Lord Abbett Series Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05876

LORD ABBETT SERIES FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

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

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2021

Item 1:

Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

52		Statement of Assets and Liabilities

53		Statement of Operations

54		Statements of Changes in Net Assets

56		Financial Highlights

58		Notes to Financial Statements

74		Report of Independent Registered Public Accounting Firm

75		Supplemental Information to Shareholders

Lord Abbett Series Fund — Bond Debenture Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Bond Debenture Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 3.28%, reflecting performance at the net asset value (“NAV”) of Class VC shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index,¹which returned -1.54% over the same period.

The twelve-month period brought heightened market volatility as the U.S. continued its steady recovery from the onset of the COVID-19 pandemic. However, U.S. risk assets generally exhibited positive performance, despite stretches of instability throughout the year. U.S. equities performed the best, highlighted by

the three major U.S. equity indices, which all gained over 20% for the year. Within credit, lower quality credit outperformed higher quality tiers. High yield bonds, as represented by the ICE BofA U.S. High Yield Constrained Index², returned 5.35% for the period, compared to investment grade bonds, as represented by the ICE BofA U.S. Corporate Index³, which returned -0.95%. Other asset classes also exhibited solid performance throughout the year. Convertible bonds, represented by the ICE BofA U.S. Convertible Index⁴, and leveraged loans, as represented by the Credit Suisse Leveraged Loan Index⁵, posted returns of 6.35% and 5.41%, respectively.

While U.S. markets performed well, COVID-19 remained a significant headwind across all global markets throughout the year. However, the development and acceleration of access to COVID-19 vaccinations created a more positive sentiment around the virus, as both infections and hospitalization trends improved throughout much of the first quarter of 2021. The decline in cases was short-lived, however, as the emergence of new variants of the COVID-19 virus throughout the year posed significant obstacles to the ongoing recovery of the U.S. economy. The Delta variant caused new waves of positive cases and increased hospitalizations around the world and weighed directly on global growth in the third quarter of 2021. This was evident in equity markets in September, as the three major U.S. indices faced their largest monthly pullbacks since the onset of the pandemic in March 2020. U.S. markets succumbed to another COVID-19 related sell-off towards the end of the year due to emergence of the Omicron variant. Given its high rate of transmission and ability to evade immunity from standard vaccination dosages, this variant caused a major risk-off shift in investor sentiment. Major indices experienced one of their worst performing trading sessions of the year on November 26th, highlighted by the Dow Jones Industrial Average having its worst session since October 2020.

While the emergence of these new variants dampened the global growth outlook, U.S. markets continued to be bolstered by ongoing support from the U.S. Federal Reserve (“Fed”) via central bank

liquidity. The Fed remained extremely accommodative throughout the year, keeping the Federal Fund’s rate near zero to boost U.S. economic recovery. Notably, the Fed’s balance sheet ballooned to almost $9 trillion in the latter part of the year, up from $4.4 trillion prior to the start of the pandemic. U.S. markets were also bolstered by ongoing fiscal stimulus. After having passed an approximately $1.9 trillion stimulus bill in March featuring direct payments to households affected by the pandemic, Congress later passed an approximately $1.2 trillion physical infrastructure package that featured more than $550 billion in new spending.

Although this increased stimulus benefited U.S. markets, it also contributed to concerns of increasing inflation in the U.S. economy by boosting post-lockdown consumer demand. Following a relatively modest increase in the first quarter of 2021, consumer prices accelerated higher throughout the remainder of the year, averaging gains of approximately 5.3% year-over-year from April to September, the fastest annual increase since 2008. Inflation concerns were truly manifested in the November Consumer Price Index (CPI) report, which revealed headline consumer prices up 6.8% year-over-year, the highest levels since June 1982. In addition to stimulative policy, supply chain constraints also played an integral part in driving inflation higher. Many industries were unable to consistently meet pent up consumer demand, and production bottlenecks caused by the pandemic led to shortages of goods and, therefore, heavy price increases from supply and demand imbalances.

Despite this upward pressure, the Fed remained mostly consistent in its messaging on inflationary expectations throughout the spring and summer of 2021 in that it was mostly transitory. It was not until the fourth quarter that the Fed pivoted to a more hawkish stance on inflation. Despite the lack of surprises from the early November Federal Open Market Committee (FOMC) meeting, there was a notable shift in tone from the Fed, as Chairman Jerome Powell indicated that it may be appropriate for the central bank to consider wrapping up its taper a few months sooner than initially envisioned. Shortly thereafter, the FOMC announced at its December meeting that it would accelerate its tapering of asset purchases by $30 billion per month, up from the original $15 billion. In the post-meeting press conference, Chairman Powell indicated that the accelerated taper would put the bank in a better position to address issues, including high inflation. While this adjustment was widely expected, the December meeting did also reveal the new median Fed projection for three interest rate hikes in 2022, up from the September forecast in which the median projection called for one rate hike in 2022. These new projections were aimed towards curbing inflation, which Chairman Powell said may be more persistent. Looking forward, however, some economists noted that the rate path was only increased by a cumulative one hike through 2024 and indicated that the core personal consumption expenditures (PCE) outlook still suggested transitory inflation, despite the Fed removing its reference to “transitory”.

The Fund takes a flexible, multi-sector approach, which emphasizes credit sensitive sectors of the market, compared to its benchmark, which is largely comprised of U.S. Treasuries and government-related securities. This approach helped the Fund outperform its benchmark by over 400 bps during the twelve-month period ending December 31, 2021. Exposure to several asset classes contributed to this performance, including high-yield bonds, bank loans and U.S. equities. High yield bonds were the most significant contributor to relative performance for the Fund. Overall, high yield bonds benefited from the continued global economic recovery and corporate earnings beats, which led to tighter credit spreads to offset the headwinds of rising U.S. Treasury yields. Many of the Fund’s high yield investments were in the energy sector which was supported in 2021 by higher global energy demand and rising oil prices. Bank loans also provided solid returns for the period as the asset class benefited from improving credit conditions and robust retail demand, while their floating rate nature provided protection from rising rates. U.S equity markets also benefited from several tailwinds throughout the year, including continued supportive financial conditions and expansion of central bank balance sheets, as well as record corporate earnings beats. The Fund’s exposure to growth-oriented equities, particularly in the software sector, contributed to relative performance in the period as growth outperformed value despite the broader economic normalization trend and rising rates.

The Fund held a slight allocation to mortgage-backed securities which detracted from performance, as the sector underperformed more credit-sensitive assets due to increased interest rate volatility. The Fund held a modest allocation to sovereign bonds which also detracted from relative performance in 2021. Some of these investments were in nations considered to be emerging markets

which experienced increased sensitivity throughout the year due to economic disruptions caused by the different COVID-19 variant surges.

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

¹ The Bloomberg U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities.

² The ICE BofA U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

³ The ICE BofA U.S. Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.

⁴ The ICE BofA U.S. Convertible Index contains issues that are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

⁵ The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market.

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

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost.

You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2021. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

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

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

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

Investment Comparison

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

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year	5 Years	10 Years
Class VC	3.28%	5.66%	6.33%

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

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 7/1/21 – 12/31/21” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			7/1/21 -
	7/1/21	12/31/21	12/31/21
Class VC
Actual	$1,000.00	$1,003.10	$4.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.77	$4.48


†	Net expenses are equal to the Fund’s annualized expense ratio of 0.88%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Asset Backed Securities	6.97	%
Basic Materials	3.26	%
Capital Goods	0.13	%
Communications	6.93	%
Consumer Discretionary	0.01	%
Consumer Goods	0.11	%
Consumer, Cyclicals	13.24	%
Consumer, Non-cyclicals	12.39	%
Energy	12.99	%
Financial Services	12.42	%
Health care	0.04	%
Industrials	8.02	%
Media	0.11	%
Mortgage Backed	6.39	%
Retail	0.03	%
Technology	8.04	%
Transportation	0.11	%
U.S. Government	4.78	%
Utilities	3.10	%
Repurchase Agreements	0.74	%
Money Market Funds^(a)	0.17	%
Time Deposits^(a)	0.02	%
Total	100.00	%


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

Schedule of Investments

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 98.12%

ASSET-BACKED SECURITIES 6.91%

Automobiles 0.80%
Carvana Auto Receivables Trust NP1 2020-N1A E^†	5.20%		7/15/2027	$	1,250	$	1,311,502
Exeter Automobile Receivables Trust 2021-2A E^†	2.90%		7/17/2028		1,224		1,211,413
Hertz Vehicle Financing III LP 2021-2A D^†	4.34%		12/27/2027		5,000		5,001,428
Westlake Automobile Receivables Trust 2021-1A F^†	3.91%		9/15/2027		3,118		3,101,191
Total							10,625,534

Credit Card 0.30%
Genesis Sales Finance Master Trust 2021-AA A^†	1.20%		12/21/2026		1,298		1,281,636
Perimeter Master Note Business Trust 2019-2A A^†	4.23%		5/15/2024		2,555		2,621,126
Total							3,902,762

Other 5.81%
AMMC CLO Ltd. 2021-24A C^†	2.434% (3 Mo. LIBOR + 2.20%	)^#	1/20/2035		820		820,814
AMMC CLO Ltd. 2021-24A D^†	3.634% (3 Mo. LIBOR + 3.40%	)^#	1/20/2035		500		502,508
AMMC CLO XII Ltd. 2013-12A DR^†	2.846% (3 Mo. LIBOR + 2.70%	)^#	11/10/2030		391		382,127
Apidos CLO XXXV 2021-35A D^†	2.782% (3 Mo. LIBOR + 2.65%	)^#	4/20/2034		680		676,742
Applebee’s Funding LLC/IHOP Funding LLC 2019-1A A2I^†	4.194%		6/5/2049		1,599		1,623,185
Applebee’s Funding LLC/IHOP Funding LLC 2019-1A A2II^†	4.723%		6/5/2049		1,089		1,124,002
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D^†	2.99% (1 Mo. LIBOR + 2.90%	)^#	11/15/2036		2,220		2,218,155
Avant Loans Funding Trust 2021-REV1 A^†	1.21%		7/15/2030		1,367		1,356,949
Bain Capital Credit CLO Ltd. 2021-6A C^†	2.273% (3 Mo. LIBOR + 2.05%	)^#	10/21/2034		690		690,004
Bain Capital Credit CLO Ltd. 2021-6A D^†	3.323% (3 Mo. LIBOR + 3.10%	)^#	10/21/2034		770		770,042
Benefit Street Partners CLO XIX Ltd. 2019-19A B^†	2.124% (3 Mo. LIBOR + 2.00%	)^#	1/15/2033		578		578,643
BlueMountain CLO XXVIII Ltd. 2021-28A D^†	3.024% (3 Mo. LIBOR + 2.90%	)^#	4/15/2034		970		965,215
Carlyle US CLO Ltd. 2019-4A B^†	2.824% (3 Mo. LIBOR + 2.70%	)^#	1/15/2033		1,141		1,141,083

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Carlyle US CLO Ltd. 2021-10A C^†	2.172% (3 Mo. LIBOR + 2.05%	)^#	10/20/2034	$	530	$	521,243
Carlyle US CLO Ltd. 2021-10A D^†	3.422% (3 Mo. LIBOR + 3.30%	)^#	10/20/2034		920		924,539
Carlyle US CLO Ltd. 2021-1A B^†	1.924% (3 Mo. LIBOR + 1.80%	)^#	4/15/2034		750		745,393
Carlyle US CLO Ltd. 2021-1A C^†	2.924% (3 Mo. LIBOR + 2.80%	)^#	4/15/2034		970		966,223
Cedar Funding XIV CLO Ltd. 2021-14A C^†	1.974% (3 Mo. LIBOR + 1.85%	)^#	7/15/2033		600		600,054
CIFC Funding Ltd. 2021-1A D^†	3.074% (3 Mo. LIBOR + 2.95%	)^#	4/25/2033		920		923,440
Dryden 61 CLO Ltd. 2018-61A CR^†	1.872% (3 Mo. LIBOR + 1.75%	)^#	1/17/2032		522		521,573
Dryden 61 CLO Ltd. 2018-61A DR^†	3.222% (3 Mo. LIBOR + 3.10%	)^#	1/17/2032		1,110		1,110,030
Dryden 90 CLO Ltd. 2021-90A D^†	3.16% (3 Mo. LIBOR + 3.00%	)^#	2/20/2035		550		552,864
Eaton Vance CLO Ltd. 2013-1A C3R^†	3.524% (3 Mo. LIBOR + 3.40%	)^#	1/15/2034		810		817,050
Elmwood CLO VIII Ltd. 2021-1A C1^†	2.082% (3 Mo. LIBOR + 1.95%	)^#	1/20/2034		1,080		1,076,360
Elmwood CLO VIII Ltd. 2021-1A D1^†	3.132% (3 Mo. LIBOR + 3.00%	)^#	1/20/2034		810		808,634
Greywolf CLO III Ltd. 2020-3RA A1R^†	1.418% (3 Mo. LIBOR + 1.29%	)^#	4/15/2033		1,399		1,399,954
Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†	2.274% (3 Mo. LIBOR + 2.15%	)^#	7/25/2027		465		458,796
Halcyon Loan Advisors Funding Ltd. 2017-2A A2^†	1.822% (3 Mo. LIBOR + 1.70%	)^#	1/17/2030		680		681,043
Hardee’s Funding LLC 2018-1A A2II^†	4.959%		6/20/2048		979		1,031,797
Invesco CLO Ltd. 2021-3A C^†	2.118% (3 Mo. LIBOR + 2.00%	)^#	10/22/2034		660		660,009
Kayne CLO 10 Ltd. 2021-10A D^†	Zero Coupon	^#(a)	4/23/2034		370		367,747
Kayne CLO Ltd. 2018 1A DR^†	2.774% (3 Mo. LIBOR + 2.65%	)^#	7/15/2031		410		404,644
Kayne CLO Ltd. 2020-7A A1^†	1.322% (3 Mo. LIBOR + 1.20%	)^#	4/17/2033		3,316		3,320,016
KKR CLO 29 Ltd. 29A C^†	2.124% (3 Mo. LIBOR + 2.00%	)^#	1/15/2032		350		348,824

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
KKR CLO Ltd.18 D^†	3.722% (3 Mo. LIBOR + 3.60%	)^#	7/18/2030	$	390	$	390,721
Lendmark Funding Trust 2021-1A A^†	1.90%		11/20/2031		1,472		1,459,431
Marble Point CLO XVII Ltd. 2020-1A A^†	1.432% (3 Mo. LIBOR + 1.30%	)^#	4/20/2033		2,050		2,050,466
Marble Point CLO XVII Ltd. 2020-1A B^†	1.902% (3 Mo. LIBOR + 1.77%	)^#	4/20/2033		652		652,161
Mariner Finance Issuance Trust 2021-AA A^†	1.86%		3/20/2036		2,573		2,533,198
Mountain View CLO LLC 2016-1A DR^†	3.827% (3 Mo. LIBOR + 3.70%	)^#	4/14/2033		530		523,596
Neuberger Berman Loan Advisers CLO Ltd. 2019-35A A1^†	1.464% (3 Mo. LIBOR + 1.34%	)^#	1/19/2033		750		750,997
Neuberger Berman Loan Advisers CLO Ltd. 2021-45A C^†	2.12% (3 Mo. LIBOR + 2.00%	)^#	10/14/2035		960		960,037
Oaktree CLO 2019-4 Ltd. BR^†	3.618% (3 Mo. LIBOR + 1.70%	)^#	10/20/2032		1,460		1,460,048
Oaktree CLO Ltd. 2020-1A DR^†	3.274% (3 Mo. LIBOR + 3.15%	)^#	7/15/2034		935		923,233
Oaktree CLO Ltd. 2021-1A D^†	3.374% (3 Mo. LIBOR + 3.25%	)^#	7/15/2034		425		421,899
OCP CLO Ltd. 2019-16A DR^†	3.271% (3 Mo. LIBOR + 3.15%	)^#	4/10/2033		500		498,667
OCP CLO Ltd. 2021-21A C^†	2.032% (3 Mo. LIBOR + 1.90%	)^#	7/20/2034		620		618,154
OCP CLO Ltd. 2021-22A B1^†	1.816% (3 Mo. LIBOR + 1.70%	)^#	12/2/2034		1,860		1,863,813
OCP CLO Ltd. 2021-22A D^†	3.216% (3 Mo. LIBOR + 3.10%	)^#	12/2/2034		500		498,997
Octagon 57 Ltd. 2021-1A D^†	3.215% (3 Mo. LIBOR + 3.10%	)^#	10/15/2034		470		468,213
Octagon Investment Partners XXI Ltd. 2014-1A CR3^†	2.906% (3 Mo. LIBOR + 2.75%	)^#	2/14/2031		900		890,438
OHA Credit Funding 8 Ltd. 2021-8A C^†	2.022% (3 Mo. LIBOR + 1.90%	)^#	1/18/2034		810		807,940
OHA Credit Funding 8 Ltd. 2021-8A D^†	2.972% (3 Mo. LIBOR + 2.85%	)^#	1/18/2034		650		647,817
OHA Credit Funding 9 Ltd. 2021-9A C^†	2.084% (3 Mo. LIBOR + 1.90%	)^#	7/19/2035		720		719,829
OHA Credit Funding 9 Ltd. 2021-9A D^†	3.134% (3 Mo. LIBOR + 2.95%	)^#	7/19/2035		640		635,295

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
OneMain Financial Issuance Trust 2020-2A D^†	3.45%		9/14/2035	$	1,583	$	1,649,333
Palmer Square CLO Ltd. 2021-1A C^†	2.832% (3 Mo. LIBOR + 2.70%	)^#	4/20/2034		510		508,218
Planet Fitness Master Issuer LLC 2018-1A A2I^†	4.262%		9/5/2048		1,504		1,510,269
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		1,881		1,926,259
Planet Fitness Master Issuer LLC 2019-1A A2^†	3.858%		12/5/2049		849		874,028
Rad CLO 15 Ltd. 2021-15A B^†	1.897% (3 Mo. LIBOR + 1.65%	)^#	1/20/2034		1,540		1,540,010
Regata XII Funding Ltd. 2019-1A CR^†	Zero Coupon	^#(a)	10/15/2032		1,120		1,111,751
Regatta XVIII Funding Ltd. 2021-1A B^†	1.574% (3 Mo. LIBOR + 1.45%	)^#	1/15/2034		1,060		1,052,849
Regatta XVIII Funding Ltd. 2021-1A D^†	2.874% (3 Mo. LIBOR + 2.75%	)^#	1/15/2034		1,060		1,054,660
SEB Funding LLC 2021-1A A2^†	4.969%		1/30/2052		325		325,928
Signal Peak CLO Ltd. 2021-10A B^†	2.004% (3 Mo. LIBOR + 1.75%	)^#	1/24/2035		1,180		1,180,000
Signal Peak CLO Ltd. 2021-10A C^†	2.404% (3 Mo. LIBOR + 2.15%	)^#	1/24/2035		410		410,000
Signal Peak CLO Ltd. 2021-10A D^†	3.454% (3 Mo. LIBOR + 3.20%	)^#	1/24/2035		540		540,000
Sunrun Demeter Issuer 2021-2A A^†	2.27%		1/30/2057		1,448		1,442,405
TCI-Flatiron CLO Ltd. 2018-1A BR^†	1.529% (3 Mo. LIBOR + 1.40%	)^#	1/29/2032		250		247,626
TCI-Flatiron CLO Ltd. 2018-1A DR^†	2.879% (3 Mo. LIBOR + 2.75%	)^#	1/29/2032		250		249,034
TICP CLO XIV Ltd. 2019-14A A2R^†	Zero Coupon	^#(a)	10/20/2032		1,000		1,000,014
TICP CLO XIV Ltd. 2019-14A CR^†	Zero Coupon	^#(a)	10/20/2032		500		500,014
TRP - TRIP Rail Master Funding LLC 2021-2 A^†	2.15%		6/19/2051		1,536		1,530,664
TRP LLC 2021-1 A^†	2.07%		6/19/2051		1,091		1,081,964
VERDE CLO Ltd. 2019-1A DR^†	3.374% (3 Mo. LIBOR + 3.25%	)^#	4/15/2032		2,000		2,006,079
Voya CLO Ltd. 2019-3A BR^†	1.763% (3 Mo. LIBOR + 1.65%	)^#	10/17/2032		2,240		2,240,033
Wind River CLO Ltd. 2021-2A D^†	3.282% (3 Mo. LIBOR + 3.15%	)^#	7/20/2034		390		385,203
Wind River CLO Ltd. 2021-4A D^†	3.416% (3 Mo. LIBOR + 3.20%	)^#	1/20/2035		910		899,308
Zaxby’s Funding LLC 2021-1A A2^†	3.238%		7/30/2051		1,198		1,222,628
Total							77,352,929
Total Asset-Backed Securities (cost $92,116,430)							91,881,225

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares (000)		Fair Value
COMMON STOCKS 12.16%

Air Freight & Logistics 0.25%
Expeditors International of Washington, Inc.		25	$	3,291,448

Auto Components 0.03%
Chassix Holdings, Inc.		59		446,063

Automobiles 0.49%
BYD Co. Ltd.^(b)	HKD	59		1,988,703
Ford Motor Co.		216		4,494,545
Total				6,483,248

Banks 0.53%
Popular, Inc.		25		2,085,621
Signature Bank		7		2,127,462
SVB Financial Group*		4		2,879,807
Total				7,092,890

Beverages 0.20%
Boston Beer Co., Inc. (The) Class A*		5		2,621,469

Biotechnology 0.19%
BioNTech SE ADR*		10		2,468,951

Building Products 0.36%
Trex Co., Inc.*		35		4,763,858

Capital Markets 0.23%
Allfunds Group plc*^(b)	EUR	78		1,537,039
Blackstone Group, Inc. (The)		12		1,526,802
Total				3,063,841

Commercial Services & Supplies 0.10%
Tetra Tech, Inc.		8		1,340,231

Communications Equipment 0.34%
Arista Networks, Inc.*		31		4,471,775

Electrical Equipment 0.46%
Generac Holdings, Inc.*		8		2,701,690
Rockwell Automation, Inc.		10		3,366,751
Total				6,068,441

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares (000)			Fair Value
Electric-Generation 0.00%
Frontera Generation Holdings LLC		9		$	20,720

Electronic Equipment, Instruments & Components 0.26%
Littelfuse, Inc.		7			2,103,321
Omron Corp.^(b)	JPY	14			1,347,431
Total					3,450,752

Entertainment 0.21%
ROBLOX Corp. Class A*		27			2,755,094

Equity Real Estate Investment Trusts 0.51%
Camden Property Trust		19			3,393,133
CubeSmart		59			3,384,609
Total					6,777,742

Food & Staples Retailing 0.17%
Albertsons Cos., Inc. Class A		74			2,219,086

Food Products 0.68%
Bunge Ltd.		15			1,360,909
Hershey Co. (The)		21			4,127,102
McCormick & Co., Inc.		37			3,538,921
Total					9,026,932

Health Care Equipment & Supplies 0.25%
Abbott Laboratories		24			3,393,382

Health Care Providers & Services 0.21%
AMN Healthcare Services, Inc.*		23			2,827,780

Hotels, Restaurants & Leisure 0.10%
Hilton Worldwide Holdings, Inc.*		9			1,343,386

Household Durables 0.37%
NVR, Inc.*		–	^(d)		1,477,217
TopBuild Corp.*		13			3,467,913
Total					4,945,130

Household Products 0.15%
Church & Dwight Co., Inc.		20			2,055,022

Information Technology Services 0.77%
Adyen NV^†*^(b)	EUR	1			1,372,875
Cloudflare, Inc. Class A*		16			2,067,311

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares (000)		Fair Value
Information Technology Services (continued)
Marqeta, Inc. Class A*		39	$	674,575
Snowflake, Inc. Class A*		14		4,759,099
Toast, Inc. Class A*^(e)		40		1,372,364
Total				10,246,224

Internet & Direct Marketing Retail 0.10%
Etsy, Inc.*		6		1,384,796

Machinery 0.26%
Illinois Tool Works, Inc.		14		3,425,584

Marine 0.12%
Orient Overseas International Ltd.^(b)	HKD	65		1,606,835

Miscellaneous Financials 0.03%
UTEX Industries, Inc.		8		432,814

Multi-Line Retail 0.15%
Dollar Tree, Inc.*		15		2,067,190

Oil, Gas & Consumable Fuels 0.26%
Cheniere Energy, Inc.		14		1,445,235
Continental Resources, Inc.		45		2,006,725
Total				3,451,960

Personal Products 0.26%
Gibson Brands, Inc.		9		1,417,350
L’Oreal SA^(b)	EUR	4		1,977,342
Revlon, Inc. Class A		149		29,579
Total				3,424,271

Pharmaceuticals 0.10%
Merck KGaA^(b)	EUR	5		1,384,300

Professional Services 0.15%
Equifax, Inc.		7		1,990,386

Road & Rail 0.56%
CSX Corp.		75		2,806,690
Old Dominion Freight Line, Inc.		13		4,584,755
Total				7,391,445

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares (000)		Fair Value
Semiconductors & Semiconductor Equipment 1.08%
Advanced Micro Devices, Inc.*		11	$	1,519,440
ASML Holding NV (Netherlands)^(c)		4		2,928,203
Entegris, Inc.		10		1,342,424
Lasertec Corp.^(b)	JPY	5		1,654,028
NVIDIA Corp.		10		2,797,868
SolarEdge Technologies, Inc. (Israel)*^(c)		9		2,541,123
Synaptics, Inc.*		6		1,638,337
Total				14,421,423

Software 1.08%
Datadog, Inc. Class A*		12		2,143,732
Intuit, Inc.		7		4,799,708
Oracle Corp.		29		2,506,590
Samsara, Inc. Class A*^(e)		57		1,599,515
Trade Desk, Inc. (The) Class A*		37		3,366,670
Total				14,416,215

Specialty Retail 0.50%
Claires Holdings LLC		1		349,517	^(f)
Home Depot, Inc. (The)		5		2,060,110
O’Reilly Automotive, Inc.*		3		2,130,696
Tractor Supply Co.		9		2,095,146
Total				6,635,469

Technology Hardware, Storage & Peripherals 0.21%
Apple, Inc.		16		2,754,821

Textiles, Apparel & Luxury Goods 0.16%
Moncler SpA^(b)	EUR	30		2,133,358

Trading Companies & Distributors 0.27%
SiteOne Landscape Supply, Inc.*		9		2,185,608
WESCO International, Inc.*		11		1,459,333
Total				3,644,941

Transportation Infrastructure 0.01%
ACBL Holdings Corp.		4		101,310
Total Common Stocks (cost $156,831,483)				161,840,583

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
CONVERTIBLE BONDS 0.39%

Auto Manufacturers 0.29%
Tesla, Inc.	2.00%	5/15/2024	$	229	$	3,897,878

Pharmaceuticals 0.10%
Sarepta Therapeutics, Inc.	1.50%	11/15/2024		911		1,336,442
Total Convertible Bonds (cost $4,558,918)						5,234,320

CORPORATE BONDS 61.51%

Advertising 0.30%
Clear Channel Outdoor Holdings, Inc.^†	7.50%	6/1/2029		917		980,474
Clear Channel Outdoor Holdings, Inc.^†	7.75%	4/15/2028		1,277		1,368,344
Midas OpCo Holdings LLC^†	5.625%	8/15/2029		1,659		1,701,031
Total						4,049,849

Aerospace/Defense 1.03%
Bombardier, Inc. (Canada)^†(c)	6.00%	2/15/2028		3,146		3,160,000
Bombardier, Inc. (Canada)^†(c)	7.125%	6/15/2026		2,153		2,236,332
Raytheon Technologies Corp.	4.125%	11/16/2028		1,625		1,819,252
TransDigm, Inc.	4.625%	1/15/2029		1,331		1,328,990
TransDigm, Inc.	5.50%	11/15/2027		3,732		3,850,584
TransDigm, Inc.	6.375%	6/15/2026		1,282		1,318,858
Total						13,714,016

Agriculture 0.28%
Viterra Finance BV (Netherlands)^†(c)	2.00%	4/21/2026		1,707		1,697,762
Viterra Finance BV (Netherlands)^†(c)	3.20%	4/21/2031		1,984		2,001,081
Total						3,698,843

Airlines 0.99%
Air Canada (Canada)^†(c)	3.875%	8/15/2026		1,315		1,343,029
Alaska Airlines 2020-1 Class A Pass Through Trust^†	4.80%	2/15/2029		1,472		1,611,583
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^†	5.75%	4/20/2029		1,695		1,814,930
Azul Investments LLP^†	5.875%	10/26/2024		1,347		1,258,192
Delta Air Lines, Inc.^†	7.00%	5/1/2025		1,203		1,376,585
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%	10/20/2028		1,223		1,336,472
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^†	5.75%	1/20/2026		1,195		1,252,240
JetBlue 2019-1 Class A Pass Through Trust	2.95%	11/15/2029		926		926,621
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.^†	6.50%	6/20/2027		1,000		1,069,005
United Airlines 2020-1 Class A Pass Through Trust	5.875%	4/15/2029		1,059		1,161,638
Total						13,150,295

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Apparel 0.32%
Crocs, Inc.^†	4.125%		8/15/2031		$	1,467	$	1,436,156
Crocs, Inc.^†	4.25%		3/15/2029			842		832,730
Levi Strauss & Co.^†	3.50%		3/1/2031			1,907		1,947,171
Total								4,216,057

Auto Manufacturers 1.26%
Allison Transmission, Inc.^†	3.75%		1/30/2031			1,355		1,323,530
Ford Motor Co.	3.25%		2/12/2032			5,340		5,478,840
Ford Motor Co.	4.75%		1/15/2043			2,581		2,853,360
Ford Motor Co.	5.291%		12/8/2046			186		218,888
Ford Motor Credit Co. LLC	4.00%		11/13/2030			1,908		2,055,927
General Motors Co.	6.125%		10/1/2025			1,043		1,199,148
General Motors Financial Co., Inc.	2.70%		6/10/2031			1,873		1,868,322
General Motors Financial Co., Inc.	5.25%		3/1/2026			1,632		1,831,836
Total								16,829,851

Auto Parts & Equipment 0.37%
Adient Global Holdings Ltd.^†	4.875%		8/15/2026			1,158		1,182,654
Clarios Global LP/Clarios US Finance Co.^†	8.50%		5/15/2027			1,193		1,266,113
Lear Corp.	4.25%		5/15/2029			1,100		1,214,257
Lear Corp.	5.25%		5/15/2049			1,025		1,297,289
Total								4,960,313

Banks 3.87%
ABN AMRO Bank NV (Netherlands)^†(c)	3.324% (5 Yr. Treasury CMT + 1.90%	)^#	3/13/2037			1,200		1,200,289
Alfa Bank AO Via Alfa Bond Issuance plc (Ireland)^†(c)	5.50% (5 Yr. Treasury CMT + 4.55%	)^#	10/26/2031			2,645		2,636,377
Australia & New Zealand Banking Group Ltd. (United Kingdom)^†(c)	6.75% (USD ICE 5 Yr. Swap rate + 5.17%	)^#	–	^(g)		1,026		1,166,649
Banco Mercantil del Norte SA^†	7.625% (10 Yr. Treasury CMT + 5.35%	)^#	–	^(g)		1,072		1,152,293
Banco Nacional de Comercio Exterior SNC^†	2.72% (5 Yr. Treasury CMT + 2.00%	)^#	8/11/2031			965		955,360
Bangkok Bank pcl (Hong Kong)^†(c)	5.00% (5 Yr. Treasury CMT + 4.73%	)^#	–	^(g)		1,606		1,668,682
Bank Hapoalim BM (Israel)^†(c)	3.255% (5 Yr. Treasury CMT + 2.16%	)^#	1/21/2032			1,000		995,000
Bank of America Corp.	4.45%		3/3/2026			1,137		1,253,004

