324
Total				6,563,714
Technology Hardware & Equipment 0.14%
3D Systems Corp.*		26		485,826
Corning, Inc.		38		1,131,833
Total				1,617,659
Telecommunications: Satellite 0.10%
Altice USA, Inc.*		36		1,146,650
Telecommunications: Wireless 0.19%
American Tower Corp.		16		2,082,717
Theaters & Entertainment 0.12%
Live Nation Entertainment, Inc.*		39		1,366,817
Transportation: Infrastructure/Services 0.20%
AP Moller - Maersk A/S Class B(c)		DKK 1		1,216,440
Hapag-Lloyd AG†*(c)		EUR 34		978,670
Total				2,195,110
Trucking & Delivery 0.10%
Old Dominion Freight Line, Inc.		12		1,154,880
Total Common Stocks (cost $137,925,203)				153,245,548

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
CONVERTIBLE BONDS 0.42%
Automakers 0.10%
Tesla, Inc.		2.375	%	3/15/2022	$	879	$	1,106,441
Recreation & Travel 0.11%
Ctrip.com International Ltd. (China)(b)		1.99	%	7/1/2025		1,000		1,223,125
Software/Services 0.21%
Take-Two Interactive Software, Inc.		1.00	%	7/1/2018		329		1,120,245
Zillow Group, Inc.†		2.00	%	12/1/2021		1,044		1,222,133
Total								2,342,378
Total Convertible Bonds (cost $4,337,429)								4,671,944
		Dividend			Shares
		Rate			(000)
CONVERTIBLE PREFERRED STOCKS 0.60%
Building & Construction 0.10%
William Lyon Homes Unit		Zero Coupon				10		1,159,536
Electric: Integrated 0.15%
Black Hills Corp. Unit*		Zero Coupon				23		1,674,061
Personal & Household Products 0.17%
Stanley Black & Decker, Inc.		5.375	%			17		1,854,268
Real Estate Investment Trusts 0.05%
American Tower Corp.		5.50	%			5		569,781
Software/Services 0.13%
Mandatory Exchangeable Trust†		5.75	%			9		1,455,462
Total Convertible Preferred Stocks (cost $5,978,730)								6,713,108
		Interest Rate			Principal Amount (000)
FLOATING RATE LOANS(e) 2.63%
Auto Parts & Equipment 0.23%
Chassix, Inc. Initial Term Loan		12.00	%	7/29/2019	$	682		688,830
Intrawest Resorts Holdings, Inc.		—	(f)	6/28/2024		1,862		1,866,655
Total								2,555,485

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Building Materials 0.14%
Zodiac Pool Solutions LLC Term Loan		5.296	%	12/20/2023	$	1,521	$	1,536,578
Electric: Generation 0.35%
Lightstone Holdco LLC Refinanced Term Loan B		5.726	%	1/30/2024		2,581		2,520,485
Lightstone Holdco LLC Refinanced Term Loan C		5.726	%	1/30/2024		161		157,231
Longview Power LLC Advance Term Loan B		7.23	%	4/13/2021		1,021		727,594
Moxie Liberty LLC Advance Construction Term Loan B1		7.796	%	8/21/2020		549		508,746
Total								3,914,056
Energy: Exploration & Production 0.36%
California Resources Corp. Term Loan		4.226	%	9/24/2019		774		747,081
California Resources Corp. Term Loan		11.534	%	12/31/2021		980		1,038,800
Chief Exploration & Development LLC 2nd Lien Term Loan		7.932	%	5/16/2021		1,111		1,074,893
Jonah Energy LLC 2nd Lien Initial Term Loan		7.726	%	5/12/2021		1,190		1,139,925
Total								4,000,699
Gaming 0.32%
Amaya Holdings B.V. 1st Lien
Initial Term Loan B3 (Netherlands)(b)		4.796	%	8/1/2021		1,112		1,114,809
Cowlitz Tribal Gaming Authority Term Loan B		11.796	%	12/6/2021		2,210		2,475,200
Total								3,590,009
Health Facilities 0.10%
Surgery Partners, LLC Term Loan B		–	(f)	6/20/2024		1,119		1,124,601
Health Services 0.10%
Genoa, a QoL Healthcare Co., LLC
1st Lien initial Term Loan		4.976	%	10/30/2023		1,101		1,107,247
Investments & Miscellaneous Financial Services 0.09%
Russell Investments US Institutional Holdco, Inc.
Initial Term Loan		–	(f)	6/1/2023		333		338,573
VFH Parent LLC Initial Term Loan		–	(f)	12/30/2021		650		655,687
Total								994,260
Media: Diversified 0.11%
UFC Holdings, LLC 2nd Lien Term Loan		8.716	%	8/18/2024		1,231		1,258,698
Metals/Mining (Excluding Steel) 0.06%
Oxbow Carbon LLC 2nd Lien Initial Term Loan		8.226	%	1/17/2020		650		654,063
Personal & Household Products 0.18%
Britax US Holdings, Inc. Initial Dollar Term Loan		4.796	%	10/15/2020		2,408		2,049,405

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Real Estate Development & Management 0.10%
Capital Automotive L.P. 2nd Lien Initial Tranche Term Loan B		7.22	%	3/24/2025	$	1,059	$	1,078,856
Recreation & Travel 0.03%
Delta 2 (Lux) S.A.R.L. 2nd Lien Facility Term Loan (Luxembourg)(b)		8.004	%	7/29/2022		314		316,271
Software/Services 0.08%
Misys Ltd 2nd Lien Dollar Term Loan		8.459	%	6/13/2025		915		934,361
Specialty Retail 0.24%
Container Store, Inc. (The) Facility Term Loan		4.546	%	4/6/2019		1,186		1,145,617
PetSmart, Inc. Tranche B2 Term Loan		4.22	%	3/11/2022		1,717		1,603,008
Total								2,748,625
Support: Services 0.14%
Monitronics International Inc. Term Loan B2		6.796	%	9/30/2022		1,205		1,217,823
Pike Corp. 1st Lien Initial Term Loan		4.98	%	3/8/2024		329		333,907
Total								1,551,730
Total Floating Rate Loans (cost $28,639,429)								29,414,944
FOREIGN BONDS(c) 0.24%
France 0.14%
CMA CGM SA†		7.75	%	1/15/2021	EUR	1,297		1,548,948
Netherlands 0.10%
Hema Bondco I BV†		6.25	%	6/15/2019	EUR	975		1,117,730
Total Foreign Bonds (cost $2,509,153)								2,666,678
FOREIGN GOVERNMENT OBLIGATIONS 4.65%
Argentina 1.01%
City of Buenos Aires†(b)		7.50	%	6/1/2027	$	1,275		1,373,978
City of Buenos Aires†(b)		8.95	%	2/19/2021		925		1,033,688
Province of Santa Fe†(b)		6.90	%	11/1/2027		1,094		1,093,092
Provincia de Buenos Aires†(b)		6.50	%	2/15/2023		1,493		1,528,085
Provincia de Mendoza†(b)		8.375	%	5/19/2024		1,346		1,438,834
Provincia of Neuquen†(b)		7.50	%	4/27/2025		420		431,550
Provincia of Neuquen†(b)		8.625	%	5/12/2028		1,117		1,256,346
Republic of Argentina(b)		6.875	%	1/26/2027		1,341		1,389,946
Republic of Argentina(b)		7.50	%	4/22/2026		1,618		1,743,395
Total								11,288,914

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Australia 0.42%
Australian Government(c)		4.25	%	4/21/2026	AUD	3,084	$	2,684,841
Queensland Treasury Corp.†(c)		4.00	%	6/21/2019	AUD	2,500		1,996,630
Total								4,681,471
Bahamas 0.10%
Commonwealth of Bahamas†(b)		5.75	%	1/16/2024	$	1,100		1,152,250
Bermuda 0.24%
Government of Bermuda†		4.138	%	1/3/2023		1,350		1,414,125
Government of Bermuda†		4.854	%	2/6/2024		1,175		1,275,850
Total								2,689,975
Brazil 0.14%
Federal Republic of Brazil†(b)		5.333	%	2/15/2028		1,550		1,515,125
Canada 0.36%
Province of British Columbia Canada(c)		2.85	%	6/18/2025	CAD	5,000		4,024,715
Cayman Islands 0.04%
Cayman Islands Government†		5.95	%	11/24/2019	$	425		463,250
Chile 0.08%
Republic of Chile(b)		3.86	%	6/21/2047		910		913,981
Ethiopia 0.12%
Republic of Ethiopia†(b)		6.625	%	12/11/2024		1,315		1,306,814
Ghana 0.20%
Republic of Ghana†(b)		9.25	%	9/15/2022		2,050		2,215,581
Greece 0.16%
Hellenic Republic†(c)		4.75	%	4/17/2019	EUR	1,500		1,744,417
Honduras 0.18%
Honduras Government†(b)		6.25	%	1/19/2027	$	2,000		2,075,000
Ivory Coast 0.03%
Ivory Coast†(c)		5.125	%	6/15/2025	EUR	316		365,640
Jamaica 0.39%
Government of Jamaica(b)		6.75	%	4/28/2028	$	1,500		1,702,500
Government of Jamaica(b)		7.625	%	7/9/2025		1,150		1,346,225
Government of Jamaica(b)		8.00	%	3/15/2039		1,110		1,315,350
Total								4,364,075

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Nigeria 0.11%
Republic of Nigeria†(b)		7.875	%	2/16/2032	$	1,100	$	1,196,294
Qatar 0.14%
State of Qatar†(b)		4.625	%	6/2/2046		1,500		1,520,706
Senegal 0.15%
Republic of Senegal†(b)		6.25	%	5/23/2033		1,661		1,690,089
South Africa 0.26%
Republic of South Africa(c)		7.00	%	2/28/2031	ZAR	46,804		2,932,526
Sri Lanka 0.20%
Republic of Sri Lanka†(b)		6.20	%	5/11/2027	$	1,059		1,059,961
Republic of Sri Lanka†(b)		6.825	%	7/18/2026		1,150		1,214,314
Total								2,274,275
United Arab Emirates 0.11%
Abu Dhabi Government International†(b)		3.125	%	5/3/2026		1,255		1,273,637
Zambia 0.21%
Republic of Zambia†(b)		8.97	%	7/30/2027		2,166		2,312,638
Total Foreign Government Obligations (cost $49,702,412)								52,001,373
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGH 2.39%
Federal National Mortgage Assoc.(g) (cost $26,812,297)		3.50	%	TBA		26,000		26,697,944
HIGH YIELD CORPORATE BONDS 70.73%
Advertising 0.31%
Clear Channel Worldwide Holdings, Inc.		6.50	%	11/15/2022		1,579		1,630,633
Lamar Media Corp.		5.75	%	2/1/2026		566		611,988
Southern Graphics, Inc.†		8.375	%	10/15/2020		1,200		1,227,000
Total								3,469,621
Aerospace/Defense 0.20%
Huntington Ingalls Industries, Inc.†		5.00	%	12/15/2021		1,050		1,089,375
Huntington Ingalls Industries, Inc.†		5.00	%	11/15/2025		1,048		1,127,910
Total								2,217,285
Air Transportation 0.44%
Air Canada (Canada)†(b)		7.75	%	4/15/2021		1,140		1,311,000
Air Canada 2015-2 Class A Pass-Through Trust (Canada)†(b)		4.125	%	6/15/2029		839		877,788

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Air Transportation (continued)
American Airlines 2017-1B Class B Pass-Through Trust		4.95	%	8/15/2026		$	500	$	516,250
Latam Finance Ltd.†		6.875	%	4/11/2024			2,186		2,228,955
Total									4,933,993
Auto Parts & Equipment 0.67%
Allison Transmission, Inc.†		5.00	%	10/1/2024			1,250		1,284,375
American Axle & Manufacturing, Inc.†		6.25	%	4/1/2025			968		946,220
American Axle & Manufacturing, Inc.†		6.50	%	4/1/2027			1,668		1,626,300
Gates Global LLC/Gates Global Co.†		6.00	%	7/15/2022			1,617		1,629,127
International Automotive Components Group SA (Luxembourg)†(b)		9.125	%	6/1/2018			686		669,708
TI Group Automotive Systems LLC (United Kingdom)†(b)		8.75	%	7/15/2023			1,250		1,328,125
Total									7,483,855
Automakers 0.15%
BMW US Capital LLC†		2.80	%	4/11/2026			1,699		1,654,714
Banking 8.29%
ABN AMRO Bank NV (Netherlands)†(b)		4.75	%	7/28/2025			2,600		2,746,227
Akbank TAS (Turkey)†(b)		7.20	%#	3/16/2027			1,100		1,144,605
American Express Credit Corp.		3.30	%	5/3/2027			1,891		1,887,679
ANZ New Zealand Int’l Ltd. (United Kingdom)†(b)		2.125	%	7/28/2021			1,510		1,485,792
Associated Banc-Corp.		4.25	%	1/15/2025			1,000		1,021,603
Astoria Financial Corp.		3.50	%	6/8/2020			1,393		1,401,426
Australia & New Zealand Banking Group Ltd. (United Kingdom)†(b)		6.75	%#	–	(h)		1,415		1,567,149
Banco Bilbao Vizcaya Argentaria SA (Spain)(b)		9.00	%#	–	(h)		1,000		1,047,494
Banco de Bogota SA (Colombia)†(b)		6.25	%	5/12/2026			1,000		1,067,620
Banco de Galicia y Buenos Aires SA (Argentina)†(b)		8.25	%#	7/19/2026			1,000		1,130,000
Banco do Brasil SA†		6.25	%#	–	(h)		1,221		1,045,176
Bank of America Corp.		4.00	%	1/22/2025			1,700		1,731,435
Bank of America Corp.		4.45	%	3/3/2026			2,201		2,295,009
BankUnited, Inc.		4.875	%	11/17/2025			2,525		2,627,684
Barclays Bank plc (United Kingdom)(b)		7.625	%	11/21/2022			1,011		1,158,227
BNP Paribas SA (France)†(b)		6.75	%#	–	(h)		1,817		1,921,477
Citigroup, Inc.		4.45	%	9/29/2027			1,473		1,534,003
Citizens Financial Group, Inc.		4.35	%	8/1/2025			831		863,612
Comerica, Inc.		3.80	%	7/22/2026			1,258		1,274,690
Commonwealth Bank of Australia (Australia)†(b)		4.50	%	12/9/2025			973		1,020,673

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Banking (continued)
Compass Bank		3.875	%	4/10/2025		$	2,100	$	2,095,516
Credit Suisse Group AG (Switzerland)†(b)		7.50	%#	–	(h)		1,075		1,208,047
Fifth Third Bancorp		8.25	%	3/1/2038			1,708		2,562,200
Finansbank AS (Turkey)†(b)		4.875	%	5/19/2022			1,380		1,369,533
First Republic Bank		4.625	%	2/13/2047			1,161		1,199,134
Goldman Sachs Group, Inc. (The)		2.277	%#	4/26/2022			619		624,045
Goldman Sachs Group, Inc. (The)		3.50	%	11/16/2026			1,520		1,513,894
Goldman Sachs Group, Inc. (The)		6.75	%	10/1/2037			2,100		2,736,966
Home BancShares, Inc.		5.625	%#	4/15/2027			2,396		2,485,850
HSBC Holdings plc (United Kingdom)(b)		4.25	%	8/18/2025			3,671		3,778,032
Intesa Sanpaolo SpA (Italy)†(b)		5.71	%	1/15/2026			2,284		2,415,819
Intesa Sanpaolo SpA (Italy)†(b)		7.70	%#	–	(h)		2,717		2,835,869
JPMorgan Chase & Co.		3.54	%#	5/1/2028			1,306		1,314,825
JPMorgan Chase & Co.		3.90	%	7/15/2025			1,900		1,983,621
JPMorgan Chase & Co.		6.75	%#	–	(h)		1,688		1,920,100
Lloyds Banking Group plc (United Kingdom)(b)		7.50	%#	–	(h)		1,519		1,679,444
Macquarie Bank Ltd. (United Kingdom)†(b)		6.125	%#	–	(h)		1,794		1,838,850
Macquarie Group Ltd. (Australia)†(b)		6.00	%	1/14/2020			725		788,009
Morgan Stanley		3.125	%	7/27/2026			2,144		2,087,156
Morgan Stanley		4.00	%	7/23/2025			937		979,078
National Savings Bank (Sri Lanka)†(b)		5.15	%	9/10/2019			950		965,390
People’s United Bank NA		4.00	%	7/15/2024			1,100		1,111,455
Popular, Inc.		7.00	%	7/1/2019			2,125		2,241,875
Royal Bank of Scotland Group plc (United Kingdom)(b)		5.125	%	5/28/2024			584		614,412
Royal Bank of Scotland Group plc (United Kingdom)(b)		6.10	%	6/10/2023			1,517		1,673,391
Royal Bank of Scotland Group plc (United Kingdom)(b)		6.125	%	12/15/2022			506		554,566
Royal Bank of Scotland Group plc (United Kingdom)(b)		7.50	%#	–	(h)		2,235		2,312,107
Royal Bank of Scotland Group plc (United Kingdom)(b)		8.625	%#	–	(h)		1,571		1,716,317
Standard Chartered plc (United Kingdom)†(b)		7.50	%#	–	(h)		1,375		1,474,688
SVB Financial Group		3.50	%	1/29/2025			999		982,249
Toronto-Dominion Bank (The) (Canada)(b)		3.625	%#	9/15/2031			750		745,364
Turkiye Garanti Bankasi AS (Turkey)†(b)		5.25	%	9/13/2022			2,200		2,239,380
Turkiye Garanti Bankasi AS (Turkey)†(b)		6.125	%#	5/24/2027			1,700		1,687,621
UBS AG/Stamford CT		7.625	%	8/17/2022			606		712,959

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Banking (continued)
UBS Group AG (Switzerland)(b)		7.00	%#	–	(h)	$	1,000	$	1,109,367
UniCredit SpA (Italy)(b)		6.375	%#	5/2/2023			1,149		1,184,807
Washington Mutual Bank(i)		6.875	%	6/15/2011			1,250		125
Wells Fargo & Co.		4.90	%	11/17/2045			1,759		1,925,224
Wells Fargo Capital X		5.95	%	12/1/2086			1,007		1,141,435
Zenith Bank plc (Nigeria)†(b)		7.375	%	5/30/2022			900		883,530
Total									92,663,831
Beverages 0.82%
Anheuser-Busch InBev Finance, Inc.		3.65	%	2/1/2026			3,253		3,357,789
Bacardi Ltd.†		2.75	%	7/15/2026			1,149		1,102,749
Brown-Forman Corp.		4.50	%	7/15/2045			1,572		1,723,007
Dr. Pepper Snapple Group, Inc.		2.55	%	9/15/2026			879		829,472
PepsiCo, Inc.		3.60	%	3/1/2024			1,653		1,750,335
PepsiCo, Inc.		4.25	%	10/22/2044			419		443,963
Total									9,207,315
Building & Construction 1.33%
Ashton Woods USA LLC/Ashton Woods Finance Co.†		6.875	%	2/15/2021			1,720		1,763,000
Beazer Homes USA, Inc.		6.75	%	3/15/2025			705		736,725
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. (Canada)†(b)		6.125	%	7/1/2022			947		984,880
K. Hovnanian Enterprises, Inc.†		7.25	%	10/15/2020			1,634		1,670,765
Lennar Corp.		4.75	%	5/30/2025			830		870,463
Lennar Corp.		4.75	%	11/15/2022			1,754		1,874,587
PulteGroup, Inc.		5.00	%	1/15/2027			1,959		2,017,770
PulteGroup, Inc.		6.375	%	5/15/2033			2,250		2,362,500
Toll Brothers Finance Corp.		5.625	%	1/15/2024			1,000		1,081,250
William Lyon Homes, Inc.		5.875	%	1/31/2025			1,500		1,548,750
Total									14,910,690
Building Materials 1.55%
Allegion plc (Ireland)(b)		5.875	%	9/15/2023			409		441,720
Builders FirstSource, Inc.†		5.625	%	9/1/2024			752		785,840
Builders FirstSource, Inc.†		10.75	%	8/15/2023			1,075		1,244,312
Eagle Materials, Inc.		4.50	%	8/1/2026			1,110		1,140,525
FBM Finance, Inc.†		8.25	%	8/15/2021			1,003		1,079,479
Hillman Group, Inc. (The)†		6.375	%	7/15/2022			1,311		1,265,115
Lennox International, Inc.		3.00	%	11/15/2023			1,081		1,080,772

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Building Materials (continued)
Martin Marietta Materials, Inc.		4.25	%	7/2/2024	$	1,146	$	1,204,514
Masco Corp.		4.375	%	4/1/2026		635		680,529
Masonite International Corp.†		5.625	%	3/15/2023		1,068		1,121,400
Ply Gem Industries, Inc.		6.50	%	2/1/2022		1,025		1,074,118
Standard Industries, Inc.†		5.375	%	11/15/2024		1,949		2,063,504
Standard Industries, Inc.†		6.00	%	10/15/2025		1,786		1,919,950
U.S. Concrete, Inc.		6.375	%	6/1/2024		239		253,340
Voto-Votorantim Overseas Trading Operations IV Ltd.†		7.75	%	6/24/2020		1,800		1,966,500
Total								17,321,618
Cable & Satellite Television 4.71%
Altice Financing SA (Luxembourg)†(b)		6.625	%	2/15/2023		1,600		1,701,504
Altice Financing SA (Luxembourg)†(b)		7.50	%	5/15/2026		2,384		2,652,200
Cablevision SA (Argentina)†(b)		6.50	%	6/15/2021		1,020		1,083,750
Cablevision Systems Corp.		5.875	%	9/15/2022		3,000		3,161,250
CCO Holdings LLC/CCO Holdings Capital Corp.†		5.125	%	5/1/2023		702		738,855
CCO Holdings LLC/CCO Holdings Capital Corp.†		5.125	%	5/1/2027		3,250		3,331,250
CCO Holdings LLC/CCO Holdings Capital Corp.†		5.75	%	2/15/2026		1,575		1,689,187
CCO Holdings LLC/CCO Holdings Capital Corp.†		5.875	%	4/1/2024		1,785		1,909,950
Charter Communications Operating LLC/Charter Communications Operating Capital		6.384	%	10/23/2035		2,201		2,618,882
Charter Communications Operating LLC/Charter Communications Operating Capital		6.484	%	10/23/2045		772		930,989
CSC Holdings LLC†		10.125	%	1/15/2023		925		1,075,313
CSC Holdings LLC†		10.875	%	10/15/2025		4,816		5,809,300
DISH DBS Corp.		7.75	%	7/1/2026		6,513		7,734,187
Mediacom Broadband LLC/Mediacom Broadband Corp.		6.375	%	4/1/2023		2,269		2,382,200
Midcontinent Communications & Midcontinent Finance Corp.†		6.875	%	8/15/2023		552		597,540
SFR Group SA (France)†(b)		6.00	%	5/15/2022		2,688		2,815,680
SFR Group SA (France)†(b)		6.25	%	5/15/2024		444		470,640
SFR Group SA (France)†(b)		7.375	%	5/1/2026		1,019		1,109,436
Time Warner Cable, Inc.		5.875	%	11/15/2040		1,537		1,720,776
Unitymedia GmbH (Germany)†(b)		6.125	%	1/15/2025		449		483,798
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)†(b)		5.00	%	1/15/2025		1,111		1,169,328
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)†(b)		5.50	%	1/15/2023		1,861		1,935,648

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Cable & Satellite Television (continued)
UPCB Finance IV Ltd.†		5.375	%	1/15/2025	$	1,929	$	2,027,861
Virgin Media Finance plc (United Kingdom)†(b)		6.00	%	10/15/2024		997		1,060,559
VTR Finance BV (Netherlands)†(b)		6.875	%	1/15/2024		1,275		1,354,687
Ziggo Secured Finance BV (Netherlands)†(b)		5.50	%	1/15/2027		1,122		1,148,648
Total								52,713,418
Chemicals 1.55%
Albemarle Corp.		5.45	%	12/1/2044		1,524		1,779,396
Celanese US Holdings LLC		5.875	%	6/15/2021		571		641,030
CF Industries, Inc.†		4.50	%	12/1/2026		1,090		1,122,946
Chemours Co. (The)		5.375	%	5/15/2027		647		664,792
Chemours Co. (The)		7.00	%	5/15/2025		1,705		1,866,975
GCP Applied Technologies, Inc.†		9.50	%	2/1/2023		459		522,113
Grupo Idesa SA de CV (Mexico)†(b)		7.875	%	12/18/2020		825		750,750
Hexion, Inc.†		10.375	%	2/1/2022		1,058		1,052,710
Kraton Polymers LLC/Kraton Polymers Capital Corp.†		10.50	%	4/15/2023		1,025		1,189,000
NOVA Chemicals Corp. (Canada)†(b)		5.25	%	8/1/2023		784		808,500
Olin Corp.		5.125	%	9/15/2027		1,992		2,056,740
TPC Group, Inc.†		8.75	%	12/15/2020		1,133		1,025,365
Trinseo Materials Operating SCA/Trinseo
Materials Finance, Inc. (Luxembourg)†(b)		6.75	%	5/1/2022		505		536,563
Tronox Finance LLC†		7.50	%	3/15/2022		2,126		2,200,410
Westlake Chemical Corp.		3.60	%	8/15/2026		1,108		1,101,920
Total								17,319,210
Consumer/Commercial/Lease Financing 1.08%
Nationstar Mortgage LLC/Nationstar Capital Corp.		6.50	%	7/1/2021		1,788		1,837,170
Navient Corp.		5.00	%	10/26/2020		964		1,002,560
Navient Corp.		6.125	%	3/25/2024		2,731		2,826,585
Navient Corp.		6.625	%	7/26/2021		3,011		3,248,116
Navient Corp.		6.75	%	6/25/2025		1,495		1,544,529
NFP Corp.†		9.00	%	7/15/2021		1,553		1,630,262
Total								12,089,222
Discount Stores 0.62%
Amazon.com, Inc.		4.80	%	12/5/2034		6,012		6,949,060
Diversified Capital Goods 1.00%
BCD Acquisition, Inc.†		9.625	%	9/15/2023		1,074		1,165,290
General Cable Corp.		5.75	%	10/1/2022		1,152		1,157,760

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Diversified Capital Goods (continued)
Griffon Corp.		5.25	%	3/1/2022	$	1,163	$	1,189,168
Siemens Financieringsmaatschappij NV (Netherlands)†(b)		3.25	%	5/27/2025		1,235		1,256,493
SPX FLOW, Inc.†		5.625	%	8/15/2024		523		541,305
SPX FLOW, Inc.†		5.875	%	8/15/2026		1,253		1,299,987
Valmont Industries, Inc.		5.25	%	10/1/2054		2,656		2,570,450
Wabtec Corp.†		3.45	%	11/15/2026		1,998		1,974,114
Total								11,154,567
Electric: Distribution/Transportation 0.09%
Oklahoma Gas & Electric Co.		4.15	%	4/1/2047		960		1,005,510
Electric: Generation 0.40%
Acwa Power Management & Investments One Ltd. (United Arab Emirates)†(b)		5.95	%	12/15/2039		1,386		1,417,742
Listrindo Capital BV (Netherlands)†(b)		4.95	%	9/14/2026		1,043		1,061,253
NSG Holdings LLC/NSG Holdings, Inc.†		7.75	%	12/15/2025		1,814		1,958,996
Total								4,437,991
Electric: Integrated 1.61%
Black Hills Corp.		3.95	%	1/15/2026		803		829,423
El Paso Electric Co.		5.00	%	12/1/2044		1,953		2,115,216
Emera, Inc. (Canada)(b)		6.75	%#	6/15/2076		916		1,039,660
Enel Finance International NV (Netherlands)†(b)		4.75	%	5/25/2047		1,560		1,613,942
Entergy Arkansas, Inc.		4.95	%	12/15/2044		1,909		1,966,999
Entergy Mississippi, Inc.		2.85	%	6/1/2028		1,525		1,475,486
Eskom Holdings SOC Ltd. (South Africa)†(b)		5.75	%	1/26/2021		1,136		1,149,696
Indianapolis Power & Light Co.†		4.05	%	5/1/2046		2,203		2,184,927
Louisville Gas & Electric Co.		4.375	%	10/1/2045		1,017		1,096,034
Monongahela Power Co.†		3.55	%	5/15/2027		942		952,218
Orazul Energy Egenor S en C por A (Peru)†(b)		5.625	%	4/28/2027		1,113		1,090,740
Puget Sound Energy, Inc.		7.02	%	12/1/2027		314		406,927
Rochester Gas & Electric Corp.†		3.10	%	6/1/2027		1,113		1,113,227
Southern California Edison Co.		3.90	%	3/15/2043		1,000		1,021,821
Total								18,056,316
Electronics 1.49%
Applied Materials, Inc.		4.35	%	4/1/2047		2,370		2,525,666
Broadcom Corp./Broadcom Cayman Finance Ltd.†		3.875	%	1/15/2027		1,260		1,296,542
Micron Technology, Inc.		7.50	%	9/15/2023		985		1,104,382

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Electronics (continued)
Nokia OYJ (Finland)(b)		4.375	%	6/12/2027	$	928	$	947,145
NVIDIA Corp.		3.20	%	9/16/2026		2,872		2,853,605
Qorvo, Inc.		7.00	%	12/1/2025		2,879		3,282,060
Trimble, Inc.		4.75	%	12/1/2024		3,132		3,349,743
Xilinx, Inc.		2.95	%	6/1/2024		1,345		1,349,503
Total								16,708,646
Energy: Exploration & Production 4.17%
Bill Barrett Corp.		7.00	%	10/15/2022		1,124		955,400
Bonanza Creek Energy, Inc.(i)		6.75	%	4/15/2021		1,548		155
Carrizo Oil & Gas, Inc.		6.25	%	4/15/2023		1,916		1,853,730
Chesapeake Energy Corp.		4.875	%	4/15/2022		1,250		1,168,750
Concho Resources, Inc.		5.50	%	4/1/2023		3,820		3,944,150
CONSOL Energy, Inc.		5.875	%	4/15/2022		1,065		1,051,688
CONSOL Energy, Inc.		8.00	%	4/1/2023		1,091		1,151,005
Continental Resources, Inc.		3.80	%	6/1/2024		3,075		2,830,906
Continental Resources, Inc.		4.50	%	4/15/2023		1,099		1,052,292
CrownRock LP/CrownRock Finance, Inc.†		7.125	%	4/15/2021		2,840		2,928,750
Denbury Resources, Inc.		4.625	%	7/15/2023		767		410,345
Denbury Resources, Inc.		5.50	%	5/1/2022		2,700		1,525,500
Eclipse Resources Corp.		8.875	%	7/15/2023		1,322		1,322,000
EP Energy LLC/Everest Acquisition Finance, Inc.†		8.00	%	11/29/2024		500		501,250
Hilcorp Energy I LP/Hilcorp Finance Co.†		5.00	%	12/1/2024		2,903		2,685,275
Kosmos Energy Ltd.†		7.875	%	8/1/2021		1,175		1,204,375
MEG Energy Corp. (Canada)†(b)		6.375	%	1/30/2023		1,661		1,292,466
MEG Energy Corp. (Canada)†(b)		6.50	%	1/15/2025		1,106		1,010,608
MEG Energy Corp. (Canada)†(b)		7.00	%	3/31/2024		1,956		1,530,570
Murphy Oil Corp.		6.875	%	8/15/2024		517		541,558
Newfield Exploration Co.		5.625	%	7/1/2024		1,649		1,727,327
Oasis Petroleum, Inc.		6.875	%	3/15/2022		1,100		1,072,500
PDC Energy, Inc.		7.75	%	10/15/2022		1,550		1,615,875
PT Saka Energi Indonesia (Indonesia)†(b)		4.45	%	5/5/2024		948		954,086
Range Resources Corp.		4.875	%	5/15/2025		2,379		2,271,945
Range Resources Corp.†		5.875	%	7/1/2022		1,056		1,077,120
Sanchez Energy Corp.		6.125	%	1/15/2023		1,379		1,110,095
Sanchez Energy Corp.		7.75	%	6/15/2021		906		824,460
Seven Generations Energy Ltd. (Canada)†(b)		6.875	%	6/30/2023		2,070		2,168,325
Texaco Capital, Inc.		8.625	%	11/15/2031		1,223		1,861,304
Ultra Resources, Inc.†		6.875	%	4/15/2022		863		857,606

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
Ultra Resources, Inc.†		7.125	%	4/15/2025	$	671	$	662,613
WPX Energy, Inc.		5.25	%	9/15/2024		554		529,070
WPX Energy, Inc.		6.00	%	1/15/2022		1,000		995,000
Total								46,688,099
Food & Drug Retailers 0.74%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC†		5.75	%	3/15/2025		797		743,202
Fresh Market, Inc. (The)†		9.75	%	5/1/2023		490		412,213
Ingles Markets, Inc.		5.75	%	6/15/2023		1,076		1,063,895
New Albertson’s, Inc.		7.75	%	6/15/2026		1,682		1,694,615
Rite Aid Corp.†		6.125	%	4/1/2023		365		360,438
Rite Aid Corp.		7.70	%	2/15/2027		2,175		2,207,625
SMU SA (Chile)†(b)		7.75	%	2/8/2020		900		926,343
Tops Holding LLC/Top Markets II Corp.†		8.00	%	6/15/2022		1,062		877,477
Total								8,285,808
Food: Wholesale 0.85%
Arcor SAIC (Argentina)†(b)		6.00	%	7/6/2023		1,297		1,381,305
Chobani LLC/Chobani Finance Corp., Inc.†		7.50	%	4/15/2025		1,312		1,390,720
Cosan Luxembourg SA (Luxembourg)†(b)		7.00	%	1/20/2027		1,664		1,710,592
Kernel Holding SA (Ukraine)†(b)		8.75	%	1/31/2022		1,185		1,274,586
Lamb Weston Holdings, Inc.†		4.625	%	11/1/2024		1,299		1,344,465
MHP SA (Ukraine)†(b)		7.75	%	5/10/2024		1,137		1,156,670
Post Holdings, Inc.†		5.75	%	3/1/2027		1,235		1,275,138
Total								9,533,476
Forestry/Paper 0.39%
Norbord, Inc. (Canada)†(b)		6.25	%	4/15/2023		1,991		2,135,347
Rayonier AM Products, Inc.†		5.50	%	6/1/2024		1,145		1,119,959
Rayonier, Inc.		3.75	%	4/1/2022		1,039		1,051,222
Total								4,306,528
Gaming 1.85%
Boyd Gaming Corp.		6.875	%	5/15/2023		1,495		1,605,256
Caesars Entertainment Operating Co., Inc. (i)		10.00	%	12/15/2018		1,945		1,792,226
Eldorado Resorts, Inc.†(a)		6.00	%	4/1/2025		46		48,933
GLP Capital LP/GLP Financing II, Inc.		5.375	%	4/15/2026		704		770,732
International Game Technology plc†		6.50	%	2/15/2025		1,343		1,480,657
Jacobs Entertainment, Inc.†		7.875	%	2/1/2024		1,033		1,123,388

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Gaming (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.		5.625	%	5/1/2024	$	544	$	595,680
MGM Resorts International		6.00	%	3/15/2023		4,331		4,785,755
MGM Resorts International		7.75	%	3/15/2022		416		489,320
Mohegan Gaming & Entertainment†		7.875	%	10/15/2024		2,065		2,155,344
Penn National Gaming, Inc.†		5.625	%	1/15/2027		1,226		1,252,052
River Rock Entertainment Authority(i)		9.00	%	11/1/2018		431		99,130
Scientific Games International, Inc.		10.00	%	12/1/2022		1,460		1,606,000
Wynn Macau Ltd. (Macau)†(b)		5.25	%	10/15/2021		2,780		2,856,450
Total								20,660,923
Gas Distribution 1.90%
Blue Racer Midstream LLC/Blue Racer Finance Corp.†		6.125	%	11/15/2022		1,057		1,070,213
Cheniere Corpus Christi Holdings LLC†		5.125	%	6/30/2027		852		874,365
Cheniere Corpus Christi Holdings LLC		5.875	%	3/31/2025		1,059		1,133,130
Cheniere Corpus Christi Holdings LLC		7.00	%	6/30/2024		1,017		1,139,040
Dominion Gas Holdings LLC		3.60	%	12/15/2024		1,175		1,205,622
Energy Transfer Equity LP		5.50	%	6/1/2027		1,097		1,140,880
Energy Transfer Equity LP		5.875	%	1/15/2024		1,263		1,345,095
Florida Gas Transmission Co. LLC†		4.35	%	7/15/2025		1,895		2,001,624
IFM US Colonial Pipeline 2 LLC†		6.45	%	5/1/2021		1,400		1,510,968
LBC Tank Terminals Holding Netherlands BV (Belgium)†(b)		6.875	%	5/15/2023		1,419		1,479,307
Magellan Midstream Partners LP		5.00	%	3/1/2026		988		1,091,561
Rockies Express Pipeline LLC†		5.625	%	4/15/2020		1,600		1,708,000
Rockies Express Pipeline LLC†		6.875	%	4/15/2040		1,360		1,489,200
Southern Star Central Corp.†		5.125	%	7/15/2022		1,145		1,170,762
Tesoro Logistics LP/Tesoro Logistics Finance Corp.		5.875	%	10/1/2020		439		449,426
Tesoro Logistics LP/Tesoro Logistics Finance Corp.		6.25	%	10/15/2022		1,068		1,140,090
Tesoro Logistics LP/Tesoro Logistics Finance Corp.		6.375	%	5/1/2024		282		306,675
Williams Cos., Inc. (The)		3.70	%	1/15/2023		543		537,570
Williams Cos., Inc. (The)		4.55	%	6/24/2024		457		471,853
Total								21,265,381
Health Facilities 3.42%
Acadia Healthcare Co., Inc.		6.50	%	3/1/2024		1,020		1,091,400
Ascension Health		3.945	%	11/15/2046		1,017		1,034,331
CHS/Community Health Systems, Inc.		6.25	%	3/31/2023		1,770		1,833,897
CHS/Community Health Systems, Inc.		8.00	%	11/15/2019		1,988		2,005,395
Dignity Health		3.812	%	11/1/2024		675		693,298

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Health Facilities (continued)
Dignity Health		4.50	%	11/1/2042	$	326	$	312,833
Dignity Health		5.267	%	11/1/2064		1,001		1,028,741
Envision Healthcare Corp.†		5.125	%	7/1/2022		632		651,750
Envision Healthcare Corp.		5.625	%	7/15/2022		879		911,962
HCA, Inc.		5.25	%	4/15/2025		1,612		1,736,930
HCA, Inc.		5.25	%	6/15/2026		763		824,803
HCA, Inc.		5.50	%	6/15/2047		1,816		1,884,100
HCA, Inc.		5.875	%	3/15/2022		915		1,016,794
HCA, Inc.		7.05	%	12/1/2027		390		438,750
HCA, Inc.		7.50	%	2/15/2022		2,467		2,846,301
HCA, Inc.		7.58	%	9/15/2025		552		636,180
HCA, Inc.		7.69	%	6/15/2025		1,240		1,444,600
HCA, Inc.		8.36	%	4/15/2024		261		313,200
Kindred Healthcare, Inc.		8.75	%	1/15/2023		1,581		1,667,955
Memorial Sloan-Kettering Cancer Center		4.20	%	7/1/2055		2,978		3,084,597
New York & Presbyterian Hospital (The)		4.063	%	8/1/2056		1,770		1,775,298
Northwell Healthcare, Inc.		3.979	%	11/1/2046		3,486		3,340,247
NYU Hospitals Center		4.368	%	7/1/2047		1,191		1,249,083
RegionalCare Hospital Partners Holdings, Inc.†		8.25	%	5/1/2023		1,034		1,114,135
RWJ Barnabas Health, Inc.		3.949	%	7/1/2046		994		982,027
Tenet Healthcare Corp.		8.125	%	4/1/2022		2,151		2,290,815
Universal Health Services, Inc.†		5.00	%	6/1/2026		1,971		2,054,767
Total								38,264,189
Health Services 0.60%
ASP AMC Merger Sub, Inc.†		8.00	%	5/15/2025		1,905		1,814,512
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†		7.50	%	10/1/2024		993		1,082,370
Jaguar Holding Co. II/Pharmaceutical Product Development LLC†		6.375	%	8/1/2023		1,225		1,293,906
Sterigenics-Nordion Holdings LLC†		6.50	%	5/15/2023		1,483		1,531,198
Sterigenics-Nordion Topco LLC PIK†		8.125	%	11/1/2021		1,005		1,032,638
Total								6,754,624
Hotels 0.23%
ESH Hospitality, Inc.†		5.25	%	5/1/2025		1,095		1,137,431
Hilton Domestic Operating Co., Inc.†		4.25	%	9/1/2024		1,254		1,274,378
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.†		6.125	%	12/1/2024		188		205,625
Total								2,617,434

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Insurance Brokerage 0.15%
Alliant Holdings Intermediate LLC†		8.25	%	8/1/2023		$	1,550	$	1,650,750
Insurance-Reinsurance 0.42%
Berkshire Hathaway, Inc.		2.75	%	3/15/2023			907		919,604
Berkshire Hathaway, Inc.		3.125	%	3/15/2026			907		918,310
Validus Holdings Ltd.		8.875	%	1/26/2040			1,975		2,868,125
Total									4,706,039
Integrated Energy 0.69%
Exxon Mobil Corp.		3.043	%	3/1/2026			2,101		2,121,539
Petrobras Global Finance BV (Netherlands)(b)		5.625	%	5/20/2043			1,270		1,062,037
Petrobras Global Finance BV (Netherlands)(b)		7.375	%	1/17/2027			1,200		1,272,600
Shell International Finance BV (Netherlands)(b)		6.375	%	12/15/2038			2,473		3,300,758
Total									7,756,934
Investments & Miscellaneous Financial Services 1.35%
Banco Mercantil del Norte SA (Mexico)†(a)		7.625	%#	–	(h)		677		702,252
CBOE Holdings, Inc.		3.65	%	1/12/2027			874		883,336
CRH America Finance, Inc.†		4.40	%	5/9/2047			950		980,955
FMR LLC†		5.35	%	11/15/2021			800		877,513
GrupoSura Finance SA†		5.50	%	4/29/2026			1,015		1,093,662
Moody’s Corp.†		3.25	%	1/15/2028			2,326		2,297,111
MSCI, Inc.†		5.75	%	8/15/2025			1,338		1,455,905
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†		4.50	%	3/15/2027			1,938		2,032,652
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†		4.875	%	4/15/2045			1,197		1,167,754
OM Asset Management plc (United Kingdom)(b)		4.80	%	7/27/2026			1,571		1,585,155
Orchestra Borrower LLC/Orchestra Co-Issuer, Inc.†		6.75	%	6/15/2022			550		568,095
S&P Global, Inc.		6.55	%	11/15/2037			209		270,091
Unifin Financiera SAB de CV SOFOM ENR (Mexico)†(b)		7.25	%	9/27/2023			1,100		1,130,800
Total									15,045,281
Life Insurance 0.56%
Lincoln National Corp.		3.625	%	12/12/2026			1,176		1,183,324
NUVEEN FINANCE LLC†		4.125	%	11/1/2024			1,453		1,505,766
Teachers Insurance & Annuity Association of America†		4.27	%	5/15/2047			1,889		1,941,552
Teachers Insurance & Annuity Association of America†		4.90	%	9/15/2044			1,424		1,599,815
Total									6,230,457

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Machinery 0.09%
Xylem, Inc.		3.25	%	11/1/2026	$	1,004	$	1,001,879
Managed Care 0.82%
Centene Corp.		6.125	%	2/15/2024		2,044		2,215,042
Kaiser Foundation Hospitals		4.15	%	5/1/2047		2,048		2,130,704
MPH Acquisition Holdings LLC†		7.125	%	6/1/2024		1,034		1,105,088
WellCare Health Plans, Inc.		5.25	%	4/1/2025		3,529		3,705,450
Total								9,156,284
Media: Content 1.23%
Activision Blizzard, Inc.		3.40	%	9/15/2026		1,101		1,106,211
AMC Networks, Inc.		4.75	%	12/15/2022		2,385		2,466,805
iHeartCommunications, Inc.		9.00	%	3/1/2021		3,492		2,632,095
Netflix, Inc.†		4.375	%	11/15/2026		1,705		1,705,000
Netflix, Inc.		5.50	%	2/15/2022		636		693,831
Netflix, Inc.		5.875	%	2/15/2025		1,661		1,843,710
Sirius XM Radio, Inc.†(a)		5.00	%	8/1/2027		795		804,938
Sirius XM Radio, Inc.†		6.00	%	7/15/2024		1,075		1,144,875
Univision Communications, Inc.†		5.125	%	2/15/2025		1,366		1,357,463
Total								13,754,928
Medical Products 1.13%
Boston Scientific Corp.		7.00	%	11/15/2035		2,396		3,031,656
Edwards Lifesciences Corp.		2.875	%	10/15/2018		552		557,346
Fresenius Medical Care US Finance II, Inc.†		4.75	%	10/15/2024		475		501,125
Fresenius Medical Care US Finance II, Inc.†		5.875	%	1/31/2022		2,425		2,697,812
Medtronic, Inc.		4.375	%	3/15/2035		1,779		1,961,095
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA†		6.625	%	5/15/2022		2,325		2,232,000
Stryker Corp.		3.50	%	3/15/2026		1,607		1,649,025
Total								12,630,059
Metals/Mining (Excluding Steel) 3.55%
Alcoa Nederland Holding BV (Netherlands)†(b)		6.75	%	9/30/2024		2,477		2,699,930
Aleris International, Inc.†		9.50	%	4/1/2021		1,684		1,740,060
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.†		7.50	%	5/1/2025		1,363		1,437,965
Anglo American Capital plc (United Kingdom)†(b)		4.125	%	4/15/2021		1,017		1,048,781
Anglo American Capital plc (United Kingdom)†(b)		4.75	%	4/10/2027		2,386		2,457,103
Anglo American Capital plc (United Kingdom)†(b)		4.875	%	5/14/2025		660		689,700
Cliffs Natural Resources, Inc.†		5.75	%	3/1/2025		847		802,532