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banks (continued)
Bank of Ireland Group plc (Ireland)^†(c)	2.029% (1 Yr. Treasury CMT + 1.10%	)^#	9/30/2027		$	1,201	$	1,180,732
Bank OZK	2.75% (SOFR + 2.09%	)^#	10/1/2031			2,069		2,071,084
BankUnited, Inc.	4.875%		11/17/2025			1,178		1,296,087
CIT Group, Inc.	6.125%		3/9/2028			2,793		3,376,402
Citigroup, Inc.	4.45%		9/29/2027			2,009		2,241,764
Fifth Third Bancorp	8.25%		3/1/2038			377		619,342
Global Bank Corp. (Panama)^†(c)	5.25% (3 Mo. LIBOR + 3.30%	)^#	4/16/2029			1,746		1,810,323
Goldman Sachs Group, Inc. (The)	3.50%		11/16/2026			1,020		1,087,583
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025			1,100		1,200,728
Home BancShares, Inc.	5.625% (3 Mo. LIBOR + 3.58%	)^#	4/15/2027			1,156		1,170,571
Huntington Bancshares, Inc.	5.70% (3 Mo. LIBOR + 2.88%	)^#	–	^(g)		1,217		1,241,340
ING Groep NV (Netherlands)^(c)	5.75% (5 Yr. Treasury CMT + 4.34%	)^#	–	^(g)		2,486		2,677,633
Intesa Sanpaolo SpA (Italy)^†(c)	4.198% (1 Yr. Treasury CMT + 2.60%	)^#	6/1/2032			1,821		1,838,676
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)^#	5/1/2028			1,306		1,419,402
JPMorgan Chase & Co.	6.10% (3 Mo. LIBOR + 3.33%	)^#	–	^(g)		1,088		1,148,520
Macquarie Bank Ltd. (United Kingdom)^†(c)	6.125% (USD 5 Yr. Swap rate + 3.70%	)^#	–	^(g)		2,166		2,313,104
Morgan Stanley	3.125%		7/27/2026			1,144		1,213,038
Popular, Inc.	6.125%		9/14/2023			620		660,486
SVB Financial Group	3.125%		6/5/2030			1,247		1,310,194
SVB Financial Group	4.10% (10 Yr. Treasury CMT + 3.06%	)^#	–	^(g)		1,230		1,222,620
SVB Financial Group	4.25% (5 Yr. Treasury CMT + 3.07%	)^#	–	^(g)		1,893		1,923,051
UniCredit SpA (Italy)^†(c)	5.459% (5 Yr. Treasury CMT + 4.75%	)^#	6/30/2035			536		584,596
UniCredit SpA (Italy)^†(c)	5.861% (USD ICE 5 Yr. Swap rate + 3.70%	)^#	6/19/2032			1,488		1,633,573
United Overseas Bank Ltd. (Singapore)^†(c)	2.00% (5 Yr. Treasury CMT + 1.23%	)^#	10/14/2031			1,420		1,411,363
US Bancorp	3.00%		7/30/2029			1,090		1,152,286

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks (continued)
Webster Financial Corp.	4.10%		3/25/2029	$	1,622	$	1,781,555
Western Alliance Bancorp	3.00% (SOFR + 2.25%	)^#	6/15/2031		893		909,251
Total							51,522,958

Beverages 0.25%
Bacardi Ltd.^†	2.75%		7/15/2026		1,749		1,800,214
Brown-Forman Corp.	4.50%		7/15/2045		1,192		1,528,438
Total							3,328,652

Biotechnology 0.10%
Regeneron Pharmaceuticals, Inc.	2.80%		9/15/2050		1,403		1,318,697

Building Materials 0.84%
Builders FirstSource, Inc.^†	4.25%		2/1/2032		1,939		2,010,762
Carrier Global Corp.	2.70%		2/15/2031		1,608		1,635,189
Masonite International Corp.^†	5.375%		2/1/2028		952		999,757
Owens Corning, Inc.	4.30%		7/15/2047		1,220		1,399,802
Owens Corning, Inc.	4.40%		1/30/2048		755		886,374
SRM Escrow Issuer LLC^†	6.00%		11/1/2028		544		581,566
Standard Industries, Inc.^†	3.375%		1/15/2031		1,210		1,167,650
Standard Industries, Inc.^†	4.375%		7/15/2030		966		987,523
Vulcan Materials Co.	4.50%		6/15/2047		1,186		1,459,852
Total							11,128,475

Chemicals 1.00%
Braskem Idesa SAPI (Mexico)^†(c)	6.99%		2/20/2032		1,099		1,104,935
CF Industries, Inc.^†	4.50%		12/1/2026		1,047		1,167,859
Chemours Co. (The)^†	5.75%		11/15/2028		1,291		1,353,123
EverArc Escrow Sarl (Luxembourg)^†(c)	5.00%		10/30/2029		1,402		1,405,147
FMC Corp.	3.45%		10/1/2029		600		639,523
Ingevity Corp.^†	3.875%		11/1/2028		1,275		1,243,463
NOVA Chemicals Corp. (Canada)^†(c)	4.25%		5/15/2029		1,305		1,312,230
OCP SA (Morocco)^†(c)	3.75%		6/23/2031		1,943		1,893,725
Rain CII Carbon LLC/CII Carbon Corp.^†	7.25%		4/1/2025		293		299,850
SCIH Salt Holdings, Inc.^†	4.875%		5/1/2028		548		526,938
SCIH Salt Holdings, Inc.^†	6.625%		5/1/2029		824		771,598
Sociedad Quimica y Minera de Chile SA (Chile)^†(c)	3.50%		9/10/2051		1,589		1,541,640
Total							13,260,031

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Coal 0.11%
Warrior Met Coal, Inc.^†	7.875%	12/1/2028	$	1,461	$	1,499,578

Commercial Services 2.20%
Adani Ports & Special Economic Zone Ltd. (India)^†(c)	3.828%	2/2/2032		900		894,247
Adani Ports & Special Economic Zone Ltd. (India)^†(c)	4.375%	7/3/2029		2,280		2,381,102
Ahern Rentals, Inc.^†	7.375%	5/15/2023		1,440		1,377,000
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	4.75%	4/1/2028		774		792,568
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	5.375%	3/1/2029		1,251		1,321,419
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		700		1,047,790
CoStar Group, Inc.^†	2.80%	7/15/2030		1,100		1,101,560
Georgetown University (The)	2.943%	4/1/2050		1,246		1,256,619
Global Payments, Inc.	2.90%	5/15/2030		1,747		1,780,679
Global Payments, Inc.	4.15%	8/15/2049		1,042		1,191,747
Hertz Corp. (The)^†	4.625%	12/1/2026		697		702,287
Hertz Corp. (The)^†	5.00%	12/1/2029		1,008		1,010,681
Hertz Corp. (The)^†	5.50%	10/15/2024		987		13,571
Hertz Corp. (The)^†	6.00%	1/15/2028		1,887		70,763
ITR Concession Co. LLC^†	5.183%	7/15/2035		785		889,150
Johns Hopkins University	2.813%	1/1/2060		692		711,525
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)^†(c)	5.375%	11/15/2024		1,675		1,701,507
Metropolitan Museum of Art (The)	3.40%	7/1/2045		1,975		2,253,336
Quanta Services, Inc.	2.90%	10/1/2030		914		930,572
Square, Inc.^†	3.50%	6/1/2031		2,279		2,339,918
Triton Container International Ltd.^†	2.05%	4/15/2026		1,690		1,678,380
Triton Container International Ltd.^†	3.15%	6/15/2031		930		938,888
United Rentals North America, Inc.	3.875%	2/15/2031		552		561,229
United Rentals North America, Inc.	4.00%	7/15/2030		1,168		1,201,796
United Rentals North America, Inc.	4.875%	1/15/2028		1,039		1,093,651
Total						29,241,985

Computers 1.28%
CA Magnum Holdings (Mauritius)^†(c)	5.375%	10/31/2026		1,156		1,197,905
Crowdstrike Holdings, Inc.	3.00%	2/15/2029		9,007		8,908,419
Dell International LLC/EMC Corp.^†	3.45%	12/15/2051		1,716		1,650,515
Teledyne FLIR LLC	2.50%	8/1/2030		1,137		1,140,808

20	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Computers (continued)
Western Digital Corp.	3.10%	2/1/2032	$	2,452	$	2,474,546
Western Digital Corp.	4.75%	2/15/2026		1,570		1,718,765
Total						17,090,958

Distribution/Wholesale 0.19%
Ferguson Finance plc (United Kingdom)^†(c)	3.25%	6/2/2030		1,229		1,293,253
H&E Equipment Services, Inc.^†	3.875%	12/15/2028		1,301		1,293,552
Total						2,586,805

Diversified Financial Services 2.31%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(c)	3.30%	1/30/2032		918		936,002
AG Issuer LLC^†	6.25%	3/1/2028		1,220		1,267,476
Ally Financial, Inc.	8.00%	11/1/2031		1,543		2,186,787
Blackstone Holdings Finance Co. LLC^†	2.00%	1/30/2032		1,609		1,550,761
Blackstone Private Credit Fund^†	2.625%	12/15/2026		1,798		1,753,926
Blue Owl Finance LLC^†	4.125%	10/7/2051		1,334		1,342,722
Coinbase Global, Inc.^†	3.375%	10/1/2028		2,008		1,879,147
Coinbase Global, Inc.^†	3.625%	10/1/2031		2,405		2,216,953
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%	9/15/2024		2,083		1,971,733
Nationstar Mortgage Holdings, Inc.^†	5.125%	12/15/2030		901		891,035
Navient Corp.	4.875%	3/15/2028		905		904,100
Navient Corp.	6.125%	3/25/2024		1,113		1,187,855
Navient Corp.	6.75%	6/25/2025		1,609		1,771,509
Navient Corp.	6.75%	6/15/2026		1,172		1,296,736
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%	4/15/2045		1,377		1,635,464
OneMain Finance Corp.	4.00%	9/15/2030		2,501		2,463,610
OneMain Finance Corp.	7.125%	3/15/2026		1,617		1,845,765
PennyMac Financial Services, Inc.^†	4.25%	2/15/2029		165		158,881
PennyMac Financial Services, Inc.^†	5.75%	9/15/2031		1,074		1,086,249
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^†	3.625%	3/1/2029		1,303		1,309,756
USAA Capital Corp.^†	2.125%	5/1/2030		1,129		1,131,127
Total						30,787,594

Electric 2.59%
AES Corp. (The)	2.45%	1/15/2031		995		970,466
Alfa Desarrollo SpA (Chile)^†(c)	4.55%	9/27/2051		1,684		1,664,836
Atlantic City Electric Co.	4.00%	10/15/2028		1,149		1,285,321
Ausgrid Finance Pty Ltd. (Australia)^†(c)	4.35%	8/1/2028		1,217		1,364,369

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric (continued)
Black Hills Corp.	4.35%	5/1/2033	$	1,155	$	1,317,499
Calpine Corp.^†	3.75%	3/1/2031		1,350		1,303,196
Calpine Corp.^†	4.625%	2/1/2029		1,513		1,494,489
Calpine Corp.^†	5.00%	2/1/2031		2,314		2,317,575
Calpine Corp.^†	5.125%	3/15/2028		963		979,159
Clearway Energy Operating LLC^†	4.75%	3/15/2028		1,381		1,453,806
El Paso Electric Co.	5.00%	12/1/2044		1,203		1,472,766
Empresa de Transmision Electrica SA (Panama)^†(c)	5.125%	5/2/2049		1,205		1,332,067
Enel Finance International NV (Netherlands)^†(c)	3.50%	4/6/2028		1,829		1,956,336
Entergy Arkansas LLC	4.95%	12/15/2044		1,109		1,216,308
FirstEnergy Corp.	4.40%	7/15/2027		2,518		2,714,022
Indianapolis Power & Light Co.^†	4.05%	5/1/2046		1,608		1,886,246
Louisville Gas & Electric Co.	4.375%	10/1/2045		1,017		1,186,401
Monongahela Power Co.^†	3.55%	5/15/2027		1,188		1,271,533
NextEra Energy Operating Partners LP^†	3.875%	10/15/2026		1,267		1,345,136
NextEra Energy Operating Partners LP^†	4.50%	9/15/2027		1,084		1,171,804
NSG Holdings LLC/NSG Holdings, Inc.^†	7.75%	12/15/2025		908		974,811
Pattern Energy Operations LP/Pattern Energy Operations, Inc.^†	4.50%	8/15/2028		673		699,287
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^†(c)	4.875%	7/17/2049		1,440		1,544,767
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^†(c)	5.25%	10/24/2042		442		496,001
Union Electric Co.	2.625%	3/15/2051		1,064		1,022,842
Total						34,441,043

Electronics 0.41%
Allegion plc (Ireland)^(c)	3.50%	10/1/2029		918		976,657
Amphenol Corp.	2.80%	2/15/2030		1,875		1,934,189
Flex Ltd.	4.875%	5/12/2030		1,277		1,457,775
II-VI, Inc.^†	5.00%	12/15/2029		1,001		1,024,323
Total						5,392,944

Energy-Alternate Sources 0.45%
TerraForm Power Operating LLC^†	4.75%	1/15/2030		1,484		1,558,022
TerraForm Power Operating LLC^†	5.00%	1/31/2028		1,000		1,060,625
Topaz Solar Farms LLC^†	5.75%	9/30/2039		2,786		3,324,316
Total						5,942,963

22	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Engineering & Construction 0.43%
Aeropuerto Internacional de Tocumen SA (Panama)^†(c)	5.125%	8/11/2061	$	1,935	$	2,032,592
Cellnex Finance Co. S.A. (Spain)^†(c)	3.875%	7/7/2041		1,327		1,271,047
Fluor Corp.	4.25%	9/15/2028		2,291		2,406,409
Total						5,710,048

Entertainment 1.80%
Caesars Entertainment, Inc.^†	4.625%	10/15/2029		1,980		1,984,148
Caesars Entertainment, Inc.^†	8.125%	7/1/2027		2,322		2,574,274
Caesars Resort Collection LLC/CRC Finco, Inc.^†	5.75%	7/1/2025		619		647,220
Churchill Downs, Inc.^†	4.75%	1/15/2028		1,137		1,178,745
Churchill Downs, Inc.^†	5.50%	4/1/2027		1,671		1,722,801
Cinemark USA, Inc.^†	5.25%	7/15/2028		1,303		1,272,653
Live Nation Entertainment, Inc.^†	3.75%	1/15/2028		1,216		1,209,920
Merlin Entertainments Ltd. (United Kingdom)^†(c)	5.75%	6/15/2026		360		374,794
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp^†	4.875%	5/1/2029		1,984		1,996,936
Mohegan Gaming & Entertainment^†	8.00%	2/1/2026		2,695		2,832,970
Resorts World Las Vegas LLC/RWLV Capital, Inc.^†	4.625%	4/16/2029		1,300		1,309,238
Scientific Games International, Inc.^†	7.00%	5/15/2028		1,198		1,277,859
Scientific Games International, Inc.^†	7.25%	11/15/2029		1,145		1,278,570
SeaWorld Parks & Entertainment, Inc.^†	5.25%	8/15/2029		1,320		1,346,083
WMG Acquisition Corp.^†	3.00%	2/15/2031		1,130		1,083,597
WMG Acquisition Corp.^†	3.75%	12/1/2029		1,819		1,817,408
Total						23,907,216

Environmental Control 0.31%
Madison IAQ LLC^†	4.125%	6/30/2028		1,177		1,181,679
Madison IAQ LLC^†	5.875%	6/30/2029		1,372		1,374,099
Waste Pro USA, Inc.^†	5.50%	2/15/2026		1,537		1,530,913
Total						4,086,691

Food 1.97%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	4.875%	2/15/2030		2,535		2,740,994
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	3.50%	3/15/2029		2,686		2,695,911
Arcor SAIC (Argentina)^†(c)	6.00%	7/6/2023		502		494,997
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)^†(c)	5.625%	8/15/2026		920		943,934
JBS USA LUX SA/JBS USA Finance, Inc.^†	6.75%	2/15/2028		2,538		2,742,157

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Food (continued)
Kraft Heinz Foods Co.	4.375%	6/1/2046	$	2,918	$	3,424,418
Kraft Heinz Foods Co.	4.875%	10/1/2049		4,583		5,768,131
Kraft Heinz Foods Co.	5.00%	6/4/2042		813		1,013,538
Kraft Heinz Foods Co.	5.20%	7/15/2045		1,302		1,659,305
McCormick & Co., Inc.	2.50%	4/15/2030		1,046		1,059,209
SEG Holding LLC/SEG Finance Corp.^†	5.625%	10/15/2028		1,140		1,195,832
Smithfield Foods, Inc.^†	5.20%	4/1/2029		1,021		1,167,235
Sysco Corp.	2.40%	2/15/2030		1,250		1,254,793
Total						26,160,454

Gas 0.11%
Brooklyn Union Gas Co. (The)^†	3.407%	3/10/2026		1,368		1,439,881

Health Care-Products 0.46%
Alcon Finance Corp.^†	2.60%	5/27/2030		1,552		1,568,007
Boston Scientific Corp.	6.75%	11/15/2035		973		1,351,746
Edwards Lifesciences Corp.	4.30%	6/15/2028		1,411		1,586,611
Mozart Debt Merger Sub, Inc.^†	3.875%	4/1/2029		1,682		1,679,427
Total						6,185,791

Health Care-Services 2.85%
Anthem, Inc.	2.25%	5/15/2030		1,299		1,295,777
Catalent Pharma Solutions, Inc.^†	3.125%	2/15/2029		1,365		1,348,395
Centene Corp.	2.50%	3/1/2031		1,253		1,221,901
Centene Corp.	3.00%	10/15/2030		827		842,084
Centene Corp.	3.375%	2/15/2030		2,131		2,173,737
Centene Corp.	4.625%	12/15/2029		1,476		1,594,360
Charles River Laboratories International, Inc.^†	3.75%	3/15/2029		1,139		1,152,024
CHS/Community Health Systems, Inc.^†	4.75%	2/15/2031		2,297		2,320,820
HCA, Inc.	5.50%	6/15/2047		2,962		3,885,199
HCA, Inc.	7.69%	6/15/2025		640		756,856
Kaiser Foundation Hospitals	4.15%	5/1/2047		873		1,078,854
Legacy LifePoint Health LLC^†	4.375%	2/15/2027		1,635		1,649,012
Memorial Sloan-Kettering Cancer Center	4.20%	7/1/2055		1,478		1,874,237
Molina Healthcare, Inc.^†	3.875%	11/15/2030		1,131		1,175,036
Montefiore Obligated Group	5.246%	11/1/2048		1,553		1,686,390
Mount Sinai Hospitals Group, Inc.	3.737%	7/1/2049		1,566		1,708,297
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		1,020		1,321,836
NYU Langone Hospitals	4.368%	7/1/2047		1,191		1,388,273
Providence St. Joseph Health Obligated Group	2.532%	10/1/2029		1,160		1,197,892
Quest Diagnostics, Inc.	2.80%	6/30/2031		896		926,263

24	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Health Care-Services (continued)
Rede D’or Finance Sarl (Luxembourg)^†(c)	4.95%		1/17/2028	$	1,512	$	1,539,617
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.^†	9.75%		12/1/2026		996		1,053,743
Seattle Children’s Hospital	2.719%		10/1/2050		1,022		1,004,734
Tenet Healthcare Corp.^†	6.125%		10/1/2028		2,221		2,350,384
Universal Health Services, Inc.^†	2.65%		1/15/2032		1,372		1,349,759
Total							37,895,480

Home Builders 0.41%
Beazer Homes USA, Inc.	7.25%		10/15/2029		1,164		1,299,222
NVR, Inc.	3.00%		5/15/2030		1,297		1,349,167
PulteGroup, Inc.	6.375%		5/15/2033		1,215		1,581,590
Toll Brothers Finance Corp.	4.875%		3/15/2027		1,084		1,213,809
Total							5,443,788

Home Furnishings 0.08%
Leggett & Platt, Inc.	4.40%		3/15/2029		974		1,091,211

Housewares 0.27%
Newell Brands, Inc.	4.70%		4/1/2026		2,105		2,298,197
Newell Brands, Inc.	5.875%		4/1/2036		1,082		1,335,058
Total							3,633,255

Insurance 1.42%
AIA Group Ltd. (Hong Kong)^†(c)	3.375%		4/7/2030		1,304		1,410,973
Arch Capital Finance LLC	4.011%		12/15/2026		597		655,499
Assurant, Inc.	2.65%		1/15/2032		1,575		1,546,778
Assurant, Inc.	3.70%		2/22/2030		1,158		1,230,336
AXIS Specialty Finance plc (United Kingdom)^(c)	5.15%		4/1/2045		1,595		1,943,034
Brown & Brown, Inc.	2.375%		3/15/2031		1,370		1,336,115
Farmers Insurance Exchange^†	4.747% (3 Mo. LIBOR + 3.23%	)^#	11/1/2057		1,230		1,423,380
Fidelity National Financial, Inc.	4.50%		8/15/2028		1,118		1,264,599
Northwestern Mutual Life Insurance Co. (The)^†	3.85%		9/30/2047		1,456		1,648,148
PartnerRe Finance B LLC	3.70%		7/2/2029		1,237		1,348,742
Selective Insurance Group, Inc.	5.375%		3/1/2049		1,169		1,545,743
Teachers Insurance & Annuity Association of America^†	4.27%		5/15/2047		889		1,077,215
Teachers Insurance & Annuity Association of America^†	4.90%		9/15/2044		724		932,349
Transatlantic Holdings, Inc.	8.00%		11/30/2039		934		1,471,727
Total							18,834,638

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Internet 2.06%
Alibaba Group Holding Ltd. (China)^(c)	2.125%	2/9/2031	$	3,343	$	3,230,850
Amazon.com, Inc.	5.20%	12/3/2025		3,295		3,752,488
Arches Buyer, Inc.^†	4.25%	6/1/2028		1,200		1,201,548
Arches Buyer, Inc.^†	6.125%	12/1/2028		1,140		1,148,721
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^†	5.25%	12/1/2027		1,235		1,278,429
GrubHub Holdings, Inc.^†	5.50%	7/1/2027		897		891,618
Match Group Holdings II LLC^†	4.125%	8/1/2030		1,271		1,285,534
Match Group Holdings II LLC^†	5.00%	12/15/2027		1,022		1,064,336
Netflix, Inc.^(b)	3.625%	5/15/2027	EUR	2,486		3,255,638
Netflix, Inc.^†(b)	3.625%	6/15/2030	EUR	1,020		1,386,303
Netflix, Inc.	4.875%	4/15/2028	$	2,136		2,438,725
Tencent Holdings Ltd. (China)^†(c)	3.925%	1/19/2038		1,445		1,538,363
Uber Technologies, Inc.^†	4.50%	8/15/2029		1,864		1,901,681
Uber Technologies, Inc.^†	6.25%	1/15/2028		808		868,511
VeriSign, Inc.	2.70%	6/15/2031		613		616,945
Weibo Corp. (China)^(c)	3.375%	7/8/2030		1,521		1,507,730
Total						27,367,420

Investment Companies 0.10%
Temasek Financial I Ltd. (Singapore)^†(c)	2.50%	10/6/2070		1,480		1,384,253

Iron-Steel 0.29%
CSN Resources SA (Brazil)^†(c)	4.625%	6/10/2031		1,517		1,445,602
United States Steel Corp.	6.875%	3/1/2029		2,294		2,472,611
Total						3,918,213

Leisure Time 0.97%
Carnival Corp.^†	4.00%	8/1/2028		1,979		1,968,185
Carnival Corp.^†	5.75%	3/1/2027		1,212		1,213,818
Carnival Corp.^†	9.875%	8/1/2027		1,155		1,321,031
Life Time, Inc.^†	5.75%	1/15/2026		2,309		2,392,528
NCL Corp. Ltd.^†	5.875%	3/15/2026		1,972		1,965,838
Pinnacle Bidco plc^†(b)	5.50%	2/15/2025	EUR	1,129		1,316,630
Royal Caribbean Cruises Ltd.	3.70%	3/15/2028	$	1,318		1,237,391
Royal Caribbean Cruises Ltd.^†	9.125%	6/15/2023		1,374		1,454,729
Total						12,870,150

Lodging 0.61%
Boyd Gaming Corp.	4.75%	12/1/2027		1,201		1,227,164
Genting New York LLC/GENNY Capital, Inc.^†	3.30%	2/15/2026		1,306		1,294,530
Hilton Domestic Operating Co., Inc.	4.875%	1/15/2030		1,532		1,639,684

26	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Lodging (continued)
Travel + Leisure Co.	6.00%	4/1/2027	$	1,439	$	1,569,258
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.25%	5/15/2027		1,346		1,377,557
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%	3/1/2025		1,000		1,031,350
Total						8,139,543

Machinery: Construction & Mining 0.10%
Terex Corp.^†	5.00%	5/15/2029		1,235		1,270,840

Machinery-Diversified 0.51%
Dover Corp.	2.95%	11/4/2029		1,320		1,394,893
IDEX Corp.	3.00%	5/1/2030		1,082		1,126,037
nVent Finance Sarl (Luxembourg)^(c)	2.75%	11/15/2031		866		863,352
TK Elevator Holdco GmbH^†(b)	6.625%	7/15/2028	EUR	600		723,080
Westinghouse Air Brake Technologies Corp.	3.45%	11/15/2026	$	1,338		1,416,594
Xylem, Inc.	3.25%	11/1/2026		1,231		1,315,681
Total						6,839,637

Media 1.34%
AMC Networks, Inc.	4.75%	8/1/2025		1,317		1,346,613
Cable Onda SA (Panama)^†(c)	4.50%	1/30/2030		1,365		1,403,595
Cable One, Inc.^†	4.00%	11/15/2030		1,941		1,905,121
Clear Channel Worldwide Holdings, Inc.^†	5.125%	8/15/2027		1,148		1,189,328
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%	8/15/2026		2,019		1,011,822
Gray Escrow II, Inc.^†	5.375%	11/15/2031		1,837		1,893,111
News Corp.^†	3.875%	5/15/2029		1,559		1,577,287
Nexstar Media, Inc.^†	4.75%	11/1/2028		1,280		1,306,336
Radiate Holdco LLC/Radiate Finance, Inc.^†	4.50%	9/15/2026		635		642,125
Radiate Holdco LLC/Radiate Finance, Inc.^†	6.50%	9/15/2028		1,399		1,407,464
UPC Broadband Finco BV (Netherlands)^†(c)	4.875%	7/15/2031		2,867		2,928,970
Urban One, Inc.^†	7.375%	2/1/2028		1,159		1,195,456
Total						17,807,228

Metal Fabricate-Hardware 0.06%
Roller Bearing Co. of America, Inc.^†	4.375%	10/15/2029		777		793,511

Mining 1.71%
Alcoa Nederland Holding BV (Netherlands)^†(c)	4.125%	3/31/2029		1,745		1,799,854
Anglo American Capital plc (United Kingdom)^†(c)	3.95%	9/10/2050		1,101		1,171,780
Anglo American Capital plc (United Kingdom)^†(c)	5.625%	4/1/2030		1,100		1,304,410
Corp. Nacional del Cobre de Chile (Chile)^†(c)	3.75%	1/15/2031		998		1,064,665

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Mining (continued)
FMG Resources August 2006 Pty Ltd. (Australia)^†(c)	4.375%	4/1/2031	$	3,825	$	4,022,867
Freeport-McMoRan, Inc.	4.125%	3/1/2028		1,375		1,428,536
Freeport-McMoRan, Inc.	4.25%	3/1/2030		2,039		2,154,071
Freeport-McMoRan, Inc.	4.375%	8/1/2028		1,084		1,138,401
Freeport-McMoRan, Inc.	4.625%	8/1/2030		1,277		1,371,702
Glencore Funding LLC^†	3.875%	4/27/2051		952		996,810
Hecla Mining Co.	7.25%	2/15/2028		1,053		1,129,648
Kaiser Aluminum Corp.^†	4.50%	6/1/2031		1,528		1,505,485
Mirabela Nickel Ltd.	1.00%	9/10/2044		15		1	^(h)
Newmont Corp.	2.25%	10/1/2030		1,318		1,301,045
Novelis Corp.^†	4.75%	1/30/2030		1,571		1,654,232
Teck Resources Ltd. (Canada)^(c)	3.90%	7/15/2030		691		743,209
Total						22,786,716

Office/Business Equipment 0.10%
CDW LLC/CDW Finance Corp.	3.569%	12/1/2031		1,287		1,341,389

Oil & Gas 8.82%
Antero Resources Corp.^†	5.375%	3/1/2030		1,170		1,252,701
Apache Corp.	4.25%	1/15/2030		1,920		2,086,339
Apache Corp.	4.75%	4/15/2043		698		767,804
Apache Corp.	5.10%	9/1/2040		2,518		2,849,318
California Resources Corp.^†	7.125%	2/1/2026		1,743		1,812,903
Callon Petroleum Co.	6.125%	10/1/2024		1,005		990,970
Callon Petroleum Co.	6.375%	7/1/2026		2,761		2,625,821
Callon Petroleum Co.^†	8.00%	8/1/2028		1,501		1,518,141
Cenovus Energy, Inc. (Canada)^(c)	2.65%	1/15/2032		753		737,548
Cenovus Energy, Inc. (Canada)^(c)	3.75%	2/15/2052		810		813,848
Cenovus Energy, Inc. (Canada)^(c)	5.40%	6/15/2047		1,743		2,174,975
Centennial Resource Production LLC^†	5.375%	1/15/2026		2,211		2,174,408
Centennial Resource Production LLC^†	6.875%	4/1/2027		2,838		2,897,598
Comstock Resources, Inc.^†	5.875%	1/15/2030		1,247		1,280,239
Comstock Resources, Inc.^†	6.75%	3/1/2029		1,213		1,317,694
Continental Resources, Inc.	4.375%	1/15/2028		948		1,026,475
Continental Resources, Inc.^†	5.75%	1/15/2031		1,644		1,938,769
CrownRock LP/CrownRock Finance, Inc.^†	5.00%	5/1/2029		1,172		1,217,731
Diamondback Energy, Inc.	3.50%	12/1/2029		1,292		1,371,457
Diamondback Energy, Inc.	4.40%	3/24/2051		2,446		2,809,994
Encino Acquisition Partners Holdings LLC^†	8.50%	5/1/2028		1,265		1,315,815
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.75%	1/30/2028		1,668		1,780,590

28	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil & Gas (continued)
EQT Corp.^†	3.625%	5/15/2031	$	630	$	654,605
EQT Corp.	6.625%	2/1/2025		1,604		1,810,547
Exxon Mobil Corp.	3.043%	3/1/2026		1,101		1,165,842
Helmerich & Payne, Inc.^†	2.90%	9/29/2031		1,714		1,683,904
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		1,014		1,046,575
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.00%	2/1/2031		897		929,516
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		1,234		1,298,976
Kosmos Energy Ltd.^†	7.75%	5/1/2027		1,313		1,256,147
Laredo Petroleum, Inc.^†	7.75%	7/31/2029		1,442		1,407,976
Laredo Petroleum, Inc.	10.125%	1/15/2028		2,908		3,053,342
Lukoil Capital DAC (Ireland)^†(c)	3.60%	10/26/2031		1,707		1,665,921
Lukoil Securities BV (Netherlands)^†(c)	3.875%	5/6/2030		1,150		1,173,035
Matador Resources Co.	5.875%	9/15/2026		838		864,276
MC Brazil Downstream Trading Sarl (Luxembourg)^†(c)	7.25%	6/30/2031		1,320		1,316,311
MEG Energy Corp. (Canada)^†(c)	5.875%	2/1/2029		1,812		1,899,610
MEG Energy Corp. (Canada)^†(c)	7.125%	2/1/2027		4,270		4,553,656
Murphy Oil Corp.	6.375%	7/15/2028		1,140		1,213,370
Occidental Petroleum Corp.	3.50%	8/15/2029		3,381		3,479,150
Occidental Petroleum Corp.	4.10%	2/15/2047		735		721,414
Occidental Petroleum Corp.	4.30%	8/15/2039		555		554,326
Occidental Petroleum Corp.	4.40%	8/15/2049		1,017		1,031,253
Occidental Petroleum Corp.	6.125%	1/1/2031		4,380		5,329,058
Occidental Petroleum Corp.	6.625%	9/1/2030		837		1,037,194
Occidental Petroleum Corp.	7.50%	5/1/2031		613		807,346
OQ SAOC (Oman)^†(c)	5.125%	5/6/2028		1,782		1,816,102
Ovintiv, Inc.	6.50%	8/15/2034		735		947,080
Ovintiv, Inc.	6.50%	2/1/2038		1,948		2,531,698
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%	10/15/2027		802		822,295
Patterson-UTI Energy, Inc.	3.95%	2/1/2028		1,220		1,226,946
Patterson-UTI Energy, Inc.	5.15%	11/15/2029		1,562		1,586,620
PDC Energy, Inc.	5.75%	5/15/2026		1,368		1,415,408
Pertamina Persero PT (Indonesia)^†(c)	4.175%	1/21/2050		1,456		1,502,270
Pertamina Persero PT (Indonesia)^†(c)	4.70%	7/30/2049		443		484,757
Petroleos Mexicanos (Mexico)^†(c)	6.70%	2/16/2032		2,308		2,335,638
Precision Drilling Corp. (Canada)^†(c)	6.875%	1/15/2029		1,295		1,321,709
Qatar Petroleum (Qatar)^†(c)	3.30%	7/12/2051		3,899		4,027,772
Range Resources Corp.	5.00%	3/15/2023		911		932,463
Range Resources Corp.	8.25%	1/15/2029		1,900		2,121,816

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil & Gas (continued)
Saudi Arabian Oil Co. (Saudi Arabia)^†(c)	4.375%	4/16/2049	$	1,441	$	1,673,514
Shell International Finance BV (Netherlands)^(c)	6.375%	12/15/2038		1,473		2,148,742
SM Energy Co.	5.625%	6/1/2025		493		497,866
SM Energy Co.	6.625%	1/15/2027		2,149		2,215,705
SM Energy Co.	6.75%	9/15/2026		1,671		1,718,690
Southwestern Energy Co.	5.375%	2/1/2029		904		957,259
Southwestern Energy Co.	5.375%	3/15/2030		1,246		1,337,257
Southwestern Energy Co.	6.45%	1/23/2025		279		306,952
Southwestern Energy Co.	7.75%	10/1/2027		1,120		1,209,320
Southwestern Energy Co.	8.375%	9/15/2028		1,608		1,797,149
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(c)	3.25%	8/15/2030		1,385		1,386,697
Texaco Capital, Inc.	8.625%	11/15/2031		722		1,087,669
Viper Energy Partners LP^†	5.375%	11/1/2027		1,155		1,194,409
Total						117,318,291

Oil & Gas Services 0.43%
Oceaneering International, Inc.	4.65%	11/15/2024		1,182		1,187,910
Oceaneering International, Inc.	6.00%	2/1/2028		2,094		2,057,365
TechnipFMC plc (United Kingdom)^†(c)	6.50%	2/1/2026		781		836,351
Weatherford International Ltd.^†	8.625%	4/30/2030		1,601		1,664,728
Total						5,746,354

Packaging & Containers 0.44%
Ball Corp.	2.875%	8/15/2030		3,039		2,953,088
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		1,295		1,563,408
Sealed Air Corp.^†	6.875%	7/15/2033		1,060		1,347,525
Total						5,864,021

Pharmaceuticals 0.34%
CVS Health Corp.	3.625%	4/1/2027		1,079		1,171,682
Owens & Minor, Inc.^†	4.50%	3/31/2029		749		768,807
Pfizer, Inc.	2.625%	4/1/2030		1,246		1,314,104
Zoetis, Inc.	3.90%	8/20/2028		1,159		1,287,561
Total						4,542,154

Pipelines 2.26%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)^†(c)	4.60%	11/2/2047		1,779		2,109,266
AI Candelaria Spain SLU (Spain)^†(c)	5.75%	6/15/2033		1,095		1,060,951
AI Candelaria Spain SLU (Spain)^†(c)	7.50%	12/15/2028		1,300		1,391,332

30	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Pipelines (continued)
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		$	2,470	$	2,187,975
Cheniere Energy Partners LP^†	3.25%		1/31/2032			1,448		1,465,376
Colonial Enterprises, Inc.^†	3.25%		5/15/2030			748		789,669
CQP Holdco LP/BIP-V Chinook Holdco LLC^†	5.50%		6/15/2031			2,120		2,216,078
Energy Transfer LP	6.50% (5 Yr. Treasury CMT + 5.69%	)^#	–	^(g)		1,317		1,343,340
Florida Gas Transmission Co. LLC^†	4.35%		7/15/2025			1,145		1,237,555
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(c)	3.25%		9/30/2040			2,201		2,229,896
NGPL PipeCo LLC^†	3.25%		7/15/2031			1,215		1,235,724
NGPL PipeCo LLC^†	4.875%		8/15/2027			852		948,933
Northern Natural Gas Co.^†	4.30%		1/15/2049			811		951,212
Sabal Trail Transmission LLC^†	4.246%		5/1/2028			1,125		1,253,781
Sabine Pass Liquefaction LLC	4.50%		5/15/2030			2,627		2,965,859
Transportadora de Gas Internacional SA ESP (Colombia)^†(c)	5.55%		11/1/2028			1,306		1,441,680
Venture Global Calcasieu Pass LLC^†	3.875%		8/15/2029			889		923,818
Venture Global Calcasieu Pass LLC^†	3.875%		11/1/2033			1,154		1,214,147
Venture Global Calcasieu Pass LLC^†	4.125%		8/15/2031			889		943,878
Western Midstream Operating LP	5.30%		2/1/2030			2,002		2,204,252
Total								30,114,722

Real Estate 0.56%
Canary Wharf Group Investment Holdings plc^†(b)	3.375%		4/23/2028		GBP	875		1,198,983
Corp. Inmobiliaria Vesta SAB de CV (Mexico)^†(c)	3.625%		5/13/2031		$	1,186		1,163,982
Hunt Cos., Inc.^†	5.25%		4/15/2029			2,981		2,940,578
Kennedy-Wilson, Inc.	4.75%		3/1/2029			814		833,548
Kennedy-Wilson, Inc.	4.75%		2/1/2030			478		485,275
Kennedy-Wilson, Inc.	5.00%		3/1/2031			814		839,645
Total								7,462,011

REITS 2.31%
Alexandria Real Estate Equities, Inc.	2.00%		5/18/2032			1,019		974,349
Alexandria Real Estate Equities, Inc.	4.90%		12/15/2030			645		775,641
American Campus Communities Operating Partnership LP	2.25%		1/15/2029			1,094		1,082,959
American Campus Communities Operating Partnership LP	3.875%		1/30/2031			1,916		2,124,696
American Homes 4 Rent LP	3.375%		7/15/2051			1,385		1,394,994
American Homes 4 Rent LP	4.90%		2/15/2029			1,027		1,188,135

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
REITS (continued)
Crown Castle International Corp.	4.15%	7/1/2050	$	1,917	$	2,161,531
CyrusOne LP/CyrusOne Finance Corp.	2.15%	11/1/2030		1,373		1,360,650
EPR Properties	3.60%	11/15/2031		943		933,968
GLP Capital LP/GLP Financing II, Inc.	3.25%	1/15/2032		1,272		1,280,923
GLP Capital LP/GLP Financing II, Inc.	4.00%	1/15/2031		1,278		1,365,447
Goodman US Finance Four LLC^†	4.50%	10/15/2037		1,137		1,321,656
Invitation Homes Operating Partnership LP	2.00%	8/15/2031		1,147		1,081,362
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.75%	6/15/2029		2,030		2,084,211
MGM Growth Properties Operating Partnership LP/ MGP Finance Co-Issuer, Inc.^†	4.625%	6/15/2025		889		948,856
MPT Operating Partnership LP/MPT Finance Corp.	4.625%	8/1/2029		1,288		1,361,068
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		1,138		1,185,199
Prologis LP	4.375%	2/1/2029		1,106		1,266,616
Rayonier LP	2.75%	5/17/2031		1,674		1,671,939
SBA Communications Corp.	3.875%	2/15/2027		1,236		1,274,718
STORE Capital Corp.	2.70%	12/1/2031		1,738		1,701,468
Vornado Realty LP	3.40%	6/1/2031		1,218		1,246,918
Weyerhaeuser Co.	7.375%	3/15/2032		716		1,008,548
Total						30,795,852

Retail 2.38%
Asbury Automotive Group, Inc.^†	4.625%	11/15/2029		701		715,314
Asbury Automotive Group, Inc.^†	5.00%	2/15/2032		839		871,893
AutoNation, Inc.	4.75%	6/1/2030		684		782,167
Bath & Body Works, Inc.	6.875%	11/1/2035		2,257		2,807,866
Best Buy Co., Inc.	4.45%	10/1/2028		1,332		1,504,121
Carvana Co.^†	5.625%	10/1/2025		629		629,786
Carvana Co.^†	5.875%	10/1/2028		1,760		1,755,873
Costco Wholesale Corp.	1.75%	4/20/2032		1,511		1,469,589
Dollar General Corp.	3.50%	4/3/2030		1,350		1,460,467
Dollar Tree, Inc.	3.375%	12/1/2051		2,147		2,166,583
Kohl’s Corp.	5.55%	7/17/2045		1,265		1,478,276
Macy’s Retail Holdings LLC	4.50%	12/15/2034		846		836,707
Macy’s Retail Holdings LLC^†	5.875%	4/1/2029		864		922,666
Murphy Oil USA, Inc.^†	3.75%	2/15/2031		1,684		1,675,892
PetSmart, Inc./PetSmart Finance Corp.^†	4.75%	2/15/2028		1,455		1,495,835
PetSmart, Inc./PetSmart Finance Corp.^†	7.75%	2/15/2029		1,214		1,320,850
Sonic Automotive, Inc.^†	4.625%	11/15/2029		704		711,881
Sonic Automotive, Inc.^†	4.875%	11/15/2031		704		711,888

32	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Retail (continued)
Staples, Inc.^†	7.50%	4/15/2026	$	1,299	$	1,336,411
Starbucks Corp.	4.45%	8/15/2049		1,287		1,588,342
Stonegate Pub Co. Financing 2019 plc^(b)	8.00%	7/13/2025	GBP	906		1,250,383
Stonegate Pub Co. Financing 2019 plc^(b)	8.25%	7/31/2025	GBP	1,221		1,683,449
Tiffany & Co.	4.90%	10/1/2044	$	1,816		2,455,320
Total						31,631,559

Savings & Loans 0.00%
Washington Mutual Bank⁽ⁱ⁾	6.875%	6/15/2011		1,250		125	^(h)

Semiconductors 0.98%
KLA Corp.	4.10%	3/15/2029		776		876,713
Lam Research Corp.	4.875%	3/15/2049		808		1,099,480
Microchip Technology, Inc.	4.25%	9/1/2025		978		1,015,883
Micron Technology, Inc.	5.327%	2/6/2029		1,388		1,646,238
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands)^†(c)	3.25%	11/30/2051		1,289		1,291,376
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands)^†(c)	3.40%	5/1/2030		1,117		1,191,718
ON Semiconductor Corp.^†	3.875%	9/1/2028		1,426		1,463,696
SK Hynix, Inc. (South Korea)^†(c)	2.375%	1/19/2031		1,331		1,282,522
TSMC Arizona Corp.	3.25%	10/25/2051		3,046		3,216,449
Total						13,084,075

Software 2.05%
Autodesk, Inc.	3.50%	6/15/2027		1,446		1,555,869
Intuit, Inc.	1.65%	7/15/2030		1,150		1,110,395
MSCI, Inc.^†	3.25%	8/15/2033		1,228		1,243,725
MSCI, Inc.^†	3.875%	2/15/2031		2,447		2,551,719
MSCI, Inc.^†	4.00%	11/15/2029		1,167		1,221,452
Oracle Corp.	4.50%	7/8/2044		528		597,560
Playtika Holding Corp. (Israel)^†(c)	4.25%	3/15/2029		852		836,251
PTC, Inc.^†	4.00%	2/15/2028		1,077		1,097,587
ROBLOX Corp.^†	3.875%	5/1/2030		4,401		4,471,460
Roper Technologies, Inc.	1.75%	2/15/2031		1,352		1,271,188
salesforce.com, Inc.	3.70%	4/11/2028		1,580		1,754,596
ServiceNow, Inc.	1.40%	9/1/2030		1,297		1,208,746
Twilio, Inc.	3.625%	3/15/2029		4,170		4,213,326
Twilio, Inc.	3.875%	3/15/2031		3,004		3,037,450
Veritas US, Inc./Veritas Bermuda Ltd.^†	7.50%	9/1/2025		1,087		1,126,464
Total						27,297,788

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications 2.05%
Altice France Holding SA (Luxembourg)^†(c)	6.00%		2/15/2028	$	934	$	893,651
Altice France Holding SA (Luxembourg)^†(c)	10.50%		5/15/2027		1,189		1,279,852
Connect Finco SARL/Connect US Finco LLC (Luxembourg)^†(c)	6.75%		10/1/2026		1,264		1,330,486
Frontier Communications Holdings LLC^†	5.00%		5/1/2028		1,549		1,598,274
Frontier Communications Holdings LLC^†	5.875%		10/15/2027		882		934,078
Frontier Communications Holdings LLC^†	6.75%		5/1/2029		1,194		1,243,587
Hughes Satellite Systems Corp.	5.25%		8/1/2026		1,111		1,216,306
Motorola Solutions, Inc.	4.60%		5/23/2029		1,513		1,730,282
Sprint Capital Corp.	6.875%		11/15/2028		5,146		6,518,335
Switch Ltd.^†	3.75%		9/15/2028		1,106		1,115,882
T-Mobile USA, Inc.	3.375%		4/15/2029		1,287		1,313,602
T-Mobile USA, Inc.	3.875%		4/15/2030		1,099		1,203,104
Vmed O2 UK Financing I plc (United Kingdom)^†(c)	4.25%		1/31/2031		2,494		2,448,160
Vmed O2 UK Financing I plc (United Kingdom)^†(c)	4.75%		7/15/2031		1,995		2,023,548
Windstream Escrow LLC/Windstream Escrow Finance Corp.^†	7.75%		8/15/2028		1,122		1,191,542
Xiaomi Best Time International Ltd. (Hong Kong)^†(c)	4.10%		7/14/2051		1,186		1,206,370
Total							27,247,059

Toys/Games/Hobbies 0.35%
Hasbro, Inc.	3.90%		11/19/2029		1,737		1,917,097
Hasbro, Inc.	5.10%		5/15/2044		1,761		2,196,883
Mattel, Inc.^†	5.875%		12/15/2027		512		551,086
Total							4,665,066

Transportation 0.43%
Autoridad del Canal de Panama (Panama)^†(c)	4.95%		7/29/2035		1,000		1,219,560
Central Japan Railway Co. (Japan)^†(c)	4.25%		11/24/2045		1,524		1,905,455
CH Robinson Worldwide, Inc.	4.20%		4/15/2028		1,186		1,337,121
FedEx Corp. 2020-1 Class AA Pass Through Trust	1.875%		8/20/2035		1,340		1,324,490
Total							5,786,626
Total Corporate Bonds (cost $782,136,519)							818,624,963

FLOATING RATE LOANS^(j)6.03%

Aerospace/Defense 0.13%
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)^(c)	8.50% (3 Mo. LIBOR + 6.50%	)	3/6/2024		656		653,905
Alloy Finco Limited USD Holdco PIK Term Loan 13.50% (Jersey)^(c)	0.05%		3/6/2025		1,137		1,148,850
Total							1,802,755

34	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Auto Parts & Equipment 0.07%
Truck Hero, Inc. 2021 Term Loan B		4.00% (1 Mo. LIBOR + 3.25%	)	1/31/2028	$	949	$	946,190

Automakers 0.10%
Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan		6.874% (3 Mo. LIBOR + 6.00%	)	4/10/2026		1,300		1,308,125

Banking 0.09%
Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan	3.104% (1 Mo. LIBOR + 3.00%		)	6/15/2025		1,204		1,198,039

Building & Construction 0.17%
Centuri Group, Inc Term Loan B		3.00% (3 Mo. LIBOR + 2.50%	)	8/27/2028		1,252		1,252,071
USIC Holdings, Inc. 2021 Term Loan		4.25% (1 Mo. LIBOR + 3.50%	)	5/12/2028		1,017		1,016,751
Total								2,268,822

Building Materials 0.13%
ACProducts, Inc. 2021 Term Loan B		4.75%		5/17/2028		1,739		1,716,938

Chemicals 0.23%
LSF11 A5 Holdco LLC Term Loan		4.25% (3 Mo. LIBOR + 3.75%	)	10/15/2028		1,134		1,134,034
Messer Industries GmbH 2018 USD Term Loan		2.724% (3 Mo. LIBOR + 2.50%	)	3/2/2026		1,057		1,050,221
Starfruit Finco B.V 2018 USD Term Loan B (Netherlands)^(c)		3.102%		10/1/2025		863		860,720
Total								3,044,975

Diversified Capital Goods 0.00%
UTEX Industries Inc. 2020 Second Out Term Loan PIK 5.75%	5.25% (1 Mo. LIBOR + 3.75%		)	12/3/2025		50		49,481

Electric: Generation 0.21%
Astoria Energy LLC 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.50%	)	12/10/2027		1,493		1,491,096
EFS Cogen Holdings I LLC 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.50%	)	10/1/2027		1,094		1,080,193
Frontera Generation Holdings LLC 2021 2nd Lien Term Loan	1.72% (3 Mo. LIBOR + 1.50%		)	7/28/2028		129		73,421
Frontera Generation Holdings LLC 2021 Term Loan	14.00% (3 Mo. LIBOR + 13.00%		)	7/28/2026		134		142,003	^(k)
Total								2,786,713


	See Notes to Financial Statements.	35

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electric: Integrated 0.10%
Helix Gen Funding, LLC Term Loan B	4.75% (1 Mo. LIBOR + 3.75%	)	6/3/2024	$	1,323	$	1,286,976

Electronics 0.10%
Altar Bidco, Inc. 2021 Term Loan	–	^(l)	11/17/2028		1,299		1,296,312

Gas Distribution 0.35%
CQP Holdco LP 2021 Term Loan B	4.25% (3 Mo. LIBOR + 3.75%	)	6/5/2028		1,324		1,322,984
Lucid Energy Group II Borrower, LLC 2021 Term Loan	5.00% (3 Mo. LIBOR + 4.25%	)	11/24/2028		2,137		2,114,217
Oryx Midstream Services Permian Basin LLC Term Loan B	3.75% (3 Mo. LIBOR + 3.25%	)	10/5/2028		1,188		1,181,517
Total							4,618,718

Health Facilities 0.46%
Electron BidCo Inc. 2021 Term Loan	3.75% (3 Mo. LIBOR + 3.25%	)	11/1/2028		1,325		1,323,366
Global Medical Response, Inc. 2020 Term Loan B	5.25% (3 Mo. LIBOR + 4.25%	)	10/2/2025		1,312		1,308,686
Heartland Dental, LLC 2018 1st Lien Term Loan	3.604% (1 Mo. LIBOR + 3.50%	)	4/30/2025		1,199		1,189,019
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B	3.852%		11/16/2025		971		971,651
Select Medical Corporation 2017 Term Loan B	2.36% (1 Mo. LIBOR + 2.25%	)	3/6/2025		1,287		1,281,309
Total							6,074,031

Health Services 0.14%
National Mentor Holdings, Inc. 2021 Term Loan C	4.50% (3 Mo. LIBOR + 3.75%	)	3/2/2028		57		56,155
National Mentor Holdings, Inc. 2021 Delayed Draw Term Loan^(m)	3.75%		3/2/2028		84		82,773
National Mentor Holdings, Inc. 2021 Term Loan	4.50% (1 Mo. LIBOR + 3.75%	)	3/2/2028		1,791		1,774,538
Total							1,913,466

Housewares 0.10%
Springs Windows Fashions, LLC 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.00%	)	10/6/2028		1,339		1,329,538


36	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Insurance Brokerage 0.09%
Hub International Limited 2018 Term Loan B	2.875% (3 Mo. LIBOR + 2.75%	)	4/25/2025	$	1,152	$	1,139,864

Investments & Miscellaneous Financial Services 0.30%
HighTower Holdings LLC 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.00%	)	4/21/2028		2,661		2,663,442
Hudson River Trading LLC 2021 Term Loan	3.104% (1 Mo. LIBOR + 3.00%	)	3/20/2028		1,284		1,276,608
Total							3,940,050

Leisure 0.21%
Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan (Luxembourg)^(c)	3.50% (1 Mo. LIBOR + 2.50%	)	2/1/2024		1,198		1,198,110
Motion Finco Sarl Delayed Draw Term Loan B2 (Luxembourg)^(c)	3.474% (3 Mo. LIBOR + 3.25%	)	11/12/2026		184		180,305
Motion Finco Sarl USD Term Loan B1 (Luxembourg)^(c)	3.474% (3 Mo. LIBOR + 3.25%	)	11/12/2026		1,389		1,362,123
Total							2,740,538

Machinery 0.20%
II-VI Incorporated 2021 Bridge Term Loan B	–	^(l)	12/1/2028		1,289		1,289,606
Vertical US Newco Inc Term Loan B	4.00% (6 Mo. LIBOR + 3.50%	)	7/30/2027		1,419		1,421,897
Total							2,711,503

Managed Care 0.07%
Bella Holding Company, LLC 2021 Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	5/10/2028		1,002		1,002,417

Media 0.27%
AppLovin Corporation 2021 Term Loan B	3.50% (1 Mo. LIBOR + 3.00%	)	10/25/2028		1,317		1,316,444
Nexstar Broadcasting, Inc. 2018 Term Loan B3	2.354% (1 Mo. LIBOR + 2.25%	)	1/17/2024		838		837,362
Univision Communications Inc. 2021 Term Loan B	–	^(l)	5/5/2028		1,470		1,469,247
Total							3,623,053

Medical Products 0.04%
MedAssets Software Intermediate Holdings, Inc. 2021 Term Loan	4.50% (3 Mo. LIBOR + 4.00%	)	12/18/2028		589		590,319


	See Notes to Financial Statements.	37

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Personal & Household Products 0.00%
FGI Operating Company, LLC Exit Term Loan	10.22% (3 Mo. LIBOR + 10.00%		)	5/16/2022	$	83	$	10,375	^(k)
Revlon Consumer Products Corporation 2020 Additional Term Loan B2		4.25% (3 Mo. LIBOR + 3.50%	)	6/30/2025		7		4,821
Total								15,196

Real Estate Investment Trusts 0.09%
Washington Prime Group, L.P. 2021 Take-back Exit Term Loan		–	^(l)	6/11/2025		1,151		1,164,571

Retail 0.12%
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan		2.105% (1 Mo. LIBOR + 2.00%	)	2/3/2024		908		909,395
Claire’s Stores, Inc. 2019 Term Loan B		6.604% (1 Mo. LIBOR + 6.50%	)	12/18/2026		673		671,622
Total								1,581,017

Software/Services 0.65%
Magenta Buyer LLC 2021 USD 1st Lien Term Loan		5.75% (3 Mo. LIBOR + 5.00%	)	7/27/2028		1,339		1,337,549
Peraton Corp. Term Loan B		4.50% (1 Mo. LIBOR + 3.75%	)	2/1/2028		1,184		1,186,314
Polaris Newco LLC USD Term Loan B		4.50% (3 Mo. LIBOR + 4.00%	)	6/2/2028		1,509		1,511,195
RealPage, Inc 1st Lien Term Loan		3.75% (1 Mo. LIBOR + 3.25%	)	4/24/2028		1,401		1,398,345
Tibco Software Inc. 2020 Term Loan B3		3.852% (1 Mo. LIBOR + 3.75%	)	6/30/2026		1,179		1,171,714
Ultimate Software Group Inc (The) Term Loan B		3.854% (1 Mo. LIBOR + 3.75%	)	5/4/2026		1,192		1,189,606
WEX Inc. 2021 Term Loan		2.354% (1 Mo. LIBOR + 2.25%	)	3/31/2028		851		848,123
Total								8,642,846

Specialty Retail 0.57%
Birkenstock GmbH & Co. KG USD Term Loan B (Germany)^(c)		3.75% (6 Mo. LIBOR + 3.25%	)	4/28/2028		880		878,933
Foundation Building Materials Holding Company LLC 2021 Term Loan		3.75% (3 Mo. LIBOR + 3.25%	)	2/3/2028		679		675,163


38	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
Harbor Freight Tools USA, Inc. 2021 Term Loan B		3.25% (1 Mo. LIBOR + 2.75%	)	10/19/2027	$	904	$	903,447
Mavis Tire Express Services Corp. 2021 Term Loan B		4.75% (1 Mo. LIBOR + 4.00%	)	5/4/2028		1,410		1,413,503
Petco Health and Wellness Company, Inc. 2021 Term Loan B		4.00% (3 Mo. LIBOR + 3.25%	)	3/3/2028		1,570		1,570,164
Restoration Hardware, Inc. Term Loan B		3.00% (3 Mo. LIBOR + 2.50%	)	10/20/2028		1,257		1,256,532
Winterfell Financing Sarl EUR Term Loan B^(b)	3.50% (3 Mo. EURIBOR + 3.50%		)	5/4/2028	EUR	806		909,018
Total								7,606,760

Support: Services 0.49%
Avis Budget Car Rental, LLC 2020 Term Loan B		1.86% (1 Mo. LIBOR + 1.75%	)	8/6/2027	$	1,222		1,207,826
Brown Group Holding, LLC Term Loan B		3.00% (3 Mo. LIBOR + 2.50%	)	6/7/2028		1,358		1,356,872
CoreLogic, Inc. Term Loan		4.00% (1 Mo. LIBOR + 3.50%	)	6/2/2028		1,814		1,815,136
Pike Corporation 2021 Incremental Term Loan B		3.11% (1 Mo. LIBOR + 3.00%	)	1/21/2028		896		894,508
Team Health Holdings, Inc. 1st Lien Term Loan		3.75% (1 Mo. LIBOR + 2.75%	)	2/6/2024		1,292		1,239,495
Total								6,513,837

Technology Hardware & Equipment 0.42%
Atlas CC Acquisition Corp Term Loan B		5.00% (3 Mo. LIBOR + 4.25%	)	5/25/2028		1,261		1,265,868
Atlas CC Acquisition Corp Term Loan C		5.00% (3 Mo. LIBOR + 4.25%	)	5/25/2028		257		257,465
Delta TopCo, Inc. 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.75%	)	12/1/2027		1,446		1,449,508
LogMeIn, Inc. Term Loan B		4.839% (3 Mo. LIBOR + 4.75%	)	8/31/2027		2,666		2,654,778
Total								5,627,619

Transportation 0.13%
Genesee & Wyoming Inc. (New) Term Loan		2.224% (3 Mo. LIBOR + 2.00%	)	12/30/2026		1,710		1,701,119
Total Floating Rate Loans (cost $79,537,608)								80,241,788


	See Notes to Financial Statements.	39

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
FOREIGN GOVERNMENT OBLIGATIONS 2.28%

Angola 0.23%
Republic of Angola^†(c)	9.125%	11/26/2049	$	1,720	$	1,655,548
Republic of Angola^†(c)	9.375%	5/8/2048		1,483		1,456,217
Total						3,111,765

Bermuda 0.13%
Bermuda Government International Bond^†	2.375%	8/20/2030		896		898,240
Bermuda Government International Bond^†	3.375%	8/20/2050		794		796,978
Total						1,695,218

Cayman Islands 0.10%
Ivory Coast Government International Bond^†(b)	5.875%	10/17/2031	EUR	1,090		1,277,842

Colombia 0.19%
Colombia Government International Bond^(c)	5.20%	5/15/2049	$	2,773		2,551,576

Costa Rica 0.24%
Costa Rica Government International Bond^†(c)	7.158%	3/12/2045		3,251		3,226,650

Ecuador 0.17%
Ecuador Government International Bond^†(c)	5.00%	7/31/2030		2,676		2,224,199

El Salvador 0.20%
El Salvador Government International Bond^†(c)	7.65%	6/15/2035		2,304		1,321,920
El Salvador Government International Bond^†(c)	8.25%	4/10/2032		2,083		1,291,460
Total						2,613,380

Gambia 0.13%
Gabon Government International Bond^†(c)	7.00%	11/24/2031		1,798		1,766,535

Kenya 0.30%
Republic of Kenya^†(c)	7.25%	2/28/2028		1,918		2,069,215
Republic of Kenya^†(c)	8.25%	2/28/2048		1,924		1,960,306
Total						4,029,521

Oman 0.10%
Oman Sovereign Sukuk Co.^†(c)	4.875%	6/15/2030		1,253		1,334,445

Senegal 0.11%
Senegal Government International Bond^†(b)	5.375%	6/8/2037	EUR	1,415		1,532,941

South Africa 0.17%
Republic of South Africa^(c)	5.75%	9/30/2049	$	2,334		2,250,559


40	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Sri Lanka 0.12%
Sri Lanka Government International Bond^†(c)	5.875%	7/25/2022	$	2,340	$	1,596,465

United Arab Emirates 0.09%
Abu Dhabi Government International^†(c)	3.125%	5/3/2026		1,107		1,179,554
Total Foreign Government Obligations (cost $31,998,150)						30,390,650

MUNICIPAL BONDS 2.45%

Air Transportation 0.08%
County of Miami-Dade FL Aviation Revenue	4.28%	10/1/2041		950		1,042,495

Education 0.51%
California State University	3.899%	11/1/2047		1,975		2,276,277
Ohio University	5.59%	12/1/2114		1,000		1,559,869
Permanent University Fund - Texas A&M University S	3.66%	7/1/2047		1,070		1,157,568
Regents of the University of California Medical Ce	3.006%	5/15/2050		885		912,296
Regents of the University of California Medical Ce	6.548%	5/15/2048		600		929,607
Total						6,835,617

General Obligation 0.49%
Commonwealth of Pennsylvania	5.45%	2/15/2030		836		1,019,317
District of Columbia	5.591%	12/1/2034		795		1,000,377
State of Illinois	5.10%	6/1/2033		3,010		3,481,470
University of North Carolina at Chapel Hill	3.847%	12/1/2034		855		995,560
Total						6,496,724

Lease Obligation 0.07%
State of Wisconsin	3.294%	5/1/2037		790		861,121

Miscellaneous 0.28%
County of Miami-Dade FL	2.786%	10/1/2037		575		563,519
Dallas Convention Center Hotel Development Corp	7.088%	1/1/2042		1,210		1,712,332
New York City Industrial Development Agency^†	11.00%	3/1/2029		1,135		1,508,479
Total						3,784,330

Revenue - Utilities - Other 0.10%
City of San Antonio TX Electric & Gas Systems Reve	5.718%	2/1/2041		980		1,360,799

Tax Revenue 0.36%
Dallas Area Rapid Transit	2.613%	12/1/2048		1,090		1,070,580
Massachusetts School Building Authority	5.715%	8/15/2039		1,220		1,687,916
Memphis-Shelby County Industrial Development Board⁽ⁱ⁾	7.00%	7/1/2045		1,415		1,268,756
New York State Dormitory Authority	3.19%	2/15/2043		310		327,499


	See Notes to Financial Statements.	41

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Tax Revenue (continued)
Regional Transportation District Sales Tax Revenue	2.387%		11/1/2037	$	455	$	432,248
Total							4,786,999

Taxable Revenue - Water & Sewer 0.05%
City & County Honolulu HI Wastewater System Revenu	1.623%		7/1/2031		390		382,016
City & County Honolulu HI Wastewater System Revenu	2.574%		7/1/2041		260		261,214
Total							643,230

Transportation 0.31%
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		787		847,663
Metropolitan Transportation Authority	5.175%		11/15/2049		1,000		1,375,656
Metropolitan Transportation Authority	6.668%		11/15/2039		525		748,040
New Jersey Transportation Trust Fund Authority	4.131%		6/15/2042		1,075		1,208,637
Total							4,179,996

Transportation: Infrastructure/Services 0.20%
Chicago Transit Authority Sales Tax Receipts Fund	6.20%		12/1/2040		1,030		1,409,628
Port of Seattle WA	3.755%		5/1/2036		1,105		1,204,639
Total							2,614,267
Total Municipal Bonds (cost $30,088,020)							32,605,578

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.33%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(n)	12/25/2059		241		241,011
Atrium Hotel Portfolio Trust 2018-ATRM A^†	1.06% (1 Mo. LIBOR + .95%	)^#	6/15/2035		2,083		2,081,650
BBCMS Mortgage Trust 2018-C2 C	4.969%	^#(n)	12/15/2051		1,011		1,117,901
BBCMS Mortgage Trust 2019-BWAY A^†	1.066% (1 Mo. LIBOR + .96%	)^#	11/15/2034		1,750		1,746,569
Benchmark Mortgage Trust 2019-B12 WMA^†	4.246%	^#(n)	8/15/2052		2,892		2,868,777
BHMS 2018-ATLS A^†	1.36% (1 Mo. LIBOR + 1.25%	)^#	7/15/2035		3,300		3,302,516
BX 2021-MFM1 B^†	1.06% (1 Mo. LIBOR + .95%	)^#	1/15/2034		400		397,327
BX 2021-MFM1 C^†	1.31% (1 Mo. LIBOR + 1.20%	)^#	1/15/2034		250		248,437
BX Commercial Mortgage Trust 2020-VIV4 A^†	2.843%		3/9/2044		829		852,866
BX Commercial Mortgage Trust 2021-VOLT A^†	0.81% (1 Mo. LIBOR + .70%	)^#	9/15/2036		2,630		2,624,666
BX Trust 2021-ARIA F^†	2.704% (1 Mo. LIBOR + 2.59%	)^#	10/15/2036		5,250		5,232,753