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Metals/Mining (Excluding Steel) (continued)
Freeport-McMoRan, Inc.		3.55	%	3/1/2022	$	1,520	$	1,432,114
Freeport-McMoRan, Inc.		3.875	%	3/15/2023		4,941		4,619,835
Grinding Media, Inc./MC Grinding Media Canada, Inc.†		7.375	%	12/15/2023		686		747,740
Hudbay Minerals, Inc. (Canada)†(b)		7.25	%	1/15/2023		298		308,803
Hudbay Minerals, Inc. (Canada)†(b)		7.625	%	1/15/2025		766		806,215
Imperial Metals Corp. (Canada)†(b)		7.00	%	3/15/2019		1,037		940,766
Indika Energy Capital II Pte Ltd. (Singapore)†(b)		6.875	%	4/10/2022		1,112		1,086,111
Indo Energy Finance II BV (Netherlands)†(b)		6.375	%	1/24/2023		1,408		1,319,935
Kinross Gold Corp. (Canada)(b)		5.125	%	9/1/2021		1,825		1,952,750
Kinross Gold Corp. (Canada)(b)		5.95	%	3/15/2024		1,322		1,467,010
Lundin Mining Corp. (Canada)†(b)		7.875	%	11/1/2022		1,464		1,603,080
Mirabela Nickel Ltd. (Australia)(b)(i)		1.00	%	9/10/2044		15		2
New Gold, Inc. (Canada)†(b)		6.25	%	11/15/2022		2,498		2,579,185
Novelis Corp.†		5.875	%	9/30/2026		1,000		1,032,500
Novelis Corp.†		6.25	%	8/15/2024		974		1,025,135
Peabody Energy Corp.†		6.00	%	3/31/2022		1,099		1,094,879
Peabody Energy Corp.†		6.375	%	3/31/2025		800		791,000
Peabody Energy Corp.(i)		10.00	%	3/15/2022		1,310		131
Petra Diamonds US Treasury plc (United Kingdom)†(b)		7.25	%	5/1/2022		1,155		1,184,969
Rain CII Carbon LLC/CII Carbon Corp.†		7.25	%	4/1/2025		1,927		1,994,445
Rain CII Carbon LLC/CII Carbon Corp.†(c)		8.50	%	1/15/2021	EUR	475		566,935
Samarco Mineracao SA (Brazil)†(b)(i)		4.125	%	11/1/2022	$	1,620		927,450
Teck Resources Ltd. (Canada)†(b)		8.50	%	6/1/2024		1,169		1,353,117
Total								39,710,178
Monoline Insurance 0.12%
MGIC Investment Corp.		5.75	%	8/15/2023		1,204		1,300,320
Multi-Line Insurance 0.18%
American International Group, Inc.		4.70	%	7/10/2035		1,876		2,001,942
Non-Electric Utilities 0.12%
Brooklyn Union Gas Co. (The)†		3.407	%	3/10/2026		1,368		1,391,841
Oil Field Equipment & Services 1.42%
Ensco plc (United kingdom)(b)		5.20	%	3/15/2025		1,275		1,042,312
Forum Energy Technologies, Inc.		6.25	%	10/1/2021		1,300		1,274,000
Nabors Industries, Inc.†		5.50	%	1/15/2023		2,575		2,449,469
Oceaneering International, Inc.		4.65	%	11/15/2024		357		352,645

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Oil Field Equipment & Services (continued)
Precision Drilling Corp. (Canada)(b)		5.25	%	11/15/2024	$	1,861	$	1,637,680
Precision Drilling Corp. (Canada)(b)		6.50	%	12/15/2021		341		335,459
Precision Drilling Corp. (Canada)†(b)		7.75	%	12/15/2023		553		547,470
SESI LLC		7.125	%	12/15/2021		615		588,863
Transocean Phoenix 2 Ltd.†		7.75	%	10/15/2024		972		1,037,450
Transocean Proteus Ltd.†		6.25	%	12/1/2024		1,424		1,459,651
Unit Corp.		6.625	%	5/15/2021		1,136		1,093,400
Weatherford International Ltd.		7.75	%	6/15/2021		2,126		2,144,602
Weatherford International Ltd.†		9.875	%	2/15/2024		1,839		1,930,950
Total								15,893,951
Oil Refining & Marketing 0.34%
Citgo Holding, Inc.†		10.75	%	2/15/2020		2,485		2,711,756
Raizen Fuels Finance SA (Luxembourg)†(b)		5.30	%	1/20/2027		1,051		1,068,079
Total								3,779,835
Packaging 0.76%
BWAY Holding Co.†		7.25	%	4/15/2025		3,369		3,427,957
Crown Cork & Seal Co., Inc.		7.375	%	12/15/2026		1,295		1,505,437
Pactiv LLC		7.95	%	12/15/2025		825		928,125
Sealed Air Corp.†		4.875	%	12/1/2022		470		502,313
Sealed Air Corp.†		6.875	%	7/15/2033		1,850		2,136,750
Total								8,500,582
Personal & Household Products 0.89%
Arcelik AS (Turkey)†(b)		5.00	%	4/3/2023		1,125		1,146,452
Brunswick Corp.†		4.625	%	5/15/2021		845		863,518
FGI Operating Co. LLC/FGI Finance, Inc.		7.875	%	5/1/2020		1,582		1,075,760
Gibson Brands, Inc.†		8.875	%	8/1/2018		2,225		1,988,594
Newell Brands, Inc.		4.20	%	4/1/2026		1,579		1,678,521
SC Johnson & Son, Inc.†		4.75	%	10/15/2046		805		926,066
Spectrum Brands, Inc.		5.75	%	7/15/2025		1,124		1,211,222
Springs Industries, Inc.		6.25	%	6/1/2021		1,007		1,040,986
Total								9,931,119
Pharmaceuticals 1.12%
Biogen, Inc.		5.20	%	9/15/2045		1,504		1,724,760
Celgene Corp.		5.00	%	8/15/2045		2,445		2,767,694
Eagle Holding Co. II LLC PIK†		7.625	%	5/15/2022		675		696,094
Endo Dac/Endo Finance LLC/Endo Finco, Inc. (Ireland)†(b)		6.00	%	7/15/2023		2,430		2,054,565

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Pharmaceuticals (continued)
Pfizer, Inc.		5.60	%	9/15/2040	$	1,578	$	1,969,074
Valeant Pharmaceuticals International†		6.375	%	10/15/2020		1,179		1,148,051
Valeant Pharmaceuticals International, Inc.†		6.50	%	3/15/2022		678		712,747
Valeant Pharmaceuticals International, Inc.†		7.00	%	3/15/2024		1,332		1,403,595
Total								12,476,580
Property & Casualty 0.36%
Arch Capital Finance LLC		4.011	%	12/15/2026		1,507		1,557,700
Chubb INA Holdings, Inc.		3.35	%	5/3/2026		876		897,067
Hanover Insurance Group, Inc. (The)		4.50	%	4/15/2026		1,526		1,594,472
Total								4,049,239
Rail 0.37%
Central Japan Railway Co. (Japan)†(b)		4.25	%	11/24/2045		1,524		1,641,077
Rumo Luxembourg Sarl (Luxembourg)†(b)		7.375	%	2/9/2024		1,459		1,502,186
Watco Cos. LLC/Watco Finance Corp.†		6.375	%	4/1/2023		962		1,007,695
Total								4,150,958
Real Estate Investment Trusts 0.45%
Alexandria Real Estate Equities, Inc.		3.95	%	1/15/2028		1,627		1,658,132
Digital Realty Trust LP		4.75	%	10/1/2025		989		1,065,614
Physicians Realty LP		4.30	%	3/15/2027		1,368		1,389,192
Starwood Property Trust, Inc.†		5.00	%	12/15/2021		840		875,700
Total								4,988,638
Real Estate Management & Development 0.23%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)†(b)		3.875	%	3/20/2027		2,539		2,605,491
Recreation & Travel 0.61%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op†		5.375	%	4/15/2027		1,144		1,212,640
LTF Merger Sub, Inc.†		8.50	%	6/15/2023		552		596,160
Royal Caribbean Cruises Ltd.		7.50	%	10/15/2027		2,950		3,860,901
Silversea Cruise Finance Ltd.†		7.25	%	2/1/2025		1,059		1,134,454
Total								6,804,155
Reinsurance 0.08%
RenaissanceRe Finance, Inc.		3.45	%	7/1/2027		918		903,936

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Restaurants 0.86%
Arcos Dorados Holdings, Inc. (Uruguay)†(b)		5.875	%	4/4/2027	$	1,099	$	1,104,693
Arcos Dorados Holdings, Inc. (Uruguay)†(b)		6.625	%	9/27/2023		880		956,991
CEC Entertainment, Inc.		8.00	%	2/15/2022		92		96,370
Darden Restaurants, Inc.		3.85	%	5/1/2027		1,145		1,165,809
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC†		4.75	%	6/1/2027		762		780,098
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC†		5.00	%	6/1/2024		1,610		1,682,450
McDonald’s Corp.		3.70	%	1/30/2026		1,714		1,778,397
PF Chang’s China Bistro, Inc.†		10.25	%	6/30/2020		1,093		1,117,592
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC†		5.875	%	5/15/2021		975		984,750
Total								9,667,150
Software/Services 2.26%
Alibaba Group Holding Ltd. (China)(b)		3.125	%	11/28/2021		2,150		2,196,707
Autodesk, Inc.		3.50	%	6/15/2027		2,322		2,282,651
Camelot Finance SA (Luxembourg)†(b)		7.875	%	10/15/2024		923		996,840
First Data Corp.†		5.75	%	1/15/2024		2,996		3,123,330
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.†		6.00	%	7/15/2025		1,035		1,071,225
Microsoft Corp.		3.30	%	2/6/2027		1,123		1,156,060
Microsoft Corp.		4.00	%	2/12/2055		3,817		3,883,114
Microsoft Corp.		4.50	%	2/6/2057		999		1,102,236
Oracle Corp.		4.375	%	5/15/2055		3,065		3,233,075
Priceline Group, Inc. (The)		3.65	%	3/15/2025		1,015		1,043,339
Rackspace Hosting, Inc.†		8.625	%	11/15/2024		1,065		1,136,888
Solera LLC/Solera Finance, Inc.†		10.50	%	3/1/2024		1,010		1,165,287
Sophia LP/Sophia Finance, Inc.†		9.00	%	9/30/2023		700		731,500
VeriSign, Inc.		4.625	%	5/1/2023		872		898,160
VeriSign, Inc.		5.25	%	4/1/2025		741		794,723
Visa, Inc.		3.15	%	12/14/2025		477		484,851
Total								25,299,986
Specialty Retail 0.98%
Brookstone Holdings Corp. PIK		10.00	%	7/7/2021		44		3,330
Coach, Inc.		4.125	%	7/15/2027		1,485		1,473,055
Hot Topic, Inc.†		9.25	%	6/15/2021		1,564		1,509,260
JD.com, Inc. (China)(b)		3.875	%	4/29/2026		1,140		1,129,286
L Brands, Inc.		6.875	%	11/1/2035		1,134		1,099,980

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.†		7.875	%	10/1/2022	$	1,475	$	1,526,625
PetSmart, Inc.†		5.875	%	6/1/2025		683		661,656
PetSmart, Inc.†		7.125	%	3/15/2023		1,245		1,111,163
Rent-A-Center, Inc.		4.75	%	5/1/2021		960		873,600
Tiffany & Co.		4.90	%	10/1/2044		1,633		1,575,376
Total								10,963,331
Steel Producers/Products 0.38%
ArcelorMittal (Luxembourg)(b)		6.125	%	6/1/2025		1,508		1,696,500
Joseph T Ryerson & Son, Inc.†		11.00	%	5/15/2022		1,082		1,226,717
Steel Dynamics, Inc.		5.00	%	12/15/2026		502		516,433
Steel Dynamics, Inc.		5.50	%	10/1/2024		732		779,580
Total								4,219,230
Support: Services 1.96%
AECOM		5.125	%	3/15/2027		1,968		1,980,300
AECOM		5.875	%	10/15/2024		999		1,091,407
Ahern Rentals, Inc.†		7.375	%	5/15/2023		1,190		981,750
BakerCorp International, Inc.		8.25	%	6/1/2019		507		442,358
BlueLine Rental Finance Corp./BlueLine Rental LLC†		9.25	%	3/15/2024		840		875,700
Brand Energy & Infrastructure Services, Inc.†		8.50	%	7/15/2025		1,208		1,253,300
Carlson Travel, Inc.†		6.75	%	12/15/2023		942		960,840
Cleveland Clinic Foundation (The)		4.858	%	1/1/2114		1,100		1,129,676
GW Honos Security Corp. (Canada)†(b)		8.75	%	5/15/2025		1,182		1,239,622
Jurassic Holdings III, Inc.†		6.875	%	2/15/2021		1,467		1,195,605
Marble II Pte Ltd. (Singapore)†(b)		5.30	%	6/20/2022		2,599		2,618,230
Metropolitan Museum of Art (The)		3.40	%	7/1/2045		1,350		1,293,781
Monitronics International, Inc.		9.125	%	4/1/2020		1,185		1,134,637
Prime Security Services Borrower LLC/Prime Finance, Inc.†		9.25	%	5/15/2023		1,178		1,283,030
Ritchie Bros Auctioneers, Inc. (Canada)†(b)		5.375	%	1/15/2025		1,130		1,180,850
Sotheby’s†		5.25	%	10/1/2022		837		860,018
United Rentals North America, Inc.		5.875	%	9/15/2026		755		806,906
United Rentals North America, Inc.		6.125	%	6/15/2023		1,477		1,541,619
Total								21,869,629
Technology Hardware & Equipment 1.37%
CDW LLC/CDW Finance Corp.		5.50	%	12/1/2024		1,425		1,548,348
CommScope Technologies LLC†		5.00	%	3/15/2027		1,095		1,095,000

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Technology Hardware & Equipment (continued)
CommScope Technologies LLC†		6.00	%	6/15/2025	$	2,852	$	3,058,770
Dell International LLC/EMC Corp.†		6.02	%	6/15/2026		1,477		1,629,859
Dell International LLC/EMC Corp.†		7.125	%	6/15/2024		5,694		6,262,159
Western Digital Corp.		10.50	%	4/1/2024		1,489		1,760,266
Total								15,354,402
Telecommunications: Satellite 0.51%
Intelsat Connect Finance SA (Luxembourg)†(b)		12.50	%	4/1/2022		1,225		1,111,687
Intelsat Jackson Holdings SA (Luxembourg)(b)		5.50	%	8/1/2023		657		546,953
Intelsat Jackson Holdings SA (Luxembourg)(b)		7.25	%	10/15/2020		2,085		1,980,750
Intelsat Jackson Holdings SA (Luxembourg)(b)		7.50	%	4/1/2021		2,183		2,024,732
Total								5,664,122
Telecommunications: Wireless 2.48%
Comcel Trust via Comunicaciones Celulares SA†		6.875	%	2/6/2024		2,125		2,271,434
GTH Finance BV (Netherlands)†(b)		7.25	%	4/26/2023		1,939		2,143,807
SBA Communications Corp.		4.875	%	9/1/2024		900		918,000
Sprint Capital Corp.		8.75	%	3/15/2032		1,375		1,735,938
Sprint Corp.		7.125	%	6/15/2024		1,033		1,151,795
Sprint Corp.		7.625	%	2/15/2025		4,752		5,482,620
Sprint Corp.		7.875	%	9/15/2023		1,686		1,943,115
T-Mobile USA, Inc.		6.375	%	3/1/2025		2,386		2,585,828
T-Mobile USA, Inc.		6.50	%	1/15/2024		3,251		3,502,952
T-Mobile USA, Inc.		6.50	%	1/15/2026		4,228		4,677,225
T-Mobile USA, Inc.		6.836	%	4/28/2023		103		110,210
Telefonica Celular del Paraguay SA (Paraguay)†(b)		6.75	%	12/13/2022		1,160		1,217,292
Total								27,740,216
Telecommunications: Wireline Integrated & Services 1.25%
Columbus Cable Barbados Ltd. (Barbados)†(b)		7.375	%	3/30/2021		1,366		1,453,083
Equinix, Inc.		5.375	%	4/1/2023		785		819,344
Equinix, Inc.		5.875	%	1/15/2026		4,621		5,049,875
GCI, Inc.		6.875	%	4/15/2025		1,480		1,607,650
IHS Netherlands Holdco BV (Netherlands)†(b)		9.50	%	10/27/2021		1,600		1,637,846
Sable International Finance Ltd.†		6.875	%	8/1/2022		1,465		1,589,525
Zayo Group LLC/Zayo Capital, Inc.		6.00	%	4/1/2023		1,729		1,828,417
Total								13,985,740

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Theaters & Entertainment 0.25%
AMC Entertainment Holdings, Inc.†		5.875	%	11/15/2026	$	1,549	$	1,620,641
AMC Entertainment Holdings, Inc.†		6.125	%	5/15/2027		1,080		1,142,435
Total								2,763,076
Transportation: Infrastructure/Services 0.84%
Adani Ports & Special Economic Zone Ltd. (India)†(b)		4.00	%	7/30/2027		1,579		1,568,650
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)†(b)		6.75	%	3/30/2029		1,200		1,305,012
Autopistas del Sol SA (Costa Rica)†(b)		7.375	%	12/30/2030		1,032		1,071,990
Autoridad del Canal de Panama (Panama)†(b)		4.95	%	7/29/2035		1,000		1,095,000
Delhi International Airport Ltd. (India)†(b)		6.125	%	10/31/2026		1,506		1,617,432
DP World Ltd. (United Arab Emirates)†(b)		6.85	%	7/2/2037		1,030		1,213,128
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. (Greece)†(b)		7.375	%	1/15/2022		940		730,850
Stena AB (Sweden)†(b)		7.00	%	2/1/2024		877		817,803
Total								9,419,865
Trucking & Delivery 0.09%
XPO CNW, Inc.		6.70	%	5/1/2034		1,005		989,925
Total High Yield Corporate Bonds (cost $761,367,620)								791,031,372
MUNICIPAL BONDS 2.99%
Education 1.16%
California St Univ		3.899	%	11/1/2047		3,675		3,781,060
Dallas Convention Center Hotel Dev Corp., TX		7.088	%	1/1/2042		1,960		2,613,092
Ohio Univ		5.59	%	12/1/2114		1,000		1,094,730
Pasadena Public Fing Auth		7.148	%	3/1/2043		2,945		4,167,970
Univ of California Bd of Regents		6.548	%	5/15/2048		1,000		1,356,550
Total								13,013,402
General Obligation 1.02%
California		7.55	%	4/1/2039		1,000		1,527,720
Chicago Transit Auth, IL		6.899	%	12/1/2040		1,000		1,273,020
District of Columbia		5.591	%	12/1/2034		1,445		1,797,204
Honolulu City & Cnty, HI		5.418	%	12/1/2027		740		888,422
Los Angeles Unif Sch Dist, CA		5.75	%	7/1/2034		1,000		1,264,060
New York City		5.985	%	12/1/2036		1,134		1,450,488
Ohio St Univ		4.048	%	12/1/2056		676		683,362
Pennsylvania		5.45	%	2/15/2030		1,336		1,570,989
The Bd of Governors of the Univ of North Carolina		3.847	%	12/1/2034		855		914,371
Total								11,369,636

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Lease Obligations 0.39%
New York City Indl Dev Agy†		11.00	%	3/1/2029	$	2,585	$	3,568,205
Wisconsin		3.294	%	5/1/2037		790		741,968
Total								4,310,173
Tax Revenue 0.25%
Massachusetts Sch Bldg Auth		5.715	%	8/15/2039		2,220		2,822,819
Utilities 0.17%
San Antonio, TX		5.718	%	2/1/2041		1,480		1,878,519
Total Municipal Bonds (cost $32,830,875)								33,394,549
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY 0.09%
Commercial Mortgage Pass-Through
Certificates 2015-PC1 D (cost $1,035,207)		4.589	%#	7/10/2050		1,237		963,475
	Dividend				Shares
	Rate				(000)
PREFERRED STOCK 0.03%
Energy: Exploration & Production
Templar Energy LLC Units (cost $387,546)		Zero Coupon				39		377,858
Total Long-Term Investments (cost $1,068,695,046)							$	1,118,715,566
					Principal
	Interest				Amount
	Rate				(000)
SHORT-TERM INVESTMENTS 1.52%
FOREIGN GOVERNMENT OBLIGATION 0.17%
Uruguay
Uruguay Treasury Bill(c) (cost $1,922,784)		Zero Coupon		5/4/2018	UYU	58,901		1,895,717
HIGH YIELD CORPORATE BOND 0.11%
Gaming
Caesars Entertainment Operating Co., Inc.(i) (cost $1,031,240)		11.25	%	6/1/2017	$	985		1,245,921

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Principal Amount (000)		Fair Value
REPURCHASE AGREEMENT 1.24%
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $14,190,000 of U.S. Treasury Note at 1.375% due 1/31/2021; value: $14,133,410; proceeds: $13,852,699 (cost $13,852,561)		$13,853	$	13,852,561
Total Short-Term Investments (cost $16,806,585)				16,994,199
Total Investments in Securities 101.56% (cost $1,085,501,631)				1,135,709,765
Liabilities in Excess of Cash, Foreign Cash and Other Assets(j) (1.56%)				(17,395,190	)
Net Assets 100.00%			$	1,118,314,575

AUD	Australian dollar
CAD	Canadian dollar.
CHF	Swiss franc.
DKK	Danish Krone
EUR	euro.
JPY	Japanese yen.
MXN	Mexican peso.
UYU	Uruguayan Peso
ZAR	South African rand.
ADR	American Depositary Receipt.
PIK	Payment-in-kind.
Unit	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 June 30, 2017.
*	Non-income producing security.
(a)	Securities purchased on a when-issued basis (See Note 2(i)).
(b)	Foreign security traded in U.S. dollars.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Amount is less than 1,000 shares.
(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 June 30, 2017.
(f)	Interest rate to be determined.
(g)	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.
(h)	Security is perpetual in nature and has no stated maturity.
(i)	Defaulted (non-income producing security).
(j)	Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on open forward foreign currency exchange contracts, futures contracts and swaps as follows:

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at June 30, 2017⁽¹⁾:

Referenced	Fund	Termination	Notional	Fair	Payments		Unrealized
Index	Pays	Date	Amount	Value(2)	Upfront(3)		Depreciation(4)
Markit CDX. NA.EM.27(5)(7)	1.00%	6/20/2022	$28,577,000	$27,265,004	$	1,445,387	$	(133,392)
Markit CDX. NA.IG.28(6)(8)	1.00%	6/20/2022	$61,636,000	$62,775,526	$	(1,093,451)	$	(46,075)
				$90,040,530	$	351,936	$	(179,467)

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
(2)	Fair value serves as the indicator of the current status of payment/performance risk.
(3)	Upfront payments received by Central Clearinghouse are presented net of amortization (See Note 2(k)).
(4)	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $179,467.
(5)	Central Clearinghouse: Intercontinental Exchange, Inc. (ICE), Central Counterparty: Credit Suisse.
(6)	Central Clearinghouse: Chicago Mercantile Exchange (CME), Central CounterParty: Credit Suisse.
(7)	The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets sovereign issuers. (See Note 2(k)).
(8)	The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of investment grade issuers. (See Note 2(k)).

Open Forward Foreign Currency Exchange Contracts at June 30, 2017:

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
British pound	Buy	State Street Bank and Trust	7/19/2017	344,000	$	440,989	$	448,244		$	7,255
British pound	Buy	State Street Bank and Trust	7/19/2017	90,000		115,600		117,273			1,673
British pound	Buy	State Street Bank and Trust	7/19/2017	456,000		586,844		594,184			7,340
euro	Buy	Goldman Sachs	8/16/2017	800,000		899,297		915,688			16,391
euro	Buy	State Street Bank and Trust	8/16/2017	99,200		111,999		113,545			1,546
euro	Buy	State Street Bank and Trust	8/16/2017	200,000		223,099		228,922			5,823
euro	Buy	State Street Bank and Trust	8/16/2017	600,000		670,779		686,766			15,987
Japanese yen	Sell	J.P. Morgan	7/26/2017	120,000,000		1,093,611		1,067,845			25,766
Japanese yen	Sell	State Street Bank and Trust	7/26/2017	24,750,000		223,563		220,243			3,320
Swiss franc	Sell	State Street Bank and Trust	10/5/2017	1,090,000		1,145,195		1,143,457			1,738
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	86,839

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

June 30, 2017

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
Japanese yen	Buy	State Street Bank and Trust	7/26/2017	12,250,000	$	111,845	$	109,009		$	(2,836	)
British pound	Sell	UBS AG	7/19/2017	890,000		1,137,600		1,159,701			(22,101	)
Danish krone	Sell	Barclays Bank plc	7/7/2017	3,000,000		442,276		460,854			(18,578	)
Danish krone	Sell	State Street Bank and Trust	7/7/2017	750,000		110,379		115,214			(4,835	)
Danish krone	Sell	State Street Bank and Trust	7/7/2017	10,800,000		1,556,734		1,659,076			(102,342	)
euro	Sell	J.P. Morgan	8/16/2017	11,175,000		12,265,883		12,791,015			(525,132	)
euro	Sell	J.P. Morgan	8/16/2017	200,000		222,949		228,922			(5,973	)
euro	Sell	J.P. Morgan	8/16/2017	300,000		336,786		343,383			(6,597	)
euro	Sell	J.P. Morgan	8/16/2017	400,000		451,050		457,844			(6,794	)
euro	Sell	State Street Bank and Trust	8/16/2017	400,000		441,115		457,844			(16,729	)
euro	Sell	State Street Bank and Trust	8/16/2017	100,000		110,521		114,461			(3,940	)
euro	Sell	State Street Bank and Trust	8/16/2017	600,000		658,977		686,766			(27,789	)
euro	Sell	State Street Bank and Trust	8/16/2017	608,000		665,098		695,923			(30,825	)
euro	Sell	State Street Bank and Trust	8/16/2017	1,013,000		1,111,433		1,159,490			(48,057	)
euro	Sell	State Street Bank and Trust	8/16/2017	500,000		560,135		572,305			(12,170	)
euro	Sell	State Street Bank and Trust	8/16/2017	1,000,000		1,124,546		1,144,610			(20,064	)
euro	Sell	State Street Bank and Trust	8/16/2017	103,000		115,597		117,895			(2,298	)
euro	Sell	State Street Bank and Trust	8/16/2017	99,000		111,835		113,316			(1,481	)
Japanese yen	Sell	J.P. Morgan	7/26/2017	12,600,000		111,069		112,124			(1,055	)
Japanese yen	Sell	J.P. Morgan	7/26/2017	12,580,000		111,650		111,946			(296	)
Japanese yen	Sell	State Street Bank and Trust	7/26/2017	25,120,000		222,212		223,536			(1,323	)
Swiss franc	Sell	UBS AG	7/5/2017	1,090,000		1,095,070		1,136,719			(41,648	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(902,863	)

Open Futures Contracts at June 30, 2017:

				Notional	Unrealized
Type	Expiration	Contracts	Position	Value	Appreciation
U.S. 10-Year Treasury Note	September 2017	716	Short	$(89,880,375)	$327,989
				Notional	Unrealized
Type	Expiration	Contracts	Position	Value	Depreciation
Ultra Long U.S. Treasury Bond	September 2017	59	Short	$(9,786,625)	$(113,441)
U.S. Long Bond	September 2017	442	Short	(67,929,875)	(468,397)
U.S. 5-Year Treasury Note	September 2017	385	Long	45,366,836	(73,700)
Totals				$(32,349,664)	$(655,538)

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1		Level 2		Level 3			Total
Asset-Backed Securities	$	–	$	17,536,773	$	–		$	17,536,773
Common Stocks
Auto Parts & Equipment		–		1,685,135		–			1,685,135
Energy: Exploration & Production		2,116,870		1,807,233		–			3,924,103
Metals/Mining (Excluding Steel)		1,714,081		24,737		19,678	(4)		1,758,496
Remaining Industries		145,877,814		–		–			145,877,814
Convertible Bonds		–		4,671,944		–			4,671,944
Convertible Preferred Stocks
Building & Construction		–		1,159,536		–			1,159,536
Software/Services		–		1,455,462		–			1,455,462
Remaining Industries		4,098,110		–		–			4,098,110
Floating Rate Loans(5)
Auto Parts & Equipment		–		–		2,555,485			2,555,485
Building Materials		–		1,536,578		–			1,536,578
Electric: Generation		–		3,914,056		–			3,914,056
Energy: Exploration & Production		–		4,000,699		–			4,000,699
Gaming		–		1,114,809		2,475,200			3,590,009
Health Facilities		–		1,124,601		–			1,124,601
Health Services		–		1,107,247		–			1,107,247
Investments & Miscellaneous Financial Services		–		994,260		–			994,260
Media: Diversified		–		1,258,698		–			1,258,698
Metals/Mining (Excluding Steel)		–		654,063		–			654,063
Personal & Household Products		–		2,049,405		–			2,049,405
Real Estate Development & Management		–		1,078,856		–			1,078,856
Recreation & Travel		–		316,271		–			316,271
Software/Services		–		934,361		–			934,361
Specialty Retail		–		2,748,625		–			2,748,625
Support: Services		–		1,551,730		–			1,551,730
Foreign Bonds		–		2,666,678		–			2,666,678
Foreign Government Obligations		–		53,897,090		–			53,897,090
Government Sponsored Enterprises Pass-Through		–		26,697,944		–			26,697,944
High Yield Corporate Bonds
Banking		–		92,663,706		125	(4)		92,663,831
Energy: Exploration & Production		–		46,687,944		155	(4)		46,688,099
Metals/Mining (Excluding Steel)		–		39,710,045		133	(4)		39,710,178
Specialty Retail		–		10,960,001		3,330	(6)		10,963,331
Remaining Industries		–		602,251,854		–			602,251,854
Municipal Bonds		–		33,394,549		–			33,394,549
Non-Agency Commercial Mortgage-Backed Security		–		963,475		–			963,475
Preferred Stock		–		377,858		–			377,858
Repurchase Agreement		–		13,852,561		–			13,852,561
Total	$	153,806,875	$	976,848,784	$	5,054,106		$	1,135,709,765

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investment Type(2)(3)	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(179,467	)		–		(179,467	)
Forward Foreign Currency Exchange Contracts
Assets		–			86,839			–		86,839
Liabilities		–			(902,863	)		–		(902,863	)
Futures Contracts
Assets		327,989			–			–		327,989
Liabilities		(655,538	)		–			–		(655,538	)
Total	$	(327,549	)	$	(995,491	)	$	–	$	(1,323,040	)

(1)	Refer to Note 2(m) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
(3)	There were no Level 1/Level 2 transfers during the period ended June 30, 2017.
(4)	Level 3 securities fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financials:

Investment Type	Security	Fair Value
Common Stocks (Metals/Mining (Excluding Steel))	Mirabela Niclel Ltd.		$19,678
High Yield Corporate Bonds (Banking)	Washington Mutual Bank		125
High Yield Corporate Bonds (Energy: Exploration & Production)	Bonanza Creek Energy, Inc.		155
High Yield Corporate Bonds (Metals/Mining (Excluding Steel))	Mirabela Niclel Ltd. (Australia)		2
High Yield Corporate Bonds (Metals/Mining (Excluding Steel))	Peabody Energy Corp.		131

(5)	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.
(6)	Includes securities 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:

Investment Type	Security	Fair Value
High Yield Corporate Bonds (Specialty Retail)	Brookstone Holdings Corp. PIK		$3,330

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2017

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

												Non-Agency
									High Yield			Commercial
	Asset-Backed			Common		Floating			Corporate			Mortgage-Backed
	Securities			Stocks		Rate Loans			Bonds			Securities
Balance as of January 1, 2017	$	1,057,410		$	18,476	$	765,335		$	6,521		$	63,006
Accrued Discounts (Premiums)		–			–		10,797			–			(616	)
Realized Gain (Loss)		–			–		(746	)		–			(10,306	)
Change in Unrealized Appreciation (Depreciation)		–			1,202		89,801			(6,905	)		3,697
Net Purchases		–			–		1,852,691			4,127			–
Net Sales		–			–		(79,518	)		–			(55,781	)
Net Transfers into Level 3		–			–		2,392,325			–			–
Net Transfers out of Level 3		(1,057,410	)		–		–			–			–
Balance as of June 30, 2017	$	–		$	19,678	$	5,030,685		$	3,743		$	–
Net change in unrealized appreciation/depreciation for period ended June 30, 2017 related to Level 3 investments held at June 30, 2017	$	–		$	1,202	$	89,801		$	(6,905	)	$	–

See Notes to Financial Statements. 41

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $1,085,501,631)	$1,135,709,765
Cash	734,123
Deposits with brokers for derivatives collateral	4,216,092
Foreign cash, at value (cost $367,204)	367,587
Receivables:
Interest and dividends	13,363,988
Investment securities sold	12,014,599
Variation margin for future contracts	447,041
Capital shares sold	226,362
From advisor (See Note 3)	21,098
Unrealized appreciation on forward foreign currency exchange contracts	86,839
Prepaid expenses and other assets	336
Total assets	1,167,187,830
LIABILITIES:
Payables:
Investment securities purchased	45,982,705
Capital shares reacquired	530,957
Management fee	455,147
Directors’ fees	129,438
Fund administration	36,805
Variation margin for centrally cleared credit default swap agreements	27,983
Unrealized depreciation on forward foreign currency exchange contracts	902,863
Accrued expenses	807,357
Total liabilities	48,873,255
NET ASSETS	$1,118,314,575
COMPOSITION OF NET ASSETS:
Paid-in capital	$1,048,541,661
Undistributed net investment income	23,548,564
Accumulated net realized loss on investments, futures contracts, swaps and foreign currency related transactions	(2,662,675)
Net unrealized appreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies	48,887,025
Net Assets	$1,118,314,575
Outstanding shares (200 million shares of common stock authorized, $.001 par value)	89,407,973
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$12.51

42 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends (net of foreign withholding taxes of $13,728)	$	899,947
Interest and other (net of foreign withholding taxes of $3,185)		27,690,870
Interest earned from Interfund Lending (See Note 11)		215
Total investment income		28,591,032
Expenses:
Management fee		2,702,605
Non 12b-1 service fees		1,364,392
Shareholder servicing		588,686
Fund administration		218,192
Reports to shareholders		57,856
Professional		42,562
Custody		25,893
Directors’ fees		13,504
Other		29,129
Gross expenses		5,042,819
Expense reductions (See Note 9)		(4,362)
Fees waived and expenses reimbursed (See Note 3)		(129,137)
Net expenses		4,909,320
Net investment income		23,681,712
Net realized and unrealized gain (loss):
Net realized gain on investments		26,802,196
Net realized loss on futures contracts, swaps and foreign currency related transactions		(3,720,495)
Net change in unrealized appreciation/depreciation on investments		6,380,962
Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(2,153,240)
Net realized and unrealized gain		27,309,423
Net Increase in Net Assets Resulting From Operations	$	50,991,135

See Notes to Financial Statements. 43

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income		$     23,681,712		$	44,967,399
Net realized gain (loss) on investments, futures contracts, swaps and foreign currency related transactions		23,081,701			(4,832,421	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		4,227,722			77,190,459
Net increase in net assets resulting from operations		50,991,135			117,325,437
Distributions to shareholders from:
Net investment income		–			(47,075,516	)
Total distributions to shareholders		–			(47,075,516	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		69,734,037			148,838,089
Reinvestment of distributions		–			47,075,515
Cost of shares reacquired		(69,043,400	)		(177,659,555	)
Net increase in net assets resulting from capital share transactions		690,637			18,254,049
Net increase in net assets		51,681,772			88,503,970
NET ASSETS:
Beginning of period		$1,066,632,803		$	978,128,833
End of period		$1,118,314,575		$	1,066,632,803
Undistributed (distributions in excess of) net investment income		$     23,548,564		$	(133,148	)

44 See Notes to Financial Statements.

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Financial Highlights

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net asset		Net		realized			from			Net
	value,		invest-		and			invest-			invest-			Net
	beginning		ment		unrealized			ment			ment			realized			Total
	of period		income(a)		gain (loss)			operations			income			gain			distributions
6/30/2017(c)		$11.94		$0.26		$0.31			$0.57		$	–		$	–		$	–
12/31/2016		11.14		0.52		0.83			1.35			(0.55	)		–			(0.55	)
12/31/2015		11.89		0.47		(0.65	)		(0.18	)		(0.49	)		(0.08	)		(0.57	)
12/31/2014		12.31		0.54		(0.01	)		0.53			(0.61	)		(0.34	)		(0.95	)
12/31/2013		12.21		0.62		0.39			1.01			(0.65	)		(0.26	)		(0.91	)
12/31/2012		11.64		0.71		0.74			1.45			(0.72	)		(0.16	)		(0.88	)

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

46 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
Net					expenses after									Net
asset					waivers and/or						Net			assets,		Portfolio
value,		Total			reimburse-			Total			investment			end of		turnover
end of		return			ments			expenses			income			period		rate
period		(%)(b)			(%)			(%)			(%)			(000)		(%)
$	12.51		4.77	(d)		0.45	(d)		0.46	(d)		2.15	(d)	$	1,118,315		56.36	(d)
	11.94		12.13			0.90			0.93			4.41			1,066,633		120.09
	11.14		(1.53	)		0.90			0.94			3.91			978,129		116.08
	11.89		4.35			0.90			0.93			4.26			913,108		90.21
	12.31		8.17			0.90			0.93			4.89			861,130		49.59
	12.21		12.53			0.90			0.93			5.68			773,725		46.31

See Notes to Financial Statements. 47

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 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

48

Notes to Financial Statements (unaudited)(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 employs 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on futures contracts, swaps and foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

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.

49

Notes to Financial Statements (unaudited)(continued)

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized loss on futures contracts, swaps and foreign currency related transactions on the Fund’s Statement of Operations.
(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(i)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(j)	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

50

Notes to Financial Statements (unaudited)(continued)

when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(k) 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 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 swaps,

51

Notes to Financial Statements (unaudited)(continued)

there was minimal counterparty risk to the Fund, since such swaps entered into were traded through a central clearinghouse, which guarantees against default.

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

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of June 30, 2017, the Fund had no unfunded loan commitment.

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

52

Notes to Financial Statements (unaudited)(continued)

classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing the Fund’s investments and other financial instruments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .47% of the Fund’s average daily net assets.

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

For the six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of .90%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

53

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017		Year Ended
	(unaudited)		12/31/2016
Distributions paid from:
Ordinary income	$	–	$	47,075,516
Total distributions paid	$	–	$	47,075,516

As of December 31, 2016, the fund had a capital loss carryforward of $22,106,945, which will carryforward indefinitely.

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,087,886,692
Gross unrealized gain		56,379,006
Gross unrealized loss		(8,555,933	)
Net unrealized security gain	$	47,823,073

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

U.S.	Non-U.S.	U.S.	Non-U.S.
Government	Government	Government	Government
Purchases	Purchases	Sales	Sales
$53,642,266	$592,348,639	$26,856,172	$574,261,366

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 period ended June 30, 2017, the Fund engaged in cross-trades purchases of $1,068,878 and sales of $9,629,735, which resulted in net realized gains of $538,795.

54

Notes to Financial Statements (unaudited)(continued)

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the six months ended June 30, 2017 (as described in note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2017 (as described in note 2(h)) to economically hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Fund entered into credit default swaps for the six months ended June 30, 2017 (as described in note 2(k)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of June 30, 2017, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

				Foreign
	Interest Rate			Currency			Credit
Asset Derivatives	Contracts			Contracts			Contracts
Forward Foreign Currency Exchange Contracts(2)		$	–		$	86,839		$	–
Futures Contracts(3)		$	327,989		$	–		$	–
Liability Derivatives
Centrally Cleared Credit Default Swaps(1)		$	–		$	–		$	179,467
Futures Contracts(3)			655,538			–			–
Forward Foreign Currency Exchange Contracts(4)		$	–		$	902,863		$	–

(1)	Statements of Assets and Liabilities location: Includes cumulative unrealized of centrally cleared credit default swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
(2)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

55

Notes to Financial Statements (unaudited)(continued)

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

Transactions in derivative instruments for the six months ended June 30, 2017, were as follows:

Foreign

Interest Rate

Currency

Credit

Contracts

Contracts

Contracts

Net Realized Gain (Loss)(1)

Credit Default Swaps Contracts

–

–

$

(1,401,436

)

Forward Foreign Currency Exchange Contracts

–

$

(447,442

)

–

Futures Contracts

$

(2,023,374

)

–

–

Net Change in Unrealized Appreciation/Depreciation(2)

Credit Default Swaps Contracts

–

–

$

237,158

Forward Foreign Currency Exchange Contracts

–

$

(933,253

)

–

Futures Contracts

$

(1,462,692

)

–

–

Average Number of Contracts/Notional Amounts*

Credit Default Swaps(3)

–

–

$

46,359,000

Forward Foreign Currency Exchange Contracts(3)

–

$

22,942,170

–

Futures Contracts(4)

1,502

–

–

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2017.
(1)	Statements of Operations location: Net realized gain (loss) on futures contracts, swaps and foreign currency related transactions.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies.
(3)	Amount represents notional amounts in U.S. dollars.
(4)	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:

56

Notes to Financial Statements (unaudited)(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
Forward Foreign Currency Exchange Contracts		$	86,839		$	–		$	86,839
Repurchase Agreements			13,852,561			–			13,852,561
Total		$	13,939,400		$	–		$	13,939,400

	Net Amounts
	of Assets				Amounts Not Offset in the
	Presented in				Statement of Assets and Liabilities
	the Statement							Cash			Securities
	of Assets			Financial				Collateral			Collateral				Net
Counterparty	and Liabilities			Instruments				Received(a)			Received(a)				Amount(b)
Fixed Income Clearing Corp.		$	13,852,561		$	–			$	–		$	(13,852,561	)		$	–
Goldman Sachs			16,391			–				–			–				16,391
J.P. Morgan Chase			25,766			(25,766	)			–			–				–
State Street Bank and Trust			44,682			(44,682	)			–			–				–
Total		$	13,939,400		$	(70,448	)		$	–		$	(13,852,561	)		$	16,391

				Gross Amounts			Net Amounts of
				Offset in the			Liabilities Presented
	Gross Amounts of			Statement of Assets			in the Statement of
Description	Recognized Liabilities			and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	902,863		$	–		$	902,863
Total		$	902,863		$	–		$	902,863

	Net Amounts
	of Liabilities				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				Pledged(a)				Pledged(a)			Amount(c)
Barclays Bank plc		$	18,578		$	–			$	–			$	–		$	18,578
J.P. Morgan Chase			545,847			(25,766	)			(310,000	)			–			210,081
State Street Bank and Trust			274,689			(44,682	)			–				–			230,007
UBS AG			63,749			–				(63,749	)			–			–
Total		$	902,863		$	(70,448	)		$	(373,749	)		$	–		$	458,666

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2017.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2017.

8. DIRECTORS’ REMUNERATION  

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

57

Notes to Financial Statements (unaudited)(continued)

Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9. EXPENSE REDUCTIONS  

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

10. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12. CUSTODIAN AND ACCOUNTING AGENT  

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

13. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with investing in debt securities. 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 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

58

Notes to Financial Statements (unaudited)(continued)

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, while securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, they are not guaranteed by the U.S. Government. 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 a portion of its net assets in equity securities, the value of which fluctuates in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests.

The Fund may invest in convertible securities, which have both equity and fixed income risk characteristics. 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, liquidity, currency, political, information and other risks.

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.

The Fund may invest a portion 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 Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

59

Notes to Financial Statements (unaudited)(concluded)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2017			Year Ended
	(unaudited)			December 31, 2016
Shares sold		5,682,947			12,721,182
Reinvestment of distributions		–			3,949,141
Shares reacquired		(5,620,018	)		(15,163,582	)
Increase		62,929			1,506,741

15. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

60

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

61

 

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. Bond-Debenture Portfolio
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.		LASFBD-2 (08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Calibrated Dividend Growth Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements
22	Supplemental Information to Shareholders

Lord Abbett Series Fund — Calibrated Dividend Growth Portfolio

Semiannual Report

For the six-month period ended June 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Calibrated Dividend Growth Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Daria L. Foster Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,069.80	$4.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26

^† 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	9.48%
Consumer Staples	19.24%
Energy	4.59%
Financials	7.00%
Health Care	11.35%
Industrials	20.43%
Information Technology	11.45%
Materials	5.22%
Telecommunication Services	3.35%
Utilities	6.92%
Repurchase Agreement	0.97%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.03%
Aerospace & Defense 5.69%
General Dynamics Corp.		12,200	$	2,417
Lockheed Martin Corp.		10,392		2,885
Northrop Grumman Corp.		7,900		2,028
Raytheon Co.		13,000		2,099
United Technologies Corp.		6,000		733
Total				10,162
Air Freight & Logistics 0.29%
Expeditors International of Washington, Inc.		9,100		514
Banks 0.13%
Cullen/Frost Bankers, Inc.		2,500		235
Beverages 4.39%
Coca-Cola Co. (The)		91,268		4,093
PepsiCo, Inc.		32,424		3,745
Total				7,838
Biotechnology 2.48%
AbbVie, Inc.		61,099		4,430
Capital Markets 3.13%
Ameriprise Financial, Inc.		12,300		1,566
Eaton Vance Corp.		21,500		1,017
S&P Global, Inc.		10,000		1,460
SEI Investments Co.		17,900		963
T. Rowe Price Group, Inc.		7,800		579
Total				5,585
Chemicals 5.22%
Air Products & Chemicals, Inc.		4,600		658
Ecolab, Inc.		12,600		1,673
International Flavors & Fragrances, Inc.		9,500		1,283
Monsanto Co.		25,095		2,970
PPG Industries, Inc.		17,006		1,870
RPM International, Inc.		4,700		256
Sherwin-Williams Co. (The)		1,750		614
Total				9,324

			Fair
			Value
Investments	Shares		(000)
Commercial Services & Supplies 0.76%
Waste Management, Inc.		18,600	$	1,364
Distributors 0.42%
Genuine Parts Co.		8,000		742
Diversified Telecommunication Services 3.35%
AT&T, Inc.		72,708		2,743
Verizon Communications, Inc.		72,500		3,238
Total				5,981
Electric: Utilities 3.50%
Alliant Energy Corp.		17,300		695
Edison International		21,000		1,642
Eversource Energy		33,100		2,010
NextEra Energy, Inc.		11,421		1,600
Southern Co. (The)		6,500		311
Total				6,258
Energy Equipment & Services 0.31%
Helmerich & Payne, Inc.		10,312		560
Food & Staples Retailing 7.90%
Costco Wholesale Corp.		12,900		2,063
CVS Health Corp.		32,300		2,599
Kroger Co. (The)		31,500		735
Sysco Corp.		36,000		1,812
Wal-Mart Stores, Inc.		39,580		2,995
Walgreens Boots Alliance, Inc.		49,921		3,909
Total				14,113
Food Products 2.79%
Archer-Daniels-Midland Co.		53,400		2,209
Flowers Foods, Inc.		32,800		568
General Mills, Inc.		28,000		1,551
Hormel Foods Corp.		19,400		662
Total				4,990

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Health Care Equipment & Supplies 4.60%
Abbott Laboratories		68,400	$	3,325
Becton, Dickinson & Co.		5,600		1,093
Medtronic plc (Ireland)(a)		37,291		3,310
West Pharmaceutical Services, Inc.		5,200		491
Total				8,219
Health Care Providers & Services 1.87%
AmerisourceBergen Corp.		12,300		1,163
Cardinal Health, Inc.		27,948		2,177
Total				3,340
Hotels, Restaurants & Leisure 3.02%
McDonald’s Corp.		30,974		4,744
Cracker Barrel Old Country Store, Inc.		3,900		652
Total				5,396
Household Products 4.15%
Clorox Co. (The)		3,400		453
Kimberly-Clark Corp.		31,035		4,007
Procter & Gamble Co. (The)		33,900		2,954
Total				7,414
Industrial Conglomerates 3.57%
3M Co.		21,017		4,376
Roper Technologies, Inc.		8,600		1,991
Total				6,367
Information Technology Services 4.09%
Accenture plc Class A (Ireland)(a)		14,300		1,769
Automatic Data Processing, Inc.		11,600		1,189
International Business Machines Corp.		28,287		4,351
Total				7,309

			Fair
			Value
Investments	Shares		(000)
Insurance 3.74%
American Financial Group, Inc.		3,500	$	348
Chubb Ltd. (Switzerland)(a)		29,664		4,313
Hanover Insurance Group, Inc. (The)		7,200		638
Travelers Cos., Inc. (The)		10,900		1,379
Total				6,678
Machinery 4.46%
Cummins, Inc.		17,600		2,855
Graco, Inc.		7,800		852
Illinois Tool Works, Inc.		11,100		1,590
Lincoln Electric Holdings, Inc.		2,100		194
Pentair plc (United Kingdom)(a)		22,700		1,511
Toro Co. (The)		13,800		956
Total				7,958
Multi-Utilities 3.41%
CenterPoint Energy, Inc.		20,200		553
Consolidated Edison, Inc.		8,800		711
Dominion Energy, Inc.		43,800		3,357
SCANA Corp.		21,998		1,474
Total				6,095
Oil, Gas & Consumable Fuels 4.28%
Chevron Corp.		52,049		5,430
Exxon Mobil Corp.		7,000		565
Occidental Petroleum Corp.		27,373		1,639
Total				7,634
Pharmaceuticals 2.40%
Johnson & Johnson		32,419		4,289
Professional Services 0.99%
Robert Half International, Inc.		37,000		1,773
Road & Rail 3.97%
CSX Corp.		47,600		2,597
J.B. Hunt Transport Services, Inc.		7,100		649
Union Pacific Corp.		35,300		3,844
Total				7,090

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 5.06%
Microchip Technology, Inc.		31,966	$	2,467
QUALCOMM, Inc.		77,357		4,272
Texas Instruments, Inc.		29,800		2,292
Total				9,031
Software 2.30%
Microsoft Corp.		59,700		4,115
Specialty Retail 4.34%
Best Buy Co., Inc.		22,000		1,261
Lowe’s Cos., Inc.		46,725		3,623
Ross Stores, Inc.		39,500		2,280
TJX Cos., Inc. (The)		8,000		578
Total				7,742
Textiles, Apparel & Luxury Goods 1.71%
NIKE, Inc. Class B		40,200		2,372
VF Corp.		11,700		674
Total				3,046
Trading Companies & Distributors 0.71%
Fastenal Co.		15,700		683
W.W. Grainger, Inc.		3,200		578
Total				1,261
Total Common Stocks (cost $166,095,763)				176,853

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.97%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $1,770,000 of U.S. Treasury Note at 1.375% due 9/30/2020; value: $1,763,918; proceeds: $1,726,804 (cost $1,726,787)	$	1,727	$	1,727
Total Investments in Securities 100.00% (cost $167,822,550)				178,580
Liabilities in Excess of Other Assets(b) 0.00%				(4	)
Net Assets 100.00%			$	178,576

(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 June 30, 2017:

					Unrealized
Type	Expiration	Contracts	Position	Notional Value	Depreciation
E-Mini S&P 500 Index	September 2017	10	Long	$1,210,450	$(2,796)

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2017

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1			Level 2		Level 3		Total
Investment Type(2)(3)	(000)			(000)		(000)		(000)
Common Stocks	$	176,853		$	–	$	–	$	176,853
Repurchase Agreement		–			1,727		–		1,727
Total	$	176,853		$	1,727	$	–	$	178,580
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(3	)		–		–		(3	)
Total	$	(3	)	$	–	$	–	$	(3	)

(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 period ended June 30, 2017.