42	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CF Trust 2019-BOSS A1	4.75% (1 Mo. LIBOR + 3.25%	)^#	12/15/2021	$	1,340	$	1,240,813
Citigroup Commercial Mortgage Trust 2016-GC36 C	4.75%	^#(n)	2/10/2049		480		491,195
Citigroup Commercial Mortgage Trust 2016-P3 D^†	2.804%	^#(n)	4/15/2049		828		683,872
COMM Mortgage Trust 2014-UBS5 AM	4.193%	^#(n)	9/10/2047		1,161		1,219,497
COMM Mortgage Trust 2020-SBX C^†	2.056%	^#(n)	1/10/2038		350		342,494
COMM Mortgage Trust 2020-SBX D^†	2.321%	^#(n)	1/10/2038		500		486,722
Commercial Mortgage Pass-Through Certificates 2020-SBX A^†	1.67%		1/10/2038		450		447,872
Connecticut Avenue Securities Trust 2021-R01 1B1^†	3.15% (1 Mo. SOFR + 3.10%	)^#	10/25/2041		1,980		2,003,438
Connecticut Avenue Securities Trust 2021-R03 1B1^†	2.80% (1 Mo. SOFR + 2.75%	)^#	12/25/2041		1,300		1,302,116
Credit Suisse Mortgage Capital Certificates 2019-ICE4 C^†	1.54% (1 Mo. LIBOR + 1.43%	)^#	5/15/2036		3,000		2,994,844
Credit Suisse Mortgage Capital Certificates 2019-ICE4 D^†	1.71% (1 Mo. LIBOR + 1.60%	)^#	5/15/2036		924		921,887
Credit Suisse Mortgage Capital Certificates 2021-BRIT A^†	3.709% (1 Mo. LIBOR + 3.46%	)^#	5/15/2023		4,500		4,492,519
CSMC 2020-AFC1 Trust A1^†	2.24%	^#(n)	2/25/2050		658		660,771
CSMC 2021-BHAR D^†	2.86% (1 Mo. LIBOR + 2.75%	)^#	11/15/2038		420		420,602
CSMC 2021-BHAR E^†	3.61% (1 Mo. LIBOR + 3.50%	)^#	11/15/2038		620		620,500
CSMC 2021-BHAR F^†	4.36% (1 Mo. LIBOR + 4.25%	)^#	11/15/2038		490		490,394
CSMC 2021-BPNY A^†	3.824% (1 Mo. LIBOR + 3.71%	)^#	8/15/2023		2,420		2,419,328
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(n)	1/25/2060		310		310,397
Fannie Mae Connecticut Avenue Securities 2021-R02 2B1^†	3.35% (1 Mo. SOFR + 3.30%	)^#	11/25/2041		570		575,266
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		780		797,905
Fontainebleau Miami Beach Trust 2019-FBLU B^†	3.447%		12/10/2036		800		817,335
Freddie Mac STACR REMIC Trust 2021-DNA6 B1^†	3.45% (1 Mo. SOFR + 3.40%	)^#	10/25/2041		3,310		3,336,798
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1^†	3.70% (1 Mo. SOFR + 3.65%	)^#	11/25/2041		2,220		2,258,809


	See Notes to Financial Statements.	43

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

GCAT Trust 2020-NQM1 A1^†

2.247%

1/25/2060

171

171,206

Great Wolf Trust 2019-WOLF A^†

1.144%
(1 Mo. LIBOR + 1.03%

)^#

12/15/2036

3,317

3,316,520

Great Wolf Trust 2019-WOLF D^†

2.043%
(1 Mo. LIBOR + 1.93%

)^#

12/15/2036

2,923

2,891,230

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

2.16%
(1 Mo. LIBOR + 2.05%

)^#

11/15/2036

770

771,444

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

2.86%
(1 Mo. LIBOR + 2.75%

)^#

11/15/2036

1,340

1,342,512

GS Mortgage Securities Corp. Trust 2021-RENT E^†

2.853%
(1 Mo. LIBOR + 2.75%

)^#

11/21/2035

650

647,803

GS Mortgage Securities Corp. Trust 2021-RENT F^†

3.753%
(1 Mo. LIBOR + 3.65%

)^#

11/21/2035

500

498,491

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

5.803%
(1 Mo. LIBOR + 5.70%

)^#

11/21/2035

100

101,039

GS Mortgage Securities Corp. Trust 2021-RSMZ MZ^†

9.61%
(1 Mo. LIBOR + 9.50%

)^#

6/15/2026

4,000

4,009,647

GS Mortgage Securities Trust 2020-GSA2 E^†

2.25%

12/12/2053

550

445,903

Hilton Orlando Trust 2018-ORL A^†

1.03%
(1 Mo. LIBOR + .92%

)^#

12/15/2034

557

556,914

HPLY Trust 2019-HIT A^†

1.11%
(1 Mo. LIBOR + 1.00%

)^#

11/15/2036

1,043

1,042,043

JPMCC Commercial Mortgage Securities Trust 2017-JP5 C

3.85%

^#(n)

3/15/2050

821

838,538

JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A^†

3.392%

6/5/2032

1,000

1,003,813

JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†

3.287%

1/10/2037

550

561,035

JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†

3.64%

1/10/2037

490

494,523

JPMorgan Chase Commercial Mortgage Securities Trust 2021-BOLT D^†

6.81%
(1 Mo. LIBOR + 6.70%

)^#

8/15/2033

2,110

2,112,616

KIND Trust 2021-KIND E^†

3.36%
(1 Mo. LIBOR + 3.25%

)^#

8/15/2038

2,420

2,404,215

KKR Industrial Portfolio Trust 2021-KDIP D^†

1.36%
(1 Mo. LIBOR + 1.25%

)^#

12/15/2037

263

259,802

KKR Industrial Portfolio Trust 2021-KDIP E^†

1.66%
(1 Mo. LIBOR + 1.55%

)^#

12/15/2037

428

422,378

KKR Industrial Portfolio Trust 2021-KDIP F^†

2.16%
(1 Mo. LIBOR + 2.05%

)^#

12/15/2037

470

461,751


44	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Life Mortgage Trust 2021-BMR E^†

1.86%
(1 Mo. LIBOR + 1.75%

)^#

3/15/2038

1,200

1,190,317

New Residential Mortgage Loan Trust 2020-NQM1 A1^†

2.464%

^#(n)

1/26/2060

213

214,093

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

1.61%
(1 Mo. LIBOR + 1.50%

)^#

1/15/2036

600

598,634

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

2.31%
(1 Mo. LIBOR + 2.20%

)^#

1/15/2036

1,380

1,380,271

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

2.86%
(1 Mo. LIBOR + 2.75%

)^#

1/15/2036

500

501,265

PFP Ltd. 2019-6 A^†

1.158%
(1 Mo. LIBOR + 1.05%

)^#

4/14/2037

545

545,041

PFP Ltd. 2019-6 C^†

2.208%
(1 Mo. LIBOR + 2.10%

)^#

4/14/2037

1,995

1,989,971

Residential Mortgage Loan Trust 2020-1 A1^†

2.376%

^#(n)

1/26/2060

174

175,138

SLG Office Trust 2021-OVA E^†

2.851%

7/15/2041

2,310

2,197,047

Starwood Mortgage Residential Trust 2020-1 A1^†

2.275%

^#(n)

2/25/2050

260

260,965

Verus Securitization Trust 2020-1 A1^†

2.417%

1/25/2060

237

238,282

Wells Fargo Commercial Mortgage Trust 2020-SDAL A^†

1.12%
(1 Mo. LIBOR + 1.01%

)^#

2/15/2037

582

578,749

Total Non-Agency Commercial Mortgage-Backed Securities (cost $84,106,874)

84,273,043

Dividend
Rate

Shares
(000)

PREFERRED STOCKS 0.06%

Transportation Infrastructure

ACBL Holdings Corp. Series A

Zero Coupon

376,998

ACBL Holdings Corp. Series B

Zero Coupon

464,860

Total Preferred Stocks (cost $765,325)

841,858

Total Long-Term Investments (cost $1,262,139,327)

1,305,934,008


	See Notes to Financial Statements.	45

Schedule of Investments (continued)

December 31, 2021

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 0.92%

Repurchase Agreements 0.73%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $8,964,100 of U.S. Treasury Note at 2.875% due 8/15/2028; value: $9,893,079; proceeds: $9,699,003 (cost $9,699,003)	$	9,699	$	9,699,003

	Shares (000)

Money Market Funds 0.17%
Fidelity Government Portfolio^(o) (cost $2,269,226)		2,269,226		2,269,226

Time Deposits 0.02%
CitiBank N.A.^(o) (cost $252,137)		252,137		252,137
Total Short-Term Investments (cost $12,220,366)				12,220,366

Total Investments in Securities 99.04% (cost $1,274,359,693)				1,318,154,374
Less Unfunded Loan Commitments (0.01%) (cost $83,556)^(p)				(82,773)
Net Investments in Securities 99.03% (cost $1,274,276,137)				1,318,071,601
Other Assets and Liabilities – Net^(q)0.97%				12,848,307
Net Assets 100.00%			$	1,330,919,908

EUR	Euro.
GBP	British Pound.
HKD	Hong Kong Dollar.
JPY	Japanese Yen.
ADR	American Depositary Receipt.
CMT	Constant Maturity Rate.
EURIBOR	Euro Interbank Offered Rate.
ICE	Intercontinental Exchange.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2021, the total value of Rule 144A securities was $616,788,348, which represents 46.34% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2021.
*		Non-income producing security.
^(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		Foreign security traded in U.S. dollars.
^(d)		Amount represents less than 1,000 shares.
^(e)		All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.


46	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

^(f)		Level 3 Investment as described in Note 2(o) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(g)		Security is perpetual in nature and has no stated maturity.
^(h)		Level 3 Investment as described in Note 2(o) in the Notes to Financials. Security fair valued by the Pricing Committee.
⁽ⁱ⁾		Defaulted (non-income producing security).
^(j)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at December 31, 2021.
^(k)		Level 3 Investment as described in Note 2(o) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(l)		Interest rate to be determined.
^(m)		Security partially/fully unfunded. See Note 2(n).
⁽ⁿ⁾		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(o)		Security was purchased with the cash collateral from loaned securities.
^(p)		See Note 2(n).
^(q)		Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Index/Issuer - Buy Protection at December 31, 2021⁽¹⁾:

Referenced Index/Issuer	Central Clearing Party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Payments Upfront⁽²⁾		Unrealized Appreciation⁽³⁾
Markit CDX.NA.EM.36⁽⁴⁾⁽⁵⁾	Bank of America	1.000%	12/20/2026	$	39,362,000	$	1,451,880	$	137,055

Referenced Index/Issuer	Central Clearing Party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Payments Upfront⁽²⁾		Unrealized Depreciation⁽³⁾
Republic of Brazil⁽⁴⁾⁽⁶⁾	Bank of America	1.000%	12/20/2026	$	5,625,838	$	350,175	$	(78,713	)


⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization. See Note 2(i).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Index/Issuer amounted to $137,055. Total unrealized depreciation on Credit Default Swaps on Index/Issuer amounted to $78,713.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets sovereign issuers.
⁽⁶⁾		Moody’s Credit Rating: Ba2.


	See Notes to Financial Statements.	47

Schedule of Investments (continued)

December 31, 2021

Credit Default Swaps on Indexes – Sell Protection at December 31, 2021⁽¹⁾:

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Payments Upfront⁽²⁾			Unrealized Appreciation/ (Depreciation)⁽³⁾				Credit Default Swap Agreements Receivable at Fair Value⁽⁴⁾
Markit CMBX.NA.AA.8	Citibank	1.500%	10/17/2057	$	1,000,000	$	5,009			$	1,952			$	6,961

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Payments Upfront⁽²⁾			Unrealized Appreciation/ (Depreciation)⁽³⁾				Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX.NA.AA.7	Citibank	1.500%	1/17/2047	$	500,000	$	(6,075	)		$	(1,665	)		$	(7,740	)
Markit CMBX.NA.BBB-.10	Morgan Stanley	3.000%	11/17/2059		1,200,000		(148,958	)			41,646				(107,312	)
Markit CMBX.NA.BBB-.12	Morgan Stanley	3.000%	8/17/2061		1,200,000		(81,784	)			19,870				(61,914	)
Markit CMBX.NA.BBB-.9	Citibank	3.000%	9/17/2058		1,200,000		(127,065	)			14,307				(112,758	)
						$	(363,882	)		$	74,158			$	(289,724	)
Total Credit Default Swaps on Indexes - Sell Protection						$	(358,873	)		$	76,110			$	(282,763	)


*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received/paid are presented net of amortization. See Note 2(i).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $77,775. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $1,665.
⁽⁴⁾		Includes upfront payments received.


48	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Open Forward Foreign Currency Exchange Contracts at December 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Euro	Buy	Standard Chartered Bank	3/10/2022	235,000	$	265,143	$	267,902		$	2,759
Japanese yen	Sell	Morgan Stanley	2/8/2022	161,000,000		1,417,386		1,399,986			17,400
Japanese yen	Sell	Standard Chartered Bank	2/8/2022	159,000,000		1,394,808		1,382,595			12,213
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	32,372

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	Goldman Sachs	3/7/2022	3,133,000	$	4,149,424	$	4,239,585		$	(90,161	)
Euro	Sell	Credit Agricole	3/10/2022	624,000		704,908		711,366			(6,458	)
Euro	Sell	Morgan Stanley	3/10/2022	13,807,000		15,705,283		15,740,108			(34,825	)
Euro	Sell	Morgan Stanley	3/10/2022	586,000		661,883		668,045			(6,162	)
Euro	Sell	State Street Bank and Trust	3/10/2022	1,770,000		2,002,867		2,017,816			(14,949	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(152,555	)

Open Futures Contracts at December 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	March 2022	87	Short	$	(13,975,083	)	$	(13,958,063	)		$	17,020

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 2-Year Treasury Note	March 2022	14	Short	$	(3,053,537	)	$	(3,054,406	)		$	(869	)
U.S. 5-Year Treasury Note	March 2022	620	Long		75,315,584			75,005,469				(310,115	)
U.S. 10-Year Treasury Note	March 2022	143	Short		(18,444,491	)		(18,657,031	)			(212,540	)
U.S. 10-Year Ultra Treasury Note	March 2022	35	Short		(5,052,511	)		(5,125,313	)			(72,802	)
U.S. Ultra Treasury Bond	March 2022	59	Short		(11,553,259	)		(11,630,375	)			(77,116	)
Total Unrealized Depreciation on Open Futures Contracts											$	(673,442	)


	See Notes to Financial Statements.	49

Schedule of Investments (continued)

December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–	$	91,881,225		$	–	$	91,881,225
Common Stocks
Auto Components		–		446,063			–		446,063
Automobiles		4,494,545		1,988,703			–		6,483,248
Electric-Generation		–		20,720			–		20,720
Electronic Equipment, Instruments & Components		2,103,321		1,347,431			–		3,450,752
Information Technology Services		8,873,349		1,372,875			–		10,246,224
Marine		–		1,606,835			–		1,606,835
Miscellaneous Financials		–		432,814			–		432,814
Personal Products		–		3,424,271			–		3,424,271
Pharmaceuticals		–		1,384,300			–		1,384,300
Semiconductors & Semiconductor Equipment		12,767,395		1,654,028			–		14,421,423
Specialty Retail		6,285,952		–			349,517		6,635,469
Textiles, Apparel & Luxury Goods		–		2,133,358			–		2,133,358
Transportation Infrastructure		–		101,310			–		101,310
Remaining Industries		111,053,796		–			–		111,053,796
Convertible Bonds		–		5,234,320			–		5,234,320
Corporate Bonds
Mining		–		22,786,715			1		22,786,716
Savings & Loans		–		–			125		125
Remaining Industries		–		795,838,122			–		795,838,122
Floating Rate Loans
Electric: Generation		–		2,644,710			142,003		2,786,713
Personal & Household Products		–		4,821			10,375		15,196
Remaining Industries		–		77,439,879			–		77,439,879
Less Unfunded Commitments		–		(82,773	)		–		(82,773	)
Foreign Government Obligations		–		30,390,650			–		30,390,650
Municipal Bonds		–		32,605,578			–		32,605,578
Non-Agency Commercial Mortgage-Backed Securities		–		84,273,043			–		84,273,043
Preferred Stocks		–		841,858			–		841,858
Short-Term Investments
Repurchase Agreements		–		9,699,003			–		9,699,003
Money Market Funds		2,269,226		–			–		2,269,226
Time Deposits		–		252,137			–		252,137
Total	$	147,847,584	$	1,169,721,996		$	502,021	$	1,318,071,601


50	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	137,055		$	–	$	137,055
Liabilities		–			(78,713	)		–		(78,713	)
Credit Default Swap Contracts
Assets		–			6,961			–		6,961
Liabilities		–			(289,724	)		–		(289,724	)
Forward Foreign Currency Exchange Contracts
Assets		–			32,372			–		32,372
Liabilities		–			(152,555	)		–		(152,555	)
Futures Contracts
Assets		17,020			–			–		17,020
Liabilities		(673,442	)		–			–		(673,442	)
Total	$	(656,422	)	$	(344,604	)	$	–	$	(1,001,026	)


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

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value including $2,447,403 of securities loaned (cost $1,274,276,137)	$	1,318,071,601
Cash		1,661,510
Deposits with brokers for futures collateral		622,475
Deposits with brokers for forwards and swaps collateral		1,658,839
Receivables:
Interest and dividends		12,245,379
Investment securities sold		10,514,784
Capital shares sold		1,191,096
Securities lending income receivable		1,624
Unrealized appreciation on forward foreign currency exchange contracts		32,372
Credit default swap agreements receivable, at fair value (including upfront payments of $5,009)		6,961
Prepaid expenses and other assets		16,805
Total assets		1,346,023,446
LIABILITIES:
Payables:
Investment securities purchased		9,456,332
Payable for collateral due to broker for securities lending		2,521,363
Transfer agent fees		998,393
Capital shares reacquired		593,288
Management fee		523,981
Directors’ fees		171,406
Variation margin for futures contracts		111,585
Fund administration		44,689
Variation margin for centrally cleared credit default swap agreements		3,153
Credit default swap agreements payable, at fair value (including upfront payments of $363,882)		289,724
Unrealized depreciation on forward foreign currency exchange contracts		152,555
Unrealized depreciation on unfunded commitments		783
Accrued expenses		236,286
Total liabilities		15,103,538
Commitments and contingent liabilities
NET ASSETS	$	1,330,919,908
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,286,719,684
Total distributable earnings (loss)		44,200,224
Net Assets	$	1,330,919,908
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		108,251,066
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.29

52	See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $34,923)	$	1,726,906
Securities lending net income		128,042
Interest and other		48,748,274
Total investment income		50,603,222
Expenses:
Management fee		5,941,987
Non 12b-1 service fees		3,165,206
Shareholder servicing		1,327,600
Fund administration		505,954
Reports to shareholders		74,313
Professional		68,207
Custody		66,084
Directors’ fees		54,706
Other		90,317
Gross expenses		11,294,374
Expense reductions (See Note 9)		(1,136	)
Fees waived and expenses reimbursed (See Note 3)		(66,084	)
Net expenses		11,227,154
Net investment income		39,376,068
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		53,779,379
Net realized gain (loss) on futures contracts		8,618,028
Net realized gain (loss) on forward foreign currency exchange contracts		1,760,755
Net realized gain (loss) on swap contracts		(2,153,301	)
Net realized gain (loss) on foreign currency related transactions		(119,106	)
Net change in unrealized appreciation/depreciation on investments		(61,104,697	)
Net change in unrealized appreciation/depreciation on futures contracts		(1,518,585	)
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		70,531
Net change in unrealized appreciation/depreciation on swap contracts		711,953
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(7,561	)
Net change in unrealized appreciation/depreciation on unfunded commitments		(783	)
Net realized and unrealized gain (loss)		36,613
Net Increase in Net Assets Resulting From Operations	$	39,412,681

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	39,376,068		$	40,770,238
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		61,885,755			(14,654,877	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		(61,849,142	)		46,906,007
Net increase in net assets resulting from operations		39,412,681			73,021,368
Distributions to shareholders:		(61,516,780	)		(42,673,172	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		200,310,546			103,786,766
Reinvestment of distributions		61,516,780			42,674,055
Cost of shares reacquired		(85,061,912	)		(187,993,834	)
Net increase (decrease) in net assets resulting
from capital share transactions		176,765,414			(41,533,013	)
Net increase (decrease) in net assets		154,661,315			(11,184,817	)
NET ASSETS:
Beginning of year	$	1,176,258,593		$	1,187,443,410
End of year	$	1,330,919,908		$	1,176,258,593

54	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 operations			Net invest- ment income			Net realized gain			Total distributions
12/31/2021		$	12.48	$	0.40	$	0.01		$	0.41		$	(0.39	)	$	(0.21	)	$	(0.60	)
12/31/2020			12.08		0.44		0.43			0.87			(0.47	)		–			(0.47	)
12/31/2019			11.08		0.46		1.02			1.48			(0.48	)		–			(0.48	)
12/31/2018			12.38		0.49		(0.99	)		(0.50	)		(0.53	)		(0.27	)		(0.80	)
12/31/2017			11.94		0.52		0.58			1.10			(0.53	)		(0.13	)		(0.66	)


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

56	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)		Total Expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	12.29		3.28			0.89		0.89		3.11	$	1,330,920		96
	12.48		7.30			0.91		0.91		3.65		1,176,259		96
	12.08		13.35			0.92		0.92		3.84		1,187,443		232
	11.08		(4.02	)		0.92		0.93		4.04		1,077,305		153
	12.38		9.21			0.90		0.92		4.13		1,173,221		121

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2021. 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. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Notes to Financial Statements (continued)

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

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

Notes to Financial Statements (continued)

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

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

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by 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)	Credit Default Swaps–The Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), the Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract.

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

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

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

Notes to Financial Statements (continued)

	referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

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

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

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

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

Notes to Financial Statements (continued)

	Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(l)	TBA Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

(m)	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.

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

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

Notes to Financial Statements (continued)

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of December 31, 2021, the Fund had the following unfunded loan commitments:

Unrealized

Principal

Market

Appreciation/

Borrower

Amount

Value

Cost

Depreciation

National Mentor Holdings, Inc. 2021 Delayed Draw Term Loan

$83,556

$82,773

$83,556

$(783

)


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

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

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

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


	A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2021, the management fee is based on the Fund’s average daily net assets at the following annual rate of:

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

For the fiscal year ended December 31, 2021, the effective management fee, net of any applicable waivers, was at an annualized rate of .47% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $66,084 of fund administration fees during the fiscal year ended December 31, 2021.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 were as follows:

	Year Ended		Year Ended
	12/31/2021		12/31/2020
Distributions paid from:
Ordinary income	$	61,516,780	$	42,673,172
Total distributions paid	$	61,516,780	$	42,673,172

Notes to Financial Statements (continued)

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	3,855,990
Total undistributed earnings	$	3,855,990
Temporary differences		(171,405	)
Unrealized gains - net		40,515,639
Total accumulated gains – net	$	44,200,224

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,276,911,713
Gross unrealized gain		56,399,483
Gross unrealized loss		(15,882,531	)
Net unrealized security gain	$	40,516,952

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

U.S.

Non-U.S.

U.S.

Non-U.S.

Government

Purchases*

Purchases

Sales*

Sales

$9,380,000

$1,348,331,197

–

$1,205,737,020


*	Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades purchases of $1,915,386 and sales of $3,210,248 which resulted in a net realized gain of $153,610.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2021 (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.

Notes to Financial Statements (continued)

The Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2021 (as described in Note 2(h)) to economically hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Fund entered into credit default swaps for the fiscal year ended December 31, 2021 (as described in Note 2(i)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of December 31, 2021, 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

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

–

137,055

Credit Default Swap Contracts⁽²⁾

–

6,961

Forward Foreign Currency Exchange Contracts⁽³⁾

–

32,372

–

Futures Contracts⁽⁴⁾

17,020

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

–

78,713

Credit Default Swap Contracts⁽²⁾

–

289,724

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

152,555

–

Futures Contracts⁽⁴⁾

673,442

–


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

Notes to Financial Statements (continued)

Transactions in derivative instruments for the fiscal year ended December 31, 2021, were as follows:

Inflation

Linked/

Interest

Foreign

Equity

Rate

Currency

Credit

Contracts

Net Realized Gain (Loss)

Credit Default Swaps Contracts⁽¹⁾

–

(2,153,301

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

1,760,755

–

Futures Contracts⁽³⁾

(704,581

)

9,322,609

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁴⁾

–

711,953

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

70,531

–

Futures Contracts⁽⁶⁾

–

(1,518,585

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁷⁾

–

100,330,162

Forward Foreign Currency Exchange Contracts⁽⁸⁾

–

26,074,028

–

Futures Contracts⁽⁷⁾

2,781

–


*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2021.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on swap contracts.
⁽²⁾	Statement of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
⁽³⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁵⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁶⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁷⁾	Amount represents number of contracts.
⁽⁸⁾	Amount represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Notes to Financial Statements (continued)

			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	6,961	$	–	$	6,961
Forward Foreign Currency Exchange Contracts		32,372		–		32,372
Repurchase Agreements		9,699,003		–		9,699,003
Total	$	9,738,336	$	–	$	9,738,336

	Net Amount
	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)
Citibank	$	6,961	$	(6,961	)	$	–	$	–		$	–
Morgan Stanley		17,400		(17,400	)		–		–			–
Standard Chartered Bank		14,972		–			–		–			14,972
Fixed Income Clearing Corp.		9,699,003		–			–		(9,699,003	)		–
Total	$	9,738,336	$	(24,361	)	$	–	$	(9,699,003	)	$	14,972


Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts	$	289,724	$	–	$	289,724
Forward Foreign Currency Exchange Contracts		152,555		–		152,555
Total	$	442,279	$	–	$	442,279

	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)
Citibank	$	120,498	$	(6,961	)	$	–	$	–	$	113,537
Credit Agricole		6,458		–			–		–		6,458
Goldman Sachs		90,161		–			–		–		90,161
Morgan Stanley		210,213		(17,400	)		–		–		192,813
State Street Bank and Trust		14,949		–			–		–		14,949
Total	$	442,279	$	(24,361	)	$	–	$	–	$	417,918


^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2021.

8.	DIRECTORS’ REMUNERATION

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

Notes to Financial Statements (continued)

defer receipt of a portion of and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9.	EXPENSE REDUCTIONS

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

10.

LINE OF CREDIT

For the period ended August 4, 2021, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 5, 2021, the Participating Funds entered into a Syndicated Facility with various lenders for $1.275 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the fiscal year ended December 31, 2021, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

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

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

Notes to Financial Statements (continued)

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

SECURITIES LENDING AGREEMENT

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

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

As of December 31, 2021, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value
of Securities	Collateral
Loaned	Received⁽¹⁾
$2,447,403	$2,521,363


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

14.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”) in which the Fund may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield securities are subject to

Notes to Financial Statements (continued)

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

Certain instruments in which the Fund may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority (FCA) and LIBOR’s administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR setting will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

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

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

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

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

Notes to Financial Statements (continued)

exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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

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

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

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

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

Notes to Financial Statements (concluded)

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended			Year Ended
	December 31, 2021			December 31, 2020
Shares sold		15,670,960			8,580,287
Reinvestment of distributions		5,017,682			3,427,637
Shares reacquired		(6,664,914	)		(16,063,885	)
Increase (decrease)		14,023,728			(4,055,961	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Bond-Debenture Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Bond-Debenture Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

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

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

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016; President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord

Approval of Advisory Contract (continued)

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

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

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

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

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Approval of Advisory Contract (concluded)

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

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

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

Tax Information (unaudited)

For corporate shareholders, 3% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $21,284,765 represent short-term capital gains.

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

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

Lord Abbett Series Fund, Inc.

Bond-Debenture Portfolio

LASFBD-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Developing Growth Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

12		Statement of Assets and Liabilities

13		Statement of Operations

14		Statements of Changes in Net Assets

16		Financial Highlights

18		Notes to Financial Statements

27		Report of Independent Registered Public Accounting Firm

28		Supplemental Information to Shareholders

Lord Abbett Series Fund — Developing Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Developing Growth Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned -2.75%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 2000^® Growth Index,¹which returned 2.83% over the same period.

The twelve-month period ending December 31, 2021 was primarily a story of the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of COVID-19. The S&P 500^® Index²and the tech-heavy Nasdaq Composite Index³returned 28.71% and

22.18%, respectively. Large cap stocks⁴outperformed small cap stocks⁵(26.45% vs. 14.82%), while growth⁶narrowly outperformed value⁷(25.85% vs. 25.37%).

To start the new year, various factors impacted markets, although optimism surrounding stimulus and vaccines remained largely intact. Momentum continued behind the pro-cyclical and pro-value rotation on the back of the Democrats’ surprise victory in the Georgia U.S. Senate runoff elections. As such, value outperformed growth during the first quarter by the largest margin in two

decades. Overall, the S&P 500^®Index reported growth in earnings of 52% during the first quarter of 2021.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^®Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

The bullish narrative continued into the start of the third quarter. For most of July and August, investor focus was largely centered around themes, such as a central bank liquidity tailwind, continued vaccine progress, upside in corporate earnings surprises, and reopening momentum. However, U.S. markets were met with increasing headwinds toward the latter half of the quarter, which included the increased spread of the Delta variant and rising concerns over supply chain and input price pressures on corporate earnings. This was reflected by consumer

prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as consumer prices rose 5.3% year-over-year, which was, however, below economist expectations for the month. Uncertainty around the U.S. Federal Reserve (“Fed”) tapering presented additional uncertainty to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120B per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These concerns culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

relatively benign with respect to COVID-19, as continued vaccine progress helped curb concerns regarding the Delta variant wave. However, the World Health Organization designated the Omicron mutation as a “variant of concern,” particularly due to its increased transmissibility and then-unknown severity. This led to fears that the world would succumb to a new wave of infections, prompting one of the largest selloffs and the worst single-day performance of risk assets since the start of the pandemic. The negative sentiment around Omicron quickly reversed at that point, however, as it was determined that symptoms are generally less severe than prior strains. The Omicron variant did result in some travel-related disruption by the end of the quarter as daily new cases spiked; however, the Center for Disease Control eased its quarantine guidance to help people “safely continue their daily lives.”

Stock selection within the biotechnology sector was a primary detractor from relative performance during the period. Due to increased uncertainty from global supply chain issues, inflationary concerns, and the Delta variant, among other factors, investors overwhelmingly favored larger, cash-rich companies generating high levels of current profits. As a result, stocks of smaller biotechnology companies mostly struggled, because they generally lack strong earnings and revenue growth while their drugs and therapies are still in the developmental stage. Specifically, the

portfolio’s positions in BridgeBio Pharma, Inc., TG Therapeutics, Inc., and Protagonist Therapeutics, Inc. were among the largest detractors from performance. The Fund has since exited its positions in all 3 stocks.

The portfolio’s position in Cardlytics, Inc., a developer of marketing solutions, was also a notable detractor from performance. Shares of the company fell sharply in August after the company reported softer than expected second quarter results. Management also adjusted forward guidance lower amid a slower than expected pace of advertising recovery and continued pandemic-related headwinds. The Fund exited its position in Cardlytics following the report.

Conversely, security selection within medical devices and healthcare equipment were primary contributors to relative performance during the period, as more people have been able to get elective procedures compared 2020, when there were pandemic-induced lockdowns throughout the year. The portfolio’s position in Shockwave Medical, Inc., a medical device company focused on cardiovascular disease treatments, was a primary contributor to relative performance. Shockwave reported a string of strong earnings over the period, with revenue growth and forward estimates consistently above market consensus estimates. Looking ahead, we believe elective procedures are expected to continue to recover and the company’s new product in the U.S. (the C2 Coronary

Catheter) could provide a boost to guidance in 2022. We first initiated the Fund’s position in Shockwave in March 2019 and still maintain conviction in the stock today.