See Notes to Financial Statements. 7

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $167,822,550)	$	178,579,816
Deposits with brokers for futures collateral		44,000
Receivables:
Investment securities sold		1,226,381
Interest and dividends		204,989
Capital shares sold		35,824
From advisor (See Note 3)		54,010
Variation margin for futures contracts		450
Total assets		180,145,470
LIABILITIES:
Payables:
Investment securities purchased		1,233,130
Management fee		111,342
Capital shares reacquired		64,787
Directors’ fees		19,739
Fund administration		5,938
Variation margin for futures contracts		15
Accrued expenses		134,873
Total liabilities		1,569,824
NET ASSETS	$	178,575,646
COMPOSITION OF NET ASSETS:
Paid-in capital	$	159,860,933
Undistributed net investment income		1,565,810
Accumulated net realized gain on investments, futures contracts and foreign currency related transactions		6,394,433
Net unrealized appreciation on investments and futures contracts		10,754,470
Net Assets	$	178,575,646
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		11,532,531
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$15.48

8 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	2,333,051
Interest		582
Total investment income		2,333,633
Expenses:
Management fee		659,892
Non 12b-1 service fees		220,072
Shareholder servicing		95,463
Fund administration		35,194
Professional		27,722
Custody		15,173
Reports to shareholders		12,657
Directors’ fees		2,171
Other		5,867
Gross expenses		1,074,211
Expense reductions (See Note 9)		(704	)
Fees waived and expenses reimbursed (See Note 3)		(325,630	)
Net expenses		747,877
Net investment income		1,585,756
Net realized and unrealized gain:
Net realized gain on investments		5,943,277
Net realized gain on futures contracts and foreign currency related transactions		104,979
Net change in unrealized appreciation/depreciation on investments		4,320,784
Net change in unrealized appreciation/depreciation on futures contracts		1,329
Net realized and unrealized gain		10,370,369
Net Increase in Net Assets Resulting From Operations	$	11,956,125

See Notes to Financial Statements. 9

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income	$	1,585,756		$	2,757,601
Net realized gain on investments, futures contracts and foreign currency related transactions		6,048,256			11,315,945
Net change in unrealized appreciation/depreciation on investments and futures contracts		4,322,113			5,544,702
Net increase in net assets resulting from operations		11,956,125			19,618,248
Distributions to shareholders from:
Net investment income		–			(2,760,683	)
Net realized gain		–			(10,343,840	)
Total distributions to shareholders		–			(13,104,523	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		11,195,893			87,781,663
Reinvestment of distributions		–			13,104,523
Cost of shares reacquired		(15,906,310	)		(41,085,594	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,710,417	)		59,800,592
Net increase in net assets		7,245,708			66,314,317
NET ASSETS:
Beginning of period	$	171,329,938		$	105,015,621
End of period	$	178,575,646		$	171,329,938
Undistributed (distributions in excess of) net investment income	$	1,565,810		$	(19,946	)

10 See Notes to Financial Statements.

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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
6/30/2017(c)		$14.47		$0.13	$	0.88		$	1.01		$	–		$	–		$	–
12/31/2016		13.60		0.28		1.78			2.06			(0.25	)		(0.94	)		(1.19	)
12/31/2015		15.55		0.27		(0.60	)		(0.33	)		(0.27	)		(1.35	)		(1.62	)
12/31/2014		16.27		0.27		1.60			1.87			(0.29	)		(2.30	)		(2.59	)
12/31/2013		14.22		0.26		3.68			3.94			(0.28	)		(1.61	)		(1.89	)
12/31/2012		13.03		0.34		1.29			1.63			(0.44	)		–			(0.44	)

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

12 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$15.48		6.98	(d)		0.42	(d)		0.61	(d)		0.89	(d)	$	178,576		31.71	(d)
	14.47		15.10			0.85			1.25			1.89			171,330		75.49
	13.60		(2.13	)		0.85			1.28			1.76			105,016		69.61
	15.55		11.54			0.85			1.25			1.63			118,300		79.31
	16.27		27.93			0.85			1.27			1.62			128,593		65.36
	14.22		12.46			1.07			1.26			2.42			110,603		116.38

See Notes to Financial Statements. 13

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

14

Notes to Financial Statements (unaudited)(continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts and translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on futures contracts and foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Futures Contracts–The Fund may purchase and sell index futures contracts to manage cash, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(h)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an

15

Notes to Financial Statements (unaudited)(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 June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

16

Notes to Financial Statements (unaudited)(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 six months ended June 30, 2017, 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.

For the six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of .85%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended 6/30/2017 (unaudited)		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	–	$	4,821,625
Net long-term capital gains		–		8,282,898
Total distributions paid	$	–	$	13,104,523

17

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	169,392,937
Gross unrealized gain		13,757,278
Gross unrealized loss		(4,570,399	)
Net unrealized security gain	$	9,186,879

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$55,548,998	$58,458,466

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades sales of $51,390, which resulted in realized gains of $2,038.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into E-Mini S&P 500 Index futures contracts for the six months ended June 30, 2017 (as described in note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2017, the Fund had futures contracts with unrealized depreciation of $(2,796), 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 $104,979 and $1,329 are included in the Statement of Operations related to futures contracts under the captions Net realized gain on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the period was 10.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet

18

Notes to Financial Statements (unaudited)(continued)

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	$	1,726,787	$	–	$	1,726,787
Total	$	1,726,787	$	–	$	1,726,787

	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.	$	1,726,787	$	–	$	–	$	(1,726,787	)	$	–
Total	$	1,726,787	$	–	$	–	$	(1,726,787	)	$	–

(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 June 30, 2017.

8. DIRECTORS’ REMUNERATION  

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

9. EXPENSE REDUCTIONS  

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

10. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

19

Notes to Financial Statements (unaudited)(continued)

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12. CUSTODIAN AND ACCOUNTING AGENT  

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

13. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with 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. 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 rising 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 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.

The Fund’s exposure to foreign companies and markets presents increased market, liquidity, currency, political and other risks.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Shares sold		747,612			6,045,995
Reinvestment of distributions		–			893,876
Shares reacquired		(1,053,613	)		(2,821,771	)
Increase (decrease)		(306,001	)		4,118,100

20

Notes to Financial Statements (unaudited)(concluded)

15. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

21

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

22

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 (08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Classic Stock Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Classic Stock Portfolio

Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Classic Stock Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster
Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
	1/1/17	6/30/17	1/1/17 - 6/30/17
Class VC
Actual	$1,000.00	$1,063.10	$4.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76

^† 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	12.25	%
Consumer Staples	6.98	%
Energy	2.87	%
Financials	14.06	%
Health Care	16.96	%
Industrials	9.16	%
Information Technology	24.69	%
Materials	3.48	%
Real Estate	2.35	%
Telecommunication Services	1.22	%
Utilities	4.04	%
Repurchase Agreement	1.94	%
Total	100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.00%
Banks 4.51%
Citizens Financial Group, Inc.		32,463	$	1,158
East West Bancorp, Inc.		8,153		478
Wells Fargo & Co.		6,146		340
Total				1,976
Beverages 3.10%
Coca-Cola Co. (The)		10,083		452
PepsiCo, Inc.		7,834		905
Total				1,357
Biotechnology 2.42%
Celgene Corp.*		8,156		1,059
Building Products 0.73%
Johnson Controls International plc		7,346		319
Capital Markets 2.68%
Charles Schwab Corp. (The)		8,498		365
Morgan Stanley		18,183		810
Total				1,175
Chemicals 3.47%
Dow Chemical Co. (The)		11,720		739
PPG Industries, Inc.		7,108		782
Total				1,521
Communications Equipment 2.43%
Cisco Systems, Inc.		34,023		1,065
Consumer Finance 0.69%
Discover Financial Services		4,828		300
Diversified Telecommunication Services 1.22%
AT&T, Inc.		14,188		535
Electric: Utilities 4.04%
NextEra Energy, Inc.		9,032		1,266
PG&E Corp.		7,593		504
Total				1,770

			Fair
			Value
Investments	Shares		(000)
Electrical Equipment 1.11%
AMETEK, Inc.		8,010	$	485
Electronic Equipment, Instruments & Components 1.49%
Corning, Inc.		21,726		653
Energy Equipment & Services 0.51%
Halliburton Co.		5,257		225
Equity Real Estate Investment Trusts 2.35%
Boston Properties, Inc.		4,899		603
Vornado Realty Trust		4,537		426
Total				1,029
Food & Staples Retailing 0.46%
Walgreens Boots Alliance, Inc.		2,584		202
Food Products 1.51%
Mondelez International, Inc. Class A		15,281		660
Health Care Equipment & Supplies 2.73%
Abbott Laboratories		24,585		1,195
Health Care Providers & Services 3.86%
UnitedHealth Group, Inc.		9,125		1,692
Hotels, Restaurants & Leisure 2.40%
Starbucks Corp.		5,599		326
Yum! Brands, Inc.		9,798		723
Total				1,049
Household Durables 1.41%
Lennar Corp. Class A		11,543		616
Household Products 1.13%
Colgate-Palmolive Co.		6,694		496
Industrial Conglomerates 3.19%
Honeywell International, Inc.		10,464		1,395
Information Technology Services 1.32%
Fidelity National Information Services, Inc.		6,774		579

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Insurance 6.17%
Allstate Corp. (The)		13,104	$	1,159
Chubb Ltd. (Switzerland)(a)		6,911		1,005
Hartford Financial Services Group, Inc. (The)		10,225		537
Total				2,701
Internet & Direct Marketing Retail 2.03%
Amazon.com, Inc.*		917		888
Internet Software & Services 3.45%
Alphabet, Inc. Class A*		1,011		940
Facebook, Inc. Class A*		3,778		570
Total				1,510
Life Sciences Tools & Services 2.54%
Thermo Fisher Scientific, Inc.		6,383		1,114
Machinery 2.66%
Caterpillar, Inc.		1,212		130
ITT, Inc.		8,688		349
PACCAR, Inc.		5,174		342
Parker-Hannifin Corp.		2,160		345
Total				1,166
Media 4.91%
Charter Communications, Inc. Class A*		641		216
Comcast Corp. Class A		23,188		903
Walt Disney Co. (The)		9,706		1,031
Total				2,150
Oil, Gas & Consumable Fuels 2.35%
Devon Energy Corp.		15,665		501
EOG Resources, Inc.		4,661		422
Range Resources Corp.		4,628		107
Total				1,030

			Fair
			Value
Investments	Shares		(000)
Pharmaceuticals 5.40%
Allergan plc		928	$	226
Bristol-Myers Squibb Co.		2,647		147
Johnson & Johnson		10,143		1,342
Novartis AG ADR		7,773		649
Total				2,364
Professional Services 0.38%
Nielsen Holdings plc		4,248		164
Road & Rail 1.09%
CSX Corp.		8,783		479
Semiconductors & Semiconductor Equipment 5.09%
Broadcom Ltd.		5,047		1,176
Microchip Technology, Inc.		13,659		1,054
Total				2,230
Software 6.01%
Microsoft Corp.		18,248		1,258
Oracle Corp.		27,432		1,375
Total				2,633
Specialty Retail 1.51%
Burlington Stores, Inc.*		3,618		333
Lowe’s Cos., Inc.		4,212		326
Total				659
Technology Hardware, Storage &  Peripherals 4.88%
Apple, Inc.		14,827		2,135
Tobacco 0.77%
Altria Group, Inc.		4,550		339
Total Common Stocks (cost $37,447,763)				42,915

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.93%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $870,000 of U.S. Treasury Note at 1.375% due 1/31/2021; value: $866,530; proceeds: $847,258 (cost $847,249)	$	847	$	847
Total Investments in Securities 99.93% (cost $38,295,012)				43,762
Other Assets in Excess of Liabilities 0.07%				29
Net Assets 100.00%			$	43,791

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

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3			Total
Investment Type(2)(3)		(000)		(000)		(000)		(000)
Common Stocks	$	42,915	$	–	$	–	$	42,915
Repurchase Agreement		–		847		–		847
Total	$	42,915	$	847	$	–	$	43,762

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $38,295,012)	$	43,762,355
Receivables:
Investment securities sold		1,863,341
Interest and dividends		49,313
From advisor (See Note 3)		10,981
Capital shares sold		36
Prepaid expenses		36
Total assets		45,686,062
LIABILITIES:
Payables:
Investment securities purchased		1,781,604
Management fee		25,420
Directors’ fees		5,803
Capital shares reacquired		4,847
Fund administration		1,453
Accrued expenses		75,458
Total liabilities		1,894,585
NET ASSETS	$	43,791,477
COMPOSITION OF NET ASSETS:
Paid-in capital	$	36,211,867
Undistributed net investment income		196,326
Accumulated net realized gain on investments		1,915,941
Net unrealized appreciation on investments		5,467,343
Net Assets	$	43,791,477
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		3,291,757
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.30

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	404,980
Interest		342
Total investment income		405,322
Expenses:
Management fee		153,834
Non 12b-1 service fees		54,929
Shareholder servicing		24,292
Professional		21,553
Reports to shareholders		10,207
Fund administration		8,791
Custody		2,030
Directors’ fees		557
Other		2,462
Gross expenses		278,655
Expense reductions (See Note 8)		(175	)
Fees waived and expenses reimbursed (See Note 3)		(69,705	)
Net expenses		208,775
Net investment income		196,547
Net realized and unrealized gain:
Net realized gain on investments		1,438,157
Net change in unrealized appreciation/depreciation on investments		1,099,612
Net realized and unrealized gain		2,537,769
Net Increase in Net Assets Resulting From Operations	$	2,734,316

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2017 (unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income	$	196,547		$	483,688
Net realized gain on investments		1,438,157			1,660,746
Net change in unrealized appreciation/depreciation on investments		1,099,612			2,623,332
Net increase in net assets resulting from operations		2,734,316			4,767,766
Distributions to shareholders from:
Net investment income		–			(442,540	)
Net realized gain		–			(1,677,064	)
Total distributions to shareholders		–			(2,119,604	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		784,788			29,910,562
Reinvestment of distributions		–			2,119,575
Cost of shares reacquired		(4,924,769	)		(23,123,823	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,139,981	)		8,906,314
Net increase (decrease) in net assets		(1,405,665	)		11,554,476
NET ASSETS:
Beginning of period	$	45,197,142		$	33,642,666
End of period	$	43,791,477		$	45,197,142
Undistributed (distributions in excess of) net investment income	$	196,326		$	(221	)

See Notes to Financial Statements. 9

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
6/30/2017(c)		$12.51		$0.06		$  0.73			$  0.79			$     –		$	–		$	–
12/31/2016		11.66		0.14		1.31			1.45			(0.13	)		(0.47	)		(0.60	)
12/31/2015		14.15		0.11		(0.23	)		(0.12	)		(0.11	)		(2.26	)		(2.37	)
12/31/2014		14.77		0.10		1.25			1.35			(0.11	)		1.86			(1.97	)
12/31/2013		12.77		0.14		3.64			3.78			(0.15	)		(1.63	)		(1.78	)
12/31/2012		11.21		0.14		1.55			1.69			(0.13	)		–			(0.13	)

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

10 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	13.30		6.31	(d)		0.47	(d)		0.63	(d)		0.44	(d)	$	43,791		38.18	(d)
	12.51		12.44			0.95			1.33			1.20			45,197		100.02
	11.66		(0.90	)		0.95			1.32			0.78			33,643		100.46
	14.15		9.14			0.95			1.30			0.68			43,297		49.77
	14.77		29.85			0.95			1.31			0.95			45,458		42.01
	12.77		15.09			0.95			1.32			1.13			39,909		23.58

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable

13

Notes to Financial Statements (unaudited)(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 June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, 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.

For the six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total

14

Notes to Financial Statements (unaudited)(continued)

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

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017			Year Ended
	(unaudited)			12/31/2016
Distributions paid from:
Ordinary income		$	–		$	442,540
Net long-term capital gains			–			1,677,064
Total distributions paid		$	–		$	2,119,604

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	38,502,271
Gross unrealized gain		5,548,766
Gross unrealized loss		(288,682	)
Net unrealized security gain	$	5,260,084

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

15

Notes to Financial Statements (unaudited)(continued)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$16,518,433	$20,431,849

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

		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	$847,249	$           –	$847,249
Total	$847,249	$           –	$847,249

	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.	$847,249	$           –	$           –	$(847,249)	$           –
Total	$847,249	$           –	$           –	$(847,249)	$           –

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

16

Notes to Financial Statements (unaudited)(continued)

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  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Funds, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and growth stocks. This means the value of your investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Large-cap value and growth stocks may perform differently than the market as a whole and differently than each other or other types of stocks, such as small company stocks. This is because different types of stocks tend to shift in and out of favor 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.

17

Notes to Financial Statements (unaudited)(concluded)

Due to its investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, liquidity, currency, political, information, and other risks.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

Six Months Ended
	June 30, 2017			Year Ended
	(unaudited)			December 31, 2016
Shares sold		60,363			2,570,120
Reinvestment of distributions		–			169,122
Shares reacquired		(381,162	)		(2,011,279	)
Increase (decrease)		(320,799	)		727,963

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

 

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 (08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Developing Growth Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Developing Growth Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds.   Dear Shareholders: We are pleased to provide you with this semiannual report of Lord Abbett Series Fund — Developing Growth Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Daria L. Foster Director, President and Chief Executive Officer  

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,128.60	$4.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51

† 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	14.40%
Energy	1.31%
Financials	10.82%
Health Care	22.20%
Industrials	15.90%
Information Technology	29.75%
Materials	2.23%
Repurchase Agreement	3.39%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 97.42%
Aerospace & Defense 0.96%
Esterline Technologies Corp.*		3,477	$	330
Air Freight & Logistics 1.27%
XPO Logistics, Inc.*		6,757		437
Auto Components 0.50%
Tenneco, Inc.		2,941		170
Banks 8.21%
Cadence BanCorp*		2,976		65
CenterState Banks, Inc.		10,351		257
Chemical Financial Corp.		3,603		174
Columbia Banking System, Inc.		4,383		175
Glacier Bancorp, Inc.		4,694		172
Pinnacle Financial Partners, Inc.		5,476		344
South State Corp.		1,607		138
Sterling Bancorp		9,199		214
Texas Capital Bancshares, Inc.*		2,877		223
Webster Financial Corp.		5,740		300
Western Alliance Bancorp*		9,164		451
Wintrust Financial Corp.		4,024		307
Total				2,820
Biotechnology 14.16%
Agios Pharmaceuticals, Inc.*		3,402		175
Avexis, Inc.*		3,166		260
Blueprint Medicines Corp.*		11,687		592
Clovis Oncology, Inc.*		5,627		527
Exact Sciences Corp.*		20,824		736
Exelixis, Inc.*		17,440		430
Foundation Medicine, Inc.*		4,345		173
Global Blood Therapeutics, Inc.*		4,775		131
Kite Pharma, Inc.*		1,671		173
Loxo Oncology, Inc.*		4,900		393
Repligen Corp.*		7,719		320
Sage Therapeutics, Inc.*		3,055		243
Spark Therapeutics, Inc.*		4,700		281

			Fair
			Value
Investments	Shares		(000)
TESARO, Inc.*		3,040	$	425
Total				4,859
Building Products 2.05%
Apogee Enterprises, Inc.		4,930		280
Builders FirstSource, Inc.*		27,565		422
Total				702
Capital Markets 2.30%
Evercore Partners, Inc. Class A		6,345		447
Hamilton Lane, Inc. Class A		999		22
Moelis & Co. Class A		8,202		319
Total				788
Chemicals 1.28%
Huntsman Corp.		1,812		47
Minerals Technologies, Inc.		5,353		392
Total				439
Communications Equipment 1.79%
Acacia Communications, Inc.*		1,600		66
Lumentum Holdings, Inc.*		7,412		423
Oclaro, Inc.*		13,418		125
Total				614
Construction & Engineering 2.39%
MasTec, Inc.*		10,240		462
Quanta Services, Inc.*		10,877		358
Total				820
Construction Materials 0.96%
Eagle Materials, Inc.		3,580		331
Distributors 0.89%
Pool Corp.		2,600		306
Diversified Consumer Services 0.52%
Chegg, Inc.*		14,484		178
Electronic Equipment, Instruments & Components 4.42%
Cognex Corp.		4,176		354
Coherent, Inc.*		1,163		262

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Electronic Equipment, Instruments & Components (continued)
IPG Photonics Corp.*		2,384	$	346
Universal Display Corp.		5,067		554
Total				1,516
Health Care Equipment & Supplies 5.42%
ABIOMED, Inc.*		710		102
Glaukos Corp.*		8,315		345
Insulet Corp.*		10,554		542
Nevro Corp.*		2,732		203
Penumbra, Inc.*		7,641		670
Total				1,862
Health Care Providers & Services 1.65%
HealthEquity, Inc.*		6,209		309
Tivity Health, Inc.*		6,495		259
Total				568
Health Care Technology 1.15%
Cotiviti Holdings, Inc.*		4,282		159
Veeva Systems, Inc. Class A*		3,850		236
Total				395
Hotels, Restaurants & Leisure 5.58%
Dave & Buster’s
Entertainment, Inc.*		10,890		725
Extended Stay America, Inc. Unit		19,384		375
Marriott Vacations Worldwide Corp.		697		82
Planet Fitness, Inc. Class A		31,406		733
Total				1,915
Household Durables 2.12%
iRobot Corp.*		4,927		415
SodaStream International Ltd. (Israel)*(a)		2,774		148
Universal Electronics, Inc.*		2,451		164
Total				727

			Fair
			Value
Investments	Shares		(000)
Internet & Direct Marketing Retail 0.26%
Netshoes Cayman Ltd. (Brazil)*(a)		4,656	$	89
Internet Software & Services 12.56%
2U, Inc.*		12,527		588
Cloudera, Inc.*		5,481		88
Five9, Inc.*		21,901		471
GrubHub, Inc.*		5,750		251
MuleSoft, Inc. Class A*		15,276		381
Okta, Inc.*		3,135		71
Shopify, Inc. Class A (Canada)*(a)		3,979		346
Stamps.com, Inc.*		3,201		496
Trade Desk, Inc. (The) Class A*		12,976		650
TrueCar, Inc.*		15,124		301
Wix.com Ltd. (Israel)*(a)		9,396		654
Yext, Inc.*		1,169		16
Total				4,313
Machinery 4.58%
Allison Transmission Holdings, Inc.		16,436		616
Kornit Digital Ltd. (Israel)*(a)		13,268		257
Nordson Corp.		3,572		433
Proto Labs, Inc.*		3,953		266
Total				1,572
Media 1.80%
Live Nation Entertainment, Inc.*		17,764		619
Multi-Line Retail 0.55%
Ollie’s Bargain Outlet Holdings, Inc.*		4,413		188
Oil, Gas & Consumable Fuels 1.32%
GasLog Ltd. (Monaco)(a)		29,670		452
Professional Services 1.68%
WageWorks, Inc.*		8,579		576

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 6.07%
Cavium, Inc.*		4,135	$	257
CEVA, Inc.*		8,615		392
Cirrus Logic, Inc.*		4,541		285
Inphi Corp.*		4,765		163
MACOM Technology Solutions Holdings, Inc.*		8,730		487
Monolithic Power Systems, Inc.		5,181		499
Total				2,083
Software 5.16%
Blackline, Inc.*		8,274		296
HubSpot, Inc.*		6,045		398
Materialise NV ADR*		5,888		70
Paycom Software, Inc.*		7,052		482
Proofpoint, Inc.*		3,826		332
RingCentral, Inc. Class A*		5,279		193
Total				1,771
Specialty Retail 1.06%
Burlington Stores, Inc.*		2,056		189
Floor & Decor Holdings, Inc. Class A*		4,422		174
Total				363
Textiles, Apparel & Luxury Goods 1.25%
Canada Goose Holdings, Inc. (Canada)*(a)		21,753		430
Thrifts & Mortgage Finance 0.40%
WSFS Financial Corp.		3,056		138

			Fair
			Value
Investments	Shares		(000)
Trading Companies & Distributors 3.11%
Air Lease Corp.		9,043	$	338
Beacon Roofing Supply, Inc.*		11,016		540
MRC Global, Inc.*		11,524		190
Total				1,068
Total Common Stocks (cost $28,970,463)				33,439
	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 3.42%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $1,170,000 of U.S. Treasury Note at 2.125% due 8/31/2020; value: $1,197,797; proceeds: $1,174,171 (cost $1,174,159)	$	1,174		1,174
Total Investments in Securities 100.84% (cost $30,144,622)				34,613
Liabilities in Excess of Other Assets (0.84)%				(288	)
Net Assets 100.00%			$	34,325

ADR	American Depositary Receipt.
Unit	More than one class of securities traded together.
*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	33,439	$	–	$	–	$	33,439
Repurchase Agreement		–		1,174		–		1,174
Total	$	33,439	$	1,174	$	–	$	34,613

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $30,144,622)	$	34,612,746
Receivables:
Investment securities sold		739,219
Capital shares sold		12,085
From advisor (See Note 3)		14,649
Dividends		10,733
Total assets		35,389,432
LIABILITIES:
Payables:
Investment securities purchased		968,782
Management fee		21,159
Capital shares reacquired		6,785
Directors’ fees		1,869
Fund administration		1,129
Accrued expenses		64,403
Total liabilities		1,064,127
NET ASSETS	$	34,325,305
COMPOSITION OF NET ASSETS:
Paid-in capital	$	33,272,576
Accumulated net investment loss		(68,274	)
Accumulated net realized loss on investments		(3,347,121	)
Net unrealized appreciation on investments		4,468,124
Net Assets	$	34,325,305
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		1,402,010
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$24.48

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	74,736
Interest		363
Total investment income		75,099
Expenses:
Management fee		118,011
Non 12b-1 service fees		39,410
Professional		20,779
Shareholder servicing		18,091
Custody		16,550
Fund administration		6,294
Reports to shareholders		5,697
Directors’ fees		393
Other		2,418
Gross expenses		227,643
Expense reductions (See Note 8)		(125	)
Fees waived and expenses reimbursed (See Note 3)		(85,905	)
Net expenses		141,613
Net investment loss		(66,514	)
Net realized and unrealized gain:
Net realized gain on investments		954,521
Net change in unrealized appreciation/depreciation on investments		2,865,678
Net realized and unrealized gain		3,820,199
Net Increase in Net Assets Resulting From Operations	$	3,753,685

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017				For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				December 31, 2016
Operations:
Net investment loss		$	(66,514	)		$	(104,073	)
Net realized gain (loss) on investments			954,521				(1,968,606	)
Net change in unrealized appreciation/depreciation on investments			2,865,678				1,799,143
Net increase (decrease) in net assets resulting from operations			3,753,685				(273,536	)
Capital share transactions (See Note 13):
Proceeds from sales of shares			5,122,483				15,087,712
Cost of shares reacquired			(3,155,610	)			(15,091,059	)
Net increase (decrease) in net assets resulting from capital share transactions			1,966,873				(3,347	)
Net increase (decrease) in net assets			5,720,558				(276,883	)
NET ASSETS:
Beginning of period		$	28,604,747			$	28,881,630
End of period		$	34,325,305			$	28,604,747
Accumulated net investment loss			$(68,274	)			$(1,760	)

See Notes to Financial Statements. 9

Financial Highlights

			Per Share Operating Performance:
												Distributions
												to
												shareholders
			Investment operations:									from:
	Net asset					Net									Net asset
	value,		Net			realized and			Total from			Net			value,
	beginning of		investment			unrealized			investment			realized			end of
	period		loss(a)			gain (loss)			operations			gain			period
6/30/2017(c)		$21.69		$(0.05	)		$2.84			$ 2.79			$      –			$24.48
12/31/2016		22.28		(0.07	)		(0.52	)		(0.59	)		–			21.69
12/31/2015		24.46		(0.14	)		(1.86	)		(2.00	)		(0.18	)		22.28
12/31/2014		23.74		(0.16	)		1.03			0.87			(0.15	)		24.46
12/31/2013		16.43		(0.16	)		9.44			9.28			(1.97	)		23.74
12/31/2012		15.68		(0.08	)		1.98			1.90			(1.15	)		16.43

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

10 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
			Total
			expenses after
			waivers and/or						Net			Net assets,		Portfolio
Total			reimburse-			Total			investment			end of		turnover
return(b)			ments			expenses			loss			period		rate
(%)			(%)			(%)			(%)			(000)		(%)
	12.86	(d)		0.45	(d)		0.72	(d)		(0.21	)(d)		$34,325		59.71	(d)
	(2.60	)		0.90			1.51			(0.34	)		28,605		222.26
	(8.21	)		0.90			1.56			(0.56	)		28,882		196.74
	3.71			0.90			2.02			(0.68	)		17,494		235.07
	56.68			0.90			6.47			(0.72	)		4,294		245.36
	12.11			0.90			26.16			(0.48	)		327		176.45

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy 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

13

Notes to Financial Statements (unaudited)(continued)

refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .20% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 0.90%. This agreement may be terminated only upon the approval of the Board.

14

Notes to Financial Statements (unaudited)(continued)

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

As of December 31, 2016, the Fund had a capital loss carryforward of $3,966,903, which will carry forward indefinitely.

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	30,479,361
Gross unrealized gain		4,581,344
Gross unrealized loss		(447,959	)
Net unrealized security gain	$	4,133,385

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$19,755,015	$18,458,396

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades purchases of $68,606 and sales of $71,370, which resulted in net realized gains of $4,172.

15

Notes to Financial Statements (unaudited)(continued)

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	$	1,174,159	$	–	$	1,174,159
Total	$	1,174,159	$	–	$	1,174,159

	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.	$	1,174,159	$	–	$	–	$	(1,174,159	)	$	–
Total	$	1,174,159	$	–	$	–	$	(1,174,159	)	$	–

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

16

Notes to Financial Statements (unaudited)(continued)

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

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

The Fund has particular risks associated with growth stocks. Different types of stocks shift in and out of favor depending on market and economic conditions. Growth stocks tend to be more volatile than other stocks. 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 rising 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. 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, liquidity, currency, political, information and other risks.

17

Notes to Financial Statements (unaudited)(concluded)

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2017 (unaudited		)	Year Ended December 31, 2016
Shares sold		219,231			738,518
Reinvestment of distributions		–			–
Shares reacquired		(135,903	)		(716,390	)
Increase		83,328			22,128

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Series Fund, Inc.
	Developing Growth Portfolio	SFDG-PORT-3 (08/17)

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

Series Fund—Fundamental Equity Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Fundamental Equity Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Fundamental Equity Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett. com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
	1/1/17	6/30/17	1/1/17 - 6/30/17
Class VC
Actual	$1,000.00	$1,037.20	$5.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76

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

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	6.81%
Consumer Staples	7.79%
Energy	9.44%
Financials	24.93%
Health Care	15.26%
Industrials	9.92%
Information Technology	9.65%
Materials	3.50%
Real Estate	2.74%
Telecommunication Services	2.14%
Utilities	4.97%
Repurchase Agreement	2.85%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.33%
Aerospace & Defense 1.96%
General Dynamics Corp.		37,949	$	7,518
Airlines 0.88%
Delta Air Lines, Inc.		62,396		3,353
Banks 15.89%
Bank of America Corp.		397,854		9,652
Citigroup, Inc.		162,179		10,847
Citizens Financial Group, Inc.		156,241		5,575
Comerica, Inc.		52,824		3,869
East West Bancorp, Inc.		100,244		5,872
JPMorgan Chase & Co.		167,821		15,339
Signature Bank*		27,689		3,974
Webster Financial Corp.		64,059		3,345
Wells Fargo & Co.		43,012		2,383
Total				60,856
Beverages 2.24%
Coca-Cola Co. (The)		70,421		3,158
PepsiCo, Inc.		46,800		5,405
Total				8,563
Biotechnology 0.63%
Amgen, Inc.		6,058		1,043
Celgene Corp.*		10,518		1,366
Total				2,409
Building Products 1.19%
Johnson Controls International plc		105,096		4,557
Capital Markets 2.98%
Charles Schwab Corp. (The)		86,382		3,711
Goldman Sachs Group, Inc. (The)		13,377		2,968
Invesco Ltd.		134,311		4,727
Total				11,406
Chemicals 2.01%
Dow Chemical Co. (The)		121,750		7,679

Investments	Shares		Fair Value (000)
Communications Equipment 1.22%
Cisco Systems, Inc.		149,700	$	4,686
Consumer Finance 0.62%
Discover Financial Services		38,240		2,378
Containers & Packaging 0.86%
Packaging Corp. of America		29,698		3,308
Diversified Telecommunication Services 2.15%
AT&T, Inc.		217,969		8,224
Electric: Utilities 3.94%
Duke Energy Corp.		71,995		6,018
NextEra Energy, Inc.		64,802		9,081
Total				15,099
Electrical Equipment 0.89%
AMETEK, Inc.		55,938		3,388
Electronic Equipment, Instruments & Components 0.72%
Corning, Inc.		91,568		2,752
Energy Equipment & Services 0.96%
Halliburton Co.		86,408		3,690
Equity Real Estate Investment Trusts 2.74%
Boston Properties, Inc.		33,280		4,094
Prologis, Inc.		47,043		2,758
Vornado Realty Trust		38,900		3,653
Total				10,505
Food & Staples Retailing 0.69%
CVS Health Corp.		14,402		1,159
Wal-Mart Stores, Inc.		19,539		1,478
Total				2,637
Food Products 1.98%
Kraft Heinz Co. (The)		25,984		2,225
Mondelez International, Inc. Class A		123,613		5,339
Total				7,564

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 2.70%
Abbott Laboratories		146,600	$	7,126
Boston Scientific Corp.*		116,463		3,229
Total				10,355
Health Care Providers & Services 3.29%
Aetna, Inc.		41,204		6,256
Envision Healthcare Corp.*		21,508		1,348
UnitedHealth Group, Inc.		27,007		5,007
Total				12,611
Hotels, Restaurants & Leisure 2.58%
Carnival Corp.		87,715		5,752
Yum! Brands, Inc.		56,011		4,131
Total				9,883
Household Durables 0.81%
Lennar Corp. Class A		58,221		3,104
Household Products 1.84%
Clorox Co. (The)		17,030		2,269
Colgate-Palmolive Co.		37,700		2,795
Procter & Gamble Co. (The)		22,534		1,964
Total				7,028
Industrial Conglomerates 2.16%
General Electric Co.		138,600		3,744
Honeywell International, Inc.		34,085		4,543
Total				8,287
Information Technology Services 1.40%
Fidelity National Information Services, Inc.		44,796		3,825
Global Payments, Inc.		16,939		1,530
Total				5,355
Insurance 5.49%
Allstate Corp. (The)		81,200		7,181
American International Group, Inc.		49,156		3,073
Chubb Ltd. (Switzerland)(a)		49,900		7,255
Hartford Financial Services Group, Inc. (The)		66,563		3,499
Total				21,008

Investments	Shares		Fair Value (000)
Internet Software & Services 0.45%
Alphabet, Inc. Class A*		1,868	$	1,737
Life Sciences Tools & Services 1.33%
Thermo Fisher Scientific, Inc.		29,130		5,082
Machinery 1.96%
Caterpillar, Inc.		5,503		592
Dover Corp.		36,975		2,966
ITT, Inc.		33,815		1,359
PACCAR, Inc.		39,340		2,598
Total				7,515
Media 2.35%
Comcast Corp. Class A		115,706		4,503
Walt Disney Co. (The)		42,141		4,478
Total				8,981
Metals & Mining 0.64%
Reliance Steel &
Aluminum Co.		33,672		2,452
Multi-Utilities 1.03%
Sempra Energy		35,049		3,952
Oil, Gas & Consumable Fuels 8.49%
Chevron Corp.		89,818		9,371
ConocoPhillips		87,400		3,842
Devon Energy Corp.		111,900		3,577
EOG Resources, Inc.		57,992		5,249
Exxon Mobil Corp.		122,327		9,876
Range Resources Corp.		26,098		605
Total				32,520
Pharmaceuticals 7.33%
Allergan plc		11,691		2,842
Johnson & Johnson		91,200		12,065
Merck & Co., Inc.		94,405		6,050
Novartis AG ADR		33,475		2,794
Pfizer, Inc.		128,700		4,323
Total				28,074
Road & Rail 0.90%
CSX Corp.		63,452		3,462

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 1.47%
Broadcom Ltd.		10,422	$	2,429
Intel Corp.		56,222		1,897
Microchip Technology, Inc.		16,804		1,297
Total				5,623
Software 3.26%
Microsoft Corp.		67,464		4,650
Oracle Corp.		156,532		7,849
Total				12,499
Specialty Retail 1.09%
Burlington Stores, Inc.*		12,818		1,179
Lowe’s Cos., Inc.		38,606		2,993
Total				4,172
Technology Hardware, Storage & Peripherals 1.14%
Apple, Inc.		30,259		4,358
Tobacco 1.07%
Altria Group, Inc.		27,490		2,047
Philip Morris International, Inc.		17,580		2,065
Total				4,112
Total Common Stocks (cost $347,885,567)				372,742

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.86%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $11,210,000 of U.S. Treasury Note at 1.375% due 9/30/2020; value: $11,171,482; proceeds: $10,948,497 (cost $10,948,387)	$	10,948	$	10,948
Total Investments in Securities 100.19% (cost $358,833,954)				383,690
Liabilities in Excess of Other Assets (0.19)%				(735	)
Net Assets 100.00%			$	382,955

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

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	372,742	$	–	$	–	$	372,742
Repurchase Agreement		–		10,948		–		10,948
Total	$	372,742	$	10,948	$	–	$	383,690

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $358,833,954)	$	383,689,603
Receivables:
Investment securities sold		2,126,786
Interest and dividends		410,579
Capital shares sold		13,782
From advisor (See Note 3)		9,196
Total assets		386,249,946
LIABILITIES:
Payables:
Investment securities purchased		2,575,193
Management fee		236,047
Capital shares reacquired		91,319
Directors’ fees		47,237
Fund administration		12,589
Accrued expenses		332,269
Total liabilities		3,294,654
NET ASSETS	$	382,955,292
COMPOSITION OF NET ASSETS:
Paid-in capital	$	333,073,626
Undistributed net investment income		1,983,121
Accumulated net realized gain on investments		23,042,896
Net unrealized appreciation on investments		24,855,649
Net Assets	$	382,955,292
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		20,176,830
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$18.98

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	4,219,619
Interest		2,994
Total investment income		4,222,613
Expenses:
Management fee		1,428,789
Non 12b-1 service fees		476,244
Shareholder servicing		207,312
Fund administration		76,202
Professional		26,803
Reports to shareholders		16,896
Custody		6,774
Directors’ fees		4,813
Other		14,219
Gross expenses		2,258,052
Expense reductions (See Note 8)		(1,515	)
Fees waived and expenses reimbursed (See Note 3)		(65,727	)
Net expenses		2,190,810
Net investment income		2,031,803
Net realized and unrealized gain (loss):
Net realized gain on investments		24,284,359
Net change in unrealized appreciation/depreciation on investments		(12,256,742	)
Net realized and unrealized gain		12,027,617
Net Increase in Net Assets Resulting From Operations	$	14,059,420

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2017 (unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income	$	2,031,803		$	4,564,594
Net realized gain on investments		24,284,359			7,678,555
Net change in unrealized appreciation/depreciation on investments		(12,256,742	)		39,219,549
Net increase in net assets resulting from operations		14,059,420			51,462,698
Distributions to shareholders from:
Net investment income		–			(4,325,749	)
Net realized gain		–			(7,059,588	)
Total distributions to shareholders		–			(11,385,337	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		10,006,677			248,253,422
Reinvestment of distributions		–			11,385,337
Cost of shares reacquired		(28,629,101	)		(173,204,196	)
Net increase (decrease) in net assets resulting from capital share transactions		(18,622,424	)		86,434,563
Net increase (decrease) in net assets		(4,563,004	)		126,511,924
NET ASSETS:
Beginning of period	$	387,518,296		$	261,006,372
End of period	$	382,955,292		$	387,518,296
Undistributed (distributions in excess of) net investment income	$	1,983,121		$	(48,682	)

See Notes to Financial Statements. 9

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
6/30/2017(c)	$	18.30	$	0.10	$	0.58		$	0.68		$	–		$	–		$	–
12/31/2016		16.28		0.23		2.34			2.57			(0.21	)		(0.34	)		(0.55	)
12/31/2015		18.61		0.16		(0.79	)		(0.63	)		(0.21	)		(1.49	)		(1.70	)
12/31/2014		21.03		0.09		1.43			1.52			(0.10	)		(3.84	)		(3.94	)
12/31/2013		17.61		0.05		6.18			6.23			(0.05	)		(2.76	)		(2.81	)
12/31/2012		16.26		0.10		1.63			1.73			(0.10	)		(0.28	)		(0.38	)

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

10 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)		(%)
$	18.98		3.72	(d)		0.57	(d)		0.59	(d)		0.53	(d)	$	382,955		63.70	(d)
	18.30		15.74			1.15			1.20			1.36			387,518		131.92
	16.28		(3.44	)		1.15			1.21			0.90			261,006		135.25
	18.61		7.14			1.15			1.19			0.43			442,860		131.55
	21.03		35.76			1.15			1.18			0.26			465,208		86.75
	17.61		10.58			1.15			1.19			0.60			314,022		78.16

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable

13

Notes to Financial Statements (unaudited)(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 June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .72% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total

14

Notes to Financial Statements (unaudited)(continued)

net annual operating expenses to an annual rate of 1.15%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

Six Months Ended 6/30/2017 (unaudited)			Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	–	$	9,867,397
Net long-term capital gains		–		1,517,940
Total distributions paid	$	–	$	11,385,337

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	363,280,129
Gross unrealized gain		27,451,722
Gross unrealized loss		(7,042,248	)
Net unrealized security gain	$	20,409,474

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$238,514,696	$258,804,673

15

Notes to Financial Statements (unaudited)(continued)

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades sales of $564,876, which resulted in realized gains of $36,024.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

		Gross Amounts		Net Amounts of
		Offset in the		Assets Presented
	Gross Amounts of	Statement of Assets		in the Statement of
Description	Recognized Assets	and Liabilities		Assets and Liabilities
Repurchase Agreement	$10,948,387	$	–		$10,948,387
Total	$10,948,387	$	–		$10,948,387

	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.	$10,948,387	$	–	$	–		$	(10,948,387	)	$	–
Total	$10,948,387	$	–	$	–		$	(10,948,387	)	$	–

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

16

Notes to Financial Statements (unaudited)(continued)

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  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with investing in equity securities as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. 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 depending on market and economic conditions. Mid-cap and small-cap company stocks in which the Fund may invest may be more volatile and less liquid than large-cap stocks. 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

17

Notes to Financial Statements (unaudited)(concluded)

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, liquidity, currency, political, information, and other risks.

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.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

Six Months Ended
	June 30, 2017				Year Ended
		(unaudited		)	December 31, 2016
Shares sold			535,507			15,238,804
Reinvestment of distributions			–			620,615
Shares reacquired			(1,533,201	)		(10,720,561	)
Increase (decrease)			(997,694	)		5,138,858

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

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
(08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Growth and Income Portfolio

For the six-month period ended June 30, 2017

Table of Contents
1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth and Income Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report of Lord Abbett Series Fund — Growth and Income Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,   Daria L. Foster Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
	1/1/17	6/30/17	1/1/17 - 6/30/17
Class VC
Actual	$1,000.00	$1,039.20	$4.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.18	$4.66

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

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	6.69%
Consumer Staples	7.95%
Energy	9.29%
Financials	25.69%
Health Care	14.85%
Industrials	9.92%
Information Technology	9.67%
Materials	3.46%
Real Estate	2.80%
Telecommunication Services	2.21%
Utilities	5.11%
Repurchase Agreement	2.36%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.65%
Aerospace & Defense 1.96%
General Dynamics Corp.		69,177	$	13,704
Airlines 0.88%
Delta Air Lines, Inc.		114,666		6,162
Banks 16.66%
Bank of America Corp.		722,638		17,531
Citigroup, Inc.		295,016		19,731
Citizens Financial Group, Inc.		374,740		13,371
Comerica, Inc.		87,067		6,377
East West Bancorp, Inc.		184,943		10,834
JPMorgan Chase & Co.		306,765		28,038
Signature Bank*		49,015		7,035
Webster Financial Corp.		171,872		8,975
Wells Fargo & Co.		78,743		4,363
Total				116,255
Beverages 2.30%
Coca-Cola Co. (The)		127,316		5,710
PepsiCo, Inc.		89,300		10,313
Total				16,023
Biotechnology 0.63%
Amgen, Inc.		11,022		1,898
Celgene Corp.*		19,081		2,478
Total				4,376
Building Products 1.19%
Johnson Controls
International plc		191,336		8,296
Capital Markets 2.95%
Charles Schwab Corp. (The)		155,959		6,700
Goldman Sachs Group, Inc. (The)		24,150		5,359
Invesco Ltd.		242,682		8,540
Total				20,599
Chemicals 1.96%
Dow Chemical Co. (The)		216,931		13,682

Investments	Shares		Fair Value (000)
Communications Equipment 1.22%
Cisco Systems, Inc.		272,320	$	8,524
Consumer Finance 0.62%
Discover Financial Services		69,873		4,345
Containers & Packaging 0.86%
Packaging Corp. of America		54,108		6,027
Diversified Telecommunication Services 2.21%
AT&T, Inc.		408,848		15,426
Electric: Utilities 3.89%
Duke Energy Corp.		127,999		10,700
NextEra Energy, Inc.		117,571		16,475
Total				27,175
Electrical Equipment 0.89%
AMETEK, Inc.		101,957		6,176
Electronic Equipment, Instruments & Components 0.72%
Corning, Inc.		167,322		5,028
Energy Equipment & Services 0.95%
Halliburton Co.		155,655		6,648
Equity Real Estate Investment Trusts 2.80%
Boston Properties, Inc.		51,896		6,384
Prologis, Inc.		85,735		5,028
Vornado Realty Trust		86,700		8,141
Total				19,553
Food & Staples Retailing 0.69%
CVS Health Corp.		26,347		2,120
Wal-Mart Stores, Inc.		35,593		2,694
Total				4,814
Food Products 2.06%
Kraft Heinz Co. (The)		47,144		4,038
Mondelez International, Inc. Class A		239,641		10,350
Total				14,388

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 2.69%
Abbott Laboratories		265,429	$	12,903
Boston Scientific Corp.*		211,983		5,876
Total				18,779
Health Care Providers & Services 3.26%
Aetna, Inc.		73,784		11,203
Envision Healthcare Corp.*		39,177		2,455
UnitedHealth Group, Inc.		49,059		9,096
Total				22,754
Hotels, Restaurants & Leisure 2.45%
Carnival Corp.		154,749		10,147
Yum! Brands, Inc.		94,333		6,958
Total				17,105
Household Durables 0.81%
Lennar Corp. Class A		106,460		5,676
Household Products 1.83%
Clorox Co. (The)		31,183		4,155
Colgate-Palmolive Co.		68,300		5,063
Procter & Gamble Co. (The)		40,795		3,555
Total				12,773
Industrial Conglomerates 2.16%
General Electric Co.		252,233		6,813
Honeywell International, Inc.		61,747		8,230
Total				15,043
Information Technology Services 1.39%
Fidelity National Information Services, Inc.		81,133		6,929
Global Payments, Inc.		30,882		2,789
Total				9,718
Insurance 5.47%
Allstate Corp. (The)		147,400		13,036
American International Group, Inc.		89,337		5,585
Chubb Ltd. (Switzerland)(a)		90,656		13,180
Hartford Financial Services Group, Inc. (The)		120,597		6,340
Total				38,141

Investments	Shares		Fair Value (000)
Internet Software & Services 0.46%
Alphabet, Inc. Class A*		3,471	$	3,227
Life Sciences Tools & Services 1.32%
Thermo Fisher Scientific, Inc.		52,807		9,213
Machinery 1.96%
Caterpillar, Inc.		10,067		1,082
Dover Corp.		67,265		5,396
ITT, Inc.		61,665		2,477
PACCAR, Inc.		71,243		4,705
Total				13,660
Media 2.34%
Comcast Corp. Class A		210,340		8,186
Walt Disney Co. (The)		76,629		8,142
Total				16,328
Metals & Mining 0.64%
Reliance Steel & Aluminum Co.		61,251		4,460
Multi-Utilities 1.21%
Sempra Energy		75,132		8,471
Oil, Gas & Consumable Fuels 8.34%
Chevron Corp.		154,401		16,109
ConocoPhillips		158,700		6,976
Devon Energy Corp.		220,800		7,059
EOG Resources, Inc.		103,468		9,366
Exxon Mobil Corp.		217,700		17,575
Range Resources Corp.		47,564		1,102
Total				58,187
Pharmaceuticals 6.96%
Allergan plc		21,357		5,192
Johnson & Johnson		146,873		19,430
Merck & Co., Inc.		170,974		10,958
Novartis AG ADR		60,976		5,089
Pfizer, Inc.		234,300		7,870
Total				48,539

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

Investments	Shares		Fair Value (000)
Road & Rail 0.89%
CSX Corp.		113,245	$	6,179
Semiconductors & Semiconductor Equipment 1.47%
Broadcom Ltd.		19,092		4,449
Intel Corp.		102,214		3,449
Microchip Technology, Inc.		30,673		2,367
Total				10,265
Software 3.27%
Microsoft Corp.		122,743		8,460
Oracle Corp.		286,075		14,344
Total				22,804
Specialty Retail 1.09%
Burlington Stores, Inc.*		23,339		2,147
Lowe’s Cos., Inc.		70,432		5,461
Total				7,608
Technology Hardware, Storage & Peripherals 1.13%
Apple, Inc.		54,860		7,901
Tobacco 1.07%
Altria Group, Inc.		50,044		3,727
Philip Morris International, Inc.		32,057		3,765
Total				7,492
Total Common Stocks (cost $617,344,845)				681,524

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.36%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $16,865,000 of U.S. Treasury Note at 1.375% due 1/31/2021; value: $16,797,742; proceeds: $16,466,245 (cost $16,466,080)		$16,466	$	16,466
Total Investments in Securities 100.01% (cost $633,810,925)				697,990
Liabilities in Excess of Other Assets (0.01)%				(96	)
Net Assets 100.00%			$	697,894

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

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	681,524	$	–	$	–	$	681,524
Repurchase Agreement		–		16,466		–		16,466
Total	$	681,524	$	16,466	$	–	$	697,990

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $633,810,925)	$	697,990,163
Receivables:
Investment securities sold		3,870,606
Dividends		744,672
Capital shares sold		1,349,930
Prepaid expenses		784
Total assets		703,956,155
LIABILITIES:
Payables:
Investment securities purchased		4,758,383
Capital shares reacquired		87,040
Management fee		287,441
Directors’ fees		197,669
Fund administration		22,995
Accrued expenses		708,236
Total liabilities		6,061,764
NET ASSETS	$	697,894,391
COMPOSITION OF NET ASSETS:
Paid-in capital	$	581,725,210
Undistributed net investment income		4,503,128
Accumulated net realized gain on investments		47,486,815
Net unrealized appreciation on investments		64,179,238
Net Assets	$	697,894,391
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		18,287,912
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$38.16

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	7,992,317
Interest		4,567
Total investment income		7,996,884
Expenses:
Management fee		1,761,492
Non 12b-1 service fees		880,467
Shareholder servicing		382,314
Fund administration		140,919
Reports to shareholders		40,910
Professional		35,391
Directors’ fees		8,926
Custody		6,827
Other		26,904
Gross expenses		3,284,150
Expense reductions (See Note 8)		(2,802	)
Net expenses		3,281,348
Net investment income		4,715,536
Net realized and unrealized gain (loss):
Net realized gain on investments		49,985,985
Net change in unrealized appreciation/depreciation on investments		(27,184,586	)
Net realized and unrealized gain		22,801,399
Net Increase in Net Assets Resulting From Operations	$	27,516,935

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Six Months Ended June 30, 2017 (unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income	$	4,715,536		$	10,810,723
Net realized gain on investments		49,985,985			8,690,520
Net change in unrealized appreciation/depreciation on investments		(27,184,586	)		91,213,658
Net increase in net assets resulting from operations		27,516,935			110,714,901
Distributions to shareholders from:
Net investment income		–			(10,267,052	)
Net realized gain		–			(9,421,851	)
Total distributions to shareholders		–			(19,688,903	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		12,419,134			19,444,471
Reinvestment of distributions		–			19,688,903
Cost of shares reacquired		(60,591,705	)		(135,907,144	)
Net decrease in net assets resulting from capital share transactions		(48,172,571	)		(96,773,770	)
Net decrease in net assets		(20,655,636	)		(5,747,772	)
NET ASSETS:
Beginning of period	$	718,550,027		$	724,297,799
End of period	$	697,894,391		$	718,550,027
Undistributed (distributions in excess of) net investment income	$	4,503,128		$	(212,408	)

See Notes to Financial Statements. 9

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
6/30/2017(c)		$36.72		$0.25	$	1.19		$	1.44		$	–		$	–		$	–
12/31/2016		32.21		0.52		4.99			5.51			(0.52	)		(0.48	)		(1.00	)
12/31/2015		35.54		0.40		(1.43	)		(1.03	)		(0.44	)		(1.86	)		(2.30	)
12/31/2014		33.24		0.22		2.33			2.55			(0.25	)		–			(0.25	)
12/31/2013		24.59		0.16		8.66			8.82			(0.17	)		–			(0.17	)
12/31/2012		22.15		0.22		2.46			2.68			(0.24	)		–			(0.24	)

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

10 See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:
Net asset value, end of period		Total return(b) (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	38.16		3.92	(d)		0.46	(d)		0.66	(d)	$	697,894		57.07	(d)
	36.72		17.11			0.94			1.54			718,550		97.53
	32.21		(2.86	)		0.94			1.15			724,298		105.13
	35.54		7.65			0.93			0.65			882,379		121.75
	33.24		35.90			0.92			0.54			1,011,786		87.90
	24.59		12.09			0.91			0.94			964,703		72.59

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 30, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy 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

13

Notes to Financial Statements (unaudited)(continued)

refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, 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 .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

14

Notes to Financial Statements (unaudited)(continued)

owners’ accounts. This amount is included in Non 12b-1 service fees on the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing on the Statement of Operations.

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended 6/30/2017 (unaudited)		Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	–	$	17,544,959
Net long-term capital gains		–		2,143,944
Total distributions paid	$	–	$	19,688,903

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	641,122,245
Gross unrealized gain		65,344,652
Gross unrealized loss		(8,476,734	)
Net unrealized security gain	$	56,867,918

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$396,412,718	$452,789,806

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

15

Notes to Financial Statements (unaudited)(continued)

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades sales of $1,055,927, which resulted in realized gains of $61,734.

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	$	16,466,080	$	–	$	16,466,080
Total	$	16,466,080	$	–	$	16,466,080

	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.	$	16,466,080	$	–	$	–	$	(16,466,080	)	$	–
Total	$	16,466,080	$	–	$	–	$	(16,466,080	)	$	–

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

16

Notes to Financial Statements (unaudited)(continued)

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. 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 depending on market and economic conditions. 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 rising market.

Due to its investments in multinational companies, foreign companies and American Depositary Receipts, the Fund may experience increased market, liquidity, currency, political, information and other risks.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

17

Notes to Financial Statements (unaudited)(concluded)

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Shares sold		331,781			565,181
Reinvestment of distributions		–			534,694
Shares reacquired		(1,613,898	)		(4,015,682	)
Decrease		(1,282,117	)		(2,915,807	)

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.   Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Series Fund, Inc.   Growth and Income Portfolio LASFGI-3
(08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Growth Opportunities Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Daria L. Foster Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,123.70	$5.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.10%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	19.94%
Consumer Staples	2.90%
Financials	11.96%
Health Care	18.05%
Industrials	17.61%
Information Technology	22.11%
Materials	6.75%
Repurchase Agreement	0.68%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.66%
Banks 4.06%
Citizens Financial Group, Inc.		28,435	$	1,014
First Republic Bank		15,691		1,571
Signature Bank*		9,175		1,317
Western Alliance Bancorp*		30,065		1,479
Total				5,381
Beverages 0.97%
Brown-Forman Corp. Class B		26,319		1,279
Biotechnology 2.59%
Clovis Oncology, Inc.*		1,900		178
Incyte Corp., Ltd.*		12,582		1,584
Repligen Corp.*		10,371		430
TESARO, Inc.*		5,255		735
Vertex Pharmaceuticals, Inc.*		3,948		509
Total				3,436
Building Products 2.46%
A.O. Smith Corp.		26,021		1,466
Masco Corp.		46,898		1,792
Total				3,258
Capital Markets 6.66%
CBOE Holdings, Inc.		14,943		1,366
E*TRADE Financial Corp.*		27,956		1,063
MarketAxess Holdings, Inc.		7,073		1,422
Moody’s Corp.		16,873		2,053
MSCI, Inc.		6,738		694
TD Ameritrade Holding Corp.		36,763		1,580
WisdomTree Investments, Inc.		62,593		637
Total				8,815
Chemicals 3.06%
CF Industries Holdings, Inc.		25,116		702
FMC Corp.		24,296		1,775
RPM International, Inc.		28,762		1,569
Total				4,046
Commercial Services & Supplies 1.23%
Cintas Corp.		12,904		1,626

Investments	Shares		Fair Value (000)
Construction Materials 1.39%
Vulcan Materials Co.		14,580	$	1,847
Containers & Packaging 2.32%
Ball Corp.		36,504		1,541
Owens-Illinois, Inc.*		64,279		1,537
Total				3,078
Diversified Consumer Services 0.80%
Service Corp. International		31,826		1,065
Electrical Equipment 3.21%
AMETEK, Inc.		23,797		1,441
Hubbell, Inc.		10,993		1,244
Rockwell Automation, Inc.		9,630		1,560
Total				4,245
Electronic Equipment, Instruments & Components 0.98%
Trimble, Inc.*		36,357		1,297
Food Products 0.98%
Hershey Co. (The)		12,029		1,292
Health Care Equipment & Supplies 7.47%
C.R. Bard, Inc.		3,436		1,086
DENTSPLY SIRONA, Inc.		20,355		1,320
DexCom, Inc.*		19,706		1,442
Edwards Lifesciences Corp.*		15,552		1,839
Hologic, Inc.*		44,766		2,031
Intuitive Surgical, Inc.*		1,418		1,326
West Pharmaceutical Services, Inc.		9,013		852
Total				9,896
Health Care Providers & Services 2.81%
Centene Corp.*		9,300		743
Henry Schein, Inc.*		11,458		2,097
MEDNAX, Inc.*		14,627		883
Total				3,723

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 5.91%
Aramark		27,521	$	1,128
Hyatt Hotels Corp. Class A*		11,804		663
Marriott International, Inc. Class A		12,927		1,297
Norwegian Cruise Line Holdings Ltd.*		24,292		1,319
Vail Resorts, Inc.		8,586		1,741
Wynn Resorts Ltd.		12,532		1,681
Total				7,829
Household Durables 1.26%
Mohawk Industries, Inc.*		6,930		1,675
Household Products 0.97%
Church & Dwight Co., Inc.		24,686		1,281
Industrial Conglomerates 1.48%
Roper Technologies, Inc.		8,486		1,965
Information Technology Services 7.66%
DXC Technology Co.		25,717		1,973
Euronet Worldwide, Inc.*		6,420		561
Fidelity National Information Services, Inc.		23,877		2,039
Global Payments, Inc.		21,652		1,956
Sabre Corp.		39,766		866
Total System Services, Inc.		30,642		1,785
Vantiv, Inc. Class A*		15,274		967
Total				10,147
Insurance 1.29%
Progressive Corp. (The)		38,677		1,705
Internet & Direct Marketing Retail 1.67%
Expedia, Inc.		14,824		2,208
Internet Software & Services 2.53%
Akamai Technologies, Inc.*		20,453		1,019
CoStar Group, Inc.*		6,109		1,610
Yelp, Inc.*		24,162		726
Total				3,355

Investments	Shares		Fair Value (000)
Leisure Products 1.06%
Hasbro, Inc.		12,621	$	1,407
Life Sciences Tools & Services 3.41%
Agilent Technologies, Inc.		25,954		1,539
Charles River Laboratories International, Inc.*		6,476		655
Mettler-Toledo International, Inc.*		3,011		1,772
PerkinElmer, Inc.		7,977		544
Total				4,510
Machinery 7.49%
Fortive Corp.		24,343		1,542
IDEX Corp.		14,157		1,600
Ingersoll-Rand plc		20,543		1,878
Middleby Corp. (The)*		11,335		1,377
Nordson Corp.		10,857		1,317
Wabtec Corp.		24,167		2,211
Total				9,925
Media 1.31%
Scripps Networks Interactive, Inc. Class A		25,322		1,730
Multi-Line Retail 2.22%
Dollar General Corp.		23,892		1,722
Dollar Tree, Inc.*		17,372		1,215
Total				2,937
Pharmaceuticals 1.83%
Zoetis, Inc.		38,803		2,421
Road & Rail 1.80%
Genesee & Wyoming, Inc. Class A*		19,501		1,334
J.B. Hunt Transport Services, Inc.		11,474		1,048
Total				2,382

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 5.43%
Analog Devices, Inc.		25,915	$	2,016
KLA-Tencor Corp.		11,607		1,062
Lam Research Corp.		4,431		627
Microchip Technology, Inc.		20,088		1,550
Skyworks Solutions, Inc.		20,198		1,938
Total				7,193
Software 5.58%
PTC, Inc.*		29,238		1,612
Red Hat, Inc.*		22,705		2,174
ServiceNow, Inc.*		19,542		2,071
Ultimate Software Group, Inc. (The)*		7,325		1,539
Total				7,396
Specialty Retail 3.27%
AutoZone, Inc.*		2,137		1,219
O’Reilly Automotive, Inc.*		7,013		1,534
Tiffany & Co.		2,342		220
Tractor Supply Co.		7,358		399
Ulta Salon, Cosmetics & Fragrance, Inc.*		3,346		961
Total				4,333
Textiles, Apparel & Luxury Goods 2.50%
Carter’s, Inc.		14,266		1,269
Hanesbrands, Inc.		88,101		2,040
Total				3,309
Total Common Stocks (cost $119,952,017)				131,992

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.68%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $925,000 of U.S. Treasury Note at 1.375% due 9/30/2020; value: $921,822; proceeds: $903,755 (cost $903,746)		$904	$	904
Total Investments in Securities 100.34% (cost $120,855,763)				132,896
Liabilities in Excess of Other Assets (0.34)%				(450	)
Net Assets 100.00%			$	132,446

* Non-income producing security.

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	131,992	$	–	$	–	$	131,992
Repurchase Agreement		–		904		–		904
Total	$	131,992	$	904	$	–	$	132,896

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $120,855,763)	$132,895,710
Receivables:
Investment securities sold	1,029,033
Interest and dividends	31,373
Capital shares sold	3,041
From advisor (See Note 3)	18,123
Total assets	133,977,280
LIABILITIES:
Payables:
Investment securities purchased	1,103,248
Capital shares reacquired	141,560
Management fee	88,338
Directors’ fees	16,654
Fund administration	4,417
Accrued expenses	177,513
Total liabilities	1,531,730
NET ASSETS	$132,445,550
COMPOSITION OF NET ASSETS:
Paid-in capital	$117,591,082
Accumulated net investment loss	(162,048	)
Accumulated net realized gain on investments	2,976,569
Net unrealized appreciation on investments	12,039,947
Net Assets	$132,445,550
Outstanding shares (50 million shares of common stock authorized, $.001 par value)	9,854,807
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$13.44

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	569,653
Interest		236
Total investment income		569,889
Expenses:
Management fee		519,751
Non 12b-1 service fees		162,513
Shareholder servicing		71,170
Fund administration		25,988
Professional		23,414
Reports to shareholders		13,110
Custody		9,279
Directors’ fees		1,560
Other		4,859
Gross expenses		831,644
Expense reductions (See Note 8)		(520	)
Fees waived and expenses reimbursed (See Note 3)		(116,466	)
Net expenses		714,658
Net investment loss		(144,769	)
Net realized and unrealized gain:
Net realized gain on investments		3,419,803
Net change in unrealized appreciation/depreciation on investments		11,901,318
Net realized and unrealized gain		15,321,121
Net Increase in Net Assets Resulting From Operations	$	15,176,352

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2017 (unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment loss	$	(144,769	)	$	(266,854	)
Net realized gain on investments		3,419,803			1,180,737
Net change in unrealized appreciation/depreciation on investments		11,901,318			(1,435,580	)
Net increase (decrease) in net assets resulting from operations		15,176,352			(521,697	)
Distributions to shareholders from:
Net realized gain		–			(736,893	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		4,215,414			141,471,322
Reinvestment of distributions		–			736,893
Cost of shares reacquired		(10,681,635	)		(109,191,183	)
Net increase (decrease) in net assets resulting from capital share transactions		(6,466,221	)		33,017,032
Net increase in net assets		8,710,131			31,758,442
NET ASSETS:
Beginning of period	$	123,735,419		$	91,976,977
End of period	$	132,445,550		$	123,735,419
Accumulated net investment loss	$	(162,048	)	$	(17,279	)

See Notes to Financial Statements. 9

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net investment loss(a)			Net realized and unrealized gain		Total from investment operations		Net realized gain			Net asset value, end of period
6/30/2017(c)	$	11.96	$	(0.01	)	$	1.49	$	1.48	$	–		$	13.44
12/31/2016		11.88		(0.03	)		0.18		0.15		(0.07	)		11.96
12/31/2015		12.91		(0.06	)		0.41		0.35		(1.38	)		11.88
12/31/2014		15.25		(0.04	)		0.95		0.91		(3.25	)		12.91
12/31/2013		13.19		(0.08	)		4.93		4.85		(2.79	)		15.25
12/31/2012		12.23		(0.02	)		1.75		1.73		(0.77	)		13.19

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

10 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment loss (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	12.37	(d)		0.55	(d)		0.63	(d)		(0.11	)(d)	$	132,446		42.43	(d)
	1.23			1.13			1.33			(0.25	)		123,735		155.06
	2.72			1.20			1.31			(0.42	)		91,977		125.17
	6.07			1.20			1.32			(0.28	)		87,234		197.85
	37.08			1.20			1.31			(0.49	)		98,244		120.75
	14.10			1.20			1.31			(0.12	)		89,376		138.33

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs

13

Notes to Financial Statements (unaudited)(continued)

refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .62% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total

14

Notes to Financial Statements (unaudited)(continued)

net annual operating expenses to an annual rate of 1.10%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017		Year Ended
	(unaudited)		12/31/2016
Distributions paid from:
Net long-term capital gains	$	–		$736,893
Total distributions paid	$	–		$736,893

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	122,074,054
Gross unrealized gain		13,951,586
Gross unrealized loss		(3,129,930	)
Net unrealized security gain	$	10,821,656

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

15

Notes to Financial Statements (unaudited)(continued)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$55,081,515	$60,578,372

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades purchases of $256,839 and sales of $246,257, which resulted in net realized gains of $25,133.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

			Gross Amounts			Net Amounts of
			Offset in the			Assets Presented
	Gross Amounts of		Statement of Assets			in the Statement of
Description	Recognized Assets		and Liabilities			Assets and Liabilities
Repurchase Agreement		$903,746		$	–		$903,746
Total		$903,746		$	–		$903,746

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.

$903,746

$

–

$

–

$(903,746

)

$

–

Total

$903,746

$

–

$

–

$(903,746

)

$

–

(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 June 30, 2017.

16

Notes to Financial Statements (unaudited)(continued)

7. DIRECTORS’ REMUNERATION  

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

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, and to the changing prospects of individual companies in which the Fund invests. The Fund has particular risks associated with growth stocks. Growth companies may grow faster than other

17

Notes to Financial Statements (unaudited)(concluded)

companies, which may result in more volatility in their stock prices. 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 rising 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.

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, liquidity, currency, political, information, and other risks.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2017			Year Ended
	(unaudited)			December 31, 2016
Shares sold		332,794			12,040,758
Reinvestment of distributions		–			59,571
Shares reacquired		(825,198	)		(9,493,978	)
Increase (decrease)		(492,404	)		2,606,351

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

 

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Series Fund, Inc. Growth Opportunities Portfolio	LASFGO-3 (08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—International Core Equity Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	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	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Core Equity Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report of Lord Abbett Series Fund — International Core Equity Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
					1/1/17 -
	1/1/17		6/30/17		6/30/17
Class VC
Actual		$1,000.00		$1,113.90		$4.56
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,020.48		$4.36

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.87%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	10.15	%
Consumer Staples	9.25	%
Energy	5.44	%
Financials	25.52	%
Health Care	10.31	%
Industrials	14.56	%
Information Technology	6.59	%
Materials	4.87	%
Real Estate	3.04	%
Telecommunication Services	4.70	%
Utilities	4.38	%
Repurchase Agreement	1.19	%
Total	100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 98.00%
COMMON STOCKS 97.97%
Australia 2.49%
Airlines 0.68%
Qantas Airways Ltd.		97,251	$	428
Equity Real Estate Investment Trusts 1.81%
Mirvac Group		691,130		1,131
Total Australia				1,559
Austria 1.23%
Banks
Erste Group Bank AG*		20,156		772
Brazil 2.28%
Electric: Utilities 0.59%
EDP-Energias do Brasil SA		86,500		371
Food Products 0.95%
Minerva SA		159,942		594
Health Care Providers & Services 0.74%
Qualicorp SA		53,200		461
Total Brazil				1,426
Canada 0.43%
Oil, Gas & Consumable Fuels
Seven Generations Energy Ltd. Class A*		15,800		271
China 1.40%
Construction & Engineering 0.43%
China Railway Group Ltd. H Shares		341,958		269
Oil, Gas & Consumable Fuels 0.97%
China Petroleum & Chemical Corp. H Shares		780,000		609
Total China				878

			U.S. $
			Fair Value
Investments	Shares		(000)
Denmark 1.82%
Banks 1.09%
Danske Bank A/S		17,766	$	683
Diversified Telecommunication Services 0.73%
TDC A/S		77,788		453
Total Denmark				1,136
Finland 0.46%
Paper & Forest Products
UPM-Kymmene OYJ		10,033		286
France 12.05%
Auto Components 1.50%
Valeo SA		13,908		937
Automobiles 0.51%
Renault SA		3,515		318
Banks 3.36%
BNP Paribas SA		17,003		1,225
Societe Generale SA		16,347		879
				2,104
Construction & Engineering 1.35%
Vinci SA		9,876		843
Diversified Telecommunication Services 0.46%
Orange SA		18,127		288
Information Technology Services 0.99%
Atos SE		4,442		624
Machinery 0.44%
Alstom SA*		7,852		274
Oil, Gas & Consumable Fuels 1.61%
Total SA		20,361		1,007
Pharmaceuticals 0.67%
Sanofi		4,360		417

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Textiles, Apparel & Luxury Goods 1.16%
LVMH Moet Hennessy Louis Vuitton SE		2,905	$	724
Total France				7,536
Germany 9.06%
Hotels, Restaurants & Leisure 0.89%
TUI AG		38,373		559
Industrial Conglomerates 1.69%
Siemens AG Registered Shares		7,697		1,058
Insurance 2.17%
Allianz SE Registered Shares		6,887		1,356
Life Sciences Tools & Services 0.84%
MorphoSys AG*		7,444		528
Multi-Utilities 1.65%
RWE AG*		51,751		1,031
Pharmaceuticals 1.82%
Bayer AG Registered Shares		8,786		1,136
Total Germany				5,668
Hong Kong 2.49%
Industrial Conglomerates 1.28%
Jardine Strategic Holdings Ltd.		10,381		433
Shanghai Industrial Holdings Ltd.		123,000		364
				797
Real Estate Management & Development 1.21%
Hysan Development Co., Ltd.		159,000		758
Total Hong Kong				1,555
India 0.76%
Banks
ICICI Bank Ltd. ADR		53,161		477
Ireland 2.60%
Banks 1.52%
Bank of Ireland*		3,618,141		951

			U.S. $
			Fair Value
Investments	Shares		(000)
Commercial Banks 1.08%
Allied Irish Banks plc		119,100	$	673
Total Ireland				1,624
Italy 5.59%
Banks 1.83%
UniCredit SpA*		61,341		1,145
Diversified Telecommunication Services 1.66%
Telecom Italia SpA*		1,123,000		1,036
Electric: Utilities 2.10%
Enel SpA		245,208		1,315
Total Italy				3,496
Japan 17.58%
Automobiles 0.89%
Honda Motor Co., Ltd.		20,500		558
Banks 1.96%
Mitsubishi UFJ Financial
Group, Inc.		182,223		1,223
Chemicals 3.53%
Asahi Kasei Corp.		35,335		379
Mitsubishi Chemical Holdings Corp.		129,500		1,071
Mitsubishi Gas Chemical Co., Inc.		29,900		631
Teijin Ltd.		6,500		125
				2,206
Construction & Engineering 1.08%
Obayashi Corp.		28,800		338
Taisei Corp.		37,000		338
				676
Distributors 0.67%
PALTAC Corp.		12,500		421
Diversified Financial Services 1.04%
ORIX Corp.		42,000		650

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Household Durables 0.60%
Sony Corp.		9,800	$	373
Insurance 1.45%
T&D Holdings, Inc.		59,800		909
Machinery 2.34%
Komatsu Ltd.		20,400		518
Makino Milling Machine Co., Ltd.		48,000		395
NTN Corp.		120,000		553
				1,466
Road & Rail 0.91%
Central Japan Railway Co.		3,500		570
Software 1.30%
Nintendo Co., Ltd.		2,427		813
Trading Companies & Distributors 0.85%
Mitsubishi Corp.		25,230		528
Wireless Telecommunication Services 0.96%
SoftBank Group Corp.		7,426		601
Total Japan				10,994
Macau 0.70%
Hotels, Restaurants & Leisure
Wynn Macau Ltd.		188,400		440
Netherlands 7.90%
Air Freight & Logistics 0.85%
PostNL NV		113,708		531
Banks 1.98%
ING Groep NV		71,711		1,237
Food & Staples Retailing 0.86%
Koninklijke Ahold Delhaize NV		28,141		538
Industrial Conglomerates 1.21%
Koninklijke Philips NV		21,385		759
Insurance 1.65%
ASR Nederland NV		17,169		579

			U.S. $
			Fair Value
Investments	Shares		(000)
NN Group NV		12,712	$	452
				1,031
Oil, Gas & Consumable Fuels 1.35%
Royal Dutch Shell plc B Shares		31,479		846
Total Netherlands				4,942
New Zealand 0.71%
Health Care Providers & Services
Metlifecare Ltd.		112,332		442
Norway 1.11%
Commercial Banks 0.26%
Sparebank 1 Oestlandet*		17,266		163
Metals & Mining 0.85%
Norsk Hydro ASA		95,301		528
Total Norway				691
Singapore 0.78%
Food Products
Wilmar International Ltd.		199,900		486
South Korea 2.91%
Diversified Telecommunication Services 0.86%
KT Corp. ADR		32,167		535
Food & Staples Retailing 0.52%
E-MART, Inc.		1,586		325
Technology Hardware, Storage & Peripherals 1.53%
Samsung Electronics Co., Ltd.		462		960
Total South Korea				1,820
Spain 3.03%
Banks 1.22%
Banco Bilbao Vizcaya
Argentaria SA		92,356		766
Construction & Engineering 0.81%
Sacyr SA*		190,251		504

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 1.00%
Repsol SA		40,744	$	624
Total Spain				1,894
Sweden 0.53%
Machinery
Volvo AB B Shares		19,280		329
Switzerland 7.14%
Food Products 2.60%
Nestle SA Registered Shares		18,688		1,627
Insurance 1.17%
Swiss Life Holding AG Registered Shares*		2,173		733
Pharmaceuticals 3.37%
Roche Holding AG		8,277		2,108
Total Switzerland				4,468
Taiwan 2.70%
Electronic Equipment, Instruments & Components 1.82%
Hon Hai Precision Industry Co., Ltd.		295,935		1,138
Semiconductors & Semiconductor Equipment 0.88%
Advanced Semiconductor Engineering, Inc.		430,682		553
Total Taiwan				1,691
United Kingdom 8.14%
Auto Components 1.55%
GKN plc		227,955		968
Banks 1.53%
Royal Bank of Scotland Group plc*		296,489		955
Beverages 0.65%
Coca-Cola European Partners plc		10,083		409

			U.S. $
			Fair Value
Investments	Shares		(000)
Hotels, Restaurants & Leisure 1.59%
Compass Group plc		47,300	$	998
Personal Products 1.04%
Unilever NV CVA		11,749		648
Tobacco 1.78%
British American Tobacco plc		16,310		1,112
Total United Kingdom				5,090
United States 2.08%
Biotechnology
Shire plc		23,596		1,302
Total Common Stocks (cost $55,671,168)				61,273
RIGHTS 0.03%
Spain
Oil, Gas & Consumable Fuels
Repsol SA(a) (cost $19,432)		40,744		19
Total Investments in Long-Term 98.00% (cost $55,690,600)				61,292

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

June 30, 2017

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.18%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $760,000 of U.S. Treasury Note at 1.375% due 8/31/2020; value: $758,687; proceeds: $739,256 (cost $739,249)		$739	$	739
Total Investments in Securities 99.18% (cost $56,429,849)				62,031
Foreign Cash and Other Assets in Excess of Liabilities 0.82%				515
Net Assets 100.00%			$	62,546

ADR	American Depositary Receipt.
CVA	Company Voluntary Arrangement
*	Non-income producing security.
(a)	Strike price of $0 and expiration date of 7/6/2017.

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2017

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	61,273	$	–	$	–	$	61,273
Right		19		–		–		19
Repurchase Agreement		–		739		–		739
Total	$	61,292	$	739	$	–	$	62,031

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
(3)	There were no Level 1/Level 2 transfers during the period ended June 30, 2017.

See Notes to Financial Statements. 9

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $56,429,849)	$	62,031,098
Foreign cash, at value (cost $415,479)		413,239
Receivables:
Dividends		178,334
Investment securities sold		174,339
From advisor (See Note 3)		25,290
Total assets		62,822,300
LIABILITIES:
Payables:
Investment securities purchased		95,720
Capital shares reacquired		51,434
Management fee		38,928
Directors’ fees		4,625
Fund administration		2,076
Accrued expenses		83,888
Total liabilities		276,671
NET ASSETS	$	62,545,629
COMPOSITION OF NET ASSETS:
Paid-in capital	$	63,404,546
Undistributed net investment income		787,992
Accumulated net realized loss on investments and foreign currency related transactions		(7,248,790	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		5,601,881
Net Assets	$	62,545,629
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		3,805,462
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.44

10 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends (net of foreign withholding taxes of $135,696)	$	1,106,843
Interest		53
Total investment income		1,106,896
Expenses:
Management fee		229,977
Non 12b-1 service fees		76,706
Shareholder servicing		33,029
Professional		27,337
Custody		20,706
Fund administration		12,266
Reports to shareholders		10,379
Directors’ fees		752
Other		4,618
Gross expenses		415,770
Expense reductions (See Note 8)		(245	)
Fees waived and expenses reimbursed (See Note 3)		(148,752	)
Net expenses		266,773
Net investment income		840,123
Net realized and unrealized gain (loss):
Net realized gain on investments		1,717,407
Net realized loss on foreign currency related transactions		(5,829	)
Net change in unrealized appreciation/depreciation on investments		4,090,722
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		5,359
Net realized and unrealized gain		5,807,659
Net Increase in Net Assets Resulting From Operations	$	6,647,782

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income	$	840,123		$	1,416,990
Net realized gain (loss) on investments and foreign currency related transactions		1,711,578			(4,234,373	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		4,096,081			1,851,263
Net increase (decrease) in net assets resulting from operations		6,647,782			(966,120	)
Distributions to shareholders from:
Net investment income		–			(1,555,460	)
Total distributions to shareholders		–			(1,555,460	)
Capital share transactions (See Note 13)
Proceeds from sales of shares		971,117			3,545,976
Reinvestment of distributions		–			1,555,460
Cost of shares reacquired		(4,102,373	)		(3,775,290	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,131,256	)		1,326,146
Net increase (decrease) in net assets		3,516,526			(1,195,434	)
NET ASSETS:
Beginning of period	$	59,029,103		$	60,224,537
End of period	$	62,545,629		$	59,029,103
Undistributed (distributions in excess of) net investment income	$	787,992		$	(52,131	)

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-
	value,		invest-		and			ment			Net			Net			Return
	beginning		ment		unrealized			opera-			investment			realized			of
	of period		income(a)		gain (loss)			tions			income			gain			capital
6/30/2017(c)	$	14.75	$	0.21	$	1.48		$	1.69		$	–		$	–		$	–
12/31/2016		15.42		0.36		(0.63	)		(0.27	)		(0.40	)		–			–
12/31/2015		15.95		0.30		(0.59	)		(0.29	)		(0.23	)		–			(0.01	)
12/31/2014		18.38		0.26		(1.99	)		(1.73	)		(0.18	)		(0.52	)		–
12/31/2013		15.31		0.22		3.32			3.54			(0.24	)		(0.23	)		–
12/31/2012		13.48		0.29		1.75			2.04			(0.21	)		–			–

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

14 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)		(%)
$	–		$	16.44		11.39	(d)		0.43	(d)		0.67	(d)		1.36	(d)	$	62,546		71.82	(d)
	(0.40	)		14.75		(1.74	)		0.87			1.39			2.43			59,029		190.31
	(0.24	)		15.42		(1.78	)		0.87			1.43			1.84			60,225		59.93
	(0.70	)		15.95		(9.47	)		0.87			1.59			1.49			52,629		57.80
	(0.47	)		18.38		23.16			0.87			2.02			1.31			31,923		56.36
	(0.21	)		15.31		15.13			0.87			3.81			2.03			9,945		78.47

See Notes to Financial Statements. 15

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios. This report covers International Core 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.
	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 employs 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 (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized loss on foreign currency related transactions in the Fund’s Statement of Operations.

17

Notes to Financial Statements (unaudited)(continued)

(h)

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

(i)

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

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

18

Notes to Financial Statements (unaudited)(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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .26% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of .87%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

19

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017		Year Ended
	(unaudited)		12/31/2016
Distributions paid from:
Ordinary income	$	–	$	1,555,460
Total distributions paid	$	–	$	1,555,460

As of December 31, 2016, the Fund had a capital loss carryforward of $8,417,878, which will carry forward indefinitely.

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	57,011,458
Gross unrealized gain		5,591,880
Gross unrealized loss		(572,240	)
Net unrealized security gain	$	5,019,640

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$43,351,313	$45,682,079

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades purchases of $86,074 and sales of $131,156, which resulted in net realized gains of $16,407.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

20

Notes to Financial Statements (unaudited)(continued)

financial assets and liabilities in the statement of assets and liabilities across transactions between the Fund and the applicable counterparty:

		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	$739,249	$	–		$739,249
Total	$739,249	$	–		$739,249

	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.	$739,249	$	–	$	–	$	(739,249	)	$	–
Total	$739,249	$	–	$	–	$	(739,249	)	$	–

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

21

Notes to Financial Statements (unaudited)(continued)

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

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

Large company value stocks, in which the Fund invests, may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks.

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.

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.

The Fund is also subject to risk from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2017		Year Ended
	(unaudited	)	December 31, 2016
Shares sold	63,180		241,082
Reinvestment of distributions	–		105,670
Shares reacquired	(258,491	)	(250,444	)
Increase (decrease)	(195,311	)	96,308

22

Notes to Financial Statements (unaudited)(concluded)

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

23

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

24

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 Core Equity Portfolio SFICE-3 (08/17)

 

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—International Opportunities Portfolio

For the six-month period ended June 30, 2017

Table of Contents
1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements
21	Supplemental Information to Shareholders

Lord Abbett Series Fund — International Opportunities Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — International Opportunities Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett. com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

 

Daria L. Foster

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,201.50	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.20%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
		1.41	%
Consumer Discretionary		17.59	%
Consumer Staples		5.15	%
Energy		3.47	%
Financials		15.97	%
Health Care		4.70	%
Industrials		19.29	%
Information Technology		12.38	%
Materials		7.46	%
Real Estate		7.71	%
Telecommunication Services		1.69	%
Utilities		3.18	%
Total		100.00	%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 99.47%
Australia 2.01%
Electric: Utilities 1.13%
AusNet Services		453,815	$	605
Household Durables 0.88%
GUD Holdings Ltd.		47,841		475
Total Australia				1,080
Canada 5.15%
Electric: Utilities 1.02%
Emera, Inc.		14,700		547
Metals & Mining 0.83%
Hudbay Minerals, Inc.		76,502		442
Oil, Gas & Consumable Fuels 2.50%
Africa Oil Corp.*		200,232		299
Canacol Energy Ltd.*		140,100		463
Vermilion Energy, Inc.		9,600		305
Whitecap Resources, Inc.		38,500		275
				1,342
Paper & Forest Products 0.80%
Interfor Corp.*		30,000		430
Total Canada				2,761
China 0.80%
Consumer Finance 0.57%
China Rapid Finance
Ltd. ADR*		53,572		306
Energy Equipment & Services 0.23%
Hilong Holding Ltd.		710,000		123
Total China				429
Finland 1.85%
Machinery 0.86%
Outotec OYJ*		67,043		461

			U.S. $
			Fair Value
Investments	Shares		(000)
Trading Companies & Distributors 0.99%
Cramo OYJ		17,727	$	530
Total Finland				991
France 7.61%
Building Products 0.75%
Tarkett SA		8,643		401
Construction Materials 0.75%
Vicat SA		5,688		401
Health Care Providers & Services 1.32%
Korian SA		20,653		705
Hotels, Restaurants & Leisure 1.43%
Elior Group†		26,473		769
Information Technology Services 1.04%
Altran Technologies SA		34,074		555
Life Sciences Tools & Services 0.34%
Genfit*		5,356		183
Real Estate Management & Development 0.78%
Nexity SA*		7,222		420
Specialty Retail 1.20%
Maisons du Monde SA*†		16,576		645
Total France				4,079
Germany 5.31%
Industrial Conglomerates 1.56%
Rheinmetall AG		8,830		838
Internet Software & Services 0.79%
XING AG		1,583		422
Life Sciences Tools & Services 1.52%
Gerresheimer AG		6,615		532
MorphoSys AG*		3,991		283
				815
Machinery 0.70%
Deutz AG		44,452		375

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Real Estate Management & Development 0.74%
PATRIZIA Immobilien AG*		21,026	$	397
Total Germany				2,847
Hong Kong 3.11%
Communications Equipment 1.18%
VTech Holdings Ltd.		39,900		632
Diversified Telecommunication Services 0.73%
HKBN Ltd.		393,380		393
Paper & Forest Products 1.20%
Lee & Man Paper Manufacturing Ltd.		690,000		641
Total Hong Kong				1,666
India 3.36%
Consumer Finance 1.10%
Bharat Financial Inclusion Ltd.*		52,998		591
Information Technology Services 0.62%
Vakrangee Ltd.		49,819		332
Real Estate Management & Development 0.76%
Housing Development & Infrastructure Ltd.*		309,961		408
Thrifts & Mortgage Finance 0.88%
Dewan Housing Finance Corp., Ltd.		69,264		469
Total India				1,800
Indonesia 1.47%
Banks 1.12%
Bank Tabungan Negara Persero Tbk PT		3,084,696		603
Consumer Finance 0.35%
PT Clipan Finance Indonesia Tbk*		8,129,400		187
Total Indonesia				790

			U.S. $
			Fair Value
Investments	Shares		(000)
Ireland 4.58%
Beverages 0.40%
C&C Group plc		58,343	$	214
Equity Real Estate Investment Trusts 1.10%
Hibernia REIT plc		373,745		587
Food Products 0.63%
Origin Enterprises plc		46,581		340
Health Care Providers & Services 1.00%
UDG Healthcare plc		47,501		536
Household Durables 1.45%
Cairn Homes plc*		451,756		776
Total Ireland				2,453
Israel 2.62%
Chemicals 0.98%
Frutarom Industries Ltd.		7,536		526
Electronic Equipment, Instruments & Components 0.93%
Orbotech Ltd.*		15,276		498
Semiconductors & Semiconductor Equipment 0.71%
Tower Semiconductor Ltd.*		15,908		380
Total Israel				1,404
Italy 5.37%
Beverages 0.99%
Davide Campari-Milano SpA		75,100		529
Capital Markets 1.33%
Anima Holding SpA†		99,047		710
Construction Materials 0.71%
Buzzi Unicem SpA		15,348		382
Electrical Equipment 0.76%
Prysmian SpA		13,894		409

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Textiles, Apparel & Luxury Goods 1.58%
Brunello Cucinelli SpA		19,983	$	525
Moncler SpA		13,713		321
				846
Total Italy				2,876
Japan 23.13%
Banks 0.91%
Shinsei Bank Ltd.		280,000		488
Beverages 1.14%
Coca-Cola Bottlers Japan, Inc.		21,100		610
Chemicals 0.54%
KH Neochem Co., Ltd.		15,000		287
Construction & Engineering 1.39%
SHO-BOND Holdings Co., Ltd.		14,800		746
Containers & Packaging 0.57%
Fuji Seal International, Inc.		11,000		303
Electronic Equipment, Instruments & Components 0.25%
Taiyo Yuden Co., Ltd.		8,400		132
Equity Real Estate Investment Trusts 1.32%
GLP J-Reit		473		509
Hulic Reit, Inc.		128		200
				709
Food & Staples Retailing 1.05%
Sundrug Co., Ltd.		15,100		563
Food Products 0.91%
Nichirei Corp.		17,400		487
Health Care Providers & Services 0.50%
Japan Lifeline Co., Ltd.		6,300		266
Hotels, Restaurants & Leisure 2.13%
HIS Co., Ltd.		21,800		656
St. Marc Holdings Co., Ltd.		15,900		486
				1,142

			U.S. $
			Fair Value
Investments	Shares		(000)
Information Technology Services 2.03%
NS Solutions Corp.		24,200	$	575
Obic Co., Ltd.		8,400		515
				1,090
Machinery 4.79%
CKD Corp.		17,600		268
DMG Mori Co., Ltd.		40,000		655
Nabtesco Corp.		18,600		540
Takeuchi Manufacturing Co., Ltd.		33,600		614
Tsubakimoto Chain Co.		57,000		491
				2,568
Professional Services 0.70%
en-japan, Inc.		14,500		377
Real Estate Management & Development 1.13%
Kenedix, Inc.		128,700		606
Semiconductors & Semiconductor Equipment 0.93%
Sumco Corp.		34,500		499
Software 0.76%
Trend Micro, Inc.		7,900		407
Specialty Retail 1.13%
United Arrows Ltd.		18,700		606
Wireless Telecommunication Services 0.95%
Okinawa Cellular Telephone Co.		15,200		509
Total Japan				12,395
Luxembourg 1.37%
Machinery 0.25%
Stabilus SA		1,738		135
Multi-Line Retail 1.12%
B&M European Value Retail SA		135,328		597
Total Luxembourg				732

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Mexico 1.31%
Banks
Banco del Bajio SA*†		399,300	$	704
Netherlands 4.11%
Air Freight & Logistics 0.95%
PostNL NV		108,657		507
Hotels, Restaurants & Leisure 0.94%
Basic-Fit NV*†		28,353		507
Insurance 1.23%
ASR Nederland NV		19,549		659
Machinery 0.99%
Aalberts Industries NV		13,278		529
Total Netherlands				2,202
Philippines 1.69%
Banks 1.00%
Rizal Commercial Banking Corp.		114,550		133
Security Bank Corp.		93,560		402
				535
Real Estate Management & Development 0.69%
Filinvest Land, Inc.		11,227,500		372
Total Philippines				907
Portugal 1.02%
Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA		174,176		545
South Korea 2.16%
Auto Components 1.04%
Mando Corp.		2,491		560
Insurance 1.12%
ING Life Insurance Korea Ltd.*†		20,117		598
Total South Korea				1,158

			U.S. $
			Fair Value
Investments	Shares		(000)
Spain 2.17%
Equity Real Estate Investment Trusts 1.14%
Hispania Activos Inmobiliarios SOCIMI SA		36,986	$	612
Household Durables 1.03%
Neinor Homes SLU*†		26,183		554
Total Spain				1,166
Sweden 4.36%
Commercial Services & Supplies 3.23%
Bravida Holding AB†		94,053		687
Intrum Justitia AB		10,126		344
Loomis AB Class B		19,582		702
				1,733
Consumer Finance 1.13%
Hoist Finance AB†		58,937		603
Total Sweden				2,336
Switzerland 0.68%
Household Durables
Forbo Holding AG Registered Shares		224		367
Taiwan 1.23%
Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		105,000		378
Visual Photonics Epitaxy Co., Ltd.		140,000		281
				659
United Kingdom 10.82%
Capital Markets 3.05%
Jupiter Fund Management plc		50,300		331
Man Group plc		377,260		761
TP ICAP plc		89,456		544
				1,636
Consumer Finance 0.79%
Arrow Global Group plc		80,336		424

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(concluded)

June 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Electronic Equipment, Instruments & Components 0.24%
accesso Technology Group plc*		5,532	$	126
Household Durables 1.28%
Bovis Homes Group plc		28,345		353
Countryside Properties plc†		75,513		335
				688
Internet & Direct Marketing Retail 1.07%
ASOS plc*		7,657		573
Machinery 1.26%
Bodycote plc		34,434		338
Concentric AB		20,708		339
				677
Media 0.51%
Huntsworth plc		360,376		272
Metals & Mining 1.06%
Hill & Smith Holdings plc		31,518		567
Oil, Gas & Consumable Fuels 0.71%
Tullow Oil plc*		195,196		383
Semiconductors & Semiconductor Equipment 0.75%
IQE plc*		367,490		402
Software 0.10%
Alfa Financial Software Holdings plc*†		8,800		53
Total United Kingdom				5,801

			U.S. $
			Fair Value
Investments	Shares		(000)
United States 1.18%
Exchange- Traded Funds 0.41%
VanEck Vectors Junior Gold Miners		6,568	$	219
Semiconductors & Semiconductor Equipment 0.77%
CEVA, Inc.*		9,057		412
Total United States				631
Vietnam 1.00%
Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.*		139,591		535
Total Investments in Common Stock 99.47% (cost $46,230,637)				53,314
Foreign Cash and Other Assets in Excess of Liabilities 0.53%				282
Net Assets 100.00%			$	53,596

ADR	American Depositary Receipt.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	53,314	$	–	$	–	$	53,314
Total	$	53,314	$	–	$	–	$	53,314

(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 period ended June 30, 2017.