The portfolio’s position in Calix, Inc., a provider of cloud and software platforms, was also a notable contributor to relative performance over the period and, as of the date of this report, is the portfolio’s largest active overweight. We believe Calix is enjoying strong demand trends, as service

providers continue to compete with each other on the quality of their internet speeds and bandwidth sizes and seek to grow their offerings to new areas, such as streaming services, remote work, and remote learning.

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

² As represented by the S&P 500 Index as of 12/31/21.

³ As represented by the Nasdaq Composite as of 12/31/21.

⁴ As represented by the Russell 1000 Index as of 12/31/21.

⁵ As represented by the Russell 2000 Index as of 12/31/21.

⁶ As represented by the Russell 3000 Growth Index as of 12/31/21.

⁷ As represented by the Russell 3000 Value Index as of 12/31/21.

Important Performance and Other Information

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

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

Investment Comparison

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

Average Annual Total Returns for the
Periods Ended December 31, 2021

	1 Year	5 Years	10 Years
Class VC	-2.75%	24.69%	17.25%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/21	12/31/21	7/1/21 - 12/31/21
Class VC
Actual	$1,000.00	$ 928.80	$5.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.96	$5.30

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Communication Services	2.95	%
Consumer Discretionary	15.17	%
Consumer Staples	2.11	%
Financials	8.33	%
Health Care	21.59	%
Industrials	13.93	%
Information Technology	29.12	%
Materials	4.01	%
Repurchase Agreements	1.52	%
Money Market Funds^(a)	1.14	%
Time Deposits^(a)	0.13	%
Total	100.00	%

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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 98.46%

COMMON STOCKS 98.46%

Aerospace & Defense 1.54%
Axon Enterprise, Inc.*		11,479	$	1,802

Auto Components 1.29%
Fox Factory Holding Corp.*		8,861		1,507

Banks 4.70%
Customers Bancorp, Inc.*		24,053		1,572
Glacier Bancorp, Inc.		10,631		603
Silvergate Capital Corp. Class A*		11,635		1,724
Western Alliance Bancorp		14,897		1,604
Total				5,503

Beverages 0.56%
Duckhorn Portfolio, Inc. (The)*		28,067		655

Biotechnology 11.18%
Arena Pharmaceuticals, Inc.*		10,118		940
Biohaven Pharmaceutical Holding Co. Ltd.*		6,250		861
Blueprint Medicines Corp.*		12,518		1,341
Cerevel Therapeutics Holdings, Inc.*		16,234		526
Cytokinetics, Inc.*		18,584		847
Intellia Therapeutics, Inc.*		12,647		1,495
Karuna Therapeutics, Inc.*		2,877		377
Krystal Biotech, Inc.*		21,294		1,490
Mirati Therapeutics, Inc.*		8,690		1,275
Natera, Inc.*		10,327		965
Rocket Pharmaceuticals, Inc.*		17,610		384
Sarepta Therapeutics, Inc.*		6,494		585
SpringWorks Therapeutics, Inc.*		7,080		439
Ultragenyx Pharmaceutical, Inc.*		7,075		595
Xenon Pharmaceuticals, Inc. (Canada)^*(a)		30,659		958
Total				13,078

Investments	Shares		Fair Value (000)
Building Products 2.51%
AZEK Co., Inc. (The)*		25,319	$	1,171
Trex Co., Inc.*		13,107		1,770
Total				2,941

Capital Markets 2.55%
Evercore, Inc. Class A		12,853		1,746
Piper Sandler Cos.		6,909		1,233
Total				2,979

Chemicals 2.88%
Balchem Corp.		8,861		1,494
Livent Corp.*		76,921		1,875
Total				3,369

Communications Equipment 3.06%
Calix, Inc.*		44,778		3,581

Construction & Engineering 1.25%
Ameresco, Inc. Class A*		10,502		855
Comfort Systems USA, Inc.		6,148		609
Total				1,464

Construction Materials 1.18%
Eagle Materials, Inc.		8,295		1,381

Diversified Consumer Services 0.25%
Duolingo, Inc.*^(b)		2,785		295

Electronic Equipment, Instruments & Components 1.36%
Littelfuse, Inc.		5,063		1,593

Energy Equipment & Services 0.24%
MELI Kaszek Pioneer Corp. Class A*		24,838		287

Health Care Equipment & Supplies 6.24%
Axonics, Inc.*		27,897		1,562
Figs, Inc. Class A*^(b)		11,143		307
Inmode Ltd. (Israel)*^(a)		24,764		1,748
Shockwave Medical, Inc.*		11,589		2,067
Tandem Diabetes Care, Inc.*		10,715		1,613
Total				7,297

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Health Care Technology 2.19%
Inspire Medical Systems, Inc.*		8,335	$	1,917
Phreesia, Inc.*		15,476		645
Total				2,562

Hotels, Restaurants & Leisure 3.02%
Marriott Vacations
Worldwide Corp.		3,607		610
Papa John’s International, Inc.		13,111		1,750
Planet Fitness, Inc. Class A*		12,081		1,094
Sweetgreen, Inc. Class A*^(b)		2,326		74
Total				3,528

Household Durables 3.31%
LGI Homes, Inc.*		4,870		752
Sonos, Inc.*		30,991		924
Tempur Sealy International, Inc.		46,607		2,192
Total				3,868

Information Technology Services 6.09%
DigitalOcean Holdings, Inc.*		15,058		1,210
Endava plc ADR*		16,606		2,788
Flywire Corp.*		13,672		520
Globant SA (Uruguay)*^(a)		5,848		1,837
TaskUS, Inc. Class A*		14,291		771
Total				7,126

Insurance 0.93%
Goosehead Insurance, Inc. Class A		4,513		587
Trupanion, Inc.*		3,843		507
Total				1,094

Interactive Media & Services 1.30%
ZipRecruiter, Inc. Class A*		61,010		1,522

Leisure Products 2.06%
Callaway Golf Co.*		40,520		1,112
YETI Holdings, Inc.*		15,702		1,300
Total				2,412

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 0.64%
Codexis, Inc.*		23,918	$	748

Machinery 5.41%
Chart Industries, Inc.*		11,400		1,818
Evoqua Water Technologies Corp.*		39,954		1,868
Kornit Digital Ltd. (Israel)*^(a)		11,341		1,727
RBC Bearings, Inc.*		4,525		914
Total				6,327

Media 1.69%
Integral Ad Science Holding Corp.*		52,861		1,174
PubMatic, Inc. Class A*		23,432		798
Total				1,972

Personal Products 1.58%
Beauty Health Co. (The)*		49,878		1,205
Inter Parfums, Inc.		5,992		641
Total				1,846

Pharmaceuticals 1.62%
Intra-Cellular Therapies, Inc.*		36,325		1,901

Professional Services 1.15%
ICF International, Inc.		1,342		138
Insperity, Inc.		10,199		1,204
Total				1,342

Road & Rail 1.06%
Saia, Inc.*		3,667		1,236

Semiconductors & Semiconductor Equipment 12.85%
Ambarella, Inc.*		10,985		2,229
CEVA, Inc.*		13,382		579
Diodes, Inc.*		24,192		2,656
MKS Instruments, Inc.		6,585		1,147
Rambus, Inc.*		21,570		634
Semtech Corp.*		29,081		2,586
Silicon Motion Technology Corp. ADR		18,334		1,742
SiTime Corp.*		7,382		2,160
Synaptics, Inc.*		4,488		1,299
Total				15,032

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Software 6.14%
Asana, Inc. Class A*		6,492	$	484
Clear Secure, Inc. Class A*		9,604		301
CyberArk Software Ltd. (Israel)*^(a)		6,165		1,068
Jamf Holding Corp.*		24,445		929
Rapid7, Inc.*		18,065		2,126
Sprinklr, Inc. Class A*		22,104		351
Sprout Social, Inc. Class A*		18,381		1,667
UserTesting, Inc.*		30,031		253
Total				7,179

Specialty Retail 2.43%
Boot Barn Holdings, Inc.*		10,145		1,249
RH*		1,500		804
Warby Parker, Inc. Class A*^(b)		17,039		793
Total				2,846

Textiles, Apparel & Luxury Goods 3.01%
Canada Goose Holdings, Inc. (Canada)*^(a)		20,108		745
Crocs, Inc.*		21,654		2,777
Total				3,522

Trading Companies & Distributors 1.19%
Rush Enterprises, Inc. Class A		25,096		1,396
Total Common Stocks (cost $96,513,316)				115,191

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 2.83%

Repurchase Agreements 1.54%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $1,841,200 of U.S. Treasury Note at 1.375% due 10/31/2028; value: $1,838,849; proceeds: $1,802,724 (cost $1,802,724)	$	1,803	$	1,803

	Shares

Money Market Funds 1.16%
Fidelity Government Portfolio^(c) (cost $1,354,998)		1,354,998		1,355

Time Deposits 0.13%
CitiBank N.A.^(c) (cost $150,556)		150,556		151
Total Short-Term Investments (cost $3,308,278)				3,309
Total Investments in Securities 101.29% (cost $99,821,594)				118,500
Other Assets and Liabilities – Net (1.29)%				(1,510	)
Net Assets 100.00%			$	116,990

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

10	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks	$	115,191	$	–	$	–	$	115,191
Short-Term Investments
Repurchase Agreements		–		1,803		–		1,803
Money Market Funds		1,355		–		–		1,355
Time Deposits		–		151		–		151
Total	$	116,546	$	1,954	$	–	$	118,500

⁽¹⁾		Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value including $1,440,286 of securities loaned (cost $99,821,594)			$118,500,096
Receivables:
Capital shares sold			317,755
From advisor (See Note 3)			15,276
Dividends			11,409
Securities lending income receivable			743
Prepaid expenses			3,110
Total assets			118,848,389
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending			1,505,554
Transfer agent fees			115,822
Investment securities purchased			74,133
Management fee			68,145
Capital shares reacquired			22,459
Directors’ fees			9,231
Fund administration			3,776
Accrued expenses			59,431
Total liabilities			1,858,551
Commitments and contingent liabilities
NET ASSETS			$116,989,838
COMPOSITION OF NET ASSETS:
Paid-in capital			$102,063,228
Total distributable earnings (loss)			14,926,610
Net Assets			$116,989,838
Outstanding shares (50 million shares of common stock authorized, $.001 par value)			3,380,681
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)			$34.61

12	See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends	$	188,732
Securities lending net income		35,345
Total investment income		224,077
Expenses:
Management fee		928,454
Non 12b-1 service fees		339,879
Shareholder servicing		143,293
Fund administration		54,300
Professional		42,372
Custody		19,089
Reports to shareholders		11,217
Directors’ fees		5,776
Interest paid from Interfund Lending (See Note 10)		200
Other		15,747
Gross expenses		1,560,327
Expense reductions (See Note 8)		(123	)
Fees waived and expenses reimbursed (See Note 3)		(148,209	)
Net expenses		1,411,995
Net investment loss		(1,187,918	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		23,624,611
Net change in unrealized appreciation/depreciation on investments		(27,374,033	)
Net realized and unrealized gain (loss)		(3,749,422	)
Net Decrease in Net Assets Resulting From Operations	$	(4,937,340	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment loss	$	(1,187,918	)	$	(737,089	)
Net realized gain on investments		23,624,611			16,489,958
Net change in unrealized appreciation/depreciation on investments		(27,374,033	)		37,084,957
Net increase (decrease) in net assets resulting from operations		(4,937,340	)		52,837,826
Distributions to shareholders:		(29,485,936	)		(12,091,054	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		40,754,167			39,959,277
Reinvestment of distributions		29,485,936			12,091,054
Cost of shares reacquired		(56,127,426	)		(34,871,025	)
Net increase in net assets resulting from capital share transactions		14,112,677			17,179,306
Net increase (decrease) in net assets		(20,310,599	)		57,926,078
NET ASSETS:
Beginning of year	$	137,300,437		$	79,374,359
End of year	$	116,989,838		$	137,300,437

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

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

16	See Notes to Financial Statements.

			Ratios to Average Net Assets:							Supplemental Data:

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.

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

Notes to Financial Statements (continued)

	reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

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

Notes to Financial Statements (continued)

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

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

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

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

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

	A summary of inputs used in valuing the Fund’s investments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The 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%

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2021, the effective management fee, net of waivers, was at an annualized rate of .59% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $19,089 of fund administration fees during the fiscal year ended December 31, 2021.

For the fiscal year ended December 31, 2021 and continuing through April 30, 2022, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 1.04%. This agreement may be terminated only upon the approval of the Board.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	2,393,402		$	3,908,964
Net long-term capital gains			27,092,534			8,182,090
Total distributions paid		$	29,485,936		$	12,091,054

Notes to Financial Statements (continued)

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Temporary differences		(3,184,514	)
Unrealized gains - net		18,111,124
Total accumulated gains – net	$	14,926,610

At the Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer late-year ordinary and post-October losses of $17,305 and $3,157,978, respectively, during the fiscal year ended December 31, 2021.

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	100,388,972
Gross unrealized gain		23,223,534
Gross unrealized loss		(5,112,410	)
Net unrealized security gain	$	18,111,124

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$159,760,901		$176,194,531

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

The Company is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Company engaged in cross trade purchases of $362,108 and sales of $1,179,022, which resulted in net realized gains of $552,077.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Notes to Financial Statements (continued)

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

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	1,802,724	$	–	$	1,802,724
Total	$	1,802,724	$	–	$	1,802,724

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	1,802,724	$	–	$	–	$	(1,802,724	)	$	–
Total	$	1,802,724	$	–	$	–	$	(1,802,724	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

7.	DIRECTORS’ REMUNERATION

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

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (continued)

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

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

During the year ended December 31, 2021, the Fund participated as borrower in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount borrowed, interest rate and interest expense were as follows:

		Average Amount Borrowed		Average Interest Rate		Interest Expense*
		$13,398,000		0.55%		$200

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

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

Notes to Financial Statements (continued)

As of December 31, 2021, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value of Securities Loaned	Collateral Received⁽¹⁾
$1,440,286	$1,505,554

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

13.

INVESTMENT RISKS

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

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

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

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant

Notes to Financial Statements (concluded)

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

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

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		821,205			1,073,758
Reinvestment of distributions		834,272			246,260
Shares reacquired		(1,184,978	)		(1,066,174	)
Increase		470,499			253,844

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Developing Growth Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Developing Growth Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016; President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Approval of Advisory Contract (continued)

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee, and the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Approval of Advisory Contract (concluded)

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

Householding

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

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

For corporate shareholders, 9% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $2,393,402 and $27,092,534, respectively, represent short-term capital gains and long-term capital gains.



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


Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Series Fund, Inc. Developing Growth Portfolio	SFDG-PORT-2 (02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Dividend Growth Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

11		Statement of Assets and Liabilities

12		Statement of Operations

13		Statements of Changes in Net Assets

14		Financial Highlights

16		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Supplemental Information to Shareholders

Lord Abbett Series Fund — Dividend Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Dividend Growth Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 25.62%, reflecting performance at the net asset value (“NAV”) of Class VC shares with all distributions reinvested, compared to its benchmark, the S&P 500^® Index,¹which returned 28.71% over the same period.

The twelve-month period ending December 31, 2021 was primarily a story of the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of COVID-19. The S&P 500^® Index¹and the tech-heavy Nasdaq Composite Index²returned 28.71% and 22.18%, respectively.

Large cap stocks³outperformed small cap stocks⁴(26.45% vs. 14.82%), while growth⁵narrowly outperformed value⁶(25.85% vs. 25.37%).

reported growth in earnings of 52% during the first quarter of 2021.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

The bullish narrative continued into the start of the third quarter. For most of July and August, investor focus was largely centered around themes, such as a central bank liquidity tailwind, continued vaccine progress, upside in corporate earnings surprises, and reopening momentum. However, U.S. markets were met with increasing headwinds toward the latter half of the quarter, which included the increased spread of the Delta variant and rising concerns over supply chain and price pressures on corporate earnings. This was reflected by consumer prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as

consumer prices rose 5.3% year-over-year, which was, however, below economist expectations for the month. Uncertainty around the U.S. Federal Reserve (“Fed”) tapering presented additional uncertainty to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120 billion per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These concerns culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

The U.S. equity market recovered in the fourth quarter as all major U.S. indices exhibited positive performance. The S&P 500^® Index and the Nasdaq Composite Index returned 11.03% and 8.45%, respectively. Despite the strong performance, several events acted as catalysts for heightened market volatility as the year came to a close-including the emergence of the Omicron variant of COVID-19. U.S. market activity throughout the first two months of the quarter was relatively benign with respect to COVID-19, as continued vaccine progress helped curb concerns regarding the Delta variant wave. However, the World Health Organization

designated the Omicron mutation as a “variant of concern,” particularly due to its increased transmissibility and then-unknown severity. This led to fears that the world would succumb to a new wave of infections, prompting one of the largest selloffs and the worst single-day performance of risk assets since the start of the pandemic. The negative sentiment around Omicron quickly reversed at that point, however, as it was determined that symptoms are generally less severe than prior strains. The Omicron variant did result in some travel-related disruption by the end of the quarter as daily new cases spiked; however, the Center for Disease Control eased its quarantine guidance to help people “safely continue their daily lives.”

Over the 12-month period ending December 31, 2021, security selection within communication services and industrials detracted most from the Fund’s relative performance. Within the communication services sector, Walt Disney Corporation, an American multinational entertainment and media conglomerate, detracted most from relative performance. In the fall, shares of Disney fell after operating income was well below consensus forecasts, driven primarily by higher-than-expected direct to consumer (DTC) losses. The company also announced that DTC costs were projected to surpass the previous guide and it now expects that peak losses will be in 2022 compared to the original forecast of in 2021. Additionally, the Fund’s allocation to Verizon Communications Inc., an American

wireless network operator, detracted from relative performance. Shares lagged over the second half of the year as the company aggressively increased promotions. While these promotions helped increase subscribers, they also negatively impacted margins. Within the industrials sector, FedEx Corp., a transportation company, detracted most from relative performance. The company experienced a significant increase in costs during the second half of 2021. This was largely attributed to labor market disruptions, including a shortage of workers and higher labor costs.

Conversely, stock selection within health care and consumer discretionary contributed to the Fund’s relative performance during the period. Within the health care sector, the Fund’s allocation to West Pharmaceutical Services, Inc., a designer and manufacturer of injectable pharmaceutical packaging, contributed most to relative performance. Shares rose after the second quarter earnings report revealed that the company was able to successfully expand margins more than estimated. While we believe the company does continue to benefit from COVID-19 related demand, the other core business segments continued to grow, including the Biologics and Pharma segments, in which sales grew by double-digits. The Fund’s position in Danaher Corporation, a medical company that designs, manufactures, and markets professional, medical, industrial, and commercial products and services, also contributed to relative performance. Shares of the company rose after it announced that

it entered into a definitive agreement to acquire Aldevron, a manufacturer of high-quality plasmid DNA, mRNA, and proteins. The stock continued to rally after its strong second quarter earnings handily beat expectations due primarily to strength in its life sciences and diagnostics segments, which benefitted from COVID-19 tailwinds. Within the consumer discretionary sector, the Fund’s allocation to Lowe’s Companies, Inc., a home improvement retailer, contributed to relative performance. Shares rose throughout the period as the company was a beneficiary of a strong housing

market, with solid turnover, increasing home prices, and low mortgage rates. The stock further rallied after a strong third quarter earnings report which beat expectations as home improvement demand continued to remain solid and comparable store sales benefitted from continued strength in average ticket size.

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

² The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

³ As represented by the Russell 1000^® Index as of 12/31/2021.

⁴ As represented by the Russell 2000^® Index as of 12/31/2021.

⁵ As represented by the Russell 3000^® Growth Index as of 12/31/2021.

⁶ As represented by the Russell 3000^® Value Index as of 12/31/2021.

Important Performance and Other Information

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

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

Investment Comparison

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

Average Annual Total Returns for the

Periods Ended December 31, 2021

	1 Year	5 Years	10 Years
Class VC	25.62%	15.79%	14.17%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/21	12/31/21	7/1/21 - 12/31/21
Class VC
Actual	$1,000.00	$1,120.60	$5.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.21	$5.04


^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Health Care		13.80	%
Materials		5.05	%
Financials		17.47	%
Real Estate		2.48	%
Information Technology		22.22	%
Utilities		3.55	%
Consumer Staples		5.75	%
Communication Services		1.15	%
Consumer Discretionary		12.22	%
Industrials		12.05	%
Energy		3.12	%
Repurchase Agreements		1.14	%
Total		100.0	%


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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 98.92%

COMMON STOCKS 98.92%

Aerospace & Defense 3.42%
Northrop Grumman Corp.		10,400	$	4,026
Raytheon Technologies Corp.		40,716		3,504
Total				7,530

Banks 2.86%
JPMorgan Chase & Co.		39,700		6,287

Beverages 2.32%
Coca-Cola Co. (The)		86,268		5,108

Biotechnology 1.79%
AbbVie, Inc.		29,099		3,940
	��
Capital Markets 9.73%
Ameriprise Financial, Inc.		16,100		4,857
BlackRock, Inc.		3,700		3,387
Moody’s Corp.		5,000		1,953
Morgan Stanley		58,900		5,782
Partners Group Holding AG^(a)	CHF	751		1,240
S&P Global, Inc.		8,900		4,200
Total				21,419

Chemicals 1.92%
Air Products & Chemicals, Inc.		13,900		4,229

Construction Materials 1.27%
Vulcan Materials Co.		13,452		2,792

Consumer Finance 1.10%
American Express Co.		14,837		2,427

Containers & Packaging 1.31%
Avery Dennison Corp.		13,275		2,875

Distributors 1.49%
Pool Corp.		5,800		3,283

Investments	Shares		Fair Value (000)
Electric: Utilities 2.83%
NextEra Energy, Inc.		66,700	$	6,227

Equity Real Estate Investment Trusts 2.48%
American Tower Corp.		18,700		5,470

Food & Staples Retailing 1.47%
Walmart, Inc.		22,380		3,238

Health Care Equipment & Supplies 2.08%
Abbott Laboratories		32,600		4,588

Health Care Providers & Services 2.69%
UnitedHealth Group, Inc.		11,800		5,925

Hotels, Restaurants & Leisure 2.16%
McDonald’s Corp.		11,874		3,183
Starbucks Corp.		13,524		1,582
Total				4,765

Industrial Conglomerates 1.93%
Honeywell International, Inc.		20,400		4,254

Information Technology Services 2.62%
Accenture plc Class A (Ireland)^(b)		10,500		4,353
Jack Henry & Associates, Inc.		8,500		1,419
Total				5,772

Insurance 3.79%
American Financial Group, Inc./OH		25,500		3,502
Arthur J Gallagher & Co.		18,173		3,083
Chubb Ltd. (Switzerland)^(b)		9,100		1,759
Total				8,344

Life Sciences Tools & Services 4.57%
Agilent Technologies, Inc.		15,700		2,507
Danaher Corp.		10,700		3,520
West Pharmaceutical Services, Inc.		8,600		4,033
Total				10,060


8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Machinery 4.45%
Dover Corp.		21,900	$	3,977
Illinois Tool Works, Inc.		10,300		2,542
Parker-Hannifin Corp.		6,898		2,195
Stanley Black & Decker, Inc.		5,700		1,075
Total				9,789

Media 1.15%
Comcast Corp. Class A		50,400		2,537

Metals & Mining 0.55%
Reliance Steel & Aluminum Co.		7,500		1,217

Multi-Line Retail 1.35%
Dollar General Corp.		12,600		2,971

Multi-Utilities 0.73%
CMS Energy Corp.		24,600		1,600

Oil, Gas & Consumable Fuels 3.12%
Marathon Petroleum Corp.		54,900		3,513
TotalEnergies SE ADR		67,900		3,358
Total				6,871

Personal Products 1.97%
Estee Lauder Cos., Inc. (The) Class A		11,700		4,331

Pharmaceuticals 2.68%
Roche Holding AG^(a)	CHF	6,084		2,524
Zoetis, Inc.		13,800		3,368
Total				5,892

Road & Rail 2.25%
Union Pacific Corp.		19,700		4,963

Semiconductors & Semiconductor Equipment 8.89%
Analog Devices, Inc.		22,600		3,972
KLA Corp.		5,300		2,280
Microchip Technology, Inc.		38,032		3,311
NVIDIA Corp.		16,500		4,853
Texas Instruments, Inc.		27,300		5,145
Total				19,561

Investments	Shares		Fair Value (000)
Software 8.94%
Intuit, Inc.		5,200	$	3,345
Microsoft Corp.		48,600		16,345
Total				19,690

Specialty Retail 5.13%
Home Depot, Inc. (The)		8,400		3,486
Lowe’s Cos., Inc.		19,425		5,021
TJX Cos., Inc. (The)		36,700		2,786
Total				11,293

Technology Hardware, Storage & Peripherals 1.78%
Apple, Inc.		22,041		3,914

Textiles, Apparel & Luxury Goods 2.10%
NIKE, Inc. Class B		27,700		4,617
Total Common Stocks (cost $153,632,808)				217,779

	Principal Amount (000)
SHORT-TERM INVESTMENTS 1.14%

Repurchase Agreements 1.14%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $2,316,400 of U.S. Treasury Note at 2.875% due 8/15/2028; value: $2,556,456; proceeds: $2,506,253 (cost $2,506,253)	$	2,506		2,506
Total Investments in Securities 100.06% (cost $156,139,061)				220,285
Other Assets and Liabilities – Net^(c)(0.06)%				(135	)
Net Assets 100.00%			$	220,150

ADR		American Depositary Receipt.
CHF		Swiss Franc.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Other Assets and Liabilities - Net include net unrealized appreciation on futures contracts as follows:

See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

Open Futures Contracts at December 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2022	7	Long	$1,620,714	$1,665,475	$44,761

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks	$	217,779	$	–	$	–	$	217,779
Short-Term Investments
Repurchase Agreements		–		2,506		–		2,506
Total	$	217,779	$	2,506	$	–	$	220,285

Other Financial Instruments
Futures Contracts
Assets	$	45	$	–	$	–	$	45
Liabilities		–		–		–		–
Total	$	45	$	–	$	–	$	45

⁽¹⁾		Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

10	See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value (cost $156,139,061)	$	220,285,261
Deposits with brokers for futures collateral		80,500
Receivables:
Dividends		135,916
Capital shares sold		49,281
From advisor (See Note 3)		815
Prepaid expenses		4,720
Total assets		220,556,493
LIABILITIES:
Payables:
Transfer agent fees		155,608
Management fee		99,075
Capital shares reacquired		37,569
Directors’ fees		26,305
Fund administration		7,205
Variation margin for futures contracts		4,827
Accrued expenses		75,643
Total liabilities		406,232
Commitments and contingent liabilities
NET ASSETS	$	220,150,261
COMPOSITION OF NET ASSETS:
Paid-in capital	$	152,514,295
Total distributable earnings (loss)		67,635,966
Net Assets	$	220,150,261
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		10,859,061
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$20.27


	See Notes to Financial Statements.	11

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $32,618)	$	3,482,847
Securities lending net income		41
Total investment income		3,482,888
Expenses:
Management fee		1,101,643
Non 12b-1 service fees		501,725
Shareholder servicing		210,039
Fund administration		80,119
Professional		49,276
Custody		24,153
Reports to shareholders		18,957
Directors’ fees		8,648
Other		23,779
Gross expenses		2,018,339
Expense reductions (See Note 9)		(179	)
Fees waived and expenses reimbursed (See Note 3)		(35,203	)
Net expenses		1,982,957
Net investment income		1,499,931
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		21,618,046
Net realized gain (loss) on futures contracts		414,991
Net realized gain (loss) on foreign currency related transactions		58,688
Net change in unrealized appreciation/depreciation on investments		22,373,243
Net change in unrealized appreciation/depreciation on futures contracts		2,851
Net realized and unrealized gain (loss)		44,467,819
Net Increase in Net Assets Resulting From Operations	$	45,967,750


12	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	1,499,931		$	1,662,951
Net realized gain on investments, futures contracts and foreign currency related transactions		22,091,725			4,777,762
Net change in unrealized appreciation/depreciation on investments and futures contracts		22,376,094			14,527,850
Net increase in net assets resulting from operations		45,967,750			20,968,563
Distributions to shareholders:		(21,741,336	)		(4,851,236	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		10,494,440			28,694,758
Reinvestment of distributions		21,741,336			4,851,236
Cost of shares reacquired		(25,109,418	)		(43,593,901	)
Net increase (decrease) in net assets resulting from capital share transactions		7,126,358			(10,047,907	)
Net increase in net assets		31,352,772			6,069,420
NET ASSETS:
Beginning of year	$	188,797,489		$	182,728,069
End of year	$	220,150,261		$	188,797,489


	See Notes to Financial Statements.	13

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
12/31/2021	$	17.93	$	0.15	$	4.38		$	4.53		$	(0.15	)	$	(2.04	)	$	(2.19	)
12/31/2020		15.96		0.16		2.28			2.44			(0.16	)		(0.31	)		(0.47	)
12/31/2019		13.48		0.24		3.31			3.55			(0.25	)		(0.82	)		(1.07	)
12/31/2018		16.02		0.27		(1.03	)		(0.76	)		(0.30	)		(1.48	)		(1.78	)
12/31/2017		14.47		0.26		2.49			2.75			(0.27	)		(0.93	)		(1.20	)


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

14	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:


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


	See Notes to Financial Statements.	15

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2021. This report covers Dividend Growth 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.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book

Notes to Financial Statements (continued)

	values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

Notes to Financial Statements (continued)

(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.

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

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

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

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

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

A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

Notes to Financial Statements (continued)

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

For the fiscal year ended December 31, 2021, the effective management fee, net of any applicable waivers, was at an annualized rate of 0.53% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $24,153 of fund administration fees during the fiscal year ended December 31, 2021.

For the fiscal year ended December 31, 2021 through April 30, 2022, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.99%. This agreement may be terminated only by the Fund’s Board of Directors.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Notes to Financial Statements (continued)

permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profits for tax purposes are reported as a tax return of capital.

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income	$	2,828,756		$	1,906,761
Net long-term capital gains		18,912,580			2,944,475
Total distributions paid	$	21,741,336		$	4,851,236

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income - net				$	429,481
Undistributed long-term capital gains				$	3,757,316
Total undistributed earnings					4,186,797
Temporary differences					(26,304	)
Unrealized gains - net					63,475,473
Total accumulated gains - net				$	67,635,966

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	156,854,549
Gross unrealized gain		64,182,054
Gross unrealized loss		(706,581	)
Net unrealized security gain	$	63,475,473

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$87,190,901		$99,893,058

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

The Company is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades purchases of $631,213 and sales of $65,906 which resulted in a net realized loss of $1,071.

Notes to Financial Statements (continued)

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended December 31, 2021 (as described in Note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2021, the Fund had futures contracts with unrealized appreciation of $44,761, 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 $414,991 and $2,851 are included in the Statement of Operations related to futures contracts under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the year was 8.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	2,506,253	$	–	$	2,506,253
Total	$	2,506,253	$	–	$	2,506,253

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	2,506,253	$	–	$	–	$	(2,506,253	)	$	–
Total	$	2,506,253	$	–	$	–	$	(2,506,253	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

Notes to Financial Statements (continued)

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

10.

LINE OF CREDIT

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

Notes to Financial Statements (continued)

“Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

SECURITIES LENDING AGREEMENT

As of December 31, 2021, the Fund did not loan any securities.

14.

INVESTMENT RISKS

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

Notes to Financial Statements (concluded)

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

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

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

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021		Year Ended December 31, 2020
Shares sold	520,633		1,818,536
Reinvestment of distributions	1,090,634		282,668
Shares reacquired	(1,282,013	)	(3,019,518	)
Increase (decrease)	329,254		(918,314	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Dividend Growth Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Dividend Growth Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016;
President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and an appropriate benchmark as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods, and was below the median of the performance peer group for the five- and ten-year periods. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord

Approval of Advisory Contract (continued)

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee, and the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Approval of Advisory Contract (concluded)

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

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

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $1,376,652 and $18,912,580, respectively, represent short-term capital gains and long-term capital gains.