8 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $46,230,637)	$	53,313,863
Foreign cash, at value (cost $250,380)		255,487
Receivables:
Investment securities sold		919,270
Dividends		111,969
Capital shares sold		87,473
From advisor (See Note 3)		10,619
Prepaid expenses		5
Total assets		54,698,686
LIABILITIES:
Payables:
Investment securities purchased		900,675
Management fee		33,615
Capital shares reacquired		17,246
To bank		16,329
Directors’ fees		7,741
Fund administration		1,793
Accrued expenses		125,331
Total liabilities		1,102,730
NET ASSETS	$	53,595,956
COMPOSITION OF NET ASSETS:
Paid-in capital	$	45,232,616
Undistributed net investment income		142,790
Accumulated net realized gain on investments and foreign currency related transactions		1,129,739
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		7,090,811
Net Assets	$	53,595,956
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		5,726,647
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	9.36

See Notes to Financial Statements. 9

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends (net of foreign withholding taxes of $71,243)	$	586,062
Interest		381
Total investment income		586,443
Expenses:
Management fee		182,335
Non 12b-1 service fees		60,885
Custody		32,033
Shareholder servicing		31,252
Professional		30,096
Reports to shareholders		10,926
Fund administration		9,725
Directors’ fees		573
Other		4,141
Gross expenses		361,966
Expense reductions (See Note 8)		(194	)
Fees waived and expenses reimbursed (See Note 3)		(70,037	)
Net expenses		291,735
Net investment income		294,708
Net realized and unrealized gain (loss):
Net realized gain on investments (net of foreign capital gains tax of $8,995)		3,187,122
Net realized loss on foreign currency related transactions		(7,481	)
Net change in unrealized appreciation/depreciation on investments		5,425,823
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		9,979
Net realized and unrealized gain		8,615,443
Net Increase in Net Assets Resulting From Operations	$	8,910,151

10 See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income	$	294,708		$	457,593
Net realized gain (loss) on investments and foreign currency related transactions		3,179,641			(310,960	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		5,435,802			(2,656,680	)
Net increase (decrease) in net assets resulting from operations		8,910,151			(2,510,047	)
Distributions to shareholders from:
Net investment income		—			(435,134	)
Total distributions to shareholders		—			(435,134	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		13,379,422			11,437,768
Reinvestment of distributions		—			435,134
Cost of shares reacquired		(11,698,166	)		(19,741,659	)
Net increase (decrease) in net assets resulting from capital share transactions		1,681,256			(7,868,757	)
Net increase (decrease) in net assets		10,591,407			(10,813,938	)
NET ASSETS:
Beginning of period	$	43,004,549		$	53,818,487
End of period	$	53,595,956		$	43,004,549
Undistributed (distributions in excess of) net investment income	$	142,790		$	(151,918	)

See Notes to Financial Statements. 11

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			oper-			investment			realized			distri-
	of period		income(a)		gain (loss)			ations			income			gain			butions
6/30/2017(c)		$  7.79		$0.05		$ 1.52		$	1.57			$    —		$	—		$	—
12/31/2016		8.22		0.08		(0.43	)		(0.35	)		(0.08	)		—			(0.08	)
12/31/2015		8.07		0.06		0.83			0.89			(0.07	)		(0.67	)		(0.74	)
12/31/2014		10.08		0.09		(0.64	)		(0.55	)		(0.13	)		(1.33	)		(1.46	)
12/31/2013		8.48		0.09		2.56			2.65			(0.19	)		(0.86	)		(1.05	)
12/31/2012		7.30		0.12		1.37			1.49			(0.17	)		(0.14	)		(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)	Unaudited.
(d)	Not annualized.

12 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
Net					after
asset					waivers						Net			Net		Portfolio
value,		Total			and/or			Total			investment			assets, end		turnover
end of		return			reimbursements			expenses			income			of period		rate
period		(%)(b)			(%)			(%)			(%)			(000)		(%)
	$  9.36		20.15	(d)		0.59	(d)		0.74	(d)		0.60	(d)		$53,596		40.11	(d)
	7.79		(4.28	)		1.20			1.57			0.97			43,005		84.36
	8.22		11.10			1.20			1.52			0.73			53,818		87.07
	8.07		(5.76	)		1.20			1.49			0.90			48,508		64.58
	10.08		31.70			1.20			1.44			0.93			57,067		89.28
	8.48		20.38			1.20			1.42			1.44			49,131		100.44

See Notes to Financial Statements. 13

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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.
	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 employs 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.

14

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized loss on foreign currency related transactions in the Fund’s Statement of Operations.

15

Notes to Financial Statements (unaudited)(continued)

(h)

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

(i)

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

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

16

Notes to Financial Statements (unaudited)(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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .46% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 1.20%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017	Year Ended
	(unaudited)	12/31/2016
Distributions paid from:
Ordinary income	$           –	$435,134
Total distributions paid	$           –	$435,134

17

Notes to Financial Statements (unaudited)(continued)

As of December 31, 2016, the Fund had a capital loss carryforward of $1,785,796, which will carry forward indefinitely.

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	46,669,055
Gross unrealized gain		7,833,555
Gross unrealized loss		(1,188,747	)
Net unrealized security gain	$	6,644,808

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$21,492,284	$19,342,877

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Fund and the applicable counterparty. As of June 30, 2017, the Fund did not have assets or liabilities subject to the FASB disclosure requirements.

7. DIRECTORS’ REMUNERATION  

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

18

Notes to Financial Statements (unaudited)(continued)

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, to participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing. These include the risks of investing in equity markets in foreign countries, the risk of investing in derivatives, liquidity risk, and the risks from leverage. The value of an investment will fluctuate in response to movements in the stock market in general, and to the changing prospects of individual companies in which the Fund invests. The Fund is subject to the risks of investing in foreign securities and in the securities of small companies. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. 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.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

19

Notes to Financial Statements (unaudited)(concluded)

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2017			Year Ended
	(unaudited)			December 31, 2016
Shares sold		1,542,460			1,441,534
Reinvestment of distributions		—			56,070
Shares reacquired		(1,339,157	)		(2,519,824	)
Increase (decrease)		203,303			(1,022,220	)

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

20

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

21

 

 

This report, when not used for the general information of
shareholders of the Fund, is to be distributed only if preceded
or accompanied by a current fund prospectus.   Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Series Fund, Inc.   International Opportunities Portfolio SFIO-PORT-3
(08/17)

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information to Shareholders

Lord Abbett Series Fund — Mid Cap Stock Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report of Lord Abbett Series Fund — Mid Cap Stock Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
	1/1/17	6/30/17	1/1/17 - 6/30/17
Class VC
Actual	$1,000.00	$1,040.40	$5.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.04	$5.81

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.16%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Consumer Discretionary	10.54%
Consumer Staples	6.12%
Energy	8.65%
Financials	21.05%
Health Care	6.27%
Industrials	13.95%
Information Technology	7.30%
Materials	6.46%
Real Estate	10.44%
Utilities	7.30%
Repurchase Agreement	1.92%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

		Fair
		Value
Investments	Shares		(000)
COMMON STOCKS 98.64%
Aerospace & Defense 1.30%
Textron, Inc.	94,068	$	4,431
Airlines 1.50%
Alaska Air Group, Inc.	56,615		5,082
Banks 8.49%
CIT Group, Inc.	111,654		5,438
Citizens Financial Group, Inc.	167,400		5,973
East West Bancorp, Inc.	88,400		5,179
KeyCorp	334,700		6,272
M&T Bank Corp.	23,600		3,822
Webster Financial Corp.	41,562		2,170
Total			28,854
Beverages 3.16%
Coca-Cola European Partners plc (United Kingdom)(a)	85,559		3,479
Molson Coors Brewing Co. Class B	83,956		7,249
Total			10,728
Capital Markets 2.42%
E*TRADE Financial Corp.*	141,000		5,362
OM Asset Management plc (United Kingdom)(a)	193,284		2,872
Total			8,234
Chemicals 2.28%
Eastman Chemical Co.	54,417		4,571
FMC Corp.	43,711		3,193
Total			7,764
Communications Equipment 1.00%
Juniper Networks, Inc.	122,500		3,415
Construction & Engineering 1.04%
Fluor Corp.	77,326		3,540

			Fair
			Value
Investments	Shares		(000)
Containers & Packaging 2.11%
Graphic Packaging Holding Co.		329,400	$	4,539
Packaging Corp. of America		23,502		2,618
Total				7,157
Electric: Utilities 7.35%
Edison International		84,900		6,638
Great Plains Energy, Inc.		173,500		5,080
Portland General Electric Co.		154,300		7,050
PPL Corp.		160,200		6,194
Total				24,962
Electrical Equipment 2.86%
AMETEK, Inc.		73,201		4,434
Hubbell, Inc.		46,639		5,278
Total				9,712
Energy Equipment & Services 1.34%
Nabors Industries Ltd.		168,304		1,370
Patterson-UTI Energy, Inc.		157,712		3,184
Total				4,554
Equity Real Estate Investment Trusts 10.50%
Alexandria Real Estate Equities, Inc.		35,106		4,229
Apartment Investment & Management Co. Class A		52,300		2,247
Brixmor Property Group, Inc.		162,560		2,907
Duke Realty Corp.		172,401		4,819
Healthcare Trust of America, Inc. Class A		136,740		4,254
Highwoods Properties, Inc.		102,700		5,208
Invitation Homes, Inc.		97,400		2,107
UDR, Inc.		148,614		5,791
Vornado Realty Trust		43,709		4,104
Total				35,666

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Food Products 3.00%
B&G Foods, Inc.		92,920	$	3,308
Bunge Ltd.		34,917		2,605
Pinnacle Foods, Inc.		39,562		2,350
Snyder’s-Lance, Inc.		55,871		1,934
Total				10,197
Health Care Equipment & Supplies 1.46%
DENTSPLY SIRONA, Inc.		76,793		4,979
Health Care Providers & Services 2.54%
Envision Healthcare Corp.*		78,600		4,926
HealthSouth Corp.		76,574		3,706
Total				8,632
Hotels, Restaurants & Leisure 3.70%
Aramark		74,900		3,069
MGM Resorts International		142,578		4,461
Royal Caribbean Cruises Ltd.		46,200		5,047
Total				12,577
Household Durables 5.50%
Lennar Corp. Class A		58,100		3,098
Newell Brands, Inc.		192,619		10,328
Whirlpool Corp.		27,400		5,250
Total				18,676
Information Technology Services 2.62%
Conduent, Inc.*		285,935		4,558
CSRA, Inc.		136,579		4,336
Total				8,894
Insurance 9.49%
Allstate Corp. (The)		30,645		2,710
Arch Capital Group Ltd.*		40,700		3,797
Axis Capital Holdings Ltd.		47,900		3,097
Hanover Insurance Group, Inc. (The)		59,748		5,295
Hartford Financial Services Group, Inc. (The)		88,486		4,652
Lincoln National Corp.		51,600		3,487
XL Group Ltd.		210,400		9,216
Total				32,254

			Fair
			Value
Investments	Shares		(000)
Life Sciences Tools & Services 1.63%
Agilent Technologies, Inc.		51,300	$	3,043
PerkinElmer, Inc.		36,900		2,514
Total				5,557
Machinery 5.26%
Ingersoll-Rand plc		39,200		3,583
ITT, Inc.		72,127		2,898
Kennametal, Inc.		64,909		2,429
Parker-Hannifin Corp.		23,169		3,703
Pentair plc (United Kingdom)(a)		79,099		5,263
Total				17,876
Metals & Mining 2.10%
Freeport-McMoRan, Inc.*		266,712		3,203
Steel Dynamics, Inc.		110,000		3,939
Total				7,142
Oil, Gas & Consumable Fuels 7.36%
Cabot Oil & Gas Corp.		93,300		2,340
Cimarex Energy Co.		36,069		3,391
Concho Resources, Inc.*		20,300		2,467
Hess Corp.		92,900		4,075
Marathon Oil Corp.		242,300		2,871
Noble Energy, Inc.		181,544		5,138
Williams Cos., Inc. (The)		155,700		4,715
Total				24,997
Pharmaceuticals 0.67%
Mallinckrodt plc*		50,605		2,268
Road & Rail 2.07%
Kansas City Southern		67,167		7,029
Semiconductors & Semiconductor Equipment 2.58%
Maxim Integrated Products, Inc.		47,923		2,152
ON Semiconductor Corp.*		114,500		1,607
Qorvo, Inc.*		46,578		2,949
Skyworks Solutions, Inc.		21,309		2,045
Total				8,753

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)

June 30, 2017

			Fair
			Value
Investments	Shares		(000)
Specialty Retail 1.40%
L Brands, Inc.		51,860	$	2,795
Sally Beauty Holdings, Inc.*		96,500		1,954
Total				4,749
Technology Hardware, Storage & Peripherals 1.15%
NetApp, Inc.		49,362		1,977
Western Digital Corp.		21,700		1,923
Total				3,900
Thrifts & Mortgage Finance 0.76%
Astoria Financial Corp.		128,600		2,591
Total Common Stocks (cost $300,303,858)				335,170

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.93%
Repurchase Agreement
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $6,725,000 of U.S. Treasury Note at 1.375% due 1/31/2021; value: $6,698,181; proceeds: $6,564,137 (cost $6,564,072)	$	6,564	$	6,564
Total Investments in Securities 100.57% (cost $306,867,930)				341,734
Liabilities in Excess of Other Assets (0.57)%				(1,941	)
Net Assets 100.00%			$	339,793

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

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	335,170	$	–	$	–	$	335,170
Repurchase Agreement		–		6,564		–		6,564
Total	$	335,170	$	6,564	$	–	$	341,734

(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 period ended June 30, 2017.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $306,867,930)	$	341,734,343
Receivables:
Investment securities sold		519,006
Dividends		574,406
Capital shares sold		86,826
Prepaid expenses		362
Total assets		342,914,943
LIABILITIES:
Payables:
Investment securities purchased		1,997,165
Management fee		210,637
Capital shares reacquired		127,810
Directors’ fees		99,941
Fund administration		11,234
Accrued expenses		675,620
Total liabilities		3,122,407
NET ASSETS	$	339,792,536
COMPOSITION OF NET ASSETS:
Paid-in capital	$	279,588,474
Undistributed net investment income		1,079,079
Accumulated net realized gain on investments		24,258,570
Net unrealized appreciation on investments		34,866,413
Net Assets	$	339,792,536
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		12,795,573
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$26.56

See Notes to Financial Statements. 7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	3,113,177
Interest		1,767
Total investment income		3,114,944
Expenses:
Management fee		1,312,800
Non 12b-1 service fees		437,479
Shareholder servicing		138,010
Fund administration		70,016
Professional		30,813
Reports to shareholders		26,065
Custody		5,442
Directors’ fees		4,451
Other		13,040
Gross expenses		2,038,116
Expense reductions (See Note 8)		(1,401	)
Net expenses		2,036,715
Net investment income		1,078,229
Net realized and unrealized gain (loss):
Net realized gain on investments		18,917,479
Net change in unrealized appreciation/depreciation on investments		(5,882,123	)
Net realized and unrealized gain		13,035,356
Net Increase in Net Assets Resulting From Operations	$	14,113,585

8 See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income	$	1,078,229		$	1,791,492
Net realized gain on investments		18,917,479			24,359,673
Net change in unrealized appreciation/depreciation on investments		(5,882,123	)		26,147,065
Net increase in net assets resulting from operations		14,113,585			52,298,230
Distributions to shareholders from:
Net investment income		–			(1,708,602	)
Net realized gain		–			(19,456,583	)
Total distributions to shareholders		–			(21,165,185	)
Capital share transactions (See Note 13):
Proceeds from sales of shares		10,249,285			23,269,382
Reinvestment of distributions		–			21,165,186
Cost of shares reacquired		(41,132,903	)		(66,531,091	)
Net decrease in net assets resulting from capital share transactions		(30,883,618	)		(22,096,523	)
Net increase (decrease) in net assets		(16,770,033	)		9,036,522
NET ASSETS:
Beginning of period	$	356,562,569		$	347,526,047
End of period	$	339,792,536		$	356,562,569
Undistributed net investment income	$	1,079,079		$	850

See Notes to Financial Statements. 9

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
6/30/2017(c)	$	25.52	$	0.08	$	0.96		$	1.04		$	–		$	–		$	–
12/31/2015		26.02		0.15		(1.16	)		(1.01	)		(0.15	)		(1.58	)		(1.73	)
12/31/2014		23.43		0.10		2.60			2.70			(0.11	)		–			(0.11	)
12/31/2013		18.05		0.10		5.37			5.47			(0.09	)		–			(0.09	)
12/31/2012		15.86		0.11		2.20			2.31			(0.12	)		–			(0.12	)

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

10 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)		(%)
$	26.56		4.04	(d)		0.58	(d)		0.31	(d)	$	339,793		31.36	(d)
	23.28		(3.79	)		1.18			0.56			347,526		61.00
	26.02		11.53			1.16			0.40			418,164		58.45
	23.43		30.32			1.14			0.49			437,155		62.17
	18.05		14.55			1.16			0.66			399,199		65.70

See Notes to Financial Statements. 11

Notes to Financial Statements (unaudited)(continued)

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.
	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 employs 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.

12

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs

13

Notes to Financial Statements (unaudited)(continued)

refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management was at an annualized rate of .75% of the Fund’s average daily net assets.

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

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

14

Notes to Financial Statements (unaudited)(continued)

held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees on the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing on the Statement of Operations.

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended
	6/30/2017		Year Ended
	(unaudited)		12/31/2016
Distributions paid from:
Ordinary income	$	–	$	1,708,602
Net long-term capital gains		–		19,456,583
Total distributions paid	$	–	$	21,165,185

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	308,096,129
Gross unrealized gain		44,286,990
Gross unrealized loss		(10,648,776	)
Net unrealized security gain	$	33,638,214

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$109,003,412	$140,608,553

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2017.

15

Notes to Financial Statements (unaudited)(continued)

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades sales of $2,712,588, which resulted in realized gains of $37,309.

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Repurchase Agreement	$	6,564,072	$	–	$	6,564,072
Total	$	6,564,072	$	–	$	6,564,072

	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.	$	6,564,072	$	–	$	–	$	(6,564,072	)	$	–
Total	$	6,564,072	$	–	$	–	$	(6,564,072	)	$	–

(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 June 30, 2017.

7. DIRECTORS’ REMUNERATION  

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

16

Notes to Financial Statements (unaudited)(continued)

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Funds, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. 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. 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, liquidity, currency, political, information, and other risks.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

17

Notes to Financial Statements (unaudited)(concluded)

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2017			Year Ended
	(unaudited)			December 31, 2016
Shares sold		392,237			972,000
Reinvestment of distributions		–			822,686
Shares reacquired		(1,567,586	)		(2,749,761	)
Decrease		(1,175,349	)		(955,075	)

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

19

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

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Series Fund, Inc.

Mid Cap Stock Portfolio LASFMCV-3
(08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Short Duration Income Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and HoldingsPresented by Sector
4	Schedule of Investments
42	Statement of Assets and Liabilities
43	Statement of Operations
44	Statements of Changes in Net Assets
46	Financial Highlights
48	Notes to Financial Statements
60	Supplemental Information to Shareholders

Lord Abbett Series Fund — Short Duration Income Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

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

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Short Duration Income Portfolio for the period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Daria L. Foster 

Director, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017, through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
	1/1/17	6/30/17	1/1/17 - 6/30/17
Class VC
Actual	$1,000.00	$1,014.40	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Auto	2.02	%
Basic Industry	0.74	%
Capital Goods	0.64	%
Consumer Cyclical	2.23	%
Consumer Discretionary	1.27	%
Consumer Services	1.70	%
Consumer Staples	1.06	%
Energy	12.10	%
Financial Services	57.11	%
Foreign Government	0.42	%
Health Care	3.18	%
Integrated Oils	0.53	%
Materials & Processing	4.57	%
Municipal	0.53	%
Producer Durables	1.17	%
Technology	2.97	%
Telecommunications	0.85	%
Transportation	0.64	%
U.S. Government	2.44	%
Utilities	3.72	%
Repurchase Agreement	0.11	%
Total	100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 96.73%
ASSET-BACKED SECURITIES 20.72%
Automobiles 8.58%
Ally Auto Receivables Trust 2014-2 A3	1.25%	4/15/2019	$	5	$	5,468
Ally Auto Receivables Trust 2015-2 A3	1.49%	11/15/2019		6		5,938
Ally Auto Receivables Trust 2017-3 A2	1.53%	3/16/2020		27		26,995
American Credit Acceptance Receivables Trust 2015-3 C†	4.84%	10/12/2021		100		102,824
AmeriCredit Automobile Receivables Trust 2013-3 E†	3.74%	12/8/2020		100		100,949
AmeriCredit Automobile Receivables Trust 2014-3 B	1.92%	11/8/2019		248		248,312
AmeriCredit Automobile Receivables Trust 2015-2 C	2.40%	1/8/2021		82		82,664
AmeriCredit Automobile Receivables Trust 2016-3 A3	1.46%	5/10/2021		49		48,871
AmeriCredit Automobile Receivables Trust 2016-3 B	1.80%	10/8/2021		31		30,812
AmeriCredit Automobile Receivables Trust 2016-4 A2A	1.34%	4/8/2020		29		28,609
AmeriCredit Automobile Receivables Trust 2017-1 A2A	1.51%	5/18/2020		39		38,976
AmeriCredit Automobile Receivables Trust 2017-1 D	3.13%	1/18/2023		16		16,076
AmeriCredit Automobile Receivables Trust 2017-2 B	2.40%	5/18/2022		38		38,082
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		64		64,232
Avis Budget Rental Car Funding AESOP LLC 2012-3A A†	2.10%	3/20/2019		193		193,379
BMW Vehicle Owner Trust 2014-A A3	0.97%	11/26/2018		2		1,543
California Republic Auto Receivables Trust 2015-1 A3	1.33%	4/15/2019		1		558
California Republic Auto Receivables Trust 2015-3 A4	2.13%	5/17/2021		15		15,056
California Republic Auto Receivables Trust 2015-4 A3†	2.04%	1/15/2020		9		9,430
California Republic Auto Receivables Trust 2015-4 A4†	2.58%	6/15/2021		200		202,201
California Republic Auto Receivables Trust 2015-4 B†	3.73%	11/15/2021		12		12,343

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
California Republic Auto Receivables Trust 2016-1 A3	1.89%	5/15/2020	$	30	$	30,054
California Republic Auto Receivables Trust 2016-1 A4	2.24%	10/15/2021		58		58,393
California Republic Auto Receivables Trust 2016-2 A3	1.56%	7/15/2020		11		10,991
California Republic Auto Receivables Trust 2016-2 A4	1.83%	12/15/2021		15		14,985
Capital Auto Receivables Asset Trust 2013-4 C	2.67%	2/20/2019		66		66,142
Capital Auto Receivables Asset Trust 2014-3 C†	2.71%	11/20/2019		21		21,170
Capital Auto Receivables Asset Trust 2015-2 A2	1.39%	9/20/2018		3		2,877
Capital Auto Receivables Asset Trust 2015-3 B	2.43%	9/21/2020		11		11,089
Capital Auto Receivables Asset Trust 2015-3 C	2.90%	12/21/2020		10		10,154
Capital Auto Receivables Asset Trust 2015-3 D	3.34%	3/22/2021		9		9,177
Capital Auto Receivables Asset Trust 2016-1 A4	1.98%	10/20/2020		16		16,059
Capital Auto Receivables Asset Trust 2016-1 B	2.67%	12/21/2020		12		12,113
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		21		20,988
Capital Auto Receivables Asset Trust 2016-2 A4	1.63%	1/20/2021		24		23,948
Capital Auto Receivables Asset Trust 2016-2 B	2.11%	3/22/2021		4		4,001
CarMax Auto Owner Trust 2014-2 A3	0.98%	1/15/2019		6		5,518
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		32		31,847
CarMax Auto Owner Trust 2016-3 A4	1.60%	1/18/2022		32		31,683
CarMax Auto Owner Trust 2016-4 A2	1.21%	11/15/2019		33		32,607
CarMax Auto Owner Trust 2016-4 A3	1.40%	8/15/2021		28		27,782
CarMax Auto Owner Trust 2016-4 A4	1.60%	6/15/2022		21		20,740
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		192		192,299
Chrysler Capital Auto Receivables Trust 2015-BA B†	2.70%	12/15/2020		3		3,025
Chrysler Capital Auto Receivables Trust 2016-AA A3†	1.77%	10/15/2020		42		42,054
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	2/15/2022		11		11,118
CPS Auto Receivables Trust 2016-B A†	2.07%	11/15/2019		43		43,323
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		53		53,466
Drive Auto Receivables Trust 2015-BA C†	2.76%	7/15/2021		2		2,334
Drive Auto Receivables Trust 2015-BA D†	3.84%	7/15/2021		5		5,077
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		25		25,245
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023		22		22,757
Drive Auto Receivables Trust 2016-AA B†	3.17%	5/15/2020		41		41,579
Drive Auto Receivables Trust 2016-BA B†	2.56%	6/15/2020		20		20,068
Drive Auto Receivables Trust 2016-BA C†	3.19%	7/15/2022		20		20,223
Drive Auto Receivables Trust 2016-BA D†	4.53%	8/15/2023		41		42,018

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2016-CA B†	2.37%	11/16/2020	$	30	$	30,035
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		78		78,374
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		19		19,413
Drive Auto Receivables Trust 2017-BA B†	2.20%	5/15/2020		41		41,068
Drive Auto Receivables Trust 2017-BA C†	2.61%	8/16/2021		52		52,140
Drive Auto Receivables Trust 2017-BA D†	3.72%	10/17/2022		34		34,234
Fifth Third Auto Trust 2014-3 A3	0.96%	3/15/2019		7		6,525
First Investors Auto Owner Trust 2016-2A A1†	1.53%	11/16/2020		28		28,400
First Investors Auto Owner Trust 2017-1A A1†	1.69%	4/15/2021		42		41,478
Flagship Credit Auto Trust 2015-2 A†	1.98%	10/15/2020		126		126,700
Flagship Credit Auto Trust 2015-3 A†	2.38%	10/15/2020		4		4,017
Flagship Credit Auto Trust 2016-2 A2†	3.05%	8/16/2021		60		60,557
Flagship Credit Auto Trust 2016-4 A2†	1.96%	2/16/2021		10		10,001
Ford Credit Auto Lease Trust 2016-A A3	1.71%	4/15/2019		35		35,040
Ford Credit Auto Owner Trust 2016-C A2A	1.04%	9/15/2019		65		64,724
Honda Auto Receivables Owner Trust 2016-4 A2	1.04%	4/18/2019		64		64,201
Huntington Auto Trust 2016-1 A3	1.59%	11/16/2020		92		91,952
Hyundai Auto Receivables Trust 2016-B C	2.19%	11/15/2022		72		71,792
Mercedes-Benz Auto Lease Trust 2016-A A3	1.52%	3/15/2019		43		43,011
Mercedes-Benz Auto Receivables Trust 2016-1 A2A	1.11%	3/15/2019		78		78,152
NextGear Floorplan Master Owner Trust 2015-2A A†	2.38%	10/15/2020		100		100,486
Nissan Auto Receivables Owner Trust 2014-B A3	1.11%	5/15/2019		18		18,397
Nissan Auto Receivables Owner Trust 2016-B A3	1.32%	1/15/2021		26		25,893
OSCAR US Funding Trust V 2016-2A A2A†	2.31%	11/15/2019		68		67,717
Santander Drive Auto Receivables Trust 2014-3 D	2.65%	8/17/2020		14		14,094
Santander Drive Auto Receivables Trust 2014-4 C	2.60%	11/16/2020		21		21,185
Santander Drive Auto Receivables Trust 2015-1 D	3.24%	4/15/2021		133		134,886
Santander Drive Auto Receivables Trust 2015-3 B	2.07%	4/15/2020		10		9,812
Santander Drive Auto Receivables Trust 2015-3 C	2.74%	1/15/2021		13		13,133
Santander Drive Auto Receivables Trust 2015-4 C	2.97%	3/15/2021		77		77,970
Santander Drive Auto Receivables Trust 2015-5 D	3.65%	12/15/2021		22		22,498
Santander Drive Auto Receivables Trust 2016-1 D	4.02%	4/15/2022		14		14,311
Santander Drive Auto Receivables Trust 2016-2 B	2.08%	2/16/2021		10		10,023
Santander Drive Auto Receivables Trust 2016-3 A2	1.34%	11/15/2019		28		27,549
Santander Drive Auto Receivables Trust 2016-3 A3	1.50%	8/17/2020		34		33,951
Santander Drive Auto Receivables Trust 2016-3 B	1.89%	6/15/2021		250		249,697
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		89		89,100
TCF Auto Receivables Owner Trust 2015-1A A4†	1.96%	11/16/2020		34		34,044

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%		4/15/2021	$	29	$	29,143
TCF Auto Receivables Owner Trust 2015-1A D†	3.53%		3/15/2022		10		10,013
TCF Auto Receivables Owner Trust 2015-2A A3†	2.06%		4/15/2020		21		21,461
TCF Auto Receivables Owner Trust 2015-2A B†	3.00%		9/15/2021		6		6,083
TCF Auto Receivables Owner Trust 2015-2A C†	3.75%		12/15/2021		4		4,083
TCF Auto Receivables Owner Trust 2016-1A A2†	1.39%		11/15/2019		49		48,895
TCF Auto Receivables Owner Trust 2016-1A A4†	2.03%		2/15/2022		50		49,762
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%		6/15/2022		33		32,670
TCF Auto Receivables Owner Trust 2016-PT1A A†	1.93%		6/15/2022		83		82,520
Westlake Automobile Receivables Trust 2016-2A C†	2.83%		5/17/2021		10		10,060
Westlake Automobile Receivables Trust 2016-3A B†	2.07%		12/15/2021		11		10,980
Westlake Automobile Receivables Trust 2017-1A B†	2.30%		10/17/2022		100		100,002
Total							4,612,454
Credit Cards 4.26%
BA Credit Card Trust 2016-A1 A	1.549%	#	10/15/2021		48		48,272
Barclays Dryrock Issuance Trust 2016-1 A	1.52%		5/16/2022		100		99,475
Barclays Dryrock Issuance Trust 2017-1 A	1.489%	#	3/15/2023		220		220,438
Capital One Multi-Asset Execution Trust 2015-A3	1.559%	#	3/15/2023		50		50,343
Capital One Multi-Asset Execution Trust 2015-A5	1.60%		5/17/2021		28		28,020
Capital One Multi-Asset Execution Trust 2016-A1	1.609%	#	2/15/2022		74		74,459
Chase Issuance Trust 2012-A4	1.58%		8/16/2021		150		149,598
Chase Issuance Trust 2015-A5	1.36%		4/15/2020		145		144,890
Chase Issuance Trust 2016-A2 A	1.37%		6/15/2021		22		21,866
Citibank Credit Card Issuance Trust 2014-A1	2.88%		1/23/2023		35		36,077
Discover Card Execution Note Trust 2015-A2 A	1.90%		10/17/2022		145		145,252
Discover Card Execution Note Trust 2015-A4	2.19%		4/17/2023		100		100,936
Discover Card Execution Note Trust 2016-A2	1.699%	#	9/15/2021		100		100,698
First National Master Note Trust 2015-1 A	1.929%	#	9/15/2020		3		3,004
Synchrony Credit Card Master Note Trust 2015-1 A	2.37%		3/15/2023		24		24,252
Synchrony Credit Card Master Note Trust 2015-2 A	1.60%		4/15/2021		56		56,018
Synchrony Credit Card Master Note Trust 2016-1 A	2.04%		3/15/2022		300		301,385
Synchrony Credit Card Master Note Trust 2016-2 A	2.21%		5/15/2024		179		179,312
Synchrony Credit Card Master Note Trust 2016-2 B	2.55%		5/15/2024		100		101,027
Synchrony Credit Card Master Note Trust 2017-1 A	1.93%		6/15/2023		142		141,614
Synchrony Credit Card Master Note Trust 2017-1 B	2.19%		6/15/2023		44		43,876
World Financial Network Credit Card Master Trust 2012-A A	3.14%		1/17/2023		17		17,379

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
World Financial Network Credit Card Master Trust 2015-B A	2.55%		6/17/2024	$	49	$	49,604
World Financial Network Credit Card Master Trust 2017-A A	2.12%		3/15/2024		150		149,879
Total							2,287,674
Other 7.88%
Ally Master Owner Trust 2014-5 A2	1.60%		10/15/2019		17		17,004
Ally Master Owner Trust 2015-3 A	1.63%		5/15/2020		179		179,057
Ammc CLO 19 Ltd. 2016-19A A†	2.658%	#	10/15/2028		250		251,007
Apidos CLO X 2012-10A A†	2.59%	#	10/30/2022		266		266,841
Ascentium Equipment Receivables Trust 2016-1A A2†	1.75%		11/13/2018		30		30,319
Ascentium Equipment Receivables Trust 2016-2A A2†	1.46%		4/10/2019		26		26,233
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022		28		27,823
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		20		20,026
BlueMountain CLO Ltd. 2014-4A A1R†	2.55%	#	11/30/2026		250		250,551
CNH Equipment Trust 2015-B A4	1.89%		4/15/2022		11		11,027
CNH Equipment Trust 2016-B A4	1.97%		11/15/2021		6		6,028
Conn Funding II LP 2017-A†	2.73%		5/15/2020		73		73,146
Dell Equipment Finance Trust 2016-1 A3†	1.65%		7/22/2021		100		100,012
Dell Equipment Finance Trust 2016-1 B†	2.03%		7/22/2021		100		99,871
Dell Equipment Finance Trust 2017-1 A2†	1.86%		6/24/2019		100		100,033
Dell Equipment Finance Trust 2017-1 A3†	2.14%		4/22/2022		100		100,211
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		39		38,667
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		68		68,661
Engs Commercial Finance Trust 2015-1A A2†	2.31%		10/22/2021		50		49,937
Engs Commercial Finance Trust 2016-1A A2†	2.63%		2/22/2022		100		99,782
Ford Credit Floorplan Master Owner Trust A 2014-4 A1	1.40%		8/15/2019		15		15,000
Ford Credit Floorplan Master Owner Trust A 2015-1 A1	1.42%		1/15/2020		50		49,984
GoldenTree Loan Opportunities IX Ltd. 2014-9A AR†	2.54%	#	10/29/2026		500		503,766
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A A†	2.539%	#	3/15/2027		100		99,612
Greystone Commercial Real Estate Notes Ltd. 2017-FL1A B†	3.739%	#	3/15/2027		100		100,187

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
Leaf Receivables Funding 12 LLC 2017-1 A3†	2.07%		8/15/2020	$	100		$	99,790
MMAF Equipment Finance LLC 2016-AA A2†	1.39%		12/17/2018		71			70,659
Mountain Hawk II CLO Ltd. 2013-2A A1†	2.316%	#	7/22/2024		250			249,627
Mountain Hawk III CLO Ltd. 2014-3A AR†	2.358%	#	4/18/2025		250			250,318
NextGear Floorplan Master Owner Trust 2017-1A A2†	2.54%		4/18/2022		100			100,364
Nissan Master Owner Trust Receivables 2016-A A2	1.54%		6/15/2021		35			34,821
Oaktree EIF I Ltd. 2015-A1 A†	2.778%	#	10/18/2027		250			252,881
OneMain Financial Issuance Trust 2015-1A A†	3.19%		3/18/2026		100			101,122
OneMain Financial Issuance Trust 2015-2A A†	2.57%		7/18/2025		94			94,111
SLM Private Education Loan Trust 2013-B A1†	1.809%	#	7/15/2022		5			5,211
Sofi Professional Loan Program LLC 2017-C A2A†	1.75%		7/25/2040		100			99,934
Taco Bell Funding LLC 2016-1A A2I†	3.832%		5/25/2046		25			25,420
Tryon Park CLO Ltd. 2013-1A A1†	2.278%	#	7/15/2025		250			249,854
Wells Fargo Dealer Floorplan Master Note Trust 2014-1 A	1.592%	#	7/20/2019		15			15,002
Total								4,233,899
Total Asset-Backed Securities (cost $11,122,051)								11,134,027
				Shares (000)
COMMON STOCK 0.00%
Oil
Templar Energy LLC Class A Units (cost $728)					–	(a)		348
				Principal Amount (000)
CONVERTIBLE BONDS 0.20%
Real Estate Investment Trusts 0.16%
VEREIT, Inc.	3.00%		8/1/2018	$	84			84,473
Retail 0.04%
RH†	Zero Coupon		6/15/2019		22			20,130
Total Convertible Bonds (cost $103,544)								104,603
CORPORATE BONDS 43.60%
Aerospace/Defense 0.11%
Harris Corp.	1.999%		4/27/2018		60			60,094

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Air Transportation 0.01%
Continental Airlines 2012-1 Class B Pass Through Trust	6.25%	10/11/2021	$	3	$	3,155
Auto Parts: Original Equipment 0.56%
American Axle & Manufacturing, Inc.	6.625%	10/15/2022		25		25,750
International Automotive Components Group SA (Luxembourg)†(a)	9.125%	6/1/2018		40		39,050
Nexteer Automotive Group Ltd.†	5.875%	11/15/2021		200		208,500
Titan International, Inc.	6.875%	10/1/2020		25		26,062
Total						299,362
Automotive 2.61%
Ford Motor Credit Co. LLC	6.625%	8/15/2017		350		351,928
Ford Motor Credit Co. LLC	8.125%	1/15/2020		100		113,742
General Motors Financial Co., Inc.	2.40%	5/9/2019		55		55,174
General Motors Financial Co., Inc.	3.10%	1/15/2019		80		81,126
General Motors Financial Co., Inc.	3.15%	6/30/2022		103		102,679
General Motors Financial Co., Inc.	3.20%	7/13/2020		85		86,662
General Motors Financial Co., Inc.	3.20%	7/6/2021		46		46,555
General Motors Financial Co., Inc.	4.375%	9/25/2021		82		86,834
Hyundai Capital America†	1.75%	9/27/2019		73		71,931
Hyundai Capital America†	2.00%	7/1/2019		5		4,963
Hyundai Capital America†	2.40%	10/30/2018		29		29,071
Hyundai Capital America†	2.50%	3/18/2019		117		117,413
Hyundai Capital America†	2.875%	8/9/2018		35		35,298
Navistar International Corp.	8.25%	11/1/2021		17		17,255
Volkswagen International Finance NV (Netherlands)†(a)	1.60%	11/20/2017		200		199,916
Total						1,400,547
Banks: Regional 8.86%
ABN AMRO Bank NV (Netherlands)(b)	6.25%	4/27/2022		200		226,235
Associated Banc-Corp.	2.75%	11/15/2019		29		29,232
Banco de Credito del Peru (Panama)†(b)	2.25%	10/25/2019		200		200,790
Bank of America Corp.	2.151%	11/9/2020		20		19,924
Bank of America Corp.	5.49%	3/15/2019		300		315,868
Bank of America Corp.	5.625%	7/1/2020		43		47,106
Bank of America Corp.	5.65%	5/1/2018		50		51,581
Bank of America Corp.	6.875%	4/25/2018		83		86,390
Bank of America Corp.	6.875%	11/15/2018		14		14,909

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Bank of America Corp.	7.625%		6/1/2019	$	165	$	182,116
Barclays Bank plc (United Kingdom)†(b)	10.179%		6/12/2021		80		100,273
Citigroup, Inc.	1.80%		2/5/2018		20		20,018
Citigroup, Inc.	2.05%		12/7/2018		13		13,024
Citigroup, Inc.	2.116%	#	4/25/2022		90		90,564
Citigroup, Inc.	2.45%		1/10/2020		61		61,399
Citigroup, Inc.	2.90%		12/8/2021		70		70,774
Citigroup, Inc.	8.50%		5/22/2019		45		50,281
Commonwealth Bank of Australia (Australia)†(b)	1.375%		9/6/2018		47		46,808
Compass Bank	5.50%		4/1/2020		68		72,289
Credit Suisse AG	1.70%		4/27/2018		250		250,015
European Investment Bank (Luxembourg)(b)	1.00%		3/15/2018		157		156,635
European Investment Bank (Luxembourg)(b)	1.25%		5/15/2018		66		65,944
Goldman Sachs Group, Inc. (The)	2.277%	#	4/26/2022		64		64,522
Goldman Sachs Group, Inc. (The)	2.30%		12/13/2019		65		65,207
Goldman Sachs Group, Inc. (The)	2.60%		12/27/2020		69		69,404
Goldman Sachs Group, Inc. (The)	2.908%	#	6/5/2023		67		66,810
Goldman Sachs Group, Inc. (The)	5.25%		7/27/2021		103		112,945
Goldman Sachs Group, Inc. (The)	5.375%		3/15/2020		119		128,535
Goldman Sachs Group, Inc. (The)	5.95%		1/18/2018		8		8,180
Goldman Sachs Group, Inc. (The)	6.00%		6/15/2020		19		20,974
Goldman Sachs Group, Inc. (The)	7.50%		2/15/2019		55		59,684
HBOS plc (United Kingdom)†(a)	6.75%		5/21/2018		400		416,145
JPMorgan Chase & Co.	2.295%		8/15/2021		21		20,888
Macquarie Bank Ltd. (Australia)†(b)	1.60%		10/27/2017		50		50,007
Macquarie Bank Ltd. (Australia)†(b)	1.797%	#	10/27/2017		150		150,259
Macquarie Bank Ltd. (Australia)†(b)	2.338%	#	1/15/2019		136		137,443
Macquarie Group Ltd. (Australia)†(b)	6.00%		1/14/2020		75		81,518
Macquarie Group Ltd. (Australia)†(b)	7.625%		8/13/2019		9		9,968
Morgan Stanley	1.982%	#	2/14/2020		56		56,243
Morgan Stanley	2.336%	#	1/20/2022		59		59,621
Morgan Stanley	2.80%		6/16/2020		11		11,172
Morgan Stanley	7.30%		5/13/2019		100		109,378
National City Corp.	6.875%		5/15/2019		47		51,165
Popular, Inc.	7.00%		7/1/2019		57		60,135
Santander UK Group Holdings plc (United Kingdom)(b)	2.875%		10/16/2020		55		55,896
Santander UK Group Holdings plc (United Kingdom)(b)	3.125%		1/8/2021		173		175,864

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Santander UK plc (United Kingdom)(b)	1.65%		9/29/2017	$	3	$	3,002
Santander UK plc (United Kingdom)(b)	2.00%		8/24/2018		10		10,020
Santander UK plc (United Kingdom)(b)	2.50%		3/14/2019		38		38,318
Santander UK plc (United Kingdom)(b)	3.05%		8/23/2018		15		15,191
SVB Financial Group	5.375%		9/15/2020		5		5,445
Synovus Financial Corp.	7.875%		2/15/2019		83		90,350
UBS Group Funding Switzerland AG (Switzerland)†(b)	2.95%		9/24/2020		200		204,453
Wells Fargo & Co.	2.112%	#	2/11/2022		39		39,350
Wells Fargo & Co.	2.55%		12/7/2020		6		6,071
Wells Fargo & Co.	2.60%		7/22/2020		16		16,231
Wells Fargo & Co.	3.069%		1/24/2023		117		118,630
Total							4,761,199
Beverages 0.00%
Beam Suntory, Inc.	1.75%		6/15/2018		2		1,999
Building Materials 0.22%
Atrium Windows & Doors, Inc.†	7.75%		5/1/2019		12		12,000
CPG Merger Sub LLC†	8.00%		10/1/2021		23		24,093
Fortune Brands Home & Security, Inc.	3.00%		6/15/2020		5		5,067
Martin Marietta Materials, Inc.	1.822%	#	5/22/2020		10		10,032
Martin Marietta Materials, Inc.	6.60%		4/15/2018		14		14,502
Owens Corning	9.00%		6/15/2019		8		8,979
Ply Gem Industries, Inc.	6.50%		2/1/2022		24		25,258
Standard Industries, Inc.†	5.125%		2/15/2021		5		5,206
Vulcan Materials Co.	7.50%		6/15/2021		10		11,811
Total							116,948
Business Services 0.57%
APX Group, Inc.	6.375%		12/1/2019		11		11,316
APX Group, Inc.	8.75%		12/1/2020		68		70,380
Chicago Parking Meters LLC†	5.489%		12/30/2020		30		31,086
ERAC USA Finance LLC†	5.25%		10/1/2020		25		27,151
ERAC USA Finance LLC†	6.375%		10/15/2017		7		7,091
Prime Security Services Borrower LLC/Prime Finance, Inc.†	9.25%		5/15/2023		16		17,427
TMS International Corp.†	7.625%		10/15/2021		13		13,228
United Rentals North America, Inc.	7.625%		4/15/2022		6		6,285
Verisk Analytics, Inc.	4.875%		1/15/2019		17		17,709
Western Union Co. (The)	3.35%		5/22/2019		75		76,477

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Business Services (continued)
Western Union Co. (The)	3.65%		8/22/2018	$	27	$	27,465
Total							305,615
Chemicals 0.74%
Blue Cube Spinco, Inc.	9.75%		10/15/2023		62		75,330
Celanese US Holdings LLC	5.875%		6/15/2021		55		61,745
Cytec Industries, Inc.	8.95%		7/1/2017		50		50,000
GCP Applied Technologies, Inc.†	9.50%		2/1/2023		9		10,238
RPM International, Inc.	6.50%		2/15/2018		25		25,729
Westlake Chemical Corp.	4.625%		2/15/2021		46		47,840
Westlake Chemical Corp.	4.875%		5/15/2023		77		80,561
Yara International ASA (Norway)†(b)	7.875%		6/11/2019		40		43,989
Total							395,432
Coal 0.01%
Peabody Energy Corp.†	6.00%		3/31/2022		8		7,970
Computer Hardware 0.76%
Dell International LLC/EMC Corp.†	3.48%		6/1/2019		127		130,033
Dell International LLC/EMC Corp.†	4.42%		6/15/2021		123		129,772
Dell International LLC/EMC Corp.†	5.875%		6/15/2021		30		31,500
Hewlett Packard Enterprise Co.	2.45%		10/5/2017		6		6,016
Hewlett Packard Enterprise Co.	3.039%	#	10/5/2017		25		25,081
Western Digital Corp.†	7.375%		4/1/2023		15		16,519
Western Digital Corp.	10.50%		4/1/2024		61		72,113
Total							411,034
Computer Software 0.75%
Activision Blizzard, Inc.†	6.125%		9/15/2023		129		139,244
Boxer Parent Co., Inc. PIK†	9.00%		10/15/2019		57		57,214
Dun & Bradstreet Corp. (The)	3.50%		12/1/2017		69		69,368
First Data Corp.†	5.75%		1/15/2024		31		32,318
First Data Corp.†	7.00%		12/1/2023		57		60,990
Solera LLC/Solera Finance, Inc.†	10.50%		3/1/2024		38		43,842
Total							402,976
Construction/Homebuilding 0.40%
Brookfield Residential Properties, Inc. (Canada)†(b)	6.50%		12/15/2020		57		58,995
Century Communities, Inc.	6.875%		5/15/2022		30		31,650
D.R. Horton, Inc.	3.75%		3/1/2019		60		61,401
William Lyon Homes, Inc.	5.75%		4/15/2019		27		27,473

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Construction/Homebuilding (continued)
William Lyon Homes, Inc.	7.00%	8/15/2022	$	33	$	34,237
Total						213,756
Containers 0.21%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc.†	10.125%	7/15/2020		25		25,700
Packaging Corp. of America	6.50%	3/15/2018		85		87,491
Total						113,191
Drugs 1.24%
Allergan Funding SCS (Luxembourg)(b)	2.35%	3/12/2018		10		10,044
Capsugel SA PIK (Luxembourg)†(b)	7.00%	5/15/2019		106		106,000
Forest Laboratories LLC†	4.375%	2/1/2019		50		51,582
Forest Laboratories LLC†	5.00%	12/15/2021		20		21,855
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.†	7.50%	10/1/2024		23		25,070
Mylan NV	3.00%	12/15/2018		41		41,569
Mylan NV	3.15%	6/15/2021		16		16,291
Mylan NV	3.75%	12/15/2020		25		26,003
Mylan, Inc.	2.55%	3/28/2019		122		122,937
Mylan, Inc.	2.60%	6/24/2018		88		88,654
Nature’s Bounty Co. (The)†	7.625%	5/15/2021		29		30,885
Patheon Holdings I BV (Netherlands)†(b)	7.50%	2/1/2022		52		55,282
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(b)	1.40%	7/20/2018		25		24,948
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(b)	2.20%	7/21/2021		49		48,143
Total						669,263
Electric: Power 2.80%
American Electric Power Co., Inc.	1.65%	12/15/2017		10		10,002
Dominion Energy, Inc.	2.962%	7/1/2019		37		37,573
Dominion Energy, Inc.†	1.50%	9/30/2018		30		29,800
Dominion Energy, Inc.	2.579%	7/1/2020		30		30,174
Dominion Energy, Inc.	4.104%	4/1/2021		77		80,881
Duquesne Light Holdings, Inc.†	5.90%	12/1/2021		15		16,781
Duquesne Light Holdings, Inc.†	6.40%	9/15/2020		22		24,533
Emera US Finance LP	2.70%	6/15/2021		10		10,024
Enel Finance International NV (Netherlands)†(b)	2.875%	5/25/2022		200		200,481
Eversource Energy	2.50%	3/15/2021		200		199,416
Exelon Generation Co. LLC	2.95%	1/15/2020		53		53,972

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
Exelon Generation Co. LLC	3.40%	3/15/2022	$	41	$	41,773
Exelon Generation Co. LLC	4.25%	6/15/2022		2		2,106
Exelon Generation Co. LLC	5.20%	10/1/2019		1		1,063
Exelon Generation Co. LLC	6.20%	10/1/2017		5		5,052
FirstEnergy Corp.	2.85%	7/15/2022		18		17,959
Great Plains Energy, Inc.	2.50%	3/9/2020		12		12,119
Great Plains Energy, Inc.	3.15%	4/1/2022		12		12,139
ITC Holdings Corp.†	6.05%	1/31/2018		75		76,726
Jersey Central Power & Light Co.	7.35%	2/1/2019		45		48,487
Metropolitan Edison Co.	7.70%	1/15/2019		11		11,876
Oklahoma Gas & Electric Co.	8.25%	1/15/2019		100		108,847
Origin Energy Finance Ltd. (Australia)†(b)	3.50%	10/9/2018		200		202,364
Pennsylvania Electric Co.	5.20%	4/1/2020		11		11,628
Pennsylvania Electric Co.	6.05%	9/1/2017		4		4,026
PPL Capital Funding, Inc.	1.90%	6/1/2018		76		76,098
PPL WEM Ltd./Western Power Distribution Ltd. (United Kingdom)†(b)	5.375%	5/1/2021		5		5,399
PSEG Power LLC	5.125%	4/15/2020		3		3,213
Public Service Co. of New Mexico	7.95%	5/15/2018		19		19,997
Puget Energy, Inc.	6.00%	9/1/2021		35		39,338
TECO Finance, Inc.	5.15%	3/15/2020		7		7,444
West Penn Power Co.†	5.95%	12/15/2017		100		101,806
Total						1,503,097
Electrical Equipment 0.73%
Broadcom Corp./Broadcom Cayman Finance Ltd.†	2.375%	1/15/2020		43		43,086
Broadcom Corp./Broadcom Cayman Finance Ltd.†	3.00%	1/15/2022		43		43,424
KLA-Tencor Corp.	3.375%	11/1/2019		13		13,374
Micron Technology, Inc.	7.50%	9/15/2023		74		82,969
NXP BV/NXP Funding LLC (Netherlands)†(b)	5.75%	3/15/2023		200		211,000
Total						393,853
Electronics 0.23%
Ingram Micro, Inc.	5.25%	9/1/2017		89		89,383
Jabil Circuit, Inc.	8.25%	3/15/2018		22		22,963
PerkinElmer, Inc.	5.00%	11/15/2021		10		10,815
Total						123,161

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Entertainment 0.59%
AMC Entertainment Holdings, Inc.	5.875%	2/15/2022	$	44	$	46,090
Churchill Downs, Inc.	5.375%	12/15/2021		79		82,357
Eldorado Resorts, Inc.	7.00%	8/1/2023		11		11,935
Regal Entertainment Group	5.75%	3/15/2022		11		11,522
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.†	6.125%	8/15/2021		5		5,088
Scientific Games International, Inc.	6.25%	9/1/2020		5		4,981
Scientific Games International, Inc.	6.625%	5/15/2021		6		6,000
Scientific Games International, Inc.	10.00%	12/1/2022		82		90,200
Seminole Tribe of Florida, Inc.†	7.804%	10/1/2020		3		3,045
Shingle Springs Tribal Gaming Authority†	9.75%	9/1/2021		44		46,750
WMG Acquisition Corp.†	6.75%	4/15/2022		9		9,484
Total						317,452
Environmental Services 0.05%
Covanta Holding Corp.	6.375%	10/1/2022		24		24,780
Financial Services 2.34%
Bear Stearns Cos. LLC (The)	7.25%	2/1/2018		165		170,192
CIT Group, Inc.†	5.50%	2/15/2019		33		34,733
Discover Financial Services	5.20%	4/27/2022		6		6,538
E*TRADE Financial Corp.	4.625%	9/15/2023		31		32,267
E*TRADE Financial Corp.	5.375%	11/15/2022		59		62,026
International Lease Finance Corp.	5.875%	4/1/2019		34		36,127
International Lease Finance Corp.	6.25%	5/15/2019		104		111,602
International Lease Finance Corp.†	7.125%	9/1/2018		61		64,579
International Lease Finance Corp.	8.25%	12/15/2020		83		97,924
International Lease Finance Corp.	8.625%	1/15/2022		2		2,465
Jefferies Group LLC	5.125%	4/13/2018		22		22,570
Jefferies Group LLC	8.50%	7/15/2019		146		163,501
Lazard Group LLC	4.25%	11/14/2020		75		79,181
Nationstar Mortgage LLC/Nationstar Capital Corp.	7.875%	10/1/2020		56		57,575
Nationstar Mortgage LLC/Nationstar Capital Corp.	9.625%	5/1/2019		27		27,749
Navient Corp.	4.875%	6/17/2019		69		71,932
Navient Corp.	5.00%	10/26/2020		42		43,680
Navient Corp.	5.50%	1/15/2019		42		43,838
Navient Corp.	8.00%	3/25/2020		12		13,440
NFP Corp.†	9.00%	7/15/2021		93		97,627
Orchestra Borrower LLC/Orchestra Co-Issuer, Inc.†	6.75%	6/15/2022		7		7,230

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
Synchrony Financial	2.58%	#	11/9/2017	$	6	$	6,019
Synchrony Financial	2.60%		1/15/2019		4		4,023
Total							1,256,818
Food 0.67%
Bumble Bee Holdco SCA PIK (Luxembourg)†(b)	9.625%		3/15/2018		20		19,775
Bumble Bee Holdings, Inc.†	9.00%		12/15/2017		25		25,078
Dean Foods Co.†	6.50%		3/15/2023		62		65,565
JBS USA LUX SA/JBS USA Finance, Inc. †	7.25%		6/1/2021		138		138,620
JBS USA LUX SA/JBS USA Finance, Inc.†	8.25%		2/1/2020		82		82,410
Smithfield Foods, Inc.†	2.70%		1/31/2020		17		17,110
Smithfield Foods, Inc.†	3.35%		2/1/2022		10		10,072
Total							358,630
Health Care Products 0.53%
Alere, Inc.†	6.375%		7/1/2023		24		25,890
Becton Dickinson & Co.	2.253%	#	6/6/2022		30		30,089
Life Technologies Corp.	5.00%		1/15/2021		49		52,532
Life Technologies Corp.	6.00%		3/1/2020		90		98,140
Zimmer Biomet Holdings, Inc.	2.70%		4/1/2020		75		75,727
Total							282,378
Health Care Services 0.20%
Acadia Healthcare Co., Inc.	6.125%		3/15/2021		18		18,585
IASIS Healthcare LLC/IASIS Capital Corp.	8.375%		5/15/2019		62		62,341
Universal Health Services, Inc.†	3.75%		8/1/2019		11		11,261
Universal Health Services, Inc.†	4.75%		8/1/2022		15		15,582
Total							107,769
Insurance 0.17%
CNA Financial Corp.	5.875%		8/15/2020		11		12,122
Lincoln National Corp.	7.00%		3/15/2018		5		5,182
Lincoln National Corp.	8.75%		7/1/2019		10		11,249
Protective Life Corp.	7.375%		10/15/2019		15		16,711
Willis North America, Inc.	7.00%		9/29/2019		44		48,397
Total							93,661
Leasing 0.01%
Penske Truck Leasing Co. LP/PTL Finance Corp.†	2.50%		6/15/2019		7		7,039

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Fair Value
Leisure 0.11%
LTF Merger Sub, Inc.†	8.50%	6/15/2023		$	24	$	25,920
NCL Corp. Ltd.†	4.75%	12/15/2021			14		14,567
Royal Caribbean Cruises Ltd.	5.25%	11/15/2022			18		20,032
Total							60,519
Lodging 0.48%
Caesar’s Entertainment Resort Properties LLC/Caesar’s Entertainment Resort Properties Finance, Inc.	11.00%	10/1/2021			116		124,410
Caesar’s Growth Properties Holdings LLC/Caesar’s Growth Properties Finance, Inc.	9.375%	5/1/2022			5		5,437
Golden Nugget, Inc.†	8.50%	12/1/2021			47		50,055
Hyatt Hotels Corp.†	6.875%	8/15/2019			50		54,686
Station Casinos LLC	7.50%	3/1/2021			24		25,020
Total							259,608
Machinery: Agricultural 0.19%
Bunge Ltd. Finance Corp.	8.50%	6/15/2019			1		1,119
Viterra, Inc. (Canada)†(b)	5.95%	8/1/2020			94		102,172
Total							103,291
Machinery: Industrial/Specialty 0.07%
Cleaver-Brooks, Inc.†	8.75%	12/15/2019			27		27,878
Kennametal, Inc.	2.65%	11/1/2019			10		10,054
Total							37,932
Manufacturing 0.16%
American Outdoor Brands Corp.†	5.00%	7/15/2018			5		4,980
Crane Co.	2.75%	12/15/2018			10		10,108
Pentair Finance SA (Luxembourg)(b)	1.875%	9/15/2017			52		52,023
Pentair Finance SA (Luxembourg)(b)	2.90%	9/15/2018			17		17,181
Total							84,292
Media 1.32%
Clear Channel Worldwide Holdings, Inc.	7.625%	3/15/2020			92		91,885
Cox Communications, Inc.†	3.25%	12/15/2022			35		34,966
Cox Communications, Inc.†	6.25%	6/1/2018			60		62,227
Cox Communications, Inc.†	9.375%	1/15/2019			70		77,131
NBCUniversal Enterprise, Inc.†	5.25%	–	(c)		100		106,536
Sirius XM Radio, Inc.†	5.25%	8/15/2022			100		103,051
Sky plc (United Kingdom)†(b)	9.50%	11/15/2018			50		54,972
Time Warner Cable LLC	8.25%	4/1/2019			58		64,011

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media (continued)
Time Warner Cable LLC	8.75%	2/14/2019	$	6	$	6,602
Time Warner, Inc.	4.875%	3/15/2020		10		10,695
Univision Communications, Inc.†	6.75%	9/15/2022		22		22,935
Viacom, Inc.	2.75%	12/15/2019		24		24,286
WaveDivision Escrow LLC/WaveDivision Escrow Corp.†	8.125%	9/1/2020		50		52,040
Total						711,337
Metal Fabricating 0.04%
Zekelman Industries, Inc.†	9.875%	6/15/2023		18		20,273
Metals & Minerals: Miscellaneous 1.17%
Century Aluminum Co.†	7.50%	6/1/2021		6		6,210
Eldorado Gold Corp. (Canada)†(b)	6.125%	12/15/2020		31		31,891
FMG Resources (August 2006) Pty Ltd. (Australia)†(b)	9.75%	3/1/2022		197		225,319
Freeport-McMoRan, Inc.	6.50%	11/15/2020		28		28,875
Glencore Finance Canada Ltd. (Canada)†(b)	2.70%	10/25/2017		180		180,284
Glencore Finance Canada Ltd. (Canada)†(b)	4.25%	10/25/2022		31		32,153
Glencore Finance Canada Ltd. (Canada)†(b)	4.95%	11/15/2021		40		42,822
Goldcorp, Inc. (Canada)(b)	2.125%	3/15/2018		14		14,017
Goldcorp, Inc. (Canada)(b)	3.625%	6/9/2021		40		41,497
Hecla Mining Co.	6.875%	5/1/2021		23		23,868
Total						626,936
Natural Gas 0.12%
CenterPoint Energy Resources Corp.	4.50%	1/15/2021		10		10,509
CenterPoint Energy Resources Corp.	6.00%	5/15/2018		5		5,177
Sempra Energy	6.15%	6/15/2018		30		31,248
Sempra Energy	9.80%	2/15/2019		18		20,196
Total						67,130
Oil 4.86%
Anadarko Holding Co.	7.05%	5/15/2018		4		4,161
Atwood Oceanics, Inc.	6.50%	2/1/2020		24		23,910
Bill Barrett Corp.	7.00%	10/15/2022		12		10,200
Canadian Natural Resources Ltd. (Canada)(b)	2.95%	1/15/2023		42		41,713
Canadian Oil Sands Ltd. (Canada)†(b)	7.75%	5/15/2019		13		14,127
Canadian Oil Sands Ltd. (Canada)†(b)	9.40%	9/1/2021		5		6,115
Carrizo Oil & Gas, Inc.	6.25%	4/15/2023		2		1,935
Carrizo Oil & Gas, Inc.	7.50%	9/15/2020		103		105,189

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Cenovus Energy, Inc. (Canada)(b)	5.70%		10/15/2019	$	35	$	36,958
CNOOC Finance 2013 Ltd. (Hong Kong)(b)	1.75%		5/9/2018		400		399,486
CNOOC Finance 2015 Australia Pty Ltd. (Australia)(b)	2.625%		5/5/2020		200		200,804
Concho Resources, Inc.	5.50%		10/1/2022		107		110,210
Concho Resources, Inc.	5.50%		4/1/2023		66		68,145
CrownRock LP/CrownRock Finance, Inc.†	7.125%		4/15/2021		23		23,719
Denbury Resources, Inc.	5.50%		5/1/2022		29		16,385
Devon Energy Corp.	2.25%		12/15/2018		15		14,952
Devon Energy Corp.	4.00%		7/15/2021		11		11,345
Devon Energy Corp.	6.30%		1/15/2019		6		6,305
Eclipse Resources Corp.	8.875%		7/15/2023		35		35,000
Encana Corp. (Canada)(b)	3.90%		11/15/2021		27		27,544
Encana Corp. (Canada)(b)	6.50%		5/15/2019		112		119,513
Endeavor Energy Resources LP/EER Finance, Inc.†	7.00%		8/15/2021		60		62,325
Eni SpA (Italy)†(b)	4.15%		10/1/2020		100		105,212
KazMunayGas National Co. JSC (Kazakhstan)†(b)	9.125%		7/2/2018		100		105,959
Laredo Petroleum, Inc.	7.375%		5/1/2022		33		33,454
Marathon Oil Corp.	5.90%		3/15/2018		50		51,290
Newfield Exploration Co.	5.75%		1/30/2022		51		53,932
Noble Energy, Inc.	5.625%		5/1/2021		46		47,359
Noble Energy, Inc.	8.25%		3/1/2019		70		76,819
PDC Energy, Inc.	7.75%		10/15/2022		10		10,425
Permian Resources LLC†	13.00%		11/30/2020		15		17,325
Petrobras Global Finance BV (Netherlands)(b)	6.125%		1/17/2022		25		25,875
Petroleos Mexicanos (Mexico)(b)	3.125%		1/23/2019		20		20,190
Petroleos Mexicanos (Mexico)(b)	3.50%		7/18/2018		12		12,175
Petroleos Mexicanos (Mexico)(b)	5.50%		2/4/2019		105		109,882
Petroleos Mexicanos (Mexico)(b)	5.75%		3/1/2018		110		112,659
Petroleos Mexicanos (Mexico)(b)	8.00%		5/3/2019		30		32,887
Phillips 66†	1.786%	#	4/15/2019		16		16,039
Pioneer Natural Resources Co.	3.45%		1/15/2021		25		25,704
Pioneer Natural Resources Co.	6.875%		5/1/2018		21		21,846
Pioneer Natural Resources Co.	7.50%		1/15/2020		4		4,504
Precision Drilling Corp. (Canada)(b)	6.625%		11/15/2020		33		32,392
Range Resources Corp.†	5.75%		6/1/2021		49		50,225
Resolute Energy Corp.	8.50%		5/1/2020		15		14,963
Resolute Energy Corp.†	8.50%		5/1/2020		8		7,980
Rice Energy, Inc.	6.25%		5/1/2022		73		76,376

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Rice Energy, Inc.	7.25%	5/1/2023	$	30	$	32,475
RSP Permian, Inc.	6.625%	10/1/2022		9		9,383
Sanchez Energy Corp.	6.125%	1/15/2023		23		18,515
Seven Generations Energy Ltd. (Canada)†(b)	6.875%	6/30/2023		26		27,235
Seven Generations Energy Ltd. (Canada)†(b)	8.25%	5/15/2020		25		26,187
SM Energy Co.	6.50%	11/15/2021		68		66,470
SM Energy Co.	6.50%	1/1/2023		8		7,660
Western Refining Logistics LP/WNRL Finance Corp.	7.50%	2/15/2023		3		3,248
WPX Energy, Inc.	7.50%	8/1/2020		14		14,770
Total						2,611,456
Oil: Crude Producers 4.81%
Boardwalk Pipelines LP	5.20%	6/1/2018		55		56,397
Buckeye Partners LP	2.65%	11/15/2018		102		102,577
Buckeye Partners LP	5.50%	8/15/2019		50		52,868
Buckeye Partners LP	6.05%	1/15/2018		41		41,893
Columbia Pipeline Group, Inc.	2.45%	6/1/2018		115		115,554
Columbia Pipeline Group, Inc.	3.30%	6/1/2020		46		47,161
DCP Midstream Operating LP†	9.75%	3/15/2019		71		79,698
Enbridge Energy Partners LP	6.50%	4/15/2018		70		72,497
Enbridge Energy Partners LP	9.875%	3/1/2019		45		50,344
Energy Transfer LP	9.00%	4/15/2019		59		65,642
Energy Transfer LP	9.70%	3/15/2019		42		47,058
Energy Transfer LP	4.65%	6/1/2021		40		42,229
Florida Gas Transmission Co. LLC†	5.45%	7/15/2020		83		89,897
Florida Gas Transmission Co. LLC†	7.90%	5/15/2019		44		48,281
Gulf South Pipeline Co. LP	4.00%	6/15/2022		30		30,921
Gulf South Pipeline Co. LP†	6.30%	8/15/2017		132		132,620
Hiland Partners Holdings LLC/Hiland Partners Finance Corp.†	5.50%	5/15/2022		33		34,468
Kinder Morgan Energy Partners LP	5.30%	9/15/2020		9		9,695
Kinder Morgan Energy Partners LP	5.80%	3/1/2021		52		56,999
Kinder Morgan Energy Partners LP	5.95%	2/15/2018		66		67,641
Kinder Morgan Energy Partners LP	6.50%	4/1/2020		75		82,557
Kinder Morgan Energy Partners LP	6.85%	2/15/2020		30		33,094
Kinder Morgan, Inc.†	5.00%	2/15/2021		16		17,167
Kinder Morgan, Inc.	7.25%	6/1/2018		79		82,715
Midcontinent Express Pipeline LLC†	6.70%	9/15/2019		33		35,475
MPLX LP	5.50%	2/15/2023		229		235,703

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers (continued)
ONEOK Partners LP	3.20%	9/15/2018	$	22	$	22,264
Panhandle Eastern Pipeline Co. LP	6.20%	11/1/2017		6		6,083
Panhandle Eastern Pipeline Co. LP	7.00%	6/15/2018		65		67,951
Regency Energy Partners LP/Regency Energy Finance Corp.	5.50%	4/15/2023		94		97,760
Regency Energy Partners LP/Regency Energy Finance Corp.	6.50%	7/15/2021		129		132,225
Rockies Express Pipeline LLC†	6.00%	1/15/2019		37		38,758
Rockies Express Pipeline LLC†	6.85%	7/15/2018		7		7,324
Sabine Pass Liquefaction LLC	5.625%	2/1/2021		240		261,460
Spectra Energy Capital LLC	6.20%	4/15/2018		8		8,260
Spectra Energy Partners LP	4.60%	6/15/2021		5		5,312
Tesoro Logistics LP/Tesoro Logistics Finance Corp.	5.875%	10/1/2020		5		5,119
Tesoro Logistics LP/Tesoro Logistics Finance Corp.	6.125%	10/15/2021		157		163,672
Texas Eastern Transmission LP†	4.125%	12/1/2020		5		5,220
TransCanada PipeLines Ltd. (Canada)(b)	6.50%	8/15/2018		1		1,051
TransCanada PipeLines Ltd. (Canada)(b)	7.125%	1/15/2019		25		26,916
Western Gas Partners LP	2.60%	8/15/2018		5		5,015
Total						2,585,541
Oil: Integrated Domestic 0.36%
National Oilwell Varco, Inc.	1.35%	12/1/2017		26		25,968
National Oilwell Varco, Inc.	2.60%	12/1/2022		38		36,783
SESI LLC	6.375%	5/1/2019		56		55,720
Weatherford International Ltd.	9.625%	3/1/2019		69		73,658
Total						192,129
Paper & Forest Products 0.00%
International Paper Co.	9.375%	5/15/2019		2		2,259
Real Estate Investment Trusts 2.58%
Brixmor Operating Partnership LP	3.875%	8/15/2022		24		24,565
CBRE Services, Inc.	5.00%	3/15/2023		55		57,313
DDR Corp.	3.50%	1/15/2021		15		15,199
DDR Corp.	4.75%	4/15/2018		28		28,552
DDR Corp.	7.50%	7/15/2018		5		5,259
DDR Corp.	7.875%	9/1/2020		39		44,701
Digital Realty Trust LP	3.40%	10/1/2020		20		20,526
Digital Realty Trust LP	5.875%	2/1/2020		47		50,809
DuPont Fabros Technology LP	5.875%	9/15/2021		25		26,047

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts (continued)
EPR Properties	7.75%	7/15/2020	$	131	$	148,628
First Industrial LP	7.50%	12/1/2017		50		51,135
HCP, Inc.	2.625%	2/1/2020		12		12,094
HCP, Inc.	3.75%	2/1/2019		50		51,068
HCP, Inc.	4.00%	12/1/2022		12		12,565
HCP, Inc.	5.375%	2/1/2021		6		6,553
Healthcare Realty Trust, Inc.	5.75%	1/15/2021		2		2,192
Healthcare Trust of America Holdings LP	2.95%	7/1/2022		10		9,987
Hospitality Properties Trust	6.70%	1/15/2018		5		5,021
Kilroy Realty LP	4.80%	7/15/2018		25		25,565
Kilroy Realty LP	6.625%	6/1/2020		92		102,129
Mack-Cali Realty LP	2.50%	12/15/2017		219		219,349
National Retail Properties, Inc.	6.875%	10/15/2017		10		10,140
Select Income REIT	2.85%	2/1/2018		50		50,214
SL Green Realty Corp.	5.00%	8/15/2018		8		8,213
SL Green Realty Corp.	7.75%	3/15/2020		75		84,022
VEREIT Operating Partnership LP	3.00%	2/6/2019		118		119,232
VEREIT Operating Partnership LP	4.125%	6/1/2021		41		42,970
Welltower, Inc.	2.25%	3/15/2018		75		75,211
Welltower, Inc.	4.125%	4/1/2019		7		7,212
Weyerhaeuser Co.	4.70%	3/15/2021		25		26,634
Weyerhaeuser Co.	6.95%	8/1/2017		41		41,150
Weyerhaeuser Co.	7.375%	10/1/2019		2		2,220
Total						1,386,475
Retail 0.31%
Best Buy Co., Inc.	5.00%	8/1/2018		5		5,164
Coach, Inc.	3.00%	7/15/2022		25		24,675
Macy’s Retail Holdings, Inc.	7.45%	7/15/2017		5		5,006
PVH Corp.	4.50%	12/15/2022		13		13,487
Rite Aid Corp.	6.75%	6/15/2021		98		101,136
Rite Aid Corp.	9.25%	3/15/2020		15		15,525
Total						164,993
Steel 0.27%
BlueScope Steel Finance Ltd/BlueScope Steel Finance USA LLC (Australia)†(b)	6.50%	5/15/2021		45		47,588
Cliffs Natural Resources, Inc.†	8.25%	3/31/2020		4		4,380

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Steel (continued)
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc.†	6.375%		5/1/2022	$	18	$	18,900
U.S. Steel Corp.†	8.375%		7/1/2021		66		72,765
Total							143,633
Technology 0.65%
Baidu, Inc. (China)(b)	3.25%		8/6/2018		200		202,544
eBay, Inc.	1.65%	#	8/1/2019		75		75,215
Expedia, Inc.	7.456%		8/15/2018		58		61,335
TIBCO Software, Inc.†	11.375%		12/1/2021		11		12,155
Total							351,249
Telecommunications 0.47%
FairPoint Communications, Inc.†	8.75%		8/15/2019		32		32,915
GCI, Inc.	6.75%		6/1/2021		14		14,368
Intelsat Jackson Holdings SA (Luxembourg)(b)	7.25%		4/1/2019		24		24,036
Intelsat Jackson Holdings SA (Luxembourg)(b)	7.25%		10/15/2020		54		51,300
Telefonica Emisiones SAU (Spain)(b)	6.221%		7/3/2017		87		87,000
Windstream Services LLC	7.75%		10/1/2021		48		45,360
Total							254,979
Textiles Products 0.04%
Springs Industries, Inc.	6.25%		6/1/2021		22		22,743
Transportation: Miscellaneous 0.20%
Asciano Finance Ltd. (Australia)†(b)	5.00%		4/7/2018		25		25,461
Florida East Coast Holdings Corp.†	6.75%		5/1/2019		49		50,275
Watco Cos. LLC/Watco Finance Corp.†	6.375%		4/1/2023		25		26,188
XPO Logistics, Inc.†	6.50%		6/15/2022		3		3,165
Total							105,089
Utilities 0.02%
United Utilities plc (United Kingdom)(b)	5.375%		2/1/2019		10		10,428
Total Corporate Bonds (cost $23,321,920)							23,433,471
FLOATING RATE LOANS(d) 4.53%
Aerospace/Defense 0.01%
Gol LuxCo S.A. Term Loan (Luxembourg)(b)	6.50%		8/31/2020		6		6,165

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Business Services 0.04%
Neff Rental LLC 2nd Lien Closing DateTerm Loan	7.664%	6/9/2021	$	13	$	12,950
Nord Anglia Education Finance LLC Initial Term Loan	–(e)	3/31/2021		9		9,039
Total						21,989
Chemicals 0.31%
Celanese U.S. Holdings LLC Term Loan	2.716%	7/15/2021		54		54,067
FMC Corporation Term Loan A	2.476%	4/21/2020		18		18,242
Mosaic Company (The) Term Loan	2.466%	11/18/2021		84		83,685
Sherwin-Williams Company (The) Term Loan A	2.364%	4/13/2021		12		12,000
Total						167,994
Consumer Products 0.02%
Textron, Inc. Term Loan A	2.459%	3/14/2019		12		12,075
Containers 0.40%
Ball Corp. USD Term Loan A	2.976%	3/18/2021		72		72,143
Ball UK Aquisition Ltd. EUR Term Loan A(f)	1.75%	3/18/2021		EUR16		18,271
WestRock Co. Closing Date Term Loan	2.355%	7/1/2020	$	122		121,537
Total						211,951
Drugs 0.04%
Teva Pharmaceutical Industries Ltd Term Loan B (Israel)(b)	–(e)	11/16/2020		24		23,670
Electric: Power 0.32%
FirstEnergy Corp. Term Loan	2.909%	12/6/2021		174		173,347
Electrical Equipment 0.21%
Analog Devices, Inc. 3 Year Term Loan	2.245%	9/23/2019		114		114,240
Electronics 0.06%
Keysight Technologies, Inc. Delayed Draw Term Loan	2.75%	2/14/2020		32		31,461
Food 0.05%
Amplify Snack Brands, Inc. Term Loan	6.57%	9/2/2023		26		25,870
Gaming 0.46%
Seminole Tribe of Florida Term B Loan	–(e)	7/8/2024		88		88,286
Seminole Tribe of Florida Initial Term Loan	3.476%	4/29/2020		160		160,244
Total						248,530

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Care Products 0.34%
Medtronic, Inc. Term Loan	2.101%	1/26/2018	$	75	$	74,719
Zimmer biomet Holdings, Inc. Term Loan	2.476%	9/30/2019		71		70,467
Zimmer Holdings, Inc. Term Loan	2.534% - 2.601%	5/29/2019		35		35,106
Total						180,292
Health Care Services 0.10%
Fresenius Medical Care AG & Co. KGaA Tranche A Term Loan	2.422%	10/30/2019		40		39,815
Laboratory Corp. of America Holdings Term Loan	2.476%	12/19/2019		15		15,033
Total						54,848
Household Equipment/Products 0.26%
Dell International LLC Term Loan A1	3.23%	12/31/2018		18		17,816
Dell International LLC Term Loan A2	3.48%	9/7/2021		124		124,135
Total						141,951
Leasing 0.09%
Avolon TLB Borrower 1 LLC Initial Term Loan B2 (Luxembourg)(a)	3.962%	3/21/2022		50		50,383
Lodging 0.10%
VML US Finance, LLC USD New Initial Term Loan	–(e)	5/31/2022		55		54,450
Machinery: Industrial/Specialty 0.08%
Flowserve Corp. 2012 Term Loan	2.546%	10/14/2020		41		40,320
Manufacturing 0.21%
Tyco International Holding S.a.r.I. Term Loan (Luxembourg)(a)	2.96%	3/2/2020		111		111,015
Media 0.19%
AMC Networks, Inc. Term Loan A	2.589%	12/16/2019		57		57,338
Charter Communications Operating, LLC Term Loan E1	3.23%	7/1/2020		45		45,231
Total						102,569
Metals & Mining: Miscellaneous 0.06%
Fairmount Santrol, Inc. Tranche B2 New Term Loan	4.796%	9/5/2019		36		34,532
Miscellaneous 0.26%
Harris Corp. 3 Year Tranche Term Loan	2.73%	3/16/2018		3		2,841
Harris Corp. 5 Year Tranche Term Loan	2.73%	3/16/2020		16		15,663

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Miscellaneous (continued)
Rockwell Collins, Inc. Term Loan	2.377%	12/16/2019	$	119	$	118,653
Total						137,157
Oil 0.08%
Noble Energy, Inc. Initial Term Loan	2.436%	1/6/2019		24		23,513
Petroleos Mexicanos Term Loan (Mexico)(b)	–(e)	2/14/2020		20		19,850
Total						43,363
Oil: Crude Producers 0.10%
Buckeye Partners LP Delayed Draw Term Loan	2.58%	9/30/2019		17		16,958
ONEOK Partners, L.P. Term Loan	2.516%	1/8/2019		37		37,000
Total						53,958
Real Estate Investment Trusts 0.20%
American Tower Corporation Term Loan	2.48%	1/31/2022		107		105,834
Retail 0.49%
Bass Pro Group LLC 2015 New Term Loan	4.367%	6/5/2020		62		61,784
Burlington Coat Factory Warehouse Corp. Term Loan B4	3.96%	8/13/2021		72		72,300
P.F. Chang’s China Bistro, Inc. Borrowing Term Loan	4.535% - 6.50%	7/2/2019		25		24,808
PVH Corp. Tranche A Term Loan	2.709%	5/19/2021		86		85,642
Rite Aid Corp. 2nd Lien Tranche 2 Term Loan	5.105%	6/21/2021		18		18,101
Total						262,635
Technology 0.02%
Zayo Group, LLC Incremental Refinancing 2017 Term Loan B1	3.216%	1/19/2021		9		9,008
Telecommunications 0.03%
AT&T, Inc. Tranche A Advance Term Loan	2.21%	3/2/2018		16		15,637
Total Floating Rate Loans (cost $2,429,979)						2,435,244
Foreign Government Obligations(b) 0.63%
Argentina 0.05%
Republic of Argentina	5.625%	1/26/2022		25		25,663
Dominican Republic 0.00%
Dominican Republic†	9.04%	1/23/2018		2		2,235
Indonesia 0.38%
Republic of Indonesia†	3.70%	1/8/2022		200		206,039

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Qatar 0.20%
State of Qatar†	5.25%		1/20/2020	$	100	$	106,387
Total Foreign Government Obligations (cost $340,064)							340,324
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 3.52%
Federal Home Loan Mortgage Corp. 2011-K704 B†	4.69%	#	10/25/2030		20		20,476
Federal Home Loan Mortgage Corp. 2012-K707 B†	4.019%	#	1/25/2047		143		146,210
Federal Home Loan Mortgage Corp. 2012-K709 B†	3.872%	#	4/25/2045		75		76,880
Federal Home Loan Mortgage Corp. 2012-K710 B†	3.944%	#	6/25/2047		104		106,939
Federal Home Loan Mortgage Corp. 2012-K711 B†	3.684%	#	8/25/2045		30		30,747
Federal Home Loan Mortgage Corp. 2013-K502 C†	2.967%	#	3/25/2045		11		10,988
Federal Home Loan Mortgage Corp. 2013-K713 B†	3.274%	#	4/25/2046		30		30,579
Federal Home Loan Mortgage Corp. 2014-K503 B†	3.072%	#	10/25/2047		39		39,507
Government National Mortgage Assoc. 2014-109 A	2.325%		1/16/2046		15		14,833
Government National Mortgage Assoc. 2014-112 A	3.00%	#	1/16/2048		8		8,012
Government National Mortgage Assoc. 2014-135 AS	2.30%		2/16/2047		18		17,454
Government National Mortgage Assoc. 2014-64 A	2.20%		2/16/2045		30		29,550
Government National Mortgage Assoc. 2014-64 IO	1.184%	#	12/16/2054		331		23,944
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		1		696
Government National Mortgage Assoc. 2014-78 IO	0.611%	#	3/16/2056		56		2,824
Government National Mortgage Assoc. 2015-47 AE	2.90%	#	11/16/2055		11		11,189
Government National Mortgage Assoc. 2015-48 AS	2.90%	#	2/16/2049		27		26,979
Government National Mortgage Assoc. 2015-73 AC	2.90%	#	2/16/2053		44		43,888
Government National Mortgage Assoc. 2017 20 AS	2.50%		2/16/2057		57		55,900
Government National Mortgage Assoc. 2017 23 AB	2.60%		12/16/2057		40		39,583
Government National Mortgage Assoc. 2017-22 GA	2.60%	#	8/16/2051		29		28,673
Government National Mortgage Assoc. 2017-28 AB	2.50%		10/15/2051		68		66,560
Government National Mortgage Assoc. 2017-41 AS	2.60%		6/16/2058		195		194,081
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		59		58,558
Government National Mortgage Assoc. 2017-51 AS	2.75%		4/16/2058		91		90,433
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		89		88,581
Government National Mortgage Assoc. 2017-54 AD	2.75%		1/16/2057		89		88,454
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		60		59,295
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		75		74,591
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		50		49,580
Government National Mortgage Assoc. 2017-72 AM	2.60%		9/16/2051		30		29,616
Government National Mortgage Assoc. 2017-74 AS	2.60%		10/16/2057		30		29,601
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		61		60,310
Government National Mortgage Assoc. 2017-86 AS	2.75%		2/16/2058		58		57,690
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		48		47,832

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

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	$	72	$	71,425
Government National Mortgage Assoc. 2017-92 AS	2.75%		6/16/2058		60		60,182
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $1,905,316)							1,892,640
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.81%
Federal Home Loan Mortgage Corp.	0.875%		3/7/2018		103		102,739
Federal Home Loan Mortgage Corp.	3.08%	#	10/1/2043		15		15,848
Federal Home Loan Mortgage Corp.	3.205%	#	12/1/2040		28		29,024
Federal Home Loan Mortgage Corp.	3.237%	#	6/1/2041		14		15,362
Federal Home Loan Mortgage Corp.	3.387%	#	6/1/2042		12		12,662
Federal National Mortgage Assoc.	2.701%	#	12/1/2045		10		9,807
Federal National Mortgage Assoc.	2.723%	#	12/1/2045		43		43,618
Federal National Mortgage Assoc.	2.837%	#	10/1/2045		10		10,636
Federal National Mortgage Assoc.	2.913%	#	6/1/2042		24		24,401
Federal National Mortgage Assoc.	3.144%	#	3/1/2042		22		23,219
Federal National Mortgage Assoc.	3.372%	#	10/1/2036		49		52,247
Federal National Mortgage Assoc.	3.382%	#	12/1/2040		2		2,336
Federal National Mortgage Assoc.	3.401%	#	12/1/2040		4		4,348
Federal National Mortgage Assoc.	3.431%	#	4/1/2040		40		42,623
Federal National Mortgage Assoc.	3.473%	#	10/1/2040		2		1,632
Federal National Mortgage Assoc.	3.675%	#	1/1/2042		45		46,505
Total Government Sponsored Enterprises Pass-Throughs (cost $439,007)							437,007
GOVERNMENT SPONSORED ENTERPRISES SECURITY 0.30%
Federal Home Loan Bank (cost $160,379)	1.125%		4/25/2018		160		159,836
MUNICIPAL BONDS 0.18%
Miscellaneous
Illinois	3.90%		1/1/2018		5		5,016
Illinois	4.95%		6/1/2023		7		7,035
Illinois	5.163%		2/1/2018		50		50,531
Illinois	5.665%		3/1/2018		25		25,417
Illinois	5.877%		3/1/2019		10		10,356
Total Municipal Bonds (cost $98,903)							98,355
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 21.21%
A10 Bridge Asset Financing LLC 2015-AA A1†	Zero Coupon		5/15/2036		116		115,527
Americold LLC 2010-ARTA A1†	3.847%		1/14/2029		42		42,958
AOA Mortgage Trust 2015-1177 A†	2.957%		12/13/2029		100		102,141

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Assurant Commercial Mortgage Trust 2016-1A A1†	1.362%		5/15/2049	$	21		$	21,097
Aventura Mall Trust 2013-AVM A†	3.867%	#	12/5/2032		100			105,029
Aventura Mall Trust 2013-AVM C†	3.867%	#	12/5/2032		100			103,270
Banc of America Merrill Lynch Commercial Mortgage, Inc. 2005-1 AJ	5.557%	#	11/10/2042		–	(a)		381
Bancorp Commercial Mortgage Trust 2016-CRE1 A†	2.589%	#	11/15/2033		100			100,238
BB-UBS Trust 2012-TFT A†	2.892%		6/5/2030		200			198,527
BB-UBS Trust 2012-TFT B†	3.584%	#	6/5/2030		100			98,227
BB-UBS Trust 2012-TFT C†	3.584%	#	6/5/2030		100			97,220
BBCMS Trust 2013-TYSN E†	3.708%		9/5/2032		135			136,041
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 E†	5.406%	#	11/11/2041		15			15,365
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6 F†	5.857%	#	11/11/2041		25			25,592
Bear Stearns Commercial Mortgage Securities Trust 2007-PW17 AM	5.915%	#	6/11/2050		50			50,108
CCRESG Commercial Mortgage Trust 2016-HEAT B†	4.114%		4/10/2029		29			29,577
CCRESG Commercial Mortgage Trust 2016-HEAT C†	4.919%		4/10/2029		29			29,775
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.357%	#	11/10/2049		195			16,334
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.797%	#	12/10/2054		192			11,167
CGGS Commercial Mortgage Trust 2016-RNDA DFX†	4.387%		2/10/2033		92			93,440
Chicago Skyscraper Trust 2017-SKY A†	1.959%	#	2/15/2030		137			137,415
Chicago Skyscraper Trust 2017-SKY C†	2.409%	#	2/15/2030		100			100,353
Chicago Skyscraper Trust 2017-SKY XCP IO	2.712%	#	2/15/2030		2,938			49,402
Citigroup Commercial Mortgage Trust 2007-C6 AM	5.866%	#	12/10/2049		35			35,067
Citigroup Commercial Mortgage Trust 2013-SMP D†	3.008%	#	1/12/2030		100			100,156
Citigroup Commercial Mortgage Trust 2014-GC19 A1	1.199%		3/10/2047		6			5,568
Citigroup Commercial Mortgage Trust 2015-GC31 XA IO	0.458%	#	6/10/2048		986			26,947
Citigroup Commercial Mortgage Trust 2015-SHP2 XCP IO†	0.114%	#	7/15/2027		46,545			2,439