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Dividend Growth Portfolio

SFCS-PORT-2

(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Fundamental Equity Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

11		Statement of Assets and Liabilities

12		Statement of Operations

13		Statements of Changes in Net Assets

14		Financial Highlights

16		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Supplemental Information to Shareholders

Lord Abbett Series Fund — Fundamental Equity Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Fundamental Equity Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 27.31%, reflecting performance at the net asset value (“NAV”) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index,¹which returned 25.16% over the same period.

outperformed small cap stocks⁵(26.45% vs. 14.82%), while growth⁶narrowly outperformed value⁷(25.85% vs. 25.37%).

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

The bullish narrative continued into the start of the third quarter. For most of July and August, investor focus was largely centered around themes, such as a central bank liquidity tailwind, continued vaccine progress, upside in corporate earnings surprises, and reopening momentum. However, U.S. markets were met with increasing headwinds toward the latter half of the quarter, which included the increased spread of the Delta variant and rising concerns over supply chain and price pressures on corporate earnings. This was reflected by consumer prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as consumer prices rose 5.3% year-over-year, which was, however, below economist

expectations for the month. Uncertainty around the U.S. Federal Reserve (“Fed”) tapering presented additional uncertainty to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120 billion per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These concerns culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

The U.S. equity market recovered in the fourth quarter as all major U.S. indices exhibited positive performance. The S&P 500^® Index and the Nasdaq Composite Index returned 11.03% and 8.45%, respectively. Despite the strong performance, several events acted as catalysts for heightened market volatility as the year came to a close – including the emergence of the Omicron variant of COVID-19. U.S. market activity throughout the first two months of the quarter was relatively benign with respect to COVID-19, as continued vaccine progress helped curb concerns regarding the Delta variant wave. However, the World Health Organization designated the Omicron mutation as a “variant of concern,” particularly due to its

increased transmissibility and then-unknown severity. This led to fears that the world would succumb to a new wave of infections, prompting one of the largest selloffs and the worst single-day performance of risk assets since the start of the pandemic. The negative sentiment around Omicron quickly reversed at that point, however, as it was determined that symptoms are generally less severe than prior strains. The Omicron variant did result in some travel-related disruption by the end of the quarter as daily new cases spiked; however, the Center for Disease Control eased its quarantine guidance to help people “safely continue their daily lives.”

During the 12-month period ending December 31, 2021, the Fund’s position in Alphabet Inc., a multinational technology conglomerate, contributed the most to relative performance. Shares of Alphabet rose throughout the year but rallied after each of its quarterly earnings reports. As of the end of the third quarter, advertising revenue within its search and YouTube segments grew by 6% and 32% year-over-year, respectively. The Fund’s position in Blackstone, Inc. also contributed to relative performance. Shares of the investment management firm rose throughout the period as assets under management continued to grow to new records and investment performance remained robust. Shares also rallied after the company announced that it acquired a 9.9% equity stake in AIG’s Life and Retirement business to manage $50 billion of its existing investment portfolio. Lastly, the Fund’s

allocation to United Health Group, Inc., a health care coverage provider, aided relative performance as shares of the company performed well during the second half of the year. Specifically, managed care companies continued to see strong performance in the fourth quarter as investors expected that medical cost trends would remain subdued as the pandemic continued to delay procedures. The company also reported that revenue grew by 11% for the quarter year-over-year and management raised fiscal year adjusted earnings per share (EPS) guidance in their third quarter earnings report.

Conversely, the largest detractor from relative performance during period was the Fund’s position in Medtronic Plc. Shares of the medical technology company fell during the fourth quarter after the company reported earnings in which revenue missed by 1.5%, but EPS topped, consensus estimates. Shares came under further pressure after the company received an FDA warning that the specific medical device quality system requirements at their Northridge facility were inadequate. Additionally, the Fund’s allocation to Zimmer Biomet Holdings, Inc., a musculoskeletal healthcare servicer, detracted from relative performance. Shares came under pressure after third quarter revenue fell short of expectations and management subsequently lowered fiscal year EPS and revenue growth guidance. Following weaker than expected execution, the Fund exited the position during the fourth quarter. Lastly, Citigroup Inc., a financial products and services

company, detracted from relative performance. Shares of the company came under pressure after it was announced that it expected charges to total $1.2 billion for the wind-down of its South Korea consumer banking business. Investors expect this will drag EPS by 4-6% during the next year. The stock faced further pressure after management stated that it had to pause share buybacks during the fourth quarter due to a new capital rule. The Fund exited

the position in the fourth quarter due to rising competitive intensity within the credit card industry and concerns over the company’s continued regulatory issues.

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

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

³ The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

⁴ As represented by the Russell 1000^® Index as of 12/31/2021.

⁵ As represented by the Russell 2000^® Index as of 12/31/2021.

⁶ As represented by the Russell 3000^® Growth Index as of 12/31/2021.

⁷ As represented by the Russell 3000^® Value Index as of 12/31/2021.

Important Performance and Other Information

be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

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

Investment Comparison

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

Average Annual Total Returns for the
Periods Ended December 31, 2021

	1 Year		5 Years		10 Years
Class VC	27.31%		10.24%		11.33%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			7/1/21 -
	7/1/21	12/31/21	12/31/21
Class VC
Actual	$1,000.00	$1,098.50	$5.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.76	$5.50

^†

Net expenses are equal to the Fund’s annualized expense ratio of 1.08%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Communication Services	4.84	%
Consumer Discretionary	7.04	%
Consumer Staples	6.62	%
Energy	5.66	%
Financials	21.05	%
Health Care	14.24	%
Industrials	13.42	%
Information Technology	13.69	%
Materials	5.64	%
Real Estate	4.26	%
Utilities	2.59	%
Repurchase Agreements	0.47	%
Money Market Funds^(a)	0.43	%
Time Deposits^(a)	0.05	%
Total	100.00	%

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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 99.45%

COMMON STOCKS 99.45%

Aerospace & Defense 2.98%
Lockheed Martin Corp.		12,480	$	4,436
Raytheon Technologies Corp.		57,740		4,969
Total				9,405

Automobiles 1.60%
General Motors Co.*		85,810		5,031

Banks 6.50%
CIT Group, Inc.		99,701		5,119
East West Bancorp, Inc.		60,480		4,758
Wells Fargo & Co.		116,700		5,599
Western Alliance Bancorp		46,410		4,996
Total				20,472

Biotechnology 1.62%
AbbVie, Inc.		37,810		5,119

Building Products 3.43%
Carlisle Cos., Inc.		14,230		3,531
Masco Corp.		58,960		4,140
Masonite International Corp.*		26,670		3,146
Total				10,817

Capital Markets 5.90%
Ameriprise Financial, Inc.		17,440		5,261
Blackstone Group, Inc. (The)		38,580		4,992
Evercore, Inc. Class A		21,540		2,926
Morgan Stanley		55,080		5,407
Total				18,586

Chemicals 3.92%
Avient Corp.		55,840		3,124
PPG Industries, Inc.		23,590		4,068
Valvoline, Inc.		138,750		5,174
Total				12,366

Communications Equipment 1.05%
Cisco Systems, Inc.		52,110		3,302

Investments	Shares		Fair Value (000)
Construction & Engineering 1.50%
EMCOR Group, Inc.		37,050	$	4,720

Consumer Finance 1.32%
American Express Co.		25,340		4,146

Containers & Packaging 0.72%
Avery Dennison Corp.		10,510		2,276

Diversified Financial Services 1.52%
Equitable Holdings, Inc.		145,870		4,783

Electric: Utilities 2.60%
NextEra Energy, Inc.		44,430		4,148
NRG Energy, Inc.		93,950		4,047
Total				8,195

Electronic Equipment, Instruments & Components 0.98%
Teledyne Technologies, Inc.*		7,080		3,093

Equity Real Estate Investment Trusts 4.28%
Alexandria Real Estate Equities, Inc.		14,230		3,173
Host Hotels & Resorts, Inc.*		185,380		3,224
Life Storage, Inc.		21,540		3,299
Prologis, Inc.		22,450		3,780
Total				13,476

Food & Staples Retailing 1.65%
BJ’s Wholesale Club
Holdings, Inc.*		77,450		5,187

Health Care Providers & Services 5.43%
Tenet Healthcare Corp.*		59,800		4,885
UnitedHealth Group, Inc.		24,350		12,227
Total				17,112

Hotels, Restaurants & Leisure 2.58%
Caesars Entertainment, Inc.*		52,040		4,867
Domino’s Pizza, Inc.		5,790		3,268
Total				8,135

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Household Products 3.90%
Procter & Gamble Co. (The)		50,820	$	8,313
Spectrum Brands Holdings, Inc.		39,180		3,985
Total				12,298

Information Technology Services 1.48%
Euronet Worldwide, Inc.*		39,260		4,679

Insurance 5.91%
American International Group, Inc.		85,740		4,875
Arch Capital Group Ltd.*		94,710		4,210
Arthur J Gallagher & Co.		27,320		4,635
Fidelity National Financial, Inc.		93,800		4,895
Total				18,615

Interactive Media & Services 2.90%
Alphabet, Inc. Class A*		3,160		9,155

Life Sciences Tools & Services 1.63%
Thermo Fisher Scientific, Inc.		7,690		5,131

Machinery 2.47%
Crane Co.		46,656		4,746
Parker-Hannifin Corp.		9,520		3,029
Total				7,775

Media 1.95%
Comcast Corp. Class A		122,170		6,149

Metals & Mining 1.02%
Reliance Steel & Aluminum Co. 19,860				3,222

Oil, Gas & Consumable Fuels 5.68%
Chesapeake Energy Corp.		59,190		3,819
Marathon Petroleum Corp.		46,260		2,960
Pioneer Natural Resources Co.		30,060		5,467
Royal Dutch Shell plc Class A ADR		130,690		5,672
Total				17,918

Investments	Shares		Fair Value (000)
Personal Products 1.10%
BellRing Brands, Inc. Class A*^(a)		121,940	$	3,479

Pharmaceuticals 5.62%
Eli Lilly & Co.		18,570		5,129
Organon & Co.		210,560		6,412
Pfizer, Inc.		104,370		6,163
Total				17,704

Road & Rail 1.37%
Norfolk Southern Corp.		14,540		4,329

Semiconductors & Semiconductor Equipment 5.55%
Azenta, Inc.		43,670		4,503
KLA Corp.		7,920		3,406
Micron Technology, Inc.		36,080		3,361
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		22,600		2,719
Texas Instruments, Inc.		18,620		3,509
Total				17,498

Software 1.63%
Microsoft Corp.		15,250		5,129

Specialty Retail 2.89%
Lowe’s Cos., Inc.		19,860		5,134
Williams-Sonoma, Inc.		23,510		3,976
Total				9,110

Technology Hardware, Storage & Peripherals 3.05%
Apple, Inc.		26,330		4,675
NetApp, Inc.		53,830		4,952
Total				9,627

Trading Companies & Distributors 1.72%
AerCap Holdings NV (Ireland)*^(b)		82,690		5,409
Total Common Stocks (cost $250,738,447)				313,448

See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.95%

Repurchase Agreements 0.47%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $1,360,500 of U.S. Treasury Note at 2.875% due 08/15/2028; value: $1,501,493; proceeds: $1,471,986 (cost $1,471,986)	$	1,472	$	1,472

Investments	Shares		Fair Value (000)
Money Market Funds 0.43%
Fidelity Government Portfolio^(c) (cost $1,369,368)		1,369,368	$	1,369

Time Deposits 0.05%
CitiBank N.A.^(c) (cost $152,154)		152,154		152
Total Short-Term Investments (cost $2,993,508)				2,993
Total Investments in Securities 100.40% (cost $253,731,955)				316,441
Other Assets and Liabilities – Net (0.40)%				(1,275	)
Net Assets 100.00%			$	315,166

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

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Long-Term Investments
Common Stocks	$	313,448	$	–	$	–	$	313,448
Short-Term Investments
Repurchase Agreements		–		1,472		–		1,472
Money Market Funds		1,369		–		–		1,369
Time Deposits		–		152		–		152
Total	$	314,817	$	1,624	$	–	$	316,441

⁽¹⁾		Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

10	See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value including $1,471,492 of securities loaned (cost $253,731,955)	$	316,441,336
Receivables:
Investment securities sold		687,552
Dividends		188,055
Capital shares sold		39,802
From advisor (See Note 3)		22,218
Securities lending income receivable		135
Prepaid expenses and other assets		12,944
Total assets		317,392,042
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending		1,521,522
Transfer agent fees		196,646
Management fee		186,980
Investment securities purchased		85,805
Capital shares reacquired		84,237
Directors’ fees		50,586
Fund administration		10,461
Foreign currency overdraft (cost $5)		5
Accrued expenses		90,181
Total liabilities		2,226,423
Commitments and contingent liabilities
NET ASSETS	$	315,165,619
COMPOSITION OF NET ASSETS:
Paid-in capital	$	252,042,091
Total distributable earnings (loss)		63,123,528
Net Assets	$	315,165,619
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		15,671,799
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$20.11

See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $61,313)	$	5,862,161
Securities lending net income		158
Total investment income		5,862,319
Expenses:
Management fee		2,243,992
Non 12b-1 service fees		786,798
Shareholder servicing		331,542
Fund administration		125,784
Custody		62,857
Professional		46,174
Reports to shareholders		43,796
Directors’ fees		13,544
Other		29,754
Gross expenses		3,684,241
Expense reductions (See Note 8)		(281	)
Fees waived and expenses reimbursed (See Note 3)		(287,789	)
Net expenses		3,396,171
Net investment income		2,466,148
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		45,134,050
Net realized gain (loss) on foreign currency related transactions		858
Net change in unrealized appreciation/depreciation on investments		28,290,359
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(823	)
Net realized and unrealized gain (loss)		73,424,444
Net Increase in Net Assets Resulting From Operations	$	75,890,592

12	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	2,466,148		$	3,445,246
Net realized gain (loss) on investments and foreign currency related transactions		45,134,908			(25,464,777	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		28,289,536			8,964,267
Net increase (decrease) in net assets resulting from operations		75,890,592			(13,055,264	)
Distributions to shareholders:		(15,232,278	)		(3,762,431	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		3,372,455			162,730,221
Reinvestment of distributions		15,232,278			3,762,431
Cost of shares reacquired		(66,300,822	)		(175,470,189	)
Net decrease in net assets resulting from capital share transactions		(47,696,089	)		(8,977,537	)
Net increase (decrease) in net assets		12,962,225			(25,795,232	)
NET ASSETS:
Beginning of year	$	302,203,394		$	327,998,626
End of year	$	315,165,619		$	302,203,394

See Notes to Financial Statements.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
12/31/2021	$	16.61	$	0.15	$	4.36		$	4.51		$	(0.16	)	$	(0.85	)	$	(1.01	)
12/31/2020		16.55		0.22		0.05	^(c)		0.27			(0.19	)		(0.02	)		(0.21	)
12/31/2019		14.13		0.21		2.84			3.05			(0.21	)		(0.42	)		(0.63	)
12/31/2018		18.86		0.20		(1.78	)		(1.58	)		(0.28	)		(2.87	)		(3.15	)
12/31/2017		18.30		0.19		2.10			2.29			(0.21	)		(1.52	)		(1.73	)

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

14	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

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

Notes to Financial Statements (continued)

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

Notes to Financial Statements (continued)

(h)

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

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

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

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

A summary of inputs used in valuing the Fund’s investments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

For the fiscal year ended December 31, 2021, the effective management fee, net of waivers, was at an annualized rate of .64% 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 0.04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $62,857 of fund administration fees during the fiscal year ended December 31, 2021.

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2021 and continuing through April 30, 2022, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 1.08%. This agreement may be terminated only by the Fund’s Board of Directors.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	13,393,132		$	3,678,951
Net long-term capital gains			1,839,146			83,480
Total distributions paid		$	15,232,278		$	3,762,431

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	–
Undistributed long-term capital gains	$	3,817,253
Total undistributed earnings		3,817,253
Temporary differences		(1,163,697	)
Unrealized gains – net		60,469,972
Total accumulated gains – net	$	63,123,528

Notes to Financial Statements (continued)

At the Fund’s election, certain losses incurred within the taxable year (“Qualified Late-Year Losses”) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer $1,113,111 of post-October short-term capital losses during the fiscal year ended December 31, 2021.

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	255,970,541
Gross unrealized gain		62,101,098
Gross unrealized loss		(1,630,303	)
Net unrealized security gain	$	60,470,795

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$234,204,153		$294,723,511

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

The Company is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades purchases of $994,750 and sales of $2,044,416 which resulted in a net realized gain of $763,870.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Notes to Financial Statements (continued)

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	1,471,986		$	–		$	1,471,986
Total		$	1,471,986		$	–		$	1,471,986


	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.	$	1,471,986	$	–	$	–	$	(1,471,986	)	$	–
Total	$	1,471,986	$	–	$	–	$	(1,471,986	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (continued)

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

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

Notes to Financial Statements (continued)

As of December 31, 2021, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value of
Securities Loaned		Collateral Received⁽¹⁾
$1,471,492		$1,521,522

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

13.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in equity securities as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. Large value stocks, in which the Fund invests a significant portion of its assets, may perform differently than the market as a whole and other types of stocks, such as mid-sized or small-company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies. Mid-cap and small-cap company stocks in which the Fund may invest may be more volatile and less liquid than large-cap stocks, especially over the short term. The market may fail to recognize the intrinsic value of a particular value stock for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

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

Notes to Financial Statements (concluded)

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

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		174,831			10,998,370
Reinvestment of distributions		773,212			233,798
Shares reacquired		(3,473,784	)		(12,858,749	)
Decrease		(2,525,741	)		(1,626,581	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fundamental Equity Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Fundamental Equity Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016; President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

Approval of Advisory Contract (continued)

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

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee, and the Fund’s expense limitation agreement. Based on these

Approval of Advisory Contract (concluded)

considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

For corporate shareholders, 39% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $10,952,744 and $1,839,146, respectively, represent short-term and long-term capital gains.

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

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

Lord Abbett Series Fund, Inc.

Fundamental Equity Portfolio

SFFE-PORT-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth and Income Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

11		Statement of Assets and Liabilities

12		Statement of Operations

13		Statements of Changes in Net Assets

14		Financial Highlights

16		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Supplemental Information to Shareholders

Lord Abbett Series Fund – Growth and Income Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Growth and Income Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 29.02%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index,¹which returned 25.16% over the same period.

outperformed small cap stocks⁵(26.45% vs. 14.82%), while growth⁶narrowly outperformed value⁷(25.85% vs. 25.37%).

reported growth in earnings of 52% during the first quarter of 2021.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

record pace in August as consumer prices rose 5.3% year-over-year, which was, however, below economist expectations for the month. Uncertainty around the U.S. Federal Reserve (“Fed”) tapering presented additional uncertainty to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120B per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These concerns culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

The U.S. equity market recovered in the fourth quarter as all major U.S. indices exhibited positive performance. The S&P 500^® Index and the Nasdaq Composite Index returned 11.03% and 8.45%, respectively. Despite the strong performance, several events acted as catalysts for heightened market volatility as the year came to a close – including the emergence of the Omicron variant of COVID-19. U.S. market activity throughout the first two months of the quarter was relatively benign with respect to COVID-19, as continued vaccine progress helped curb concerns regarding the Delta variant wave. However, the World Health Organization designated the Omicron mutation as a

“variant of concern,” particularly due to its increased transmissibility and then-unknown severity. This led to fears that the world would succumb to a new wave of infections, prompting one of the largest selloffs and the worst single-day performance of risk assets since the start of the pandemic. The negative sentiment around Omicron quickly reversed at that point, however, as it was determined that symptoms are generally less severe than prior strains. The Omicron variant did result in some travel-related disruption by the end of the quarter as daily new cases spiked; however, the Center for Disease Control eased its quarantine guidance to help people “safely continue their daily lives.”

Conversely, the largest detractor from relative performance during period was the Fund’s position in Medtronic Plc. Shares of the medical technology company fell during the fourth quarter after the company reported earnings in which revenue missed by 1.5% but EPS topped consensus estimates. Shares came under further pressure after the company received an FDA warning that the specific medical device quality system requirements at their Northridge facility were inadequate. Additionally, Citigroup Inc., a financial products and services company, detracted from relative performance. Shares of the company came under pressure after it was announced that it expected charges to total $1.2 billion for the wind-down of its South Korea consumer banking business. Investors expect this to drag EPS by 4-6% during the next year. The stock faced further pressure after management stated that it had to pause share buybacks during the fourth

quarter due to a new capital rule. The Fund exited the position in the fourth quarter due to rising competitive intensity within the credit card industry and concerns over the company’s continued regulatory issues. Lastly, the Fund’s allocation to Zimmer Biomet Holdings, Inc., a musculoskeletal healthcare servicer, detracted from relative performance. Shares came under pressure after third quarter revenue fell short of expectations and management

subsequently lowered fiscal year EPS and revenue growth guidance. Following weaker-than-expected execution, the Fund exited the position during the fourth quarter.

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

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

³ The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

⁴ As represented by the Russell 1000^® Index as of 12/31/2021.

⁵ As represented by the Russell 2000^® Index as of 12/31/2021.

⁶ As represented by the Russell 3000^® Growth Index as of 12/31/2021.

⁷ As represented by the Russell 3000^® Value Index as of 12/31/2021.

Important Performance and Other Information

be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

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

Investment Comparison

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

Average Annual Total Returns for the

Periods Ended December 31, 2021

		1 Year		5 Years		10 Years
Class VC		29.02%		11.07%		12.17%


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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/21	12/31/21	7/1/21 - 12/31/21
Class VC
Actual	$1,000.00	$1,112.00	$4.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.57	$4.69


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

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Communication Services	5.10	%
Consumer Discretionary	6.70	%
Consumer Staples	6.50	%
Energy	6.20	%
Financials	21.06	%
Health Care	15.99	%
Industrials	12.54	%
Information Technology	13.27	%
Materials	5.13	%
Real Estate	4.45	%
Utilities	2.65	%
Repurchase Agreements	0.41	%
Total	100.00	%


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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 100.88%

COMMON STOCKS 100.88%

Aerospace & Defense 3.54%
Lockheed Martin Corp.		26,080	$	9,269
Raytheon Technologies Corp.		143,680		12,365
Total				21,634

Automobiles 2.13%
General Motors Co.*		222,140		13,024

Banks 6.92%
CIT Group, Inc.		205,094		10,529
East West Bancorp, Inc.		127,310		10,017
Wells Fargo & Co.		249,250		11,959
Western Alliance Bancorp		90,800		9,775
Total				42,280

Beverages 1.34%
PepsiCo, Inc.		47,020		8,168

Biotechnology 1.65%
AbbVie, Inc.		74,610		10,102

Building Products 3.32%
Carlisle Cos., Inc.		41,630		10,329
Masco Corp.		141,820		9,959
Total				20,288

Capital Markets 5.39%
Ameriprise Financial, Inc.		39,050		11,780
Blackstone Group, Inc. (The)		77,470		10,024
Morgan Stanley		113,240		11,115
Total				32,919

Chemicals 3.28%
PPG Industries, Inc.		54,690		9,431
Valvoline, Inc.		284,450		10,607
Total				20,038

Communications Equipment 1.63%
Cisco Systems, Inc.		157,510		9,981

Investments	Shares		Fair Value (000)
Construction & Engineering 1.28%
EMCOR Group, Inc.		61,390	$	7,820

Consumer Finance 1.55%
American Express Co.		58,010		9,490

Containers & Packaging 0.99%
Avery Dennison Corp.		27,860		6,034

Diversified Financial Services 1.54%
Equitable Holdings, Inc.		287,630		9,431

Electric: Utilities 2.69%
NextEra Energy, Inc.		88,750		8,286
NRG Energy, Inc.		188,510		8,121
Total				16,407

Electronic Equipment, Instruments & Components 0.97%
Teledyne Technologies, Inc.*		13,500		5,898

Equity Real Estate Investment Trusts 4.51%
Alexandria Real Estate Equities, Inc.		29,270		6,526
Host Hotels & Resorts, Inc.*		364,700		6,342
Life Storage, Inc.		42,380		6,492
Prologis, Inc.		48,450		8,157
Total				27,517

Food & Staples Retailing 1.93%
BJ’s Wholesale Club Holdings, Inc.*		176,078		11,792

Health Care Equipment & Supplies 1.53%
Medtronic plc (Ireland)^(a)		90,050		9,316

Health Care Providers & Services 5.21%
McKesson Corp.		28,630		7,117
UnitedHealth Group, Inc.		49,200		24,705
Total				31,822

Hotels, Restaurants & Leisure 1.60%
Caesars Entertainment, Inc.*		104,150		9,741

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Household Products 3.32%
Procter & Gamble Co. (The)		123,790	$	20,250

Insurance 5.92%
American International Group, Inc.		156,420		8,894
Arch Capital Group Ltd.*		189,120		8,407
Arthur J Gallagher & Co.		54,060		9,172
Fidelity National Financial, Inc.		185,450		9,677
Total				36,150

Interactive Media & Services 3.17%
Alphabet, Inc. Class A*		6,680		19,352

Life Sciences Tools & Services 1.63%
Thermo Fisher Scientific, Inc.		14,867		9,920

Machinery 1.22%
Parker-Hannifin Corp.		23,450		7,460

Media 1.99%
Comcast Corp. Class A		241,620		12,161

Metals & Mining 0.93%
Reliance Steel & Aluminum Co.		34,820		5,649

Multi-Line Retail 1.13%
Target Corp.		29,900		6,920

Oil, Gas & Consumable Fuels 6.28%
Chesapeake Energy Corp.		140,920		9,092
Marathon Petroleum Corp.		115,100		7,365
Pioneer Natural Resources Co.		59,520		10,826
Royal Dutch Shell plc Class A ADR		254,480		11,044
Total				38,327

Pharmaceuticals 6.18%
Eli Lilly & Co.		37,453		10,345
Organon & Co.		343,720		10,467
Pfizer, Inc.		286,490		16,917
Total				37,729

Investments	Shares		Fair Value (000)
Road & Rail 1.54%
Norfolk Southern Corp.		31,480	$	9,372

Semiconductors & Semiconductor Equipment 5.38%
KLA Corp.		16,300		7,011
Micron Technology, Inc.		88,950		8,286
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		56,260		6,769
Texas Instruments, Inc.		57,120		10,765
Total				32,831

Software 2.05%
Microsoft Corp.		37,180		12,504

Specialty Retail 1.93%
Lowe’s Cos., Inc.		45,590		11,784

Technology Hardware, Storage & Peripherals 3.42%
Apple, Inc.		60,790		10,794
NetApp, Inc.		109,630		10,085
Total				20,879

Trading Companies & Distributors 1.79%
AerCap Holdings NV (Ireland)*^(a)		167,500		10,958
Total Common Stocks
(cost $462,715,995)				615,948

See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.41%

Repurchase Agreements 0.41%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $2,317,200 of U.S. Treasury Note at 2.875% due 8/15/2028; value: $2,557,339; proceeds: $2,507,176 (cost $2,507,176)	$	2,507	$	2,507
Total Investments in Securities 101.29% (cost $465,223,171)				618,455
Other Assets and Liabilities - Net (1.29)%				(7,857	)
Net Assets 100.00%			$	610,598

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

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks	$	615,948	$	–	$	–	$	615,948
Short-Term Investments
Repurchase Agreements		–		2,507		–		2,507
Total	$	615,948	$	2,507	$	–	$	618,455

⁽¹⁾		Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

10	See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value (cost $465,223,171)			$618,454,733
Receivables:
Investment securities sold			1,082,893
Dividends			445,482
Capital shares sold			4,992
Prepaid expenses			4,608
Total assets			619,992,708
LIABILITIES:
Payables:
Capital shares reacquired			7,988,692
Transfer agent fees			795,282
Management fee			253,867
Directors’ fees			151,250
Investment securities purchased			93,477
Fund administration			20,309
Accrued expenses			92,250
Total liabilities			9,395,127
Commitments and contingent liabilities
NET ASSETS			$610,597,581
COMPOSITION OF NET ASSETS:
Paid-in capital			$457,619,717
Total distributable earnings (loss)			152,977,864
Net Assets			$610,597,581
Outstanding shares (200 million shares of common stock authorized, $.001 par value)			15,248,480
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)			$40.04

See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $124,422)	$	11,606,040
Securities lending net income		34
Total investment income		11,606,074
Expenses:
Management fee		2,974,131
Non 12b-1 service fees		1,489,323
Shareholder servicing		624,108
Fund administration		237,930
Professional		54,568
Reports to shareholders		27,518
Directors’ fees		25,688
Custody		22,321
Other		64,594
Gross expenses		5,520,181
Expense reductions (See Note 8)		(532	)
Fees waived and expenses reimbursed (See Note 3)		(22,321	)
Net expenses		5,497,328
Net investment income		6,108,746
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		85,214,184
Net realized gain (loss) on foreign currency related transactions		4,396
Net change in unrealized appreciation/depreciation on investments		59,149,172
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(1,584	)
Net realized and unrealized gain (loss)		144,366,168
Net Increase in Net Assets Resulting From Operations	$	150,474,914

12	See Notes to Financial Statements.

Statements of Changes in Net Assets

For the Year Ended December 31, 2021

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	6,108,746		$	8,645,496
Net realized gain (loss) on investments and foreign currency related transactions		85,218,580			(20,915,755	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		59,147,588			26,993,137
Net increase in net assets resulting from operations		150,474,914			14,722,878
Distributions to shareholders:		(68,119,055	)		(8,654,497	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		7,468,120			24,926,060
Reinvestment of distributions		68,119,055			8,654,497
Cost of shares reacquired		(100,203,090	)		(68,641,944	)
Net decrease in net assets resulting from capital share transactions		(24,615,915	)		(35,061,387	)
Net increase (decrease) in net assets		57,739,944			(28,993,006	)
NET ASSETS:
Beginning of year	$	552,857,637		$	581,850,643
End of year	$	610,597,581		$	552,857,637

See Notes to Financial Statements.

Financial Highlights

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

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

14	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimbursements (%)		Total expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	40.04		29.02			0.92		0.93		1.03	$	610,598		66
	34.94		2.70			0.94		0.94		1.70		552,858		67
	34.57		22.49			0.94		0.94		1.59		581,851		76
	30.65		(8.14	)		0.93		0.93		1.35		547,667		89
	37.15		13.38			0.93		0.93		1.26		696,564		97

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund's Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund's investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.

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

Notes to Financial Statements (continued)

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

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

Notes to Financial Statements (continued)

	the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

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

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

	A summary of inputs used in valuing the Fund's investments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett 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 annual rate of:

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

For the fiscal year ended December 31, 2021, the effective management fee, net of any applicable waivers, was at an annualized rate of .50% of the Fund's average daily net assets.

Notes to Financial Statements (continued)

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $22,321 of fund administration fees during the fiscal year ended December 31, 2021.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	19,958,344		$	8,654,497
Net long-term capital gains			48,160,711			–
Total distributions paid		$	68,119,055		$	8,654,497

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	–
Undistributed long-term capital gains	$	3,262,745
Total undistributed earnings		3,262,745
Temporary differences		(2,713,507	)
Unrealized gains – net		152,428,626
Total accumulated gains – net	$	152,977,864

At the Fund’s election, certain losses incurred within the taxable year (“Qualified Late-Year Losses”) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer $470 of late-year ordinary losses and $2,561,787 of post-October short-term capital losses during the fiscal year ended December 31, 2021.

Notes to Financial Statements (continued)

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	466,024,523
Gross unrealized gain		154,819,378
Gross unrealized loss		(2,389,168	)
Net unrealized security gain	$	152,430,210

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$387,125,987		$466,956,020

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

The Company is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades sales of $2,037,446 which resulted in a net realized gain of $631,813.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$2,507,176	$	–	$	2,507,176
Total		$2,507,176	$	–	$	2,507,176

Notes to Financial Statements (continued)

	Net Amount of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	2,507,176	$	–	$	–	$	(2,507,176	)	$	–
Total	$	2,507,176	$	–	$	–	$	(2,507,176	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (continued)

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

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

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

As of December 31, 2021, the Fund did not loan any securities.

Notes to Financial Statements (continued)

13.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

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

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

Notes to Financial Statements (concluded)

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		182,973			933,385
Reinvestment of distributions		1,735,960			252,686
Shares reacquired		(2,494,375	)		(2,194,281	)
Decrease		(575,442	)		(1,008,210	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth and Income Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Growth and Income Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016;
President and Chief
Executive Officer
since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board took into account changes to the Fund’s portfolio management team. The Board also took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord

Approval of Advisory Contract (continued)

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

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

Approval of Advisory Contract (concluded)

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

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

For corporate shareholders, 51% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $13,905,989 and $48,160,711, respectively, represent short-term and long-term capital gains.

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

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

Lord Abbett Series Fund, Inc.

Growth and Income Portfolio

LASFGI-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

12		Statement of Assets and Liabilities

13		Statement of Operations

14		Statements of Changes in Net Assets

16		Financial Highlights

18		Notes to Financial Statements

27		Report of Independent Registered Public Accounting Firm

28		Supplemental Information to Shareholders

Lord Abbett Series Funds – Growth Opportunities Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Growth Opportunities Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 6.46%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Growth Index,¹which returned 12.73% over the same period.

Large cap stocks⁴outperformed small cap stocks⁵(26.45% vs. 14.82%), while growth⁶narrowly outperformed value⁷(25.85% vs. 25.37%).

reported growth in earnings of 52% during the first quarter of 2021.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

From an industry standpoint, security selection within software and information technology services were the largest detractors from the Fund’s performance over the period. Specifically, the portfolio’s position in Splunk, Inc., a leading provider of software for searching, monitoring, and analyzing machine-generated data, was a notable detractor from relative performance. Shares of the company fell in December after it reported quarterly earnings and revenue targets that fell short of consensus expectations. Revenue and annual recurring revenue (ARR) growth figures fell short of expectations.

The Fund’s position in RingCentral, Inc., a provider of cloud-based communications and collaboration solutions for businesses, was also a primary detractor over the period. Although the company benefited greatly from the massive shift to remote work throughout the initial pandemic-related lockdowns, the stock struggled throughout the period as investors became increasingly focused on valuations as the economy began to reopen. Shares of RingCentral also fell following the initial announcement that Zoom had come to an agreement to acquire Five9, a leading cloud contact center software. Zoom and RingCentral were previously engaged in a multi-year partnership and, therefore, Zoom’s attempt to acquire Five9 was viewed as a negative for RingCentral.

The Fund’s position in Palo Alto Networks, a provider of network security solutions, was the largest contributor to relative performance over the period. Shares of the stock soared in August after the company reported quarterly earnings results well beyond consensus estimates as the demand for cloud security and automation continued to grow. In particular, Palo Alto’s next-generation security billings increased by 71% year-over-year in the third quarter, and now represent over 33% of its total billings.

Although the Fund’s software allocation was a primary drag on performance, its position in HubSpot, Inc., a developer of software products for inbound marketing, sales, and customer

service, was also a notable contributor to relative performance. After growing 30% in 2020, the company continued to experience strong growth acceleration throughout 2021, as businesses continued to digitize their go-to-market motion. The company hit two important milestones in the fourth quarter of 2020: crossing the

$1 billion annual recurring revenue (ARR) mark and eclipsing 100,000 customers.

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

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

² As represented by the S&P 500 Index as of 12/31/21.

³ As represented by the Nasdaq Composite as of 12/31/21.

⁴ As represented by the Russell 1000 Index as of 12/31/21.

⁵ As represented by the Russell 2000 Index as of 12/31/21.

⁶ As represented by the Russell 3000 Growth Index as of 12/31/21.

⁷ As represented by the Russell 3000 Value Index as of 12/31/21.

Important Performance and Other Information

most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

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

Investment Comparison

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

Average Annual Total Returns for the
Periods Ended December 31, 2021

	1 Year		5 Years		10 Years
Class VC	6.46%		19.29%		15.34%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/21	12/31/21	7/1/21 - 12/31/21
Class VC
Actual	$1,000.00	$1,005.30	$6.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.21	$6.06

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Communication Services	4.16	%
Consumer Discretionary	13.38	%
Consumer Staples	4.13	%
Financials	4.56	%
Health Care	20.44	%
Industrials	13.07	%
Information Technology	31.93	%
Materials	4.17	%
Real Estate	1.98	%
Repurchase Agreements	1.89	%
Money Market Funds^(a)	0.26	%
Time Deposits^(a)	0.03	%
Total	100.00	%

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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 98.39%

COMMON STOCKS 98.39%

Aerospace & Defense 3.01%
CAE, Inc. (Canada)*^(a)		43,792	$	1,105
TransDigm Group, Inc.*		2,704		1,721
Total				2,826

Air Freight & Logistics 1.28%
GXO Logistics, Inc.*		13,232		1,202

Banks 2.04%
First Republic Bank		5,112		1,056
Western Alliance Bancorp		7,975		858
Total				1,914

Beverages 1.02%
Brown-Forman Corp. Class B		13,113		955

Biotechnology 4.46%
Arena Pharmaceuticals, Inc.*		4,170		388
Argenx SE ADR*		2,354		824
Genmab A/S ADR*		15,616		618
Mirati Therapeutics, Inc.*		3,311		486
Natera, Inc.*		8,900		831
Seagen, Inc.*		6,695		1,035
Total				4,182

Capital Markets 1.71%
Moody’s Corp.		1,379		538
MSCI, Inc.		1,738		1,065
Total				1,603

Communications Equipment 0.77%
Arista Networks, Inc.*		5,043		725

Construction Materials 1.75%
Vulcan Materials Co.		7,906		1,641

Containers & Packaging 2.44%
Avery Dennison Corp.		4,249		920
Ball Corp.		14,203		1,368
Total				2,288

Investments	Shares		Fair Value (000)
Electrical Equipment 1.07%
AMETEK, Inc.		6,846	$	1,007

Electronic Equipment, Instruments & Components 3.11%
Amphenol Corp. Class A		22,921		2,005
Trimble, Inc.*		10,471		913
Total				2,918

Entertainment 2.35%
Roku, Inc.*		6,072		1,385
Warner Music Group Corp. Class A		19,031		822
Total				2,207

Equity Real Estate Investment Trusts 2.00%
SBA Communications Corp.		4,812		1,872

Food & Staples Retailing 0.93%
Sysco Corp.		11,036		867

Food Products 0.90%
McCormick & Co., Inc.		8,773		848

Health Care Equipment & Supplies 5.43%
Align Technology, Inc.*		1,527		1,004
DexCom, Inc.*		3,634		1,951
IDEXX Laboratories, Inc.*		1,527		1,005
Insulet Corp.*		4,255		1,132
Total				5,092

Health Care Technology 2.04%
Inspire Medical Systems, Inc.*		2,915		671
Veeva Systems, Inc. Class A*		4,858		1,241
Total				1,912

Hotels, Restaurants & Leisure 5.38%
Chipotle Mexican Grill, Inc.*		1,130		1,976
Churchill Downs, Inc.		3,666		883
Hilton Worldwide Holdings, Inc.*		9,583		1,495
Wingstop, Inc.		3,999		691
Total				5,045

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Household Products 0.82%
Church & Dwight Co., Inc.		7,467	$	765

Industrial Conglomerates 1.12%
Roper Technologies, Inc.		2,134		1,050

Information Technology Services 3.85%
Cloudflare, Inc. Class A*		1,704		224
EPAM Systems, Inc.*		908		607
Genpact Ltd.		22,541		1,197
Jack Henry & Associates, Inc.		4,987		833
Twilio, Inc. Class A*		2,846		749
Total				3,610

Insurance 0.83%
Goosehead Insurance, Inc. Class A		5,993		780

Interactive Media & Services 1.84%
Bumble, Inc. Class A*		14,987		507
Match Group, Inc.*		9,178		1,214
Total				1,721

Internet & Direct Marketing Retail 1.86%
DoorDash, Inc. Class A*		2,096		312
Etsy, Inc.*		6,552		1,435
Total				1,747

Life Sciences Tools & Services 6.34%
10X Genomics, Inc. Class A*		6,770		1,008
Agilent Technologies, Inc.		9,295		1,484
Bio-Rad Laboratories, Inc. Class A*		670		506
Quanterix Corp.*		6,022		255
Repligen Corp.*		4,489		1,189
West Pharmaceutical Services, Inc.		3,210		1,506
Total				5,948

Machinery 3.40%
Fortive Corp.		14,175		1,082
Parker-Hannifin Corp.		4,232		1,346
Stanley Black & Decker, Inc.		4,052		764
Total				3,192

Investments	Shares		Fair Value (000)
Personal Products 0.49%
Shiseido Co., Ltd.^(b)	JPY	8,286	$	462

Pharmaceuticals 2.29%
Catalent, Inc.*		8,850		1,133
Zoetis, Inc.		4,158		1,015
Total				2,148

Road & Rail 3.26%
Lyft, Inc. Class A*		7,333		313
Old Dominion Freight Line, Inc.		6,127		2,196
XPO Logistics, Inc.*		7,054		546
Total				3,055

Semiconductors & Semiconductor Equipment 8.06%
Analog Devices, Inc.		7,662		1,347
Azenta, Inc.		10,093		1,041
Enphase Energy, Inc.*		5,605		1,025
Lam Research Corp.		869		625
Microchip Technology, Inc.		20,011		1,742
NXP Semiconductors NV (Netherlands)^(a)		5,019		1,143
Xilinx, Inc.		2,980		632
Total				7,555

Software 16.33%
AppLovin Corp. Class A*		5,910		557
Bill.com Holdings, Inc.*		2,917		727
Cadence Design Systems, Inc.*		13,972		2,604
Crowdstrike Holdings, Inc. Class A*		5,939		1,216
Datadog, Inc. Class A*		10,109		1,801
DocuSign, Inc.*		2,713		413
Dynatrace, Inc.*		14,306		863
HubSpot, Inc.*		2,273		1,498
Palantir Technologies, Inc. Class A*		25,775		469
Palo Alto Networks, Inc.*		4,050		2,255
Paycom Software, Inc.*		3,489		1,449
RingCentral, Inc. Class A*		1,030		193

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Software (continued)
Samsara, Inc. Class A*^(c)		14,152	$	398
Trade Desk, Inc. (The) Class A*		9,531		873
Total				15,316

Specialty Retail 4.65%
Burlington Stores, Inc.*		5,133		1,496
Carvana Co.*		1,667		386
Five Below, Inc.*		4,808		995
Tractor Supply Co.		6,231		1,487
Total				4,364

Textiles, Apparel & Luxury Goods 1.56%
Canada Goose Holdings, Inc. (Canada)*^(a)		8,423		312
Lululemon Athletica, Inc. (Canada)*^(a)		2,908		1,138
On Holding AG Class A (Switzerland)*^(a)(c)		290		11
Total				1,461
Total Common Stocks (cost $74,557,776)				92,278

	Principal Amount (000)
SHORT-TERM INVESTMENTS 2.19%

Repurchase Agreements 1.90%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $1,645,900 of U.S. Treasury Note at 2.875% due 08/15/2028; value: $1,816,470; proceeds: $1,780,825 (cost $1,780,825)	$	1,781		1,781

Investments	Shares		Fair Value (000)
Money Market Funds 0.26%
Fidelity Government Portfolio^(d) (cost $245,497)		245,497	$	245

Time Deposits 0.03%
Citibank N.A.^(d) (cost $27,278)		27,278		27
Total Short-Term Investments (cost $2,053,600)				2,053
Total Investments in Securities 100.58% (cost $76,611,376)				94,331
Other Assets and Liabilities – Net (0.58)%				(544	)
Net Assets 100.00%			$	93,787

ADR		American Depositary Receipt.
JPY		Japanese Yen.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
^(d)		Security was purchased with the cash collateral from loaned securities.

10	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Long-Term Investments
Common Stocks	$	92,278	$	–	$	–	$	92,278
Short-Term Investments
Repurchase Agreements		–		1,781		–		1,781
Money Market Funds		245		–		–		245
Time Deposits		–		27		–		27
Total	$	92,523	$	1,808	$	–	$	94,331

⁽¹⁾		Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value including $281,185 of securities loaned (cost $76,611,376)	$	94,330,599
Receivables:
Dividends		18,209	��
Capital shares sold		1,018
Securities lending income receivable		454
Prepaid expenses and other assets		22,143
Total assets		94,372,423
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending		272,775
Transfer agent fees		104,002
Management fee		66,729
Directors’ fees		19,387
Capital shares reacquired		14,333
Fund administration		3,559
Accrued expenses		104,424
Total liabilities		585,209
Commitments and contingent liabilities
NET ASSETS	$	93,787,214
COMPOSITION OF NET ASSETS:
Paid-in capital	$	68,422,911
Total distributable earnings (loss)		25,364,303
Net Assets	$	93,787,214
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		6,851,010
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.69

12	See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $2,832)	$	443,465
Securities lending net income		2,004
Total investment income		445,469
Expenses:
Management fee		954,438
Non 12b-1 service fees		318,546
Shareholder servicing		133,882
Custody		80,937
Fund administration		50,903
Professional		43,168
Directors’ fees		5,629
Reports to shareholders		2,070
Other		18,821
Gross expenses		1,608,394
Expense reductions (See Note 8)		(116	)
Fees waived and expenses reimbursed (See Note 3)		(80,937	)
Net expenses		1,527,341
Net investment loss		(1,081,872	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		28,079,434
Net realized gain (loss) on foreign currency related transactions		(33	)
Net change in unrealized appreciation/depreciation on investments		(19,407,164	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(6	)
Net realized and unrealized gain (loss)		8,672,231
Net Increase in Net Assets Resulting From Operations	$	7,590,359

See Notes to Financial Statements.

Statements of Changes in Net Assets

For the Year Ended December 31, 2021

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment loss	$	(1,081,872	)	$	(782,582	)
Net realized gain on investments and foreign currency related transactions		28,079,401			17,130,486
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(19,407,170	)		12,366,293
Net increase in net assets resulting from operations		7,590,359			28,714,197
Distributions to shareholders:		(22,672,488	)		(12,398,911	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		6,217,614			45,104,531
Reinvestment of distributions		22,672,488			12,398,911
Cost of shares reacquired		(48,882,067	)		(69,902,251	)
Net decrease in net assets resulting from capital share transactions		(19,991,965	)		(12,398,809	)
Net increase (decrease) in net assets		(35,074,094	)		3,916,477
NET ASSETS:
Beginning of year	$	128,861,308		$	124,944,831
End of year	$	93,787,214		$	128,861,308

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

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

16	See Notes to Financial Statements.

			Ratios to Average Net Assets:							Supplemental Data:

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.

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

Notes to Financial Statements (continued)

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

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

Notes to Financial Statements (continued)

	the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

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

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

	A summary of inputs used in valuing the Fund’s investments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2021, the effective management fee, net of waivers, 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. Lord Abbett voluntarily waived $80,937 of fund administration fees during the fiscal year ended December 31, 2021.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	5,686,948		$	1,535,449
Net long-term capital gains			16,985,540			10,863,462
Total distributions paid		$	22,672,488		$	12,398,911

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	363,383
Undistributed long-term capital gains		7,610,019
Total undistributed earnings		7,973,402
Temporary differences		(19,387	)
Unrealized gains – net		17,410,288
Total accumulated gains – net	$	25,364,303

Notes to Financial Statements (continued)

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	76,920,310
Gross unrealized gain		19,827,255
Gross unrealized loss		(2,416,966	)
Net unrealized security gain	$	17,410,289

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$72,986,531		$118,019,884

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	1,780,825	$	–	$	1,780,825
Total	$	1,780,825	$	–	$	1,780,825

Notes to Financial Statements (continued)

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	1,780,825	$	–	$	–	$	(1,780,825	)	$	–
Total	$	1,780,825	$	–	$	–	$	(1,780,825	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

7.	DIRECTORS’ REMUNERATION

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

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (continued)

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

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

Notes to Financial Statements (continued)

As of December 31, 2021. the market value of securities loaned and collateral received for the Fund were as follows:

Market Value of Securities Loaned				Collateral Received⁽¹⁾
$	281,185			$	272,775

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

13.

INVESTMENT RISKS

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

Notes to Financial Statements (concluded)

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

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		375,357			3,467,320
Reinvestment of distributions		1,604,448			744,567
Shares reacquired		(2,966,889	)		(5,967,746	)
Decrease		(987,084	)		(1,755,859	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth Opportunities Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Growth Opportunities Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016; President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period and below the median of the performance peer group for the one-, five-, and ten-year periods. The Board took into account changes to the Fund’s portfolio management team. The Board also took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord

Approval of Advisory Contract (continued)

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

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

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

Approval of Advisory Contract (concluded)

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

For corporate shareholders, 12% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $5,686,948 and $16,985,540, respectively, represent short-term capital gains and long-term capital gains.

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth Opportunities Portfolio

LASFGO-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

11		Statement of Assets and Liabilities

12		Statement of Operations

13		Statements of Changes in Net Assets

14		Financial Highlights

16		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Supplemental Information to Shareholders

Lord Abbett Series Fund — Mid Cap Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Mid Cap Stock Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 28.70%, reflecting performance at the net asset value (“NAV”) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Value Index¹, which returned 28.34% over the same period.

returned 28.71% and 22.18%, respectively. Large cap stocks⁴outperformed small cap stocks⁵(26.45% vs. 14.82%), while growth⁶narrowly outperformed value⁷(25.85% vs. 25.37%).

quarter by the largest margin in two decades. Overall, the S&P 500^® Index reported growth in earnings of 52% during the first quarter of 2021.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices reaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies reported earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

pressures on corporate earnings. This was reflected by consumer prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as consumer prices rose 5.3% year-over-year, which was, however, below economist expectations for the month. Uncertainty around the U.S. Federal Reserve (“Fed”) tapering presented additional uncertainty to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120 billion per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These concerns culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

COVID-19. U.S. market activity throughout the first two months of the quarter was relatively benign with respect to COVID-19, as continued vaccine progress helped curb concerns regarding the Delta variant wave. However, the World Health Organization designated the Omicron mutation as a “variant of concern,” particularly due to its increased transmissibility and then-unknown severity. This led to fears that the world would succumb to a new wave of infections, prompting one of the largest selloffs and the worst single-day performance of risk assets since the start of the pandemic. The negative sentiment around Omicron quickly reversed at that point, however, as it was determined that symptoms are generally less severe than prior strains. The Omicron variant did result in some travel-related disruption by the end of the quarter as daily new cases spiked; however, the Center for Disease Control eased its quarantine guidance to help people “safely continue their daily lives.”

Over the period, the Fund’s position in KKR & Co., Inc., an investment and private equity asset management firm, was the largest contributor to relative performance. Shares rose steadily over the period as the company benefitted from record growth in assets under management, realized performance income and investment income. The Fund’s allocation to BJ’s Wholesale Club Holdings, Inc., a membership warehouse club, also contributed to relative performance. The stock rallied throughout the year, but

particularly after beating third quarter expectations. Membership trends remained strong, with member count up 3%, renewal rates continuing at all-time highs, and an increasing percentage of higher-tier members. Additionally, the Fund’s position in Williams-Sonoma, Inc., a home products retailer, contributed to relative performance. The stock rallied early in the year after reporting earnings that beat expectations as comparable sales were up over 25% and eCommerce sales expanded 47.9%, quarter-over-quarter. The company benefitted for the rest of the year from cyclical and secular tailwinds, including a strong housing market, increased consumer spending and a shift to eCommerce shopping.

Conversely, the Fund’s position in Euronet Worldwide Inc. detracted most from relative performance. Shares of the electronic payment provider came under pressure starting in the summer as the economic recovery continued to be rocky, especially in regard to cross-border travel, due to the spread of various variants. This continued to weigh on the higher margin EFT (electronic funds transfer) segment during the period. The Fund’s holding in Sabre Corporation, a global travel and tourism company, also detracted from relative performance. Shares of the company fell sharply after first quarter earnings fell short of expectations due to international government restrictions and lower fees caused by a higher mix of domestic leisure travel in North America.

The stock continued to lag during the period due to the spread of various variants. Additionally, the Fund’s allocation to Zimmer Biomet Holdings, Inc., a musculoskeletal healthcare servicer, detracted from relative performance. Shares came under pressure after third quarter revenue fell short of expectations and, subsequently, management lowered fiscal year earnings per share and revenue

growth guidance. Following weaker than expected execution, the Fund exited the position during the fourth quarter.

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

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

³ The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

⁴ As represented by the Russell 1000^® Index as of 12/31/2021.

⁵ As represented by the Russell 2000^® Index as of 12/31/2021.

⁶ As represented by the Russell 3000^® Growth Index as of 12/31/2021.

⁷ As represented by the Russell 3000^® Value Index as of 12/31/2021.

Important Performance and Other Information

be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

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

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

Investment Comparison

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

Average Annual Total Returns for the
Periods Ended December 31, 2021

	1 Year		5 Years		10 Years
Class VC	28.70%		7.99%		10.60%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			7/1/21 -
	7/1/21	12/31/21	12/31/21
Class VC
Actual	$1,000.00	$1,083.60	$5.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.51	$5.75

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.13%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Communication Services	0.94	%
Consumer Discretionary	9.41	%
Consumer Staples	4.58	%
Energy	5.08	%
Financials	20.16	%
Health Care	9.41	%
Industrials	17.97	%
Information Technology	10.06	%
Materials	8.25	%
Real Estate	7.79	%
Utilities	5.54	%
Repurchase Agreements	0.81	%
Total	100.00	%

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

Schedule of Investments

December 31, 2021

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 99.79%

COMMON STOCKS 99.79%

Aerospace & Defense 1.65%
Curtiss-Wright Corp.		34,950	$	4,847

Airlines 1.05%
Delta Air Lines, Inc.*		78,720		3,076

Auto Components 1.66%
Lear Corp.		26,680		4,881

Automobiles 1.16%
Harley-Davidson, Inc.		90,340		3,405

Banks 5.99%
CIT Group, Inc.		102,179		5,246
East West Bancorp, Inc.		62,000		4,878
PacWest Bancorp		90,070		4,068
SVB Financial Group*		5,030		3,412
Total				17,604

Beverages 1.21%
Carlsberg A/S Class B^(a)	DKK	20,570		3,551

Biotechnology 1.27%
Horizon Therapeutics plc*		34,790		3,749

Building Products 3.74%
Carlisle Cos., Inc.		20,360		5,052
Masco Corp.		84,680		5,946
Total				10,998

Capital Markets 5.87%
Ameriprise Financial, Inc.		19,350		5,837
Cboe Global Markets, Inc.		22,730		2,964
Evercore, Inc. Class A		23,890		3,245
KKR & Co., Inc.		70,170		5,228
Total				17,274

Chemicals 4.76%
Axalta Coating Systems Ltd.*		133,850		4,433
Corteva, Inc.		78,510		3,712
Valvoline, Inc.		157,130		5,859
Total				14,004

Investments	Shares		Fair Value (000)
Communications Equipment 1.88%
F5 Networks, Inc.*		22,570	$	5,523

Construction & Engineering 1.72%
EMCOR Group, Inc.		39,830		5,074

Construction Materials 1.38%
Eagle Materials, Inc.		24,370		4,057

Containers & Packaging 0.99%
Avery Dennison Corp.		13,450		2,913

Diversified Financial Services 1.60%
Equitable Holdings, Inc.		143,220		4,696

Electric: Utilities 4.08%
Entergy Corp.		36,020		4,058
NRG Energy, Inc.		111,380		4,798
Portland General Electric Co.		59,160		3,131
Total				11,987

Electrical Equipment 1.79%
Hubbell, Inc.		25,330		5,275

Electronic Equipment, Instruments & Components 1.46%
Teledyne Technologies, Inc.*		9,800		4,282

Energy Equipment & Services 1.00%
NOV, Inc.		217,540		2,948

Equity Real Estate Investment Trusts 7.84%
Alexandria Real Estate Equities, Inc.		19,740		4,401
Camden Property Trust		30,120		5,382
Duke Realty Corp.		76,830		5,043
Kimco Realty Corp.		176,606		4,353
Life Storage, Inc.		25,250		3,868
Total				23,047

Food & Staples Retailing 1.85%
BJ’s Wholesale Club Holdings, Inc.*		81,220		5,439

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Shares		Fair Value (000)
Health Care Providers & Services 3.17%
AmerisourceBergen Corp.		35,640	$	4,736
Molina Healthcare, Inc.*		14,420		4,587
Total				9,323

Health Care Technology 1.71%
Cerner Corp.		54,070		5,021

Hotels, Restaurants & Leisure 3.70%
Caesars Entertainment, Inc.*		46,710		4,369
Domino’s Pizza, Inc.		5,840		3,296
Hilton Worldwide Holdings, Inc.*		20,730		3,233
Total				10,898

Household Products 1.55%
Spectrum Brands Holdings, Inc.		44,886		4,566

Information Technology Services 1.96%
Euronet Worldwide, Inc.*		48,340		5,761

Insurance 6.83%
American Financial Group, Inc./OH		31,870		4,376
Arch Capital Group Ltd.*		102,260		4,546
Arthur J Gallagher & Co.		17,950		3,046
Fidelity National Financial, Inc.		88,420		4,614
Hartford Financial Services Group, Inc. (The)		50,600		3,493
Total				20,075

Life Sciences Tools & Services 1.27%
Waters Corp.*		10,000		3,726

Machinery 6.29%
Crane Co.		45,667		4,646
Otis Worldwide Corp.		50,900		4,432
Parker-Hannifin Corp.		15,860		5,045
Westinghouse Air Brake Technologies Corp.		47,580		4,383
Total				18,506

Investments	Shares		Fair Value (000)
Media 0.94%
Nexstar Media Group, Inc. Class A		18,390	$	2,777

Metals & Mining 1.17%
Reliance Steel & Aluminum Co.		21,190		3,437

Multi-Utilities 1.49%
CMS Energy Corp.		67,590		4,397

Oil, Gas & Consumable Fuels 4.11%
Chesapeake Energy Corp.		46,320		2,988
Marathon Petroleum Corp.		52,020		3,329
Pioneer Natural Resources Co.		31,750		5,775
Total				12,092

Pharmaceuticals 2.05%
Organon & Co.		197,870		6,025

Semiconductors & Semiconductor Equipment 2.84%
Azenta, Inc.		37,570		3,874
Teradyne, Inc.		27,460		4,490
Total				8,364

Specialty Retail 2.95%
Burlington Stores, Inc.*		14,290		4,166
Williams-Sonoma, Inc.		26,610		4,500
Total				8,666

Technology Hardware, Storage & Peripherals 1.98%
NetApp, Inc.		63,330		5,826

Trading Companies & Distributors 1.83%
AerCap Holdings NV (Ireland)*^(b)		82,340		5,387
Total Common Stocks (cost $227,548,394)				293,477

See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.81%

Repurchase Agreements 0.81%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $2,209,000 of U.S. Treasury Note at 2.875% due 08/15/2028; value: $2,437,926; proceeds: $2,390,085 (cost $2,390,085)	$	2,390	$	2,390
Total Investments in Securities 100.60% (cost $229,938,479)				295,867
Other Assets and Liabilities – Net (0.60)%				(1,778	)
Net Assets 100.00%			$	294,089

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

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks
Beverages	$	–	$	3,551	$	–	$	3,551
Remaining Industries		289,926		–		–		289,926
Short-Term Investments
Repurchase Agreements		–		2,390		–		2,390
Total	$	289,926	$	5,941	$	–	$	295,867

⁽¹⁾		Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

10	See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value (cost $229,938,479)	$	295,866,711
Receivables:
Dividends		150,162
Capital shares sold		36,812
Prepaid expenses		4,765
Total assets		296,058,450
LIABILITIES:
Payables:
Capital shares reacquired		999,522
Transfer agent fees		608,181
Management fee		173,513
Directors’ fees		74,341
Investment securities purchased		11,484
Fund administration		9,632
Accrued expenses		93,272
Total liabilities		1,969,945
Commitments and contingent liabilities
NET ASSETS	$	294,088,505
COMPOSITION OF NET ASSETS:
Paid-in capital	$	225,478,135
Total distributable earnings (loss)		68,610,370
Net Assets	$	294,088,505
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		10,495,103
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$28.02

See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $15,562)	$	4,876,794
Securities lending net income		10,179
Total investment income		4,886,973
Expenses:
Management fee		2,043,905
Non 12b-1 service fees		710,346
Shareholder servicing		212,853
Fund administration		113,471
Professional		45,051
Reports to shareholders		40,843
Custody		24,621
Directors’ fees		12,151
Other		30,945
Gross expenses		3,234,186
Expense reductions (See Note 8)		(254	)
Fees waived and expenses reimbursed (See Note 3)		(24,621	)
Net expenses		3,209,311
Net investment income		1,677,662
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		38,916,641
Net realized gain (loss) on foreign currency related transactions		(2,013	)
Net change in unrealized appreciation/depreciation on investments		29,421,422
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(1,006	)
Net realized and unrealized gain (loss)		68,335,044
Net Increase in Net Assets Resulting From Operations	$	70,012,706

12	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	1,677,662		$	2,479,437
Net realized gain (loss) on investments and foreign currency related transactions		38,914,628			(9,100,383	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		29,420,416			10,071,188
Net increase in net assets resulting from operations		70,012,706			3,450,242
Distributions to shareholders:		(27,759,457	)		(2,488,293	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		9,764,943			16,861,385
Reinvestment of distributions		27,759,457			2,488,293
Cost of shares reacquired		(39,975,409	)		(37,145,314	)
Net decrease in net assets resulting from capital share transactions		(2,451,009	)		(17,795,636	)
Net increase (decrease) in net assets		39,802,240			(16,833,687	)
NET ASSETS:
Beginning of year	$	254,286,265		$	271,119,952
End of year	$	294,088,505		$	254,286,265

See Notes to Financial Statements.

Financial Highlights

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

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

14	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimbursements (%)		Total expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	28.02		28.70			1.13		1.14		0.59	$	294,089		60
	24.09		2.50			1.17		1.18		1.11		254,286		67
	23.74		22.64			1.17		1.17		0.91		271,120		79
	19.87		(15.04	)		1.17		1.17		0.64		240,971		50
	24.51		6.83			1.16		1.16		0.55		331,388		70

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non- U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non- U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.

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

Notes to Financial Statements (continued)

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s

Notes to Financial Statements (continued)

	Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

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

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

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

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

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

Notes to Financial Statements (continued)

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

For the fiscal year ended December 31, 2021, the effective management fee 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. Lord Abbett voluntarily waived $24,621 of fund administration fees during the fiscal year ended December 31, 2021.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021		Year Ended 12/31/2020
Distributions paid from:
Ordinary income	$	6,793,515	$	2,488,293
Net long-term capital gains		20,965,942		–
Total distributions paid	$	27,759,457	$	2,488,293

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	307,810
Undistributed long-term capital gains	$	3,068,730
Total undistributed earnings		3,376,540
Temporary differences		(74,341	)
Unrealized gains – net		65,308,171
Total accumulated gains – net	$	68,610,370

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	230,558,517
Gross unrealized gain		68,054,629
Gross unrealized loss		(2,746,435	)
Net unrealized security gain	$	65,308,194

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

Purchases		Sales
$168,907,669		$196,493,880

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2021.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Notes to Financial Statements (continued)

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

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	2,390,085	$	–	$	2,390,085
Total	$	2,390,085	$	–	$	2,390,085

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	2,390,085	$	–	$	–	$	(2,390,085	)	$	–
Total	$	2,390,085	$	–	$	–	$	(2,390,085	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (continued)

to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

Notes to Financial Statements (continued)

of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on the Statement of Operations.

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

As of December 31, 2021, the Fund did not loan any securities.

13.

INVESTMENT RISKS

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

Notes to Financial Statements (concluded)

quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

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

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021		Year Ended December 31, 2020
Shares sold	346,015		851,555
Reinvestment of distributions	1,014,575		105,536
Shares reacquired	(1,420,241	)	(1,821,997	)
Decrease	(59,651	)	(864,906	)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Mid Cap Stock Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Mid Cap Stock Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

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

Basic Information About Management (continued)

Officers

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board took into account changes to the Fund’s portfolio management team. The Board also took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord

Approval of Advisory Contract (continued)

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

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

Approval of Advisory Contract (concluded)

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

For corporate shareholders, 62% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $5,177,635 and $20,965,942, respectively, represent short-term capital gains and long-term capital gains.

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

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

Lord Abbett Series Fund, Inc.

Mid Cap Stock Portfolio

LASFMCV-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Short Duration Income Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

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

8		Schedule of Investments

44		Statement of Assets and Liabilities

45		Statement of Operations

46		Statements of Changes in Net Assets

48		Financial Highlights

50		Notes to Financial Statements

63		Report of Independent Registered Public Accounting Firm

64		Supplemental Information to Shareholders

Lord Abbett Series Fund – Short Duration Income
Portfolio Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund – Short Duration Income Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned 0.63%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the ICE BofA 1-3 Year U.S. Corporate Index,¹which returned -0.01%.