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust 2015-SSHP C†	3.259%	#	9/15/2027	$	100	$	99,476
Citigroup Commercial Mortgage Trust 2016-SMPL A†	2.228%		9/10/2031		100		98,938
Citigroup Commercial Mortgage Trust 2016-SMPL E†	4.509%		9/10/2031		100		100,345
COBALT CMBS Commercial Mortgage Trust 2007-C3 AM	6.061%	#	5/15/2046		10		10,100
Commercial Mortgage Loan Trust 2008-LS1 ASM	6.335%	#	12/10/2049		50		50,291
Commercial Mortgage Pass-Through Certificates 2004-LB2A G†	5.54%	#	3/10/2039		35		36,651
Commercial Mortgage Pass-Through Certificates 2012-CR3 B†	3.922%		10/15/2045		200		207,256
Commercial Mortgage Pass-Through Certificates 2012-CR5 A4	2.771%		12/10/2045		12		12,073
Commercial Mortgage Pass-Through Certificates 2013-CR11 A2	3.047%		8/10/2050		10		10,189
Commercial Mortgage Pass-Through Certificates 2013-CR6 A2	2.122%		3/10/2046		8		8,139
Commercial Mortgage Pass-Through Certificates 2013-LC6 A2	1.906%		1/10/2046		32		31,821
Commercial Mortgage Pass-Through Certificates 2013-SFS A1†	1.873%		4/12/2035		124		122,184
Commercial Mortgage Pass-Through Certificates 2013-THL D†	3.739%	#	6/8/2030		100		100,281
Commercial Mortgage Pass-Through Certificates 2013-THL E†	4.839%	#	6/8/2030		100		100,127
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XB1 IO†	0.252%	#	9/10/2047		2,000		20,775
Commercial Mortgage Pass-Through Certificates 2015-PC1 XA IO†	0.912%	#	7/10/2050		98		3,847
Commercial Mortgage Pass-Through Certificates 2016-GCT D†	3.577%	#	8/10/2029		100		99,191
Commercial Mortgage Pass-Through Certificates 2016-GCT XA IO†	0.784%		8/10/2029		4,000		104,860
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	1.72%	#	10/15/2034		106		106,584
Commercial Mortgage Pass-Through Certificates 2016-SAVA B†	3.459%	#	10/15/2034		100		100,611
Commercial Mortgage Pass-Through Certificates 2016-SAVA XCP IO†	2.173%	#	10/15/2034		578		16,182

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commericial Mortgage Trust 2016-CD1 XA IO	1.575%	#	8/10/2049	$	182	$	17,393
Commericial Mortgage Trust 2017-CD3 XA IO	1.199%	#	2/10/2050		998		77,533
Core Industrial Trust 2015-CALW C†	3.555%		2/10/2034		25		25,571
Core Industrial Trust 2015-CALW XA IO†	0.939%	#	2/10/2034		1,006		33,431
Cosmopolitan Hotel Trust 2016-CSMO A†	2.559%	#	11/15/2033		17		17,146
Cosmopolitan Hotel Trust 2016-CSMO B†	3.259%	#	11/15/2033		24		24,209
Cosmopolitan Hotel Trust 2016-CSMO E†	5.809%	#	11/15/2033		32		32,636
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B1†	5.466%		5/15/2023		50		52,317
Credit Suisse First Boston Mortgage Securities Corp. 2006-OMA B2†	5.538%		5/15/2023		200		213,259
Credit Suisse Mortgage Capital Certificates 2014-TIKI C†	2.959%	#	9/15/2038		100		99,301
Credit Suisse Mortgage Capital Certificates 2014-USA X1 IO†	0.697%	#	9/15/2037		1,000		37,685
Credit Suisse Mortgage Capital Certificates 2016-MFF B†	3.659%	#	11/15/2033		50		50,180
Credit Suisse Mortgage Capital Certificates 2016-MFF C†	4.659%	#	11/15/2033		50		50,320
Credit Suisse Mortgage Capital Certificates 2017-HD A†	2.109%	#	2/15/2031		50		50,184
Credit Suisse Mortgage Capital Certificates 2017-HD D†	3.659%	#	2/15/2031		50		50,289
Credit Suisse Mortgage Capital Certificates 2017-LSTK A†	2.761%		4/5/2033		84		85,072
Credit Suisse Mortgage Capital Certificates 2017-LSTK B†	3.03%		4/5/2033		50		50,655
Credit Suisse Mortgage Capital Certificates 2017-LSTK C†	3.229%		4/5/2033		50		50,708
Credit Suisse Mortgage Capital Certificates 2017-LSTK D†	3.442%	#	4/5/2033		50		50,011
Credit Suisse Mortgage Capital Certificates Trust 2017-HD XCP IO†	1.935%	#	2/15/2031		1,376		38,351
CSAIL Commercial Mortgage Trust 2015-C4 A2	3.157%		11/15/2048		10		10,284
CSAIL Commercial Mortgage Trust 2016-C6 XA IO	1.977%	#	1/15/2049		996		111,910
DBJPM Mortgage Trust 2016-C3 XA IO	1.658%	#	9/10/2049		199		21,137
DBUBS Mortgage Trust 2011-LC2A D†	5.727%	#	7/10/2044		100		105,539
DBWF Mortgage Trust 2015-LCM A1†	2.998%		6/10/2034		21		21,315
DBWF Mortgage Trust 2016-85T XA IO†	0.116%	#	12/10/2036		3,140		13,847
GAHR Commercial Mortgage Trust 2015-NRF CFX†	3.495%	#	12/15/2034		200		203,749

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GAHR Commericial Mortgage Trust 2015-NRF EFX†	3.495%	#	12/15/2034	$	20	$	19,954
Great Wolf Trust 2015-WOLF E†	5.444%	#	5/15/2034		100		101,628
GS Mortgage Securities Corp. II 2013-GC10 A3	2.613%		2/10/2046		100		100,871
GS Mortgage Securities Corp. Trust 2013-NYC5 A†	2.318%		1/10/2030		100		100,263
GS Mortgage Securities Corp. Trust 2016-RENT C†	4.202%	#	2/10/2029		100		103,724
GS Mortgage Securities Corp. Trust 2017-485L XB IO†	0.244%	#	2/10/2037		1,590		21,823
GS Mortgage Securities Corp. Trust 2017-GPTX C†	3.302%		5/10/2034		100		100,231
GS Mortgage Securities Trust 2011-GC5 B†	5.566%	#	8/10/2044		107		116,325
GS Mortgage Securities Trust 2012-GC6 XA IO†	2.149%	#	1/10/2045		304		22,076
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		20		21,376
GS Mortgage Securities Trust 2013-G1 A2†	3.557%	#	4/10/2031		100		99,753
GS Mortgage Securities Trust 2013-GC14 A1	1.217%		8/10/2046		5		5,059
GS Mortgage Securities Trust 2015-GS1 XB IO	0.332%	#	11/10/2048		1,082		18,854
GS Mortgage Securities Trust 2016-GS4 225A†	2.636%		11/10/2029		15		14,936
GS Mortgage Securities Trust 2016-GS4 225C†	3.778%		11/10/2029		26		25,852
GS Mortgage Securities Trust 2016-GS4 225D†	4.766%		11/10/2029		35		35,182
H/2 Asset Funding 2015-1A-AFL	2.633%		6/24/2049		13		12,936
H/2 Asset Funding 2015-1A-AFX	3.353%		6/24/2049		13		12,874
H/2 Asset Funding 2015-1A-BFX	3.993%		6/24/2049		25		24,232
HMH Trust 2017-NSS 2017-NSS A†	3.062%		7/5/2031		100		100,804
HMH Trust 2017-NSS 2017-NSS B†	3.343%		7/5/2031		100		100,996
HMH Trust 2017-NSS 2017-NSS C†	3.787%		7/5/2031		100		99,807
HMH Trust 2017-NSS 2017-NSS D†	4.723%		7/5/2031		100		99,690
Hospitality Mortgage Trust 2017-HIT D†	3.239%	#	5/8/2030		100		100,358
Hospitality Mortgage Trust 2017-HIT E†	4.639%	#	5/8/2030		100		100,540
Hudsons Bay Simon JV Trust 2015-HB7 A7†	3.914%		8/5/2034		100		102,776
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		179		181,431
Hudsons Bay Simon JV Trust 2015-HB7 XA7 IO†	1.417%	#	8/5/2034		1,000		59,225
Irvine Core Office Trust 2013-IRV A1†	2.068%		5/15/2048		31		31,148
JPMorgan Chase Commercial Mortgage Securities Trust(g)	1.00%		5/16/2059		49		48,952
JPMorgan Chase Commercial Mortgage Securities Trust 2004-LN2 A2	5.115%		7/15/2041		1		950
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19 AM	5.977%	#	2/12/2049		12		12,385
JPMorgan Chase Commercial Mortgage Securities Trust 2009-IWST C†	7.694%	#	12/5/2027		25		28,047

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	#	5/15/2045	$	11	$	11,667
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A†	3.905%		5/5/2030		96		100,130
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		25		25,492
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 A1	1.539%		11/15/2047		6		6,164
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA IO	1.304%	#	1/15/2048		983		52,485
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A†	3.429%		6/10/2027		200		203,428
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 XA IO	0.839%	#	7/15/2048		984		34,266
JPMorgan Chase Commercial Mortgage Securities Trust 2016-ATRM A†	2.962%		10/5/2028		50		50,145
JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA IO	0.959%	#	12/15/2049		997		47,983
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A†	2.798%		10/5/2031		30		30,464
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI B†	3.201%		10/5/2031		25		25,490
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C†	3.554%		10/5/2031		20		20,442
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D†	4.143%	#	10/5/2031		35		35,620
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI E†	4.143%	#	10/5/2031		30		29,916
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO†	0.791%	#	10/5/2031		1,000		25,419
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT A†	2.609%	#	10/15/2033		68		68,330
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT C†	4.009%	#	10/15/2033		10		10,084
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT D†	4.909%	#	10/15/2033		27		27,320
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WPT XCP IO†	1.198%	#	10/15/2018		4,967		78,404
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK 2017- MARK A†	3.392%		6/5/2032		67		68,916
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK 2017- MARK B†	3.795%		6/5/2032		27		27,773

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK 2017-MARK C†	4.036%	#	6/5/2032	$	20	$	20,527
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK 2017-MARK D†	4.036%	#	6/5/2032		18		17,840
LMREC, Inc. 2015-CRE1 A†	2.966%	#	2/22/2032		100		99,285
LSTAR Commercial Mortgage Trust 2015-3 A2†	2.729%	#	4/20/2048		9		9,196
LSTAR Commercial Mortgage Trust 2016-4 XA IO†	2.106%	#	3/10/2049		996		82,263
LSTAR Commercial Mortgage Trust 2017-5 A1†	2.417%		3/10/2050		100		99,972
LSTAR Commercial Mortgage Trust 2017-5 A2†	2.776%		3/10/2050		100		100,686
LSTAR Commercial Mortgage Trust 2017-5 A3†	4.50%		3/10/2050		100		108,380
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1†	2.117%		10/15/2030		58		56,770
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 A2	3.001%		10/15/2046		10		10,138
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.879%	#	7/15/2050		491		18,119
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA IO	1.608%	#	11/15/2049		994		95,304
Morgan Stanley Capital Barclays Bank Trust 2016-MART B†	2.48%		9/13/2031		50		49,309
Morgan Stanley Capital Barclays Bank Trust 2016-MART C†	2.817%		9/13/2031		100		99,088
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO†	0.406%	#	9/13/2031		9,863		40,160
Morgan Stanley Capital I Trust 2007-IQ15 AM	6.128%	#	6/11/2049		10		10,221
Morgan Stanley Capital I Trust 2012-C4 B†	5.213%	#	3/15/2045		100		109,263
Morgan Stanley Capital I Trust 2014-MP A†	3.469%		8/11/2033		100		104,112
Morgan Stanley Capital I Trust 2016-UB11 XB IO	1.136%	#	8/15/2049		1,000		75,382
Morgan Stanley Capital I Trust 2017-PRME D†	4.559%	#	2/15/2034		40		40,285
Motel 6 Trust 2015-MTL6 D†	4.532%		2/5/2030		100		100,130
MSCG Trust 2015-ALDR A1†	2.612%		6/7/2035		21		20,514
MSCG Trust 2016-SNR A†	3.46%	#	11/15/2034		69		69,255
MSCG Trust 2016-SNR B†	4.181%		11/15/2034		33		33,185
MSCG Trust 2016-SNR C†	5.205%		11/15/2034		25		25,233
Nationslink Funding Corp. 1999-LTL1 D†	6.45%		1/22/2026		32		33,667
Palisades Center Trust 2016-PLSD D†	4.737%		4/13/2033		77		77,746
Palisades Center Trust 2016-PLSD XCP IO†	1.106%	#	5/13/2018		1,000		9,065
PFP Ltd. 2017-3 A†	2.222%	#	1/14/2035		100		100,224
PFP Ltd. 2017-3 B†	2.922%	#	1/14/2035		100		100,501
PFP Ltd. 2017-3 D†	4.672%	#	1/14/2035		100		100,652

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Prima Capital CRE Securization 2006-1	2.55%		8/26/2049	$	80	$	77,881
Prima Capital Ltd. 2016-6A A	2.85%		8/25/2040		142		142,026
ReadyCap Commercial Mortgage Trust 2015-2 A†	3.804%		6/25/2055		42		42,637
ReadyCap Mortgage Trust 2016-3 A†	2.94%		11/20/2038		179		179,973
Shops at Crystals Trust 2016-CSTL XB IO†	0.328%	#	7/5/2036		1,000		19,205
UBS-BAMLL Trust 2012-WRM D†	4.379%	#	6/10/2030		100		98,567
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4	3.525%		5/10/2063		22		22,931
UBS-Barclays Commercial Mortgage Trust 2012-C3 A4	3.091%		8/10/2049		10		10,258
UBS-Barclays Commercial Mortgage Trust 2012-C4 A5	2.85%		12/10/2045		75		75,726
UBS-Barclays Commercial Mortgage Trust 2012-C4 AAB	2.459%		12/10/2045		25		25,274
UBS-Barclays Commercial Mortgage Trust 2013-C5 A4	3.185%		3/10/2046		52		53,262
UBS-Barclays Commercial Mortgage Trust 2013-C5 XA IO†	1.148%	#	3/10/2046		933		41,991
UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3	3.595%		1/10/2045		18		18,536
VNDO Mortgage Trust 2012-6AVE A†	2.996%		11/15/2030		100		102,183
Wachovia Bank Commercial Mortgage Trust 2005-C21 D	5.468%	#	10/15/2044		10		9,950
Waldorf Astoria Boca Raton Trust 2016-BOCA C†	3.659%	#	6/15/2029		100		100,647
Waldorf Astoria Boca Raton Trust 2016-BOCA E†	5.509%	#	6/15/2029		27		27,253
Wells Fargo Commercial Mortgage Trust 2010-C1 C†	5.785%	#	11/15/2043		100		107,230
Wells Fargo Commercial Mortgage Trust 2015-C29 XB IO	0.101%	#	6/15/2048		2,000		6,963
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A	3.075%		12/15/2048		10		10,250
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2B	4.755%	#	12/15/2048		36		38,775
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.947%	#	9/15/2048		981		45,421
Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA IO	1.945%	#	8/15/2049		993		121,964
WF-RBS Commercial Mortgage Trust 2011-C2 A4†	4.869%	#	2/15/2044		25		27,120
WF-RBS Commercial Mortgage Trust 2011-C4 A3†	4.394%		6/15/2044		66		67,371
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.92%	#	6/15/2045		25		26,145
WF-RBS Commercial Mortgage Trust 2012-C8 A2	1.881%		8/15/2045		2		2,263

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust 2012-C8 XA IO†	2.069%	#	8/15/2045	$	366	$	27,631
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		10		10,144
WF-RBS Commercial Mortgage Trust 2013-C11 A2	2.029%		3/15/2045		52		51,990
Total Non-Agency Commercial Mortgage-Backed Securities (cost $11,421,198)							11,396,349
				Shares (000)
PREFERRED STOCK 0.02%
Oil
Templar Energy LLC Units (cost $10,685)					1		10,418
				Principal Amount (000)
U.S. TREASURY OBLIGATION 1.01%
U.S. Treasury Note (cost $545,287)	1.25%		4/30/2019	$	546		544,742
Total Long-Term Investments (cost $51,899,061)							51,987,364
SHORT-TERM INVESTMENTS 2.90%
CORPORATE BONDS 2.15%
Banks: Regional 1.47%
Bank of America Corp.	6.00%		9/1/2017		55		55,381
Bank of America Corp.	6.40%		8/28/2017		18		18,128
Barclays Bank plc (United Kingdom)†(b)	6.05%		12/4/2017		100		101,738
Capital One Financial Corp.	6.75%		9/15/2017		35		35,357
Compass Bank	1.85%		9/29/2017		250		250,071
Compass Bank	6.40%		10/1/2017		100		101,031
Deutsche Bank AG (United Kingdom)(b)	6.00%		9/1/2017		25		25,166
Intesa Sanpaolo SpA (Italy)(b)	3.875%		1/16/2018		200		201,878
Total							788,750
Electric: Power 0.04%
New York State Electric & Gas Corp.†	6.15%		12/15/2017		10		10,187
TransAlta Corp. (Canada)(b)	6.90%		5/15/2018		11		11,467
Total							21,654

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electronics 0.02%
Tech Data Corp.	3.75%	9/21/2017	$	10	$	10,031
Financial Services 0.19%
Synchrony Financial	1.875%	8/15/2017		100		100,024
Media 0.02%
Sky plc (United Kingdom)†(b)	6.10%	2/15/2018		10		10,260
Natural Gas 0.02%
National Fuel Gas Co.	6.50%	4/15/2018		8		8,291
Oil 0.09%
Husky Energy, Inc. (Canada)(b)	6.20%	9/15/2017		25		25,222
Marathon Oil Corp.	6.00%	10/1/2017		25		25,239
Total						50,461
Oil: Crude Producers 0.16%
Kinder Morgan Finance Co. LLC†	6.00%	1/15/2018		87		88,819
Oil: Integrated Domestic 0.03%
TechnipFMC plc (United Kingdom)†(b)	2.00%	10/1/2017		17		16,994
Retail 0.02%
Staples, Inc.	2.75%	1/12/2018		10		10,039
Telecommunications 0.09%
Nortel Networks Ltd. (Canada)(b)	10.75%	7/15/2016		76		49,685
Total Corporate Bonds (cost $1,155,362)						1,155,008
FLOATING RATE LOANS(d) 0.15%
ELECTRIC: POWER 0.10%
Energy Future Intermediate Holding Co LLC	–(e)	6/23/2018		51		51,191
HOUSEHOLD EQUIPMENT/PRODUCTS 0.05%
EMC Corporation Verdite Bridge Term Loan	2.98%	9/6/2017		28		28,000
Total Floating Rate Loans (cost $78,936)						79,191

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

Investments	Principal Amount (000)		Fair Value
REPURCHASE AGREEMENT 0.60%
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $305,000 of U.S. Treasury Note at 3.625% due 2/15/2021; value: $330,206; proceeds: $321,572 (cost $321,568)	$	322	$	321,568
Total Short-Term Investments (cost $1,555,866)				1,555,767
Total Investments in Securities 99.63% (cost $53,454,927)				53,543,131
Cash and Other Assets in Excess of Liabilities(h) 0.37%				199,109
Net Assets 100.00%			$	53,742,240

EUR	euro.
IO	Interest Only.
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 June 30, 2017.
(a)	Amount represents less than 1,000 shares.
(b)	Foreign security traded in U.S. dollars.
(c)	Security is perpetual in nature and has no stated maturity.
(d)	Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2017.
(e)	Interest rate to be determined.
(f)	Investment in non-U.S. dollar denominated securities.
(g)	Security purchased on a when-issued basis (See Note 2(i)).
(h)	Cash and Other Assets in Excess of Liabilities include net unrealized appreciation (depreciation) on open forward foreign currency exchange contracts and futures contracts as follows:

Open Forward Foreign Currency Exchange Contracts at June 30, 2017:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date	U.S. $ Current Value	Unrealized Depreciation
euro	Sell	State Street Bank and Trust	8/16/2017	20,000	$21,965	$22,892		$(928)

Open Futures Contracts at June 30, 2017:

Type	Expiration	Contracts	Position	Notional Value		Unrealized Appreciation
U.S. 5-Year Treasury Note	September 2017	16	Short	$(1,885,375	)	$4,555

Type	Expiration	Contracts	Position	Notional Value	Unrealized  Depreciation
U.S. 2-Year Treasury Note	September 2017	56	Long	$12,102,125	$(16,541)

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

June 30, 2017

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2		Level 3			Total
Asset-Backed Securities		$	–	$	11,134,027	$	–		$	11,134,027
Common Stock			–		348		–			348
Convertible Bonds			–		104,603		–			104,603
Corporate Bonds			–		24,588,479		–			24,588,479
Floating Rate Loans(4)
Aerospace/Defense			–		6,165		–			6,165
Business Services			–		21,989		–			21,989
Chemicals			–		54,067		113,927			167,994
Consumer Products			–		–		12,075			12,075
Containers			–		–		211,951			211,951
Drugs			–		–		23,670			23,670
Electric: Power			–		51,191		173,347			224,538
Electrical Equipment			–		–		114,240			114,240
Electronics			–		–		31,461			31,461
Food			–		25,870		–			25,870
Gaming			–		248,530		–			248,530
Health Care Products			–		74,719		105,573			180,292
Health Care Services			–		–		54,848			54,848
Household Equipment/Products			–		169,951		–			169,951
Leasing			–		50,383		–			50,383
Lodging			–		–		54,450			54,450
Machinery: Industrial/Specialty			–		–		40,320			40,320
Manufacturing			–		–		111,015			111,015
Media			–		102,569		–			102,569
Metals & Mining: Miscellaneous			–		34,532		–			34,532
Miscellaneous			–		–		137,157			137,157
Oil			–		–		43,363			43,363
Oil: Crude Producers			–		–		53,958			53,958
Real Estate Investment Trusts			–		–		105,834			105,834
Retail			–		262,635		–			262,635
Technology			–		9,008		–			9,008
Telecommunications			–		–		15,637			15,637
Foreign Government Obligations			–		340,324		–			340,324
Government Sponsored Enterprises Collateralized Mortgage Obligations			–		1,892,640		–			1,892,640
Government Sponsored Enterprises Pass-Throughs			–		437,007		–			437,007
Government Sponsored Enterprises Security			–		159,836		–			159,836
Municipal Bonds			–		98,355		–			98,355
Non-Agency Commercial Mortgage-Backed Securities			–		10,818,766		577,583	(5)(6)		11,396,349
Preferred Stock			–		10,418		–			10,418
U.S. Treasury Obligation			–		544,742		–			544,742
Repurchase Agreement			–		321,568		–			321,568
Total		$	–	$	51,562,722	$	1,980,409		$	53,543,131

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2017

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Exchange Contract
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(928	)		–		(928	)
Futures Contracts
Assets		4,555			–			–		4,555
Liabilities		(16,541	)		–			–		(16,541	)
Total	$	(11,986	)	$	(928	)	$	–	$	(12,914	)

(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.
(3)	There were no Level 1/Level 2 transfers during the period ended June 30, 2017.
(4)	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.
(5)	Level 3 security fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financial Statements.

Investment Type	Security	Fair Value
Non-Agency Commercial Mortgage-Backed Securities	A10 Bridge Asset Financing LLC 2015-AA A1	$	115,527

⁽⁶⁾ Includes securities 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 significant lower or higher value of such Level 3 investments.

Investment Type	Security	Fair Value
Non-Agency Commercial Mortgage-Backed Securities	Credit Suisse Mortgage Capital Certificates Trust 2017-HD XCP IO	$	38,351
Non-Agency Commercial Mortgage-Backed Securities	GS Mortgage Securities Corp. Trust 2017-485L XB IO		21,823
Non-Agency Commercial Mortgage-Backed Securities	GS Mortgage Securities Trust 2016-GS4 225A		14,936
Non-Agency Commercial Mortgage-Backed Securities	GS Mortgage Securities Trust 2016-GS4 225C		25,852
Non-Agency Commercial Mortgage-Backed Securities	GS Mortgage Securities Trust 2016-GS4 225D		35,182
Non-Agency Commercial Mortgage-Backed Securities	HMH Trust 2017-NSS 2017-NSS B		100,996
Non-Agency Commercial Mortgage-Backed Securities	HMH Trust 2017-NSS 2017-NSS C		99,807
Non-Agency Commercial Mortgage-Backed Securities	HMH Trust 2017-NSS 2017-NSS D		99,690
Non-Agency Commercial Mortgage-Backed Securities	JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XB IO		25,419

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

	Asset-Backed Securities			Floating Rate Loans			Non-Agency Commercial Mortgage-Backed Securities
Balance as of January 1, 2017		$  99,474		$	923,403			$  707,721
Accrued Discounts (Premiums)		–			406			(9,930	)
Realized Gain (Loss)		–			1,271			–
Change in Unrealized Appreciation (Depreciation)		–			1,000			2,453
Net Purchases		–			828,984			482,043
Net Sales		–			(423,027	)		(160,000	)
Net Transfers into Level 3		–			70,789			–
Net Transfers out of Level 3		(99,474	)		–			(444,704	)
Balance as of June 30, 2017		$           –		$	1,402,826			$  577,583
Net change in unrealized appreciation/depreciation for period ended June 30, 2017 related to Level 3 investments held at June 30, 2017.		$           –		$	2,307			$      2,453

See Notes to Financial Statements. 41

Statement of Assets and Liabilities (unaudited) 

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $53,454,927)	$	53,543,131
Cash		1,666
Deposits with brokers for futures collateral		21,024
Receivables:
Interest		427,726
Investment securities sold		265,957
Capital shares sold		49,483
From advisor (See Note 3)		5,699
Total assets		54,314,686
LIABILITIES:
Payables:
Investment securities purchased		455,076
Management fee		15,394
Variation margin for futures contracts		1,979
Fund administration		1,759
Directors’ fees		1,342
Capital shares reacquired		222
Unrealized depreciation on forward foreign currency exchange contracts		928
Accrued expenses		95,746
Total liabilities		572,446
NET ASSETS	$	53,742,240
COMPOSITION OF NET ASSETS:
Paid-in capital	$	54,100,097
Undistributed net investment income		501,885
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(935,036	)
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		75,294
Net Assets	$	53,742,240
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		3,636,528
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	14.78

42 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Dividends	$	235
Interest and other (net of foreign withholding taxes of $149)		696,027
Total investment income		696,262
Expenses:
Management fee		85,822
Non 12b-1 service fees		61,399
Professional		27,056
Shareholder servicing		23,753
Fund administration		9,808
Reports to shareholders		9,004
Custody		8,441
Directors’ fees		590
Other		2,104
Gross expenses		227,977
Expense reductions (See Note 9)		(195	)
Fees waived and expenses reimbursed (See Note 3)		(31,617	)
Net expenses		196,165
Net investment income		500,097
Net realized and unrealized gain (loss):
Net realized gain on investments		26,503
Net realized gain on futures contracts and foreign currency related transactions		18,813
Net change in unrealized appreciation/depreciation on investments		161,187
Net change in unrealized appreciation/depreciation on futures contracts and translation of assets and liabilities denominated in foreign currencies		(12,325	)
Net realized and unrealized gain		194,178
Net Increase in Net Assets Resulting From Operations	$	694,275

See Notes to Financial Statements. 43

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2017 (unaudited)				For the Year Ended December 31, 2016
Operations:
Net investment income		$	500,097			$	664,907
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			45,316				(78,539	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies			148,862				247,087
Net increase in net assets resulting from operations			694,275				833,455
Distributions to shareholders from:
Net investment income			–				(1,192,100	)
Capital share transactions (See Note 14):
Proceeds from sales of shares			17,612,708				32,551,047
Reinvestment of distributions			–				1,192,100
Cost of shares reacquired			(11,783,341	)			(7,969,058	)
Net increase in net assets resulting from capital share transactions			5,829,367				25,774,089
Net increase in net assets			6,523,642				25,415,444
NET ASSETS:
Beginning of period		$	47,218,598			$	21,803,154
End of period		$	53,742,240			$	47,218,598
Undistributed net investment income		$	501,885			$	1,788

44 See Notes to Financial Statements.

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Financial Highlights

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations		Net investment income			Return of capital
6/30/2017(c)		$14.57		$0.15		$ 0.06			$0.21		$       –		$	–
12/31/2016		14.43		0.33		0.19			0.52		(0.38	)		–
12/31/2015		14.72		0.27		(0.21	)		0.06		(0.34	)		(0.01	)
12/31/2014(e)(f)		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)	Unaudited.
(d)	Not annualized.
(e)	Commencement of operations was 4/4/2014, SEC effective date was 4/14/2014 and date shares first became available to the public was 5/1/2014.
(f)	Net investment income, net realized and unrealized gain (loss) amounted to less than $.01 for the period 4/4/2014 through 4/14/2014.
(g)	Total return for the period 4/14/2014 through 12/31/2014 was also 0.22%.
(h)	Annualized.

46 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 (%)
	$      –		$	14.78		1.44	(d)		0.40	(d)		0.46	(d)		1.01	(d)	$	53,742		35.35	(d)
	(0.38	)		14.57		3.47			0.80			1.04			2.21			47,219		69.28
	(0.35	)		14.43		0.58			0.80			1.45			1.79			21,803		61.27
	(0.31	)		14.72		0.22	(d)(g)		0.80	(h)		2.02	(h)		1.61	(h)		7,680		102.97	(d)

See Notes to Financial Statements. 47

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 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

48 

Notes to Financial Statements (unaudited)(continued)

	observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.
(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remain open for the fiscal years ended December 31, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending on jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. Offering costs incurred by the Fund are amortized over a twelve month period beginning at the commencement of operations and are included in the Fund’s Statement of Operations.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if any, are included in Net realized loss on futures contracts and foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

49

Notes to Financial Statements (unaudited)(continued)

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts and translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain on futures contracts and foreign currency related transactions in the Fund’s Statement of Operations.
(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(i)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(j)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

50

Notes to Financial Statements (unaudited)(continued)

(k)	Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).
	The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.
	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of June 30, 2017, the Fund did not have unfunded loan commitments.
(l)	Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy 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:

51

Notes to Financial Statements (unaudited)(continued)

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

A summary of inputs used in valuing the Fund’s investments and other financial instruments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .22% 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 six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net operating expenses to an annual rate of .80%. This agreement may be terminated only upon the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

52

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

Six Months Ended 6/30/2017 (unaudited			)	Year Ended 12/31/2016
Distributions paid from:
Ordinary income	$	–		$	1,192,100
Total distributions paid	$	–		$	1,192,100

As of December 31, 2016, the Fund had a capital loss carryforward of $442,173, which will carry forward indefinitely.

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	53,994,032
Gross unrealized gain		245,614
Gross unrealized loss		(696,515	)
Net unrealized security gain	$	(450,901	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

U.S. Government Purchases	Non-U.S. Government Purchases	U.S. Government Sales	Non-U.S. Government Sales
$2,649,870	$22,668,285	$2,679,165	$14,015,161

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 period ended June 30, 2017, the Fund engaged in cross-trades purchases of $346,329.

53

Notes to Financial Statements (unaudited)(continued)

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the six months ended June 30, 2017 (as described in note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2017 (as described in note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2017, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds use of derivative instruments:

Asset Derivatives	Interest Rate Contracts		Foreign Currency Contracts
Futures Contracts(1)		$  4,555		$    –
Liability Derivatives
Futures Contracts(1)		$16,541		$    –
Forward Foreign Currency Exchange Contracts(2)		$         –		$928

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

54

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended June 30, 2017, were as follows:

	Interest Rate Contracts			Foreign Currency Contracts
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts		$          –			$    (112	)
Futures Contracts		$ 18,534			$         –
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts		$          –			$ (1,892	)
Futures Contracts		$(10,442	)		$         –
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)		$          –			$23,624
Futures Contracts(4)		66			–

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2017.
(1)	Statements of Operations location: Net realized gain on futures contracts, swaps and foreign currency related transactions.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.
(3)	Amount represents notional amounts in U.S. dollars.
(4)	Amount represents number of contracts.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$321,568	$	–		$321,568
Total		$321,568	$	–		$321,568

	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.	$321,568	$          –	$         –	$(321,568)	$          –
Total	$321,568	$          –	$         –	$(321,568)	$          –

55

Notes to Financial Statements (unaudited)(continued)

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$928	$	–		$928
Total		$928	$	–		$928

	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)
State Street Bank and Trust	$928	$          –	$          –	$          –	$928
Total	$928	$          –	$          –	$          –	$928

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2017.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2017.

8. DIRECTORS’ REMUNERATION  

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

9. EXPENSE REDUCTIONS  

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

10. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

56

Notes to Financial Statements (unaudited)(continued)

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 Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12. CUSTODIAN AND ACCOUNTING AGENT  

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

13. INVESTMENT RISKS  

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

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. 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,

57

Notes to Financial Statements (unaudited)(continued)

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.

The Fund may invest in mortgage-related securities, including those of such Government sponsored enterprises as Federal Home Loan Mortgage Corporation and Federal National Mortgage Association. 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.

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

58

Notes to Financial Statements (unaudited)(concluded)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2017 (unaudited		)	Year Ended December 31, 2016
Shares sold		1,199,734			2,190,614
Reinvestment of distributions		–			81,988
Shares reacquired		(804,200	)		(542,280	)
Increase		395,534			1,730,322

15. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Fund, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Fund’s net assets or results of operations.

59

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

60

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This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Short Duration Income Portfolio	SFSDI-PORT-3 (08/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the six-month period ended June 30, 2017

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
24	Statement of Assets and Liabilities
25	Statement of Operations
26	Statements of Changes in Net Assets
28	Financial Highlights
30	Notes to Financial Statements
39	Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio
Semiannual Report

For the six-month period ended June 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Director, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Total Return Portfolio for the six-month period ended June 30, 2017. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Daria L. Foster Director, President and Chief Executive Officer  

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2017 through June 30, 2017).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/17 – 6/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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†
			1/1/17 -
	1/1/17	6/30/17	6/30/17
Class VC
Actual	$1,000.00	$1,025.60	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.62	$3.21

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2017

Sector*	%**
Auto	0.55%
Basic Industry	0.05%
Capital Goods	0.06%
Consumer Cyclical	0.91%
Consumer Discretionary	0.47%
Consumer Services	1.52%
Consumer Staples	0.61%
Energy	2.26%
Financial Services	26.84%
Foreign Government	2.33%
Health Care	0.81%
Integrated Oils	0.33%
Materials & Processing	2.37%
Municipal	1.08%
Producer Durables	0.40%
Technology	1.26%
Telecommunications	0.94%
Transportation	0.37%
U.S Government	54.95%
Utilities	1.08%
Repurchase Agreement	0.81%
Total	100.00%

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

3

Schedule of Investments (unaudited)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
LONG-TERM INVESTMENTS 111.49%
ASSET-BACKED SECURITIES 18.80%
Automobiles 8.96%
Ally Auto Receivables Trust 2014-A†	0.63%	4/15/2019	$	663	$	661,167
American Credit Acceptance Receivables Trust 2015-1 C†	4.29%	4/12/2021		717		728,444
AmeriCredit Automobile Receivables Trust 2013-5 D	2.86%	12/9/2019		656		661,804
AmeriCredit Automobile Receivables Trust 2014-1 C	2.15%	3/9/2020		402		403,219
AmeriCredit Automobile Receivables Trust 2014-4 A3	1.27%	7/8/2019		222		222,076
AmeriCredit Automobile Receivables Trust 2015-2 C	2.40%	1/8/2021		1,977		1,993,016
AmeriCredit Automobile Receivables Trust 2015-3 A3	1.54%	3/9/2020		421		420,771
AmeriCredit Automobile Receivables Trust 2016-2 A2A	1.42%	10/8/2019		127		126,522
AmeriCredit Automobile Receivables Trust 2016-4 A2A	1.34%	4/8/2020		358		358,016
AmeriCredit Automobile Receivables Trust 2017-2 A2A	1.65%	9/18/2020		1,956		1,955,745
Avis Budget Rental Car Funding AESOP LLC 2012-3A A†	2.10%	3/20/2019		525		526,032
Avis Budget Rental Car Funding AESOP LLC 2013-1A A†	1.92%	9/20/2019		1,070		1,069,769
Avis Budget Rental Car Funding AESOP LLC 2013-2A A†	2.97%	2/20/2020		535		540,638
Avis Budget Rental Car Funding AESOP LLC 2014-1A A†	2.46%	7/20/2020		592		593,836
California Republic Auto Receivables Trust 2014-3 B	2.66%	8/17/2020		376		379,157
California Republic Auto Receivables Trust 2015-2 B	2.53%	6/15/2021		908		913,147
California Republic Auto Receivables Trust 2015-3 B	2.70%	9/15/2021		120		121,151
California Republic Auto Receivables Trust 2016-1 A2	1.50%	12/17/2018		110		109,875
California Republic Auto Receivables Trust 2016-2 A3	1.56%	7/15/2020		183		182,845
Capital Auto Receivables Asset Trust 2014-3 B†	2.35%	7/22/2019		938		941,582

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Automobiles (continued)
Capital Auto Receivables Asset Trust 2015-1 A3	1.61%	6/20/2019	$	515	$	514,772
Capital Auto Receivables Asset Trust 2015-2 A2	1.39%	9/20/2018		100		99,665
Capital Auto Receivables Asset Trust 2016-2 A3	1.46%	6/22/2020		368		367,795
CarMax Auto Owner Trust 2014-1 A4	1.32%	7/15/2019		317		316,751
CarMax Auto Owner Trust 2015-2 A3	1.37%	3/16/2020		149		149,335
CarMax Auto Owner Trust 2015-4 A3	1.56%	11/16/2020		382		381,737
CarMax Auto Owner Trust 2016-1 A2A	1.30%	4/15/2019		201		200,787
CarMax Auto Owner Trust 2016-3 A2	1.17%	8/15/2019		512		511,651
CarMax Auto Owner Trust 2016-3 A3	1.39%	5/17/2021		553		550,353
CarMax Auto Owner Trust 2016-4 A2	1.21%	11/15/2019		339		338,755
Chesapeake Funding II LLC 2016-2A A1†	1.88%	6/15/2028		781		779,773
Chrysler Capital Auto Receivables Trust 2014-BA A3†	1.27%	5/15/2019		17		17,420
Chrysler Capital Auto Receivables Trust 2014-BA D†	3.44%	8/16/2021		367		370,299
Chrysler Capital Auto Receivables Trust 2016-AA A2†	1.47%	4/15/2019		117		116,734
Chrysler Capital Auto Receivables Trust 2016-AA B†	2.88%	2/15/2022		195		197,090
Chrysler Capital Auto Receivables Trust 2016-AA C†	3.25%	6/15/2022		134		134,010
CPS Auto Receivables Trust 2016-B D†	6.58%	3/15/2022		150		160,890
Drive Auto Receivables Trust 2015-AA C†	3.06%	5/17/2021		204		205,376
Drive Auto Receivables Trust 2015-DA C†	3.38%	11/15/2021		585		590,731
Drive Auto Receivables Trust 2015-DA D†	4.59%	1/17/2023		607		627,898
Drive Auto Receivables Trust 2016-BA A3†	1.67%	7/15/2019		280		280,385
Drive Auto Receivables Trust 2016-CA B†	2.37%	11/16/2020		284		284,330
Drive Auto Receivables Trust 2016-CA C†	3.02%	11/15/2021		756		759,627
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		180		183,917
Drive Auto Receivables Trust 2017-AA B†	2.51%	1/15/2021		535		537,163
Drive Auto Receivables Trust 2017-AA D†	4.16%	5/15/2024		447		454,806
Enterprise Fleet Financing LLC 2017-1 A2†	2.13%	7/20/2022		550		551,110
First Investors Auto Owner Trust 2013-2A D†	3.58%	6/15/2020		261		261,897
First Investors Auto Owner Trust 2015-2A A1†	1.59%	12/16/2019		157		157,223
First Investors Auto Owner Trust 2016-2A A1†	1.53%	11/16/2020		353		352,883
Ford Credit Auto Owner Trust 2014-C A3	1.06%	5/15/2019		300		299,615
Ford Credit Auto Owner Trust 2016-B A2A	1.08%	3/15/2019		457		456,960
Ford Credit Auto Owner Trust 2016-C A2A	1.04%	9/15/2019		677		676,005
Foursight Capital Automobile Receivables Trust 2016-1 A2†	2.87%	10/15/2021		575		578,239
Harley-Davidson Motorcycle Trust 2015-2 A4	1.66%	12/15/2022		299		299,095
Honda Auto Receivables Owner Trust 2014-4 A3	0.99%	9/17/2018		240		239,933
Honda Auto Receivables Owner Trust 2015-1 A3	1.05%	10/15/2018		300		299,641
Honda Auto Receivables Owner Trust 2016-4 A2	1.04%	4/18/2019		670		668,603

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Automobiles (continued)
Mercedes-Benz Auto Lease Trust 2016-A A2A	1.34%		7/16/2018	$	349	$	349,324
Mercedes-Benz Auto Receivables Trust 2016-1 A2A	1.11%		3/15/2019		978		976,895
Santander Drive Auto Receivables Trust 2014-2 C	2.33%		11/15/2019		261		261,860
Santander Drive Auto Receivables Trust 2014-3 C	2.13%		8/17/2020		1,398		1,400,053
Santander Drive Auto Receivables Trust 2014-4 C	2.60%		11/16/2020		585		587,649
Santander Drive Auto Receivables Trust 2015-1 C	2.57%		4/15/2021		1,924		1,935,447
Santander Drive Auto Receivables Trust 2015-5 A3	1.58%		9/16/2019		134		133,631
Santander Drive Auto Receivables Trust 2016-2 A2A	1.38%		7/15/2019		99		98,754
Santander Drive Auto Receivables Trust 2016-2 B	2.08%		2/16/2021		190		190,434
Santander Drive Auto Receivables Trust 2016-3 A2	1.34%		11/15/2019		350		350,156
Santander Drive Auto Receivables Trust 2016-3 B	1.89%		6/15/2021		264		263,680
Santander Drive Auto Receivables Trust 2017-2 A2	1.60%		3/16/2020		2,006		2,005,398
Santander Drive Auto Receivables Trust 2017-2 D	3.49%		7/17/2023		808		808,911
SunTrust Auto Receivables Trust 2015-1A A3†	1.42%		9/16/2019		1,192		1,191,786
SunTrust Auto Receivables Trust 2015-1A D†	3.24%		1/16/2023		754		739,488
TCF Auto Receivables Owner Trust 2014-1A A4†	1.56%		1/15/2020		914		913,196
TCF Auto Receivables Owner Trust 2015-1A A3†	1.49%		12/16/2019		529		528,643
TCF Auto Receivables Owner Trust 2015-1A B†	2.49%		4/15/2021		791		794,908
TCF Auto Receivables Owner Trust 2016-PT1A B†	2.92%		10/17/2022		443		442,500
Toyota Auto Receivables Owner Trust 2016-B A2A	1.02%		10/15/2018		259		258,786
Volkswagen Auto Loan Enhanced Trust 2014-1 A4	1.45%		9/21/2020		897		896,541
Wheels SPV 2 LLC 2016-1A A2†	1.59%		5/20/2025		829		829,178
Total							42,839,284
Credit Cards 3.10%
BA Credit Card Trust 2015-A1 A	1.489%	#	6/15/2020		3,682		3,688,073
Capital One Multi-Asset Execution Trust 2015-A1	1.39%		1/15/2021		370		369,870
Chase Issuance Trust 2014-A6	1.26%		7/15/2019		800		799,960
Chase Issuance Trust 2015-A2	1.59%		2/18/2020		2,831		2,833,795
Citibank Credit Card Issuance Trust 2007-A8	5.65%		9/20/2019		839		846,451
Citibank Credit Card Issuance Trust 2017-A5	1.836%	#	4/22/2026		698		702,498
Discover Card Execution Note Trust 2013-A1	1.459%	#	8/17/2020		3,126		3,130,014
Discover Card Execution Note Trust 2017-A4	2.53%		10/15/2026		562		561,081
World Financial Network Credit Card Master Trust 2015-A A	1.639%	#	2/15/2022		1,863		1,867,992
Total							14,799,734
Home Equity 0.07%
Asset Backed Securities Corp. Home Equity Loan Trust Series NC 2006-HE4 A5	1.376%	#	5/25/2036		30		29,452

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Home Equity (continued)
Meritage Mortgage Loan Trust 2004-2 M3	2.191%	#	1/25/2035	$	258	$	255,409
New Century Home Equity Loan Trust 2005-A A6	4.568%		8/25/2035		39		39,365
Total							324,226
Other 6.67%
Ally Master Owner Trust 2012-4 A	1.72%		7/15/2019		821		821,010
Ally Master Owner Trust 2012-5 A	1.54%		9/15/2019		1,586		1,586,370
Ally Master Owner Trust 2014-5 A2	1.60%		10/15/2019		1,114		1,114,288
Apidos CLO XVI 2013-16A CR†	4.209%	#	1/19/2025		250		249,663
Apollo Credit Funding IV Ltd. 4A A1†	2.628%	#	4/15/2027		1,000		1,003,207
Ascentium Equipment Receivables Trust 2016-2A A2†	1.46%		4/10/2019		268		268,159
Ascentium Equipment Receivables Trust 2016-2A A3†	1.65%		5/10/2022		283		281,207
Ascentium Equipment Receivables Trust 2016-2A B†	2.50%		9/12/2022		182		182,464
Ascentium Equipment Receivables Trust 2017-1A A2†	1.87%		7/10/2019		608		608,148
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		183		183,238
Birchwood Park CLO Ltd. 2014-1A AR†	2.338%	#	7/15/2026		1,000		1,001,884
BlueMountain CLO Ltd. 2014-4A A1R†	2.55%	#	11/30/2026		1,000		1,002,206
Carlyle Global Market Strategies CLO Ltd. 2013-2A A1†	2.308%	#	4/18/2025		400		400,596
Carlyle Global Market Strategies CLO Ltd. 2013-4A A2R†	2.678%	#	10/15/2025		350		352,123
Carlyle Global Market Strategies CLO Ltd. 2015-2A A1†	2.64%	#	4/27/2027		850		851,596
Cent CLO Ltd. 2013-19A A1A†	2.50%	#	10/29/2025		850		850,983
CNH Equipment Trust 2014-C A3	1.05%		11/15/2019		142		141,733
CNH Equipment Trust 2016-A A2B	1.679%	#	7/15/2019		233		233,094
Dell Equipment Finance Trust 2015-2 A3†	1.72%		9/22/2020		224		224,219
Dell Equipment Finance Trust 2016-1 A3†	1.65%		7/22/2021		100		100,012
Dell Equipment Finance Trust 2017-1 A1†	1.35%		5/22/2018		1,749		1,749,919
Dell Equipment Finance Trust 2017-1 A2†	1.86%		6/24/2019		186		186,062
Diamond Resorts Owner Trust 2013-1 A†	1.95%		1/20/2025		155		153,679
Diamond Resorts Owner Trust 2015-2 A†	2.99%		5/22/2028		207		204,546
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		154		155,860
DRB Prime Student Loan Trust 2015-D A2†	3.20%		1/25/2040		741		747,879
Engs Commercial Finance Trust 2015-1A A2†	2.31%		10/22/2021		599		597,520

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Other (continued)
Ford Credit Floorplan Master Owner Trust A 2014-4 A1	1.40%		8/15/2019	$	845	$	845,011
Fortress Credit BSL Ltd. 2013-1A A†	2.338%	#	1/19/2025		769		770,376
GMF Floorplan Owner Revolving Trust 2015-1 B†	1.97%		5/15/2020		394		394,460
Hempstead CLO LP 2013-1A A1†	2.658%	#	1/15/2026		1,000		1,001,077
Jackson Mill CLO Ltd. 2015-1A A†	2.698%	#	4/15/2027		350		352,032
JFIN Revolver CLO Ltd. 2015-4A A†	2.303%	#	4/22/2020		224		223,554
John Deere Owner Trust 2014-A A3	0.92%		4/16/2018		6		5,654
Leaf Receivables Funding 10 LLC 2015-1 A4†	2.03%		8/17/2020		535		535,022
Macquarie Equipment Funding Trust 2014-A A3†	1.23%		7/20/2021		156		155,668
Marathon CLO IV Ltd. 2012-4A A1†	2.562%	#	5/20/2023		194		194,275
NCF Dealer Floorplan Master Trust 2016-1A B†	6.712%	#	3/21/2022		178		175,230
NCF Dealer Floorplan Master Trust 2016-1A C†	9.712%	#	3/21/2022		698		701,867
NextGear Floorplan Master Owner Trust 2015-1A A†	1.80%		7/15/2019		410		410,035
Oaktree EIF I Series Ltd. 2015-A1 B†	3.758%	#	10/18/2027		900		903,250
Oaktree EIF II Series Ltd. 2014-A2 AR†	2.332%	#	11/15/2025		500		499,960
Oaktree EIF II Series Ltd. 2014-A2 BR†	2.882%	#	11/15/2025		900		903,921
OneMain Financial Issuance Trust 2016-1A A†	3.66%		2/20/2029		315		322,553
OneMain Financial Issuance Trust 2016-2A B†	5.94%		3/20/2028		100		104,610
OZLM Funding Ltd. 2012-1A A1R†	2.673%	#	7/22/2027		1,400		1,414,678
OZLM Funding Ltd. 2012-1A A2R†	3.503%	#	7/22/2027		750		752,709
Regatta IV Funding Ltd. 2014-1A DR†(a)	4.614%	#	7/25/2026		600		600,000
SLM Private Education Loan Trust 2010-A 2A†	4.409%	#	5/16/2044		30		31,085
SLM Student Loan Trust 2011-1 A1	1.736%	#	3/25/2026		22		22,032
Tryon Park CLO Ltd. 2013-1A A1†	2.278%	#	7/15/2025		800		799,533
Venture XVIII CLO Ltd. 2014-18A A†	2.608%	#	10/15/2026		500		500,393
Wells Fargo Dealer Floorplan Master Note Trust 2014-1 A	1.592%	#	7/20/2019		3,991		3,991,496
Total							31,862,146
Total Asset-Backed Securities (cost $89,676,421)							89,825,390
CORPORATE BONDS 24.49%
Aerospace/Defense 0.00%
Embraer SA (Brazil)(b)	5.15%		6/15/2022		10		10,588
Air Transportation 0.06%
Air Canada (Canada)†(b)	7.75%		4/15/2021		70		80,500
American Airlines 2013-2 Class B Pass-Through Trust†	5.60%		1/15/2022		177		185,501
Total							266,001

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Auto Parts: Original Equipment 0.06%
International Automotive Components Group SA (Luxembourg)†(b)	9.125%		6/1/2018	$	280	$	273,350
Automotive 0.56%
Aston Martin Capital Holdings Ltd. (Jersey)†(b)	6.50%		4/15/2022		200		208,750
Ford Motor Co.	7.45%		7/16/2031		711		901,154
General Motors Co.	6.60%		4/1/2036		1,339		1,557,246
Total							2,667,150
Banks: Regional 5.41%
Akbank TAS (Turkey)†(b)	7.20%	#	3/16/2027		200		208,110
Banco de Bogota SA (Colombia)†(b)	6.25%		5/12/2026		400		427,048
Banco de Credito e Inversiones (Chile)†(b)	4.00%		2/11/2023		400		416,809
Bank of America Corp.	3.824%	#	1/20/2028		1,030		1,049,247
Bank of America Corp.	3.95%		4/21/2025		250		253,586
Bank of America Corp.	4.00%		1/22/2025		728		741,461
Bank of America Corp.	4.45%		3/3/2026		315		328,454
Citigroup, Inc.	3.887%	#	1/10/2028		1,065		1,083,721
Citigroup, Inc.	5.50%		9/13/2025		1,389		1,547,313
First Republic Bank	4.625%		2/13/2047		418		431,730
Goldman Sachs Group, Inc. (The)	6.25%		2/1/2041		338		442,973
Goldman Sachs Group, Inc. (The)	6.75%		10/1/2037		1,123		1,463,625
Intesa Sanpaolo SpA (Italy)†(b)	5.71%		1/15/2026		523		553,184
JPMorgan Chase & Co.	2.383%	#	10/24/2023		1,147		1,165,234
JPMorgan Chase & Co.	3.54%	#	5/1/2028		553		556,737
JPMorgan Chase & Co.	3.782%	#	2/1/2028		752		770,013
JPMorgan Chase & Co.	3.90%		7/15/2025		559		583,602
Morgan Stanley	2.373%	#	5/8/2024		1,042		1,048,231
Morgan Stanley	3.875%		1/27/2026		698		719,429
Morgan Stanley	4.00%		7/23/2025		770		804,578
Morgan Stanley	7.25%		4/1/2032		84		114,938
Santander UK Group Holdings plc (United Kingdom)†(b)	4.75%		9/15/2025		545		566,148
Santander UK plc (United Kingdom)†(b)	5.00%		11/7/2023		223		239,818
Santander UK plc (United Kingdom)(b)	7.95%		10/26/2029		902		1,143,767
Toronto-Dominion Bank (The) (Canada)(b)	3.625%	#	9/15/2031		1,324		1,315,816
Turkiye Garanti Bankasi AS (Turkey)†(b)	6.125%	#	5/24/2027		475		471,541
Turkiye Garanti Bankasi AS (Turkey)†(b)	6.25%		4/20/2021		200		212,415
UBS Group Funding Switzerland AG (Switzerland)†(b)	4.125%		4/15/2026		672		702,180

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banks: Regional (continued)
UBS Group Funding Switzerland AG (Switzerland)†(b)	4.125%		9/24/2025	$	1,356	$	1,423,024
Wachovia Corp.	7.574%	#	8/1/2026		596		766,951
Wells Fargo & Co.	3.00%		10/23/2026		914		891,182
Wells Fargo Bank NA	5.85%		2/1/2037		1,580		1,978,800
Wells Fargo Bank NA	6.60%		1/15/2038		437		597,650
Westpac Banking Corp. (Australia)(b)	4.322%	#	11/23/2031		812		833,928
Total							25,853,243
Beverages 0.48%
Anheuser-Busch InBev Finance, Inc.	4.70%		2/1/2036		1,264		1,400,758
Becle SAB de CV (Mexico)†(b)	3.75%		5/13/2025		350		349,998
Central American Bottling Corp. (Guatemala)†(b)	5.75%		1/31/2027		205		217,075
Corporacion Lindley SA (Peru)†(b)	4.625%		4/12/2023		27		28,215
Fomento Economico Mexicano SAB de CV (Mexico)(b)	4.375%		5/10/2043		300		307,157
Total							2,303,203
Building Materials 0.30%
Standard Industries, Inc.†	5.50%		2/15/2023		272		287,640
Standard Industries, Inc.†	6.00%		10/15/2025		1,086		1,167,450
Total							1,455,090
Business Services 0.21%
Adani Ports & Special Economic Zone Ltd. (India)†(b)	4.00%		7/30/2027		275		273,197
Brand Energy & Infrastructure Services, Inc.†	8.50%		7/15/2025		231		239,663
Rent-A-Center, Inc.	4.75%		5/1/2021		528		480,480
Total							993,340
Chemicals 0.71%
Blue Cube Spinco, Inc.	10.00%		10/15/2025		1,043		1,288,105
Chemours Co. (The)	7.00%		5/15/2025		269		294,555
Equate Petrochemical BV (Netherlands)†(b)	4.25%		11/3/2026		700		711,200
GCP Applied Technologies, Inc.†	9.50%		2/1/2023		94		106,925
Mexichem SAB de CV (Mexico)†(b)	4.875%		9/19/2022		205		218,581
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%		4/1/2025		108		111,780
Tronox Finance LLC†	7.50%		3/15/2022		500		517,500
Valvoline, Inc.†	5.50%		7/15/2024		116		122,960
Total							3,371,606

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Coal 0.04%
Peabody Energy Corp.†	6.00%	3/31/2022	$	79	$	78,704
Peabody Energy Corp.†	6.375%	3/31/2025		130		128,537
Total						207,241
Computer Hardware 0.30%
Dell International LLC/EMC Corp.†	6.02%	6/15/2026		563		621,267
Dell International LLC/EMC Corp.†	7.125%	6/15/2024		294		323,336
Dell International LLC/EMC Corp.†	8.10%	7/15/2036		392		494,461
Total						1,439,064
Computer Software 0.19%
Camelot Finance SA (Luxembourg)†(b)	7.875%	10/15/2024		141		152,280
Oracle Corp.	6.125%	7/8/2039		567		744,424
Total						896,704
Construction/Homebuilding 0.13%
AV Homes, Inc.†	6.625%	5/15/2022		95		98,088
Century Communities, Inc.†	5.875%	7/15/2025		365		364,087
PulteGroup, Inc.	7.875%	6/15/2032		124		145,080
Total						607,255
Containers 0.06%
BWAY Holding Co.†	7.25%	4/15/2025		295		300,163
Drugs 0.17%
Capsugel SA PIK (Luxembourg)†(b)	7.00%	5/15/2019		835		835,000
Electric: Power 1.06%
AES Gener SA (Chile)†(b)	5.00%	7/14/2025		400		411,735
Appalachian Power Co.	7.00%	4/1/2038		529		735,597
Berkshire Hathaway Energy Co.	6.50%	9/15/2037		560		755,137
Dominion Energy, Inc.	7.00%	6/15/2038		266		355,915
Exelon Generation Co. LLC	5.60%	6/15/2042		390		393,394
Exelon Generation Co. LLC	6.25%	10/1/2039		692		758,249
FirstEnergy Corp.	4.85%	7/15/2047		186		189,266
Massachusetts Electric Co.†	4.004%	8/15/2046		501		507,633
Orazul Energy Egenor S en C por A (Peru)†(b)	5.625%	4/28/2027		574		562,520
Origin Energy Finance Ltd. (Australia)†(b)	3.50%	10/9/2018		375		379,433
Total						5,048,879
Electrical Equipment 0.07%
Xilinx, Inc.	2.95%	6/1/2024		345		346,155

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Engineering & Contracting Services 0.30%
Aeropuertos Dominicanos Siglo XXI SA (Dominican Republic)†(b)	6.75%	3/30/2029	$	295	$	320,815
China Railway Resources Huitung Ltd. (Hong Kong)(b)	3.85%	2/5/2023		900		932,835
Mexico City Airport Trust (Mexico)†(b)	4.25%	10/31/2026		200		205,554
Total						1,459,204
Entertainment 0.49%
AMC Entertainment Holdings, Inc.	5.75%	6/15/2025		448		467,040
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op†	5.375%	4/15/2027		414		438,840
Eldorado Resorts, Inc.	7.00%	8/1/2023		100		108,500
Jacobs Entertainment, Inc.†	7.875%	2/1/2024		445		483,938
Mohegan Gaming & Entertainment†	7.875%	10/15/2024		439		458,206
Seminole Tribe of Florida, Inc.†	6.535%	10/1/2020		390		399,750
Total						2,356,274
Financial Services 1.47%
Affiliated Managers Group, Inc.	3.50%	8/1/2025		125		124,857
Affiliated Managers Group, Inc.	4.25%	2/15/2024		248		259,829
Discover Financial Services	4.10%	2/9/2027		1,061		1,064,991
Intelsat Connect Finance SA (Luxembourg)†(b)	12.50%	4/1/2022		322		292,215
International Lease Finance Corp.	5.875%	4/1/2019		1,433		1,522,636
Nationstar Mortgage LLC/Nationstar Capital Corp.	7.875%	10/1/2020		367		377,322
Navient Corp.	6.625%	7/26/2021		1,015		1,094,931
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.50%	3/15/2027		343		359,752
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		175		170,724
OM Asset Management plc (United Kingdom)(b)	4.80%	7/27/2026		489		493,406
Scottrade Financial Services, Inc.†	6.125%	7/11/2021		868		986,463
SURA Asset Management SA (Colombia)†(b)	4.375%	4/11/2027		280		283,500
Total						7,030,626
Food 0.18%
Arcor SAIC (Argentina)†(b)	6.00%	7/6/2023		297		316,305
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		305		323,300
Gruma SAB de CV (Mexico)†(b)	4.875%	12/1/2024		200		217,250
Total						856,855

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Health Care Services 0.74%
Acadia Healthcare Co., Inc.	5.625%	2/15/2023	$	59	$	61,323
Ascension Health	3.945%	11/15/2046		265		269,516
CHS/Community Health Systems, Inc.	6.25%	3/31/2023		472		489,039
HCA, Inc.	5.50%	6/15/2047		390		404,625
Kaiser Foundation Hospitals	4.15%	5/1/2047		366		380,780
MPH Acquisition Holdings LLC†	7.125%	6/1/2024		97		103,669
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		496		497,485
NYU Hospitals Center	4.368%	7/1/2047		85		89,145
Tenet Healthcare Corp.	8.125%	4/1/2022		293		312,045
WellCare Health Plans, Inc.	5.25%	4/1/2025		866		909,300
Total						3,516,927
Household Equipment/Products 0.14%
Central Garden & Pet Co.	6.125%	11/15/2023		513		548,910
Kimberly-Clark de Mexico SAB de CV (Mexico)†(b)	3.80%	4/8/2024		100		101,130
Total						650,040
Insurance 0.52%
American International Group, Inc.	4.70%	7/10/2035		380		405,511
Lincoln National Corp.	6.30%	10/9/2037		100		123,331
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044		945		1,061,675
Unum Group	5.75%	8/15/2042		250		297,920
Willis North America, Inc.	7.00%	9/29/2019		524		576,370
Total						2,464,807
Leisure 0.37%
Carlson Travel, Inc.†	6.75%	12/15/2023		236		240,720
Carnival plc	7.875%	6/1/2027		277		360,431
Royal Caribbean Cruises Ltd.	7.50%	10/15/2027		880		1,151,726
Silversea Cruise Finance Ltd.†	7.25%	2/1/2025		8		8,570
Total						1,761,447
Machinery: Industrial/Specialty 0.06%
SPX FLOW, Inc.†	5.625%	8/15/2024		300		310,500
Machinery: Oil Well Equipment & Services 0.09%
BlueLine Rental Finance Corp./BlueLine Rental LLC†	9.25%	3/15/2024		429		447,233
Manufacturing 0.38%
Gates Global LLC/Gates Global Co.†	6.00%	7/15/2022		558		562,185
Koppers, Inc.†	6.00%	2/15/2025		173		184,245

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date		(000)		Value
Manufacturing (continued)
Siemens Financieringsmaatschappij NV (Netherlands)†(b)	3.40%	3/16/2027	$	876	$	896,428
Trinity Industries, Inc.	4.55%	10/1/2024		177		178,957
Total						1,821,815
Media 1.71%
21st Century Fox America, Inc.	6.90%	8/15/2039		753		998,310
Block Communications, Inc.†	6.875%	2/15/2025		486		522,450
Cablevision Systems Corp.	5.875%	9/15/2022		453		477,349
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%	2/15/2026		178		190,905
Comcast Corp.	6.95%	8/15/2037		489		691,888
Cox Communications, Inc.†	8.375%	3/1/2039		782		1,040,448
CSC Holdings LLC†	10.875%	10/15/2025		206		248,487
DISH DBS Corp.	7.75%	7/1/2026		397		471,437
Grupo Televisa SAB (Mexico)(b)	6.625%	1/15/2040		335		389,905
Myriad International Holdings BV (Netherlands)†(b)	5.50%	7/21/2025		350		374,937
SFR Group SA (France)†(b)	6.00%	5/15/2022		500		523,750
Time Warner Cable LLC	7.30%	7/1/2038		1,032		1,324,366
Time Warner Entertainment Co. LP	8.375%	7/15/2033		245		337,492
Univision Communications, Inc.†	5.125%	2/15/2025		24		23,850
VTR Finance BV (Netherlands)†(b)	6.875%	1/15/2024		507		538,687
Total						8,154,261
Metal Fabricating 0.03%
Grinding Media, Inc./MC Grinding Media Canada, Inc.†	7.375%	12/15/2023		130		141,700
Metals & Minerals: Miscellaneous 1.13%
Aleris International, Inc.†	9.50%	4/1/2021		160		165,326
Barrick Gold Corp. (Canada)(b)	4.10%	5/1/2023		91		98,566
Barrick International Barbados Corp. (Barbados)†(b)	6.35%	10/15/2036		158		186,751
Corp. Nacional del Cobre de Chile (Chile)†(b)	4.50%	9/16/2025		1,200		1,284,121
Freeport-McMoRan, Inc.	3.875%	3/15/2023		490		458,150
Glencore Finance Canada Ltd. (Canada)†(b)	6.00%	11/15/2041		777		860,730
Hudbay Minerals, Inc. (Canada)†(b)	7.25%	1/15/2023		72		74,610
Hudbay Minerals, Inc. (Canada)†(b)	7.625%	1/15/2025		107		112,617
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)†(b)	6.625%	10/14/2022		440		494,135
New Gold, Inc. (Canada)†(b)	6.25%	11/15/2022		644		664,930
Teck Resources Ltd. (Canada)(b)	4.75%	1/15/2022		948		985,920
Total						5,385,856

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Natural Gas 0.17%
Dominion Energy Gas Holdings LLC	4.60%		12/15/2044	$	776	$	815,157
Oil 1.50%
Afren plc (United Kingdom)†(b)(c)	6.625%		12/9/2020		244		1,268
Delek & Avner Tamar Bond Ltd. (Israel)†(b)	5.412%		12/30/2025		137		142,309
Eni SpA (Italy)†(b)	5.70%		10/1/2040		1,650		1,735,891
EP Energy LLC/Everest Acquisition Finance, Inc.†	8.00%		11/29/2024		805		807,012
Gazprom OAO via Gaz Capital SA (Luxembourg)†(b)	4.95%		2/6/2028		200		201,693
Kerr-McGee Corp.	7.875%		9/15/2031		528		680,499
MEG Energy Corp. (Canada)†(b)	7.00%		3/31/2024		450		352,125
Petrobras Global Finance BV (Netherlands)(b)	4.375%		5/20/2023		358		338,489
Petrobras Global Finance BV (Netherlands)(b)	7.25%		3/17/2044		376		371,112
Petroleos Mexicanos (Mexico)(b)	4.50%		1/23/2026		489		476,545
Precision Drilling Corp. (Canada)†(b)	7.75%		12/15/2023		196		194,040
Pertamina Persero PT (Indonesia)†(b)	5.625%		5/20/2043		200		207,416
Raizen Fuels Finance SA (Luxembourg)†(b)	5.30%		1/20/2027		200		203,250
Shell International Finance BV (Netherlands)(b)	6.375%		12/15/2038		161		214,890
Sinopec Group Overseas Development Ltd.†	4.375%		10/17/2023		364		388,215
Valero Energy Corp.	10.50%		3/15/2039		327		531,394
YPF SA (Argentina)†(b)	8.50%		7/28/2025		281		317,249
Total							7,163,397
Oil: Crude Producers 0.74%
Energy Transfer LP	7.50%		7/1/2038		959		1,167,683
GNL Quintero SA (Chile)†(b)	4.634%		7/31/2029		200		208,000
IFM US Colonial Pipeline 2 LLC†	6.45%		5/1/2021		370		399,327
Kinder Morgan, Inc.	7.75%		1/15/2032		1,313		1,655,017
Regency Energy Partners LP/Regency Energy Finance Corp.	5.00%		10/1/2022		23		24,692
Tennessee Gas Pipeline Co. LLC	8.375%		6/15/2032		67		83,555
Total							3,538,274
Oil: Integrated Domestic 0.37%
FTS International, Inc.†	8.746%	#	6/15/2020		586		587,465
Halliburton Co.	6.70%		9/15/2038		114		146,620
Halliburton Co.	7.45%		9/15/2039		227		309,875
Oceaneering International, Inc.	4.65%		11/15/2024		152		150,145
Transocean Proteus Ltd.†	6.25%		12/1/2024		362		370,999
Trinidad Drilling Ltd. (Canada)†(b)	6.625%		2/15/2025		204		194,310
Total							1,759,414

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Real Estate Investment Trusts 1.08%
EPR Properties	4.75%	12/15/2026	$	700	$	720,695
EPR Properties	5.25%	7/15/2023		1,150		1,230,683
Equinix, Inc.	5.875%	1/15/2026		207		226,212
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.	5.625%	5/1/2024		195		213,525
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)†(b)	3.875%	3/20/2027		875		897,914
Physicians Realty LP	4.30%	3/15/2027		193		195,990
VEREIT Operating Partnership LP	3.00%	2/6/2019		1,669		1,686,424
Total						5,171,443
Retail 0.66%
FirstCash, Inc.†	5.375%	6/1/2024		259		271,303
L Brands, Inc.	6.875%	11/1/2035		703		681,910
New Albertson’s, Inc.	7.45%	8/1/2029		273		266,175
PetSmart, Inc.†	5.875%	6/1/2025		475		460,156
PetSmart, Inc.†	7.125%	3/15/2023		367		327,548
PF Chang’s China Bistro, Inc.†	10.25%	6/30/2020		451		461,147
PVH Corp.	7.75%	11/15/2023		561		667,590
Total						3,135,829
Steel 0.07%
Cliffs Natural Resources, Inc.†	5.75%	3/1/2025		134		126,965
Vale Overseas Ltd. (Brazil)(b)	6.875%	11/10/2039		188		202,570
Total						329,535
Technology 0.92%
Alibaba Group Holding Ltd. (China)(b)	3.60%	11/28/2024		965		995,532
Amazon.com, Inc.	4.80%	12/5/2034		1,388		1,604,341
Baidu, Inc. (China)(b)	3.50%	11/28/2022		665		683,728
Netflix, Inc.†	4.375%	11/15/2026		605		605,000
Tencent Holdings Ltd. (China)†(b)	3.375%	5/2/2019		510		521,972
Total						4,410,573
Telecommunications 1.05%
AT&T, Inc.	5.25%	3/1/2037		134		143,354
AT&T, Inc.	6.00%	8/15/2040		1,281		1,452,833
AT&T, Inc.	6.50%	9/1/2037		668		804,058
CommScope Technologies LLC†	5.00%	3/15/2027		278		278,000
Millicom International Cellular SA (Luxembourg)†(b)	4.75%	5/22/2020		200		205,376
MTN Mauritius Investment Ltd. (Mauritius)†(b)	4.755%	11/11/2024		200		193,250

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Telecommunications (continued)
Ooredoo International Finance Ltd.†	3.75%		6/22/2026	$	300	$	296,580
Sprint Corp.	7.125%		6/15/2024		745		830,675
Verizon Communications, Inc.†	4.812%		3/15/2039		250		253,856
Verizon Communications, Inc.	5.05%		3/15/2034		350		371,948
VimpelCom Holdings BV (Netherlands)†(b)	5.95%		2/13/2023		200		213,000
Total							5,042,930
Transportation: Miscellaneous 0.35%
Autoridad del Canal de Panama (Panama)†(b)	4.95%		7/29/2035		200		219,000
Empresa de Transporte de Pasajeros Metro SA (Chile)†(b)	5.00%		1/25/2047		275		296,758
Florida East Coast Holdings Corp.†	6.75%		5/1/2019		496		508,908
Rumo Luxembourg Sarl (Luxembourg)†(b)	7.375%		2/9/2024		458		471,557
XPO Logistics, Inc.†	6.125%		9/1/2023		192		200,640
Total							1,696,863
Utilities 0.16%
Aquarion Co.†	4.00%		8/15/2024		724		755,406
Total Corporate Bonds (cost $113,255,099)							117,050,398
FOREIGN GOVERNMENT OBLIGATIONS 2.62%
Argentina 0.51%
City of Buenos Aires(d)	23.206%	#	3/29/2024	ARS	1,800		105,898
Provincia de Buenos Aires†(b)	6.50%		2/15/2023	$	226		231,311
Provincia de Mendoza†(b)	8.375%		5/19/2024		400		427,588
Provincia of Neuquen†(b)	7.50%		4/27/2025		200		205,500
Republic of Argentina(b)	6.875%		1/26/2027		682		706,893
Republic of Argentina(b)	8.28%		12/31/2033		688		766,190
Total							2,443,380
Bahamas 0.07%
Commonwealth of Bahamas†(b)	6.95%		11/20/2029		300		329,250
Bermuda 0.09%
Government of Bermuda†	3.717%		1/25/2027		430		433,797
Brazil 0.16%
Federal Republic of Brazil(b)	4.25%		1/7/2025		600		590,250
Federal Republic of Brazil(b)	5.00%		1/27/2045		200		176,000
Total							766,250

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Dominican Republic 0.06%
Dominican Republic†(b)	6.85%	1/27/2045	$	250	$	267,500
Egypt 0.05%
Arab Republic of Egypt†(b)	6.125%	1/31/2022		220		225,106
Ethiopia 0.04%
Republic of Ethiopia†(b)	6.625%	12/11/2024		200		198,755
Ghana 0.05%
Republic of Ghana†(b)	7.875%	8/7/2023		225		230,204
Hungary 0.10%
Republic of Hungary(b)	5.375%	3/25/2024		420		473,513
Indonesia 0.24%
Perusahaan Penerbit SBSN†(b)	4.00%	11/21/2018		200		206,000
Republic of Indonesia†(b)	4.35%	1/8/2027		645		673,425
Republic of Indonesia†(b)	5.875%	1/15/2024		250		285,921
Total						1,165,346
Latvia 0.06%
Republic of Latvia†(b)	5.25%	6/16/2021		258		286,632
Lithuania 0.14%
Republic of Lithuania†(b)	7.375%	2/11/2020		592		670,588
Mexico 0.41%
United Mexican States(b)	4.00%	10/2/2023		1,864		1,953,565
Panama 0.08%
Republic of Panama(b)	4.50%	5/15/2047		200		202,750
Republic of Panama(b)	6.70%	1/26/2036		142		183,535
Total						386,285
Qatar 0.15%
State of Qatar†(b)	3.25%	6/2/2026		725		705,801
Romania 0.01%
Republic of Romania†(b)	6.125%	1/22/2044		49		62,414
Sri Lanka 0.09%
Republic of Sri Lanka†(b)	6.25%	7/27/2021		200		212,329
Republic of Sri Lanka†(b)	6.85%	11/3/2025		200		211,241
Total						423,570

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Turkey 0.29%
Republic of Turkey(b)	3.25%		3/23/2023	$	220	$	206,782
Republic of Turkey(b)	5.625%		3/30/2021		616		654,331
Republic of Turkey(b)	5.75%		3/22/2024		510		540,404
Total							1,401,517
Uruguay 0.02%
Republic of Uruguay PIK(b)	7.875%		1/15/2033		61		83,265
Total Foreign Government Obligations (cost $12,432,162)							12,506,738
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.47%
Federal Home Loan Mortgage Corp. Q001 XA IO	2.319%	#	2/25/2032		2,882		474,292
Government National Mortgage Assoc. 2014-78 A	2.20%		4/16/2047		30		30,275
Government National Mortgage Assoc. 2015-47 AE	2.90%	#	11/16/2055		1,352		1,367,306
Government National Mortgage Assoc. 2015-48 AS	2.90%	#	2/16/2049		803		809,377
Government National Mortgage Assoc. 2015-73 AC	2.90%	#	2/16/2053		317		319,186
Government National Mortgage Assoc. 2017-41 AS	2.60%		6/16/2058		1,320		1,311,039
Government National Mortgage Assoc. 2017-69 AS	2.75%		2/16/2058		680		677,289
Government National Mortgage Assoc. 2017-71 AS	2.70%		4/16/2057		453		450,185
Government National Mortgage Assoc. 2017-86 AS	2.75%		2/16/2058		518		515,234
Government National Mortgage Assoc. 2017-89 AB	2.60%		7/16/2058		435		433,479
Government National Mortgage Assoc. 2017-90 AS	2.70%		7/16/2057		655		649,766
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $7,065,547)							7,037,428
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.43%
Federal Home Loan Mortgage Corp.	0.75%		4/9/2018		11,929		11,885,030
Federal Home Loan Mortgage Corp.	3.50%		2/1/2046 - 3/1/2046		2,678		2,765,935
Federal Home Loan Mortgage Corp.	4.00%		12/1/2044		1,162		1,242,530
Federal Home Loan Mortgage Corp.	5.00%		9/1/2019 - 6/1/2026		175		180,255
Federal National Mortgage Assoc.(e)	3.00%		TBA		17,500		17,474,024
Federal National Mortgage Assoc.	3.144%	#	3/1/2042		996		1,044,848
Federal National Mortgage Assoc.(e)	3.50%		TBA		18,300		18,791,246
Federal National Mortgage Assoc.	3.50%		4/1/2043 - 4/1/2046		16,285		16,806,371
Federal National Mortgage Assoc.	4.00%		10/1/2040 - 11/1/2044		3,812		4,034,173
Federal National Mortgage Assoc.(e)	4.00%		TBA		16,000		16,817,500
Federal National Mortgage Assoc.(e)	4.50%		TBA		2,250		2,413,299
Federal National Mortgage Assoc.	5.50%		11/1/2034 - 9/1/2036		1,189		1,332,142

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal National Mortgage Assoc.	6.25%		5/15/2029	$	7,188	$	9,768,125
Federal National Mortgage Assoc.	6.625%		11/15/2030		5,758		8,251,024
Federal National Mortgage Assoc.	7.25%		5/15/2030		2,644		3,925,142
Total Government Sponsored Enterprises Pass-Throughs (cost $117,523,380)							116,731,644
MUNICIPAL BONDS 1.22%
Miscellaneous
California	7.35%		11/1/2039		1,205		1,771,651
California	7.55%		4/1/2039		555		847,885
District of Columbia	5.591%		12/1/2034		790		982,555
Illinois, IL	5.10%		6/1/2033		477		447,006
Illinois, IL	5.52%		4/1/2038		163		146,418
North Texas Tollway Auth	8.91%		2/1/2030		538		617,048
Pasadena Public Fing Auth	7.148%		3/1/2043		530		750,093
Pennsylvania	5.35%		5/1/2030		235		251,072
Total Municipal Bonds (cost $5,659,879)							5,813,728
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.60%
CGBAM Commercial Mortgage Trust 2015-SMRT B†	3.213%		4/10/2028		212		214,788
CGBAM Commercial Mortgage Trust 2015-SMRT C†	3.516%		4/10/2028		159		161,439
Citigroup Commercial Mortgage Trust 2016-GC36 D†	2.85%		2/10/2049		1,250		936,237
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.404%	#	8/10/2047		737		41,056
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.589%	#	7/10/2050		178		179,717
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.589%	#	7/10/2050		410		381,616
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.589%	#	7/10/2050		574		447,077
Commercial Mortgage Pass-Through Certificates 2016-SAVA A†	1.72%	#	10/15/2034		1,073		1,078,916
CSAIL Commercial Mortgage Trust 2015-C2 C	4.351%	#	6/15/2057		700		673,242
DBWF Mortgage Trust 2015-LCM D†	3.535%	#	6/10/2034		257		226,154
GAHR Commercial Mortgage Trust 2015-NRF DFX†	3.495%	#	12/15/2034		278		282,225
GS Mortgage Securities Trust 2014-GC26 D†	4.643%	#	11/10/2047		117		102,232
GS Mortgage Securities Trust 2015-GC32 C	4.559%	#	7/10/2048		195		194,159
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		668		677,073

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2017

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Hudsons Bay Simon JV Trust 2015-HB7 D7†	5.331%	#	8/5/2034	$	629	$	601,089
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 AS	4.243%	#	4/15/2047		300		317,960
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 D†	4.069%	#	1/15/2048		112		94,673
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.453%	#	7/15/2048		374		348,702
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C31 C	4.772%	#	8/15/2048		799		763,136
MASTR Asset Securitization Trust 2006-3 1A3	6.00%		10/25/2036		7		7,241
MASTR Asset Securitization Trust 2006-3 1A8	6.00%		10/25/2036		17		16,277
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1	6.25%		10/25/2036		19		15,632
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO	0.879%	#	7/15/2050		19,645		724,766
Motel 6 Trust 2015-MTL6 D†	4.532%		2/5/2030		1,012		1,013,319
SFAVE Commercial Mortgage Securities Trust 2015-5AVE A2B†	4.144%	#	1/5/2043		250		254,105
Structured Asset Securities Corp. 2006-3H 1A2	5.75%		12/25/2035		11		10,673
UBS-BAMLL Trust 2012-WRM E†	4.379%	#	6/10/2030		595		569,924
UBS-Barclays Commercial Mortgage Trust 2012-C3 B†	4.365%	#	8/10/2049		200		210,993
Wells Fargo Commercial Mortgage Trust 2013-120B D†	2.80%	#	3/18/2028		44		43,334
Wells Fargo Commercial Mortgage Trust 2013-LC12 D†	4.431%	#	7/15/2046		364		332,766
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.272%	#	5/15/2048		1,489		1,158,224
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E†	5.044%	#	1/15/2059		434		354,950
Total Non-Agency Commercial Mortgage-Backed Securities (cost $12,193,203)							12,433,695
U.S. TREASURY OBLIGATIONS 35.86%
U.S. Treasury Bond	3.00%		5/15/2045		3,493		3,605,705
U.S. Treasury Bond	3.00%		2/15/2047		14,934		15,435,110
U.S. Treasury Inflation Indexed Bond(f)	0.625%		1/15/2026		4,705		4,736,420
U.S. Treasury Note	0.875%		10/15/2017		17,365		17,354,807
U.S. Treasury Note	1.25%		11/15/2018		23,956		23,928,403
U.S. Treasury Note	1.25%		3/31/2021		5,378		5,289,241
U.S. Treasury Note	1.375%		6/30/2018		12,769		12,781,718
U.S. Treasury Note	1.375%		5/31/2021		2,934		2,893,599

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

June 30, 2017

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Note	1.75%	3/31/2022	$	12,941	$	12,876,800
U.S. Treasury Note	1.75%	10/31/2020		5,724		5,748,482
U.S. Treasury Note	1.75%	6/30/2022		27,429		27,252,220
U.S. Treasury Note	1.875%	4/30/2022		9,436		9,434,707
U.S. Treasury Note	2.00%	12/31/2021		8,383		8,444,397
U.S. Treasury Note	2.125%	8/15/2021		16,842		17,079,506
U.S. Treasury Note	2.375%	5/15/2027		142		142,937
U.S. Treasury Note	2.625%	11/15/2020		4,247		4,383,618
Total U.S. Treasury Obligations (cost $171,311,011)						171,387,670
Total Long-Term Investments (cost $529,116,702)					$	532,786,691
SHORT-TERM INVESTMENT 0.91%
REPURCHASE AGREEMENT
Repurchase Agreement dated 6/30/2017, 0.12% due 7/3/2017 with Fixed Income Clearing Corp. collateralized by $4,455,000 of U.S. Treasury Note at 1.375% due 8/31/2020; value: $4,447,302; proceeds: $4,358,346 (cost $4,358,303)				4,358		4,358,303
Total Investments in Securities 112.40% (cost $533,475,005)						537,144,994
Liabilities in Excess of Cash and Other Assets(g) (12.40%)						(59,275,050	)
Net Assets 100.00%					$	477,869,944

ARS	Argentine Peso
IO	Interest Only.
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 June 30, 2017.
(a)	Securities purchased on a when-issued basis (See Note 2(i)).
(b)	Foreign security traded in U.S. dollars.
(c)	Defaulted (non-income producing security).
(d)	Investment in non-U.S. dollar denominated securities.
(e)	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.
(f)	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.
(g)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on futures contracts as follows:

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2017

Open Futures Contracts at June 30, 2017:

				Notional			Unrealized
Type	Expiration	Contracts	Position	Value			Appreciation
U.S. 10-Year Treasury Note	September 2017	98	Short	$	(12,302,063	)		$	36,572
				Notional			Unrealized
Type	Expiration	Contracts	Position	Value			Depreciation
U.S. 2-Year Treasury Note	September 2017	190	Long	$	41,060,781			$	(62,697	)
U.S. 5-Year Treasury Note	September 2017	195	Long		22,978,008				(48,083	)
Totals				$	64,038,789			$	(110,780	)

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1			Level 2		Level 3		Total
Asset-Backed Securities	$	–		$	89,825,390	$	–	$	89,825,390
Corporate Bonds		–			117,050,398		–		117,050,398
Foreign Government Obligations		–			12,506,738		–		12,506,738
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			7,037,428		–		7,037,428
Government Sponsored Enterprises Pass-Throughs		–			116,731,644		–		116,731,644
Municipal Bonds		–			5,813,728		–		5,813,728
Non-Agency Commercial Mortgage-Backed Securities		–			12,433,695		–		12,433,695
U.S. Treasury Obligations		–			171,387,670		–		171,387,670
Repurchase Agreement		–			4,358,303		–		4,358,303
Total	$	–		$	537,144,994	$	–	$	537,144,994
Other Financial Instruments
Futures Contracts
Assets	$	36,572		$	–	$	–	$	36,572
Liabilities		(110,780	)		–		–		(110,780	)
Total	$	(74,208	)	$	–	$	–	$	(74,208	)

⁽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.

⁽³⁾ There were no Level 1/Level 2 transfers during the period ended June 30, 2017.

See Notes to Financial Statements. 23

Statement of Assets and Liabilities (unaudited)

June 30, 2017

ASSETS:
Investments in securities, at fair value (cost $533,475,005)	$	537,144,994
Cash		76,631
Deposits with brokers for futures collateral		138,800
Receivables:
Interest and dividends		2,950,886
Investment securities sold		2,548,412
Capital shares sold		492,070
From advisor (See Note 3)		96,479
Total assets		543,448,272
LIABILITIES:
Payables:
Investment securities purchased		62,216,002
Capital shares reacquired		2,805,566
Management fee		177,674
Directors’ fees		28,117
Variation margin for futures contracts		23,650
Fund administration		15,793
Accrued expenses		311,526
Total liabilities		65,578,328
NET ASSETS	$	477,869,944
COMPOSITION OF NET ASSETS:
Paid-in capital	$	475,750,436
Undistributed net investment income		4,927,032
Accumulated net realized loss on investments and futures contracts		(6,403,305	)
Net unrealized appreciation on investments and futures contracts		3,595,781
Net Assets	$	477,869,944
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		28,358,643
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.85

24 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2017

Investment income:
Interest and other (net of foreign withholding taxes of $665)	$	6,424,227
Total investment income		6,424,227
Expenses:
Management fee		1,041,244
Non 12b-1 service fees		578,797
Shareholder servicing		249,288
Fund administration		92,555
Professional		29,659
Reports to shareholders		20,449
Custody		9,253
Directors’ fees		5,703
Other		16,000
Gross expenses		2,042,948
Expense reductions (See Note 9)		(1,847	)
Fees waived and expenses reimbursed (See Note 3)		(560,219	)
Net expenses		1,480,882
Net investment income		4,943,345
Net realized and unrealized gain (loss):
Net realized gain on investments		85,594
Net realized gain on futures contracts		78,192
Net change in unrealized appreciation/depreciation on investments		6,993,480
Net change in unrealized appreciation/depreciation on futures contracts		(84,397	)
Net realized and unrealized gain		7,072,869
Net Increase in Net Assets Resulting From Operations	$	12,016,214

See Notes to Financial Statements. 25

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2017			For the Year Ended
INCREASE IN NET ASSETS	(unaudited)			December 31, 2016
Operations:
Net investment income	$	4,943,345		$	9,082,563
Net realized gain on investments and futures contracts		163,786			303,334
Net change in unrealized appreciation/depreciation on investments and futures contracts		6,909,083			6,686,191
Net increase in net assets resulting from operations		12,016,214			16,072,088
Distributions to shareholders from:
Net investment income		–			(11,678,719	)
Net realized gain		–			(1,693,962	)
Total distributions to shareholders		–			(13,372,681	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		51,194,102			98,161,165
Reinvestment of distributions		–			13,372,681
Cost of shares reacquired		(32,455,725	)		(57,272,642	)
Net increase in net assets resulting from capital share transactions		18,738,377			54,261,204
Net increase in net assets		30,754,591			56,960,611
NET ASSETS:
Beginning of period	$	447,115,353		$	390,154,742
End of period	$	477,869,944		$	447,115,353
Undistributed (distributions in excess of) net investment income	$	4,927,032		$	(16,313	)

26 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-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income(a)		gain (loss)			tions			income			gain			butions
6/30/2017(c)	$	16.42	$	0.18	$	0.25		$	0.43		$	–		$	–		$	–
12/31/2016		16.25		0.36		0.31			0.67			(0.44	)		(0.06	)		(0.50	)
12/31/2015		16.85		0.36		(0.47	)		(0.11	)		(0.47	)		(0.02	)		(0.49	)
12/31/2014		16.22		0.32		0.66			0.98			(0.32	)		(0.03	)		(0.35	)
12/31/2013		16.73		0.29		(0.47	)		(0.18	)		(0.32	)		(0.01	)		(0.33	)
12/31/2012		16.06		0.31		0.78			1.09			(0.30	)		(0.12	)		(0.42	)

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

28 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
Net					after									Net
asset					waivers						Net			assets,		Portfolio
value,		Total			and/or reim-			Total			investment			end of		turnover
end of		return(b)			bursements			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)
	$16.85		2.56	(d)		0.32	(d)		0.44	(d)		1.06	(d)		$477,870		170.21	(d)
	16.42		4.26			0.64			0.89			2.16			447,115		443.36
	16.25		(0.66	)		0.64			0.89			2.11			390,155		431.81
	16.85		6.08			0.64			0.90			1.87			317,732		466.40
	16.22		(1.10	)		0.64			0.95			1.74			147,670		625.23
	16.73		6.82			0.64			1.16			1.85			50,239		588.93

See Notes to Financial Statements. 29

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of 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 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

30

Notes to Financial Statements (unaudited)(continued)

	Pricing Committee and employs 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, 2013 through December 31, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.
(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on futures contracts in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on futures contracts in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(g)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of 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.

31

Notes to Financial Statements (unaudited)(continued)

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

32

Notes to Financial Statements (unaudited)(continued)

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

A summary of inputs used in valuing the Fund’s investments as of June 30, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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 six months ended June 30, 2017, the effective management fee, net of waivers, was at an annualized rate of .21% of the Fund’s average daily net assets.

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

For the six months ended June 30, 2017 and continuing through April 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of .64%. This agreement may be terminated only by the approval of the Board.

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

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

33

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

The tax character of distributions paid during the six months ended June 30, 2017 and fiscal year ended December 31, 2016 was as follows:

	Six Months Ended 6/30/2017 (unaudited)		Year Ended  12/31/2016
Distributions paid from:
Ordinary income	$	–	$	13,372,681
Total distributions paid	$	–	$	13,372,681

As of June 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	535,378,322
Gross unrealized gain		4,796,852
Gross unrealized loss		(3,030,180	)
Net unrealized security gain	$	1,766,672

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

U.S. Government Purchases	*	Non-U.S. Government Purchases	U.S. Government Sales	*	Non-U.S. Government Sales
$814,136,286		$96,711,982	$776,658,197		$87,821,342

* Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund engaged in cross-trades sales of $1,251,204, which resulted in net realized gains of $22,889.

34

Notes to Financial Statements (unaudited)(continued)

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2017 (as described in note 2(g)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2017, the Fund had futures contracts with unrealized appreciation of $36,572 and depreciation of $(110,780) 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 gain of $78,192 and net change in unrealized depreciation of $(84,397) are included on the Statement of Operations related to futures contracts under the captions Net realized gain on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the period was 416.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

Description	Gross Amounts of  Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	4,358,303	$	–	$	4,358,303
Total	$	4,358,303	$	–	$	4,358,303

	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.	$4,358,303	$	–	$	–	$	(4,358,303	)	$	–
Total	$4,358,303	$	–	$	–	$	(4,358,303	)	$	–

(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 June 30, 2017.

35

Notes to Financial Statements (unaudited)(continued)

8. DIRECTORS’ REMUNERATION  

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

9. EXPENSE REDUCTIONS  

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

10. LINE OF CREDIT  

The Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended June 30, 2017, the Fund did not utilize the Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. During the six months ended June 30, 2017, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12. CUSTODIAN AND ACCOUNTING AGENT  

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

13. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with investing in fixed income securities. 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.

36

Notes to Financial Statements (unaudited)(continued)

The Fund may invest a significant portion of its assets in asset backed securities and mortgage related securities, including those of such government sponsored enterprises as Federal Home Loan Mortgage Corporation and Federal National Mortgage Association. In addition, the Fund may invest in non-agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. The prepayment rate also will affect the price and volatility of these securities. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprises involved, not by the U.S. Government.

The lower-rated or high-yield bonds (also known as “junk” bonds) in which the Fund may invest are subject to greater price fluctuations, as well as additional risks.

The 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 investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Fund’s exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates.

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

The Fund is also subject to risks from redemptions by large shareholders, cyber security and other risks in connection with the operations of the Fund’s service providers, and risks from market disruptions and geopolitical events.

These factors can affect the Fund’s performance.

37

Notes to Financial Statements (unaudited)(concluded)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2017  (unaudited)			Year Ended  December 31, 2016
Shares sold		3,080,195			5,779,565
Reinvestment of distributions		–			819,226
Shares reacquired		(1,946,680	)		(3,388,823	)
Increase		1,133,515			3,209,968

15. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is for periods ending after August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

38

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

39

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Total Return Portfolio	SFTR-PORT-3 (08/17)

Item 2:	Code of Ethics.
	Not applicable.
Item 3:	Audit Committee Financial Expert.
	Not applicable.
Item 4:	Principal Accountant Fees and Services.
	Not applicable.
Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	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)	Code of Ethics. Not applicable.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LORD ABBETT SERIES FUND, INC.
	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: August 15, 2017
	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President
Date: August 15, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: August 15, 2017
	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President
Date: August 15, 2017