The twelve-month period brought heightened market volatility as the U.S. continued its steady recovery from the onset of the COVID-19 pandemic. However, U.S. risk assets generally exhibited positive performance, despite spurs of instability throughout the year. U.S. equities performed the best, highlighted by the three

major U.S. equity indices, which all gained over 20% for the year. Within credit, lower quality credit outperformed higher quality tiers. High yield bonds, as represented by the ICE BofA US High Yield Constrained Index², returned 5.35% for the period, compared to investment grade bonds, as represented by the ICE BofA US Corporate Index³, which returned -0.95%. Other asset classes, such as convertible bonds and leveraged loans, also exhibited solid performance throughout the year, posting returns of 6.35% and 5.41%, respectively.

While U.S. markets performed well, COVID-19 remained a significant headwind

across all global markets throughout the year. However, the development and acceleration of access to COVID-19 vaccinations created a more positive sentiment around the virus, as both infections and hospitalization trends improved throughout much of the first quarter of 2021. The decline in cases was short-lived, however, as the emergence of new variants of the COVID-19 virus throughout the year posed significant obstacles to the ongoing recovery of the U.S. economy. The Delta variant caused new waves of positive cases and increased hospitalizations around the world and weighed directly on global growth in the third quarter of 2021. This was evident in equity markets in September, as the three major U.S. indices faced their largest monthly pullbacks since the onset of the pandemic in March 2020. U.S. markets succumbed to another COVID-19 related sell-off towards the end of the year due to emergence of the Omicron variant. Given its high rate of transmission and ability to evade standard vaccination dosages, this variant caused a major risk-off shift in investor sentiment. Major indices experienced one of their worst performing trading sessions of the years on November 26th, highlighted by the Dow Jones Industrial Average having its worst session since October 2020.

While the emergence of these new variants dampened the global growth outlook, U.S. markets continued to be bolstered by ongoing support from the U.S. Federal Reserve (“Fed”) via central bank liquidity. The Fed remained extremely accommodative throughout the year,

keeping the Federal Fund’s rate near zero to boost U.S. economic recovery. Notably, the Fed’s balance sheet ballooned to almost $9tn in the latter part of the year, up from $4.4tn prior to the start of the pandemic. U.S. markets were also bolstered by ongoing fiscal stimulus. After Congress had passed a ~$1.9tn stimulus bill in March featuring direct payments to households affected by the pandemic, they later passed a ~$1.2tn physical infrastructure package that featured more than $550bn in new spending.

Although this increased stimulus benefited U.S. markets, it also contributed to concerns of an increased inflation overshoot in the U.S. economy by boosting post-lockdown consumer demand. Following a relatively modest increase in the first quarter of 2021, consumer prices accelerated higher throughout the remainder of the year, averaging gains of approximately 5.3% year-over-year from April to September, the fastest annual increase since 2008. Inflation concerns were truly manifested though in the November Consumer Price Index (CPI) report, which revealed headline consumer prices up 6.8% year-over-year, the highest levels since June 1982. In addition to stimulative policy, supply chain constraints also played an integral part in driving inflation higher. Many industries were unable to consistently meet pent up consumer demand, and production bottlenecks caused by the pandemic led to shortages of goods and, therefore, heavy price increases from supply and demand imbalances.

Despite this upward pressure, the Fed remained mostly consistent in its messaging on inflationary expectations throughout the spring and summer of 2021 in that it was mostly transitory. It was not until the fourth quarter that the Fed pivoted to a more hawkish stance on inflation. Despite the lack of surprises from the early November Federal Open Market Committee (FOMC) meeting, there was a notable shift in tone from the Fed, as Chairman Jerome Powell indicated that it may be appropriate for the central bank to consider wrapping up its taper a few months sooner than initially envisioned. Shortly after, the FOMC announced at its December meeting that it would accelerate its tapering of asset purchases by $30bn per month, up from the originally announced $15bn. In the post-meeting press conference, Powell indicated that the accelerated taper puts the bank in a position to address issues, including high inflation. While this adjustment was widely expected, the December meeting did also reveal the new median Fed projection for three interest rate hikes in 2022, up from the September forecast where the median projection called for one rate hike in 2022. These new projections were aimed towards curbing inflation, which Powell said may be more persistent. Looking forward, however, economists noted that the rate path was only increased by a cumulative one hike through 2024 and indicated that the core personal consumption expenditures (PCE) outlook still suggested transitory inflation, despite the Fed removing its reference to “transitory”.

Consistent with the Fund’s mandate, the Fund maintained exposure to a variety of bond market sectors beyond the investment grade corporate bonds represented in the benchmark. This broad opportunity set provides portfolio diversification and allows for the flexibility to pursue relative value opportunities across sectors.

The Fund’s allocation to short-term, high yield corporate bonds was the largest contributor to relative performance over the period. Short-term high yield paper posted positive returns over the period on the back of low default rates, upgrades continuing to outpace downgrades, strong technicals and relatively higher carry. Within the asset class, the Fund generally benefitted from favorable industry selection. Notably, the portfolio’s exposure to exploration and production companies within the energy sector provided a tailwind to relative performance.

The low duration, high yield corporate bond allocation, though modest relative to the predominantly investment grade portfolio, continues to be a key driver of alpha in the Fund.

Also contributing to performance was an allocation to commercial mortgage-backed securities (CMBS). We believe the asset class delivers attractive carry, while commercial real estate fundamentals have been supported by economic growth and accommodative monetary and fiscal policies. Specifically, performance was driven by floating rate single-asset, single-borrower deals with high quality tenants in strong geographic areas.

Another main contributor to relative performance over the period was security selection within investment grade corporate bonds. Specifically, selection within the energy and financial industries drove performance. Financials continue to be a notable overweight in the portfolio, as we favor the industry and have focused on companies with strong management teams and healthy balance sheets. We also believe that the energy industry has focused heavily on capital discipline and ESG factors, and we have found idiosyncratic issues with relatively strong performance.

The single detractor from performance over the period was a modest allocation to short-term U.S. Treasuries. Short-term Treasuries provide a source of liquidity and diversification to the portfolio, but they acted as a headwind to performance as short-term yields rose over the period.

¹The ICE BofA 1-3 Year U.S. Corporate Index is an unmanaged index comprised of U.S. dollar-denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with between one and three years remaining to final maturity.

²The ICE BofA U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

³The ICE BofA U.S. Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.

Important Performance and Other Information

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

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

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the ICE BofA 1-3 Year U.S. Corporate Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the period, expenses of the Fund were waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year	5 Years	10 Years	Life of Class
Class VC²	0.63%	2.42%	–	2.12%

¹ Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance for the index began on April 14, 2014.

² The Class VC shares commenced operations on April 4, 2014. Performance for the Class began on April 14, 2014.

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			7/1/21 –
	7/1/21	12/31/21	12/31/21
Class VC
Actual	$1,000.00	$ 997.20	$4.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.12	$4.13


^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Asset-Backed Securities	24.36	%
Basic Materials	2.31	%
Communications	2.71	%
Consumer, Cyclical	6.31	%
Consumer, Non-cyclical	4.57	%
Energy	6.95	%
Financial	19.18	%
Industrial	1.83	%
Mortgage Securities	18.53	%
Technology	1.41	%
U.S. Government	5.89	%
Utilities	3.48	%
Repurchase Agreements	2.47	%
Total	100.00	%


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

Schedule of Investments

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 96.74%

ASSET-BACKED SECURITIES 24.24%

Auto Floor Plan 1.18%
Ford Credit Floorplan Master Owner Trust 2019-1 A	2.84%		3/15/2024	$	239	$	240,227
Ford Credit Floorplan Master Owner Trust 2019-2 A	3.06%		4/15/2026		305		318,027
Hyundai Floorplan Master Owner Trust 2019-1 A^†	2.68%		4/15/2024		180		181,122
Mercedes-Benz Master Owner Trust 2019-BA A^†	2.61%		5/15/2024		147		148,200
NextGear Floorplan Master Owner Trust 2020-1A A1^†	0.91% (1 Mo. LIBOR + .80%	)^#	2/15/2025		530		533,081
Total							1,420,657

Automobiles 8.99%
Ally Auto Receivables Trust 2019-3 A3	1.93%		5/15/2024		52		52,770
AmeriCredit Automobile Receivables Trust 2020-1 B	1.48%		1/21/2025		64		64,325
ARI Fleet Lease Trust 2020-A A2^†	1.77%		8/15/2028		35		34,985
Bank of The West Auto Trust 2017-1 A4^†	2.33%		9/15/2023		49		49,562
Capital One Prime Auto Receivables Trust 2021-1 A2	0.32%		2/18/2025		140		139,640
CarMax Auto Owner Trust 2020-2 A3	1.70%		11/15/2024		22		22,463
CarMax Auto Owner Trust 2020-2 D	5.75%		5/17/2027		275		296,504
Carvana Auto Receivables Trust 2019-2A C^†	3.00%		6/17/2024		43		43,299
Carvana Auto Receivables Trust 2021-N1 A	0.70%		1/10/2028		44		43,246
CPS Auto Receivables Trust 2019-C C^†	2.84%		6/16/2025		38		38,410
CPS Auto Receivables Trust 2019-C D^†	3.17%		6/16/2025		200		203,103
CPS Auto Receivables Trust 2019-D C^†	2.54%		8/15/2024		75		75,185
CPS Auto Receivables Trust 2020-C B^†	1.01%		1/15/2025		223		222,834
Credit Acceptance Auto Loan Trust 2021-3A A^†	1.00%		5/15/2030		250		248,118
Drive Auto Receivables Trust 2018-4 D	4.09%		1/15/2026		23		23,553
Drive Auto Receivables Trust 2018-5 C	3.99%		1/15/2025		16		16,558
Drive Auto Receivables Trust 2019-2 C	3.42%		6/16/2025		36		36,435
Drive Auto Receivables Trust 2019-2 D	3.69%		8/17/2026		44		44,992
Drive Auto Receivables Trust 2019-4 C	2.51%		11/17/2025		84		84,119
Drive Auto Receivables Trust 2019-4 D	2.70%		2/16/2027		82		83,398
Drive Auto Receivables Trust 2021-1 C	1.02%		6/15/2027		100		100,034


8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2021-1 D	1.45%	1/16/2029	$	100	$	99,579
Drive Auto Receivables Trust 2021-2 A2	0.36%	5/15/2024		175		174,719
Drive Auto Receivables Trust 2021-2 D	1.39%	3/15/2029		171		167,825
Enterprise Fleet Financing LLC 2020-2 A2^†	0.61%	7/20/2026		137		136,210
Exeter Automobile Receivables Trust 2021-2A A2	0.27%	1/16/2024		40		39,858
Exeter Automobile Receivables Trust 2021-2A C	0.98%	6/15/2026		55		54,818
Exeter Automobile Receivables Trust 2021-2A D	1.40%	4/15/2027		100		99,017
Exeter Automobile Receivables Trust 2021-3 B	0.69%	1/15/2026		555		551,536
Exeter Automobile Receivables Trust 2021-3A A2	0.34%	1/16/2024		120		120,305
Exeter Automobile Receivables Trust 2021-3A D	1.55%	6/15/2027		115		113,212
Fifth Third Auto Trust 2019-1 A4	2.69%	11/16/2026		50		50,820
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		146		145,877
Ford Credit Auto Lease Trust 2021-A A3	0.26%	2/15/2024		209		208,611
Ford Credit Auto Owner Trust 2017-2 A^†	2.36%	3/15/2029		100		101,283
Ford Credit Auto Owner Trust 2018-REV2 A^†	3.47%	1/15/2030		200		207,879
Ford Credit Auto Owner Trust 2019-REV1 A^†	3.52%	7/15/2030		200		209,781
Ford Credit Auto Owner Trust 2020-C A3	0.41%	7/15/2025		155		154,304
Ford Credit Auto Owner Trust 2021-A A2	0.17%	10/15/2023		183		182,667
Ford Credit Auto Owner Trust REV1 2021-1 A^†	1.37%	10/17/2033		150		148,387
Foursight Capital Automobile Receivables Trust 2020-1 A3^†	2.05%	10/15/2024		53		53,619
GLS Auto Receivables Issuer Trust 2021-3A A^†	0.42%	1/15/2025		225		224,993
GM Financial Automobile Leasing Trust 2020-2 A3	0.80%	7/20/2023		73		73,117
GM Financial Automobile Leasing Trust 2020-3 A4	0.51%	10/21/2024		363		362,677
GM Financial Consumer Automobile Receivables Trust 2019-1 B	3.37%	8/16/2024		26		26,461
GM Financial Consumer Automobile Receivables Trust 2020-4 A3	0.38%	8/18/2025		195		194,242
GM Financial Consumer Automobile Receivables Trust 2021-1 A2	0.23%	11/16/2023		65		65,370
GM Financial Consumer Automobile Receivables Trust 2021-1 A3	0.35%	10/16/2025		126		125,236
GM Financial Leasing Trust 2021-1 A2	0.17%	4/20/2023		203		202,480
GM Financial Leasing Trust 2021-1 A3	0.26%	2/20/2024		267		266,213
Hertz Vehicle Financing III LP 2021-2A A^†	1.68%	12/27/2027		255		251,773
Hertz Vehicle Financing LLC 2021-1A A^†	1.21%	12/26/2025		175		173,508
Honda Auto Receivables Owner Trust 2020-2 A3	0.82%	7/15/2024		71		71,215
Honda Auto Receivables Owner Trust 2020-3 A3	0.37%	10/18/2024		156		155,594
Honda Auto Receivables Owner Trust 2021-1 A2	0.16%	7/21/2023		134		133,613


	See Notes to Financial Statements.	9

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Honda Auto Receivables Owner Trust 2021-2 A2	0.17%		11/15/2023	$	245	$	244,359
Hyundai Auto Lease Securitization Trust 2021-A A2^†	0.25%		4/17/2023		67		66,540
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%		3/15/2023		51		50,996
Mercedes-Benz Auto Lease Trust 2021-A A3	0.25%		1/16/2024		139		138,594
Nissan Auto Lease Trust 2020-B A3	0.43%		10/16/2023		178		178,035
OneMain Direct Auto Receivables Trust 2021-1A A^†	0.87%		7/14/2028		225		222,270
Santander Drive Auto Receivables Trust 2019-3 C	2.49%		10/15/2025		65		65,117
Santander Drive Auto Receivables Trust 2020-2 D	2.22%		9/15/2026		216		219,225
Santander Drive Auto Receivables Trust 2021-1 C	0.75%		2/17/2026		111		110,924
Santander Drive Auto Receivables Trust 2021-2 A2	0.28%		4/15/2024		103		103,252
Santander Drive Auto Receivables Trust 2021-2 D	1.35%		7/15/2027		135		134,298
Santander Drive Auto Receivables Trust 2021-3 A2	0.29%		5/15/2024		272		272,092
Santander Retail Auto Lease Trust 2019-B D^†	3.31%		6/20/2024		72		73,141
Santander Retail Auto Lease Trust 2021-A A3^†	0.51%		7/22/2024		305		302,995
Santander Retail Auto Lease Trust 2021-C A2^†	0.29%		4/22/2024		135		134,751
Santander Retail Auto Lease Trust 2021-C A3^†	0.50%		3/20/2025		140		138,970
Toyota Auto Receivables Owner Trust 2020-D A2	0.23%		5/15/2023		40		40,339
Toyota Auto Receivables Owner Trust 2020-D A3	0.35%		1/15/2025		161		160,617
Volkswagen Auto Loan Enhanced Trust 2020-1 A3	0.98%		11/20/2024		120		119,836
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%		11/15/2024		86		87,627
Westlake Automobile Receivables Trust 2019-3A B^†	2.41%		10/15/2024		25		24,904
Westlake Automobile Receivables Trust 2019-3A C^†	2.49%		10/15/2024		94		94,624
Westlake Automobile Receivables Trust 2021-2A A2A^†	0.32%		4/15/2025		284		283,375
Westlake Automobile Receivables Trust 2021-2A C^†	0.89%		7/15/2026		100		99,124
World Omni Automobile Lease Securitization Trust 2020-B A3	0.45%		2/15/2024		91		90,764
World Omni Select Auto Trust 2018-1A D^†	4.13%		1/15/2025		49		49,614
World Omni Select Auto Trust 2019-A C	2.38%		12/15/2025		15		15,221
World Omni Select Auto Trust 2019-A D	2.59%		12/15/2025		45		45,513
Total							10,837,449

Credit Card 0.41%
Capital One Multi-Asset Execution Trust 2019-A2 A2	1.72%		8/15/2024		41		41,341
Master Credit Card Trust II Series 2018-1A A^†	0.593% (1 Mo. LIBOR + .49%	)^#	7/21/2024		100		100,306
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		100		101,664
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		97		97,324


10	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Credit Card (continued)

World Financial Network Credit Card Master Trust 2019-B A

2.49%

4/15/2026

8,076

World Financial Network Credit Card Master Trust 2019-C A

2.21%

7/15/2026

140

141,657

Total

490,368

Other 12.83%

ACAM Ltd. 2019-FL1 A^†

1.565%
(1 Mo. SOFR + 1.51%

)^#

11/17/2034

168

168,445

ACREC Ltd. 2021-FL1 A^†

1.254%
(1 Mo. LIBOR + 1.15%

)^#

10/16/2036

300

299,598

ACRES Commercial Realty Ltd. FL2 A^†

1.49%
(1 Mo. LIBOR + 1.40%

)^#

1/15/2037

430

430,006

Affirm Asset Securitization Trust 2021-B A^†

1.03%

8/17/2026

175

173,918

AMMC CLO Ltd. 2016-19A BR^†

1.924%
(3 Mo. LIBOR + 1.80%

)^#

10/16/2028

250

250,197

Amur Equipment Finance Receivables VI LLC 2018-2A A2^†

3.89%

7/20/2022

9,281

Amur Equipment Finance Receivables VII LLC 2019-1A A2^†

2.63%

6/20/2024

34,777

Apidos CLO XXII 2015-22A A1R^†

1.192%
(3 Mo. LIBOR + 1.06%

)^#

4/20/2031

250

250,062

Apidos CLO XXIV 2016-24A A1AL^†

1.082%
(3 Mo. LIBOR + .95%

)^#

10/20/2030

250

249,869

Apidos CLO XXXI 2019-31A A1R^†

1.224%
(3 Mo. LIBOR + 1.10%

)^#

4/15/2031

250

250,202

Aqua Finance Trust 2021-A A^†

1.54%

7/17/2046

215

212,878

Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A^†

1.26%
(1 Mo. LIBOR + 1.15%

)^#

6/15/2028

100

100,019

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

1.21%
(1 Mo. LIBOR + 1.10%

)^#

5/15/2036

110

109,924

Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A^†

1.18%
(1 Mo. LIBOR + 1.07%

)^#

8/15/2034

150

149,813

ARES L CLO Ltd. 2018-50A AR^†

1.174%
(3 Mo. LIBOR + 1.05%

)^#

1/15/2032

250

249,822

Bain Capital Credit CLO Ltd. 2017-1A A1R^†

1.102%
(3 Mo. LIBOR + .97%

)^#

7/20/2030

250

249,774

Bain Capital Credit CLO Ltd. 2020-5A A1^†

1.352%
(3 Mo. LIBOR + 1.22%

)^#

1/20/2032

250

250,121


	See Notes to Financial Statements.	11

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Barings CLO Ltd. 2019-3A A1R^†

1.202%
(3 Mo. LIBOR + 1.07%

)^#

4/20/2031

250

249,813

BDS Ltd. 2021-FL7 A^†

1.178%
(1 Mo. LIBOR + 1.07%

)^#

6/16/2036

200

199,880

Benefit Street Partners CLO IV Ltd. 2014-IVA ARRR^†

1.312%
(3 Mo. LIBOR + 1.18%

)^#

1/20/2032

250

250,121

BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†

1.112%
(3 Mo. LIBOR + .98%

)^#

7/20/2029

250

249,979

BSPRT Issuer Ltd. 2019 FL5 A^†

1.26%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2029

73,462

BSPRT Issuer Ltd. 2021-FL7 A^†

1.42%
(1 Mo. LIBOR + 1.32%

)^#

12/15/2038

240

240,344

Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3^†

1.112%
(3 Mo. LIBOR + .98%

)^#

7/20/2031

250

249,934

Carlyle US CLO Ltd. 2017-3A A1AR^†

1.032%
(3 Mo. LIBOR + .90%

)^#

7/20/2029

250

250,077

Carlyle US CLO Ltd. 2019-1A A1AR^†

1.212%
(3 Mo. LIBOR + 1.08%

)^#

4/20/2031

250

249,852

Cedar Funding X CLO Ltd. 2019-10A AR^†

Zero Coupon

^#(a)

10/20/2032

250

250,024

Cedar Funding XI Clo Ltd. 2019-11A A1R^†

1.226%
(3 Mo. LIBOR + 1.05%

)^#

5/29/2032

220

219,836

Cedar Funding XIV CLO Ltd. 2021-14A A^†

1.224%
(3 Mo. LIBOR + 1.10%

)^#

7/15/2033

250

249,696

CIFC Funding II Ltd. 2013-2A A1L2^†

Zero Coupon

^#(a)

10/18/2030

250

249,950

CoreVest American Finance Trust 2018-1 A^†

3.804%

6/15/2051

39,286

Dell Equipment Finance Trust 2021-2 A2^†

0.33%

12/22/2026

120

119,584

Diamond Resorts Owner Trust 2018-1 A^†

3.70%

1/21/2031

28,842

Diamond Resorts Owner Trust 2018-1 B^†

4.19%

1/21/2031

23,561

DLL LLC 2018-1 A4^†

3.27%

4/17/2026

14,436

Dryden Senior Loan Fund 2017-47A A1R^†

1.104%
(3 Mo. LIBOR + .98%

)^#

4/15/2028

250

249,902

Elmwood CLO X Ltd. 2021-3A A^†

1.13%
(3 Mo. LIBOR + 1.04%

)^#

10/20/2034

250

249,897

Galaxy XIX CLO Ltd. 2015-19A A1RR^†

1.074%
(3 Mo. LIBOR + .95%

)^#

7/24/2030

150

149,919

Greystone CRE Notes Ltd. 2021-FL3 A^†

1.13%
(1 Mo. LIBOR + 1.02%

)^#

7/15/2039

170

169,162


12	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Halcyon Loan Advisors Funding Ltd. 2015-2A AR^†

1.204%
(3 Mo. LIBOR + 1.08%

)^#

7/25/2027

6,722

HGI CRE CLO Ltd. 2021-FL2 A^†

1.108%
(1 Mo. LIBOR + 1.00%

)^#

9/17/2036

300

299,447

HPEFS Equipment Trust 2020-1A B^†

1.89%

2/20/2030

100

100,661

JFIN CLO Ltd. 2013-1A A1NR^†

1.522%
(3 Mo. LIBOR + 1.39%

)^#

1/20/2030

129

129,280

Kayne CLO II Ltd. 2018-2A AR^†

1.204%
(3 Mo. LIBOR + 1.08%

)^#

10/15/2031

250

249,867

KKR CLO 28 Ltd. A^†

1.343%
(3 Mo. LIBOR + 1.14%

)^#

3/15/2031

250

249,878

KKR CLO Ltd. 24 A1R^†

1.212%
(3 Mo. LIBOR + 1.08%

)^#

4/20/2032

250

249,808

Lendmark Funding Trust 2021-2A A^†

2.00%

4/20/2032

260

258,791

LFT CRE Ltd. 2021-FL1 B^†

1.86%
(1 Mo. LIBOR + 1.75%

)^#

6/15/2039

200

199,990

LoanCore Issuer Ltd. 2019-CRE2 C^†

2.11%
(1 Mo. LIBOR + 2.00%

)^#

5/15/2036

430

429,446

M360 LLC 2019-CRE2 A^†

1.565%
(1 Mo. SOFR + 1.51%

)^#

9/15/2034

81,443

Madison Park Funding XI Ltd. 2013-11A AR2^†

1.024%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

249

249,015

Magnetite Ltd. 2021-29A A^†

1.114%
(3 Mo. LIBOR + .99%

)^#

1/15/2034

250

249,879

Mariner Finance Issuance Trust 2021-BA A^†

2.10%

11/20/2036

120

119,674

MF1 Ltd. 2021-FL7 A^†

1.188%
(1 Mo. LIBOR + 1.08%

)^#

10/16/2036

240

239,259

MF1 Ltd. 2021-FL7 AS^†

1.558%
(1 Mo. LIBOR + 1.45%

)^#

10/16/2036

230

229,443

Mountain View CLO LLC 2017-1A AR^†

1.212%
(3 Mo. LIBOR + 1.09%

)^#

10/16/2029

250

250,090

MVW Owner Trust 2017-1A A^†

2.42%

12/20/2034

19,697

New Economy Assets Phase 1 Sponsor LLC 2021-1 A1^†

1.91%

10/20/2061

130

127,670

OCP CLO Ltd. 2019-17A A1R^†

1.172%
(3 Mo. LIBOR + 1.04%

)^#

7/20/2032

300

300,258

Octagon Investment Partners XIV Ltd. 2012-1A AARR^†

1.074%
(3 Mo. LIBOR + .95%

)^#

7/15/2029

250

249,938

Octagon Investment Partners XVII Ltd. A1R2^†

1.124%
(3 Mo. LIBOR + 1.00%

)^#

1/25/2031

250

250,070


	See Notes to Financial Statements.	13

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
Octagon Investment Partners XXI Ltd. 2014-1A AAR3^†	1.156% (3 Mo. LIBOR + 1.00%	)^#	2/14/2031	$	250		$	249,743
Octane Receivables Trust 2021-1A A^†	0.93%		3/22/2027		71			70,446
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		100			103,267
OneMain Financial Issuance Trust 2019-1A A^†	3.48%		2/14/2031		32			31,618
OneMain Financial Issuance Trust 2019-1A B^†	3.79%		2/14/2031		100			100,119
Orange Lake Timeshare Trust 2019-A A^†	3.06%		4/9/2038		21			21,481
PFS Financing Corp. 2020-E A^†	1.00%		10/15/2025		136			135,608
PFS Financing Corp. 2020-G A^†	0.97%		2/15/2026		108			107,455
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		97			99,087
Prima Capital CRE Securitization 2015-5A C^†	4.50%		12/24/2050		–	^(b)		333
Progress Residential 2021-SFR8 Trust F^†	3.181%		10/17/2038		290			283,444
Romark CLO Ltd. 2017-1A A2R^†	1.774% (3 Mo. LIBOR + 1.65%	)^#	10/23/2030		340			339,388
SCF Equipment Leasing LLC 2019-2A A1^†	2.22%		6/20/2024		11			10,929
SCF Equipment Leasing LLC 2019-2A A2^†	2.47%		4/20/2026		177			179,467
SCF Equipment Leasing LLC 2021-1A A3^†	0.83%		8/21/2028		500			498,538
SLC Student Loan Trust 2008-1 A4A	1.803% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		38			38,125
TCI-Flatiron CLO Ltd. 2018-1A ANR^†	1.189% (3 Mo. LIBOR + 1.06%	)^#	1/29/2032		250			249,814
TICP CLO XIV Ltd. 2019-14A A1R^†	Zero Coupon	^#(a)	10/20/2032		260			260,003
Upstart Securitization Trust 2021-2 A^†	0.91%		6/20/2031		103			102,879
Upstart Securitization Trust 2021-5 A^†	1.31%		11/20/2031		240			239,230
Verizon Owner Trust 2020-B A	0.47%		2/20/2025		136			135,665
Verizon Owner Trust 2020-C A	0.41%		4/21/2025		205			204,102
Total								15,467,330

Student Loan 0.83%
Navient Private Education Refi Loan Trust 2020-FA A^†	1.22%		7/15/2069		115			115,185
Navient Private Education Refi Loan Trust 2021-CA A^†	1.06%		10/15/2069		269			264,894
Navient Private Education Refi Loan Trust 2021-FA A^†	1.11%		2/18/2070		193			189,561
Nelnet Student Loan Trust 2021-A APT1^†	1.36%		4/20/2062		107			104,831
SMB Private Education Loan Trust 2021-A A1^†	0.61% (1 Mo. LIBOR + .50%	)^#	1/15/2053		41			40,929


14	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Student Loan (continued)
TCI-Flatiron CLO Ltd. 2016-1A AR2^†	1.272% (3 Mo. LIBOR + 1.15%	)^#	1/17/2032	$	250		$	250,104
Towd Point Asset Trust 2018-SL1 A^†	0.703% (1 Mo. LIBOR + .60%	)^#	1/25/2046		43			42,977
Total								1,008,481
Total Asset-Backed Securities (cost $29,246,669)								29,224,285

				Shares (000)

COMMON STOCKS 0.00%

Miscellaneous Financials
UTEX Industries, Inc. (cost $210)					–	^(c)		317

				Principal Amount (000)

CONVERTIBLE BONDS 0.09%

Internet
Weibo Corp. (China)^(d) (cost $108,299)	1.25%		11/15/2022		$110			107,800

CORPORATE BONDS 44.48%

Aerospace/Defense 0.75%
Boeing Co. (The)	4.875%		5/1/2025		451			493,809
Bombardier, Inc. (Canada)^†(d)	7.125%		6/15/2026		111			115,296
Howmet Aerospace, Inc.	5.125%		10/1/2024		34			36,679
Howmet Aerospace, Inc.	6.875%		5/1/2025		128			147,315
Kratos Defense & Security Solutions, Inc.^†	6.50%		11/30/2025		17			17,506
TransDigm, Inc.^†	8.00%		12/15/2025		86			90,836
Total								901,441

Agriculture 1.28%
BAT Capital Corp.	2.789%		9/6/2024		54			55,668
BAT Capital Corp.	3.222%		8/15/2024		832			865,236
Imperial Brands Finance plc (United Kingdom)^†(d)	3.125%		7/26/2024		400			413,564
Reynolds American, Inc.	4.45%		6/12/2025		14			15,132
Viterra Finance BV (Netherlands)^†(d)	2.00%		4/21/2026		200			198,917
Total								1,548,517


	See Notes to Financial Statements.	15

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Airlines 0.27%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)^†(d)	3.875%	3/15/2023	$	11	$	11,009
Air Canada 2015-2 Class B Pass-Through Trust (Canada)^†(d)	5.00%	12/15/2023		97		99,332
American Airlines 2014-1 Class B Pass-Through Trust	4.375%	10/1/2022		38		38,242
American Airlines Group, Inc.^†	3.75%	3/1/2025		92		86,121
British Airways 2013-1 Class A Pass Through Trust (United Kingdom)^†(d)	4.625%	6/20/2024		32		33,468
Hawaiian Airlines 2013-1 Class B Pass-Through Certificates	4.95%	1/15/2022		50		50,419
United Airlines 2014-1 Class B Pass-Through Trust	4.75%	4/11/2022		6		6,238
Total						324,829

Apparel 0.12%
PVH Corp.	4.625%	7/10/2025		38		41,418
William Carter Co. (The)^†	5.50%	5/15/2025		101		104,888
Total						146,306

Auto Manufacturers 2.48%
Daimler Trucks Finance North America LLC^†	1.625%	12/13/2024		150		151,225
Ford Motor Credit Co. LLC	2.979%	8/3/2022		300		301,915
Ford Motor Credit Co. LLC	3.087%	1/9/2023		200		203,644
Ford Motor Credit Co. LLC	4.25%	9/20/2022		306		311,910
Ford Motor Credit Co. LLC	5.596%	1/7/2022		200		200,398
General Motors Co.	5.40%	10/2/2023		157		168,116
General Motors Financial Co., Inc.	2.75%	6/20/2025		134		138,382
General Motors Financial Co., Inc.	2.90%	2/26/2025		54		55,871
General Motors Financial Co., Inc.	3.70%	5/9/2023		139		143,188
General Motors Financial Co., Inc.	3.95%	4/13/2024		140		147,391
General Motors Financial Co., Inc.	4.25%	5/15/2023		23		23,945
General Motors Financial Co., Inc.	5.10%	1/17/2024		132		141,601
General Motors Financial Co., Inc.	5.25%	3/1/2026		61		68,469
Hyundai Capital America^†	0.80%	1/8/2024		160		157,761
Hyundai Capital America^†	0.875%	6/14/2024		160		156,984
Hyundai Capital America^†	1.00%	9/17/2024		47		46,216
Hyundai Capital America^†	1.25%	9/18/2023		218		217,910
Hyundai Capital America^†	1.30%	1/8/2026		81		78,763
Hyundai Capital America^†	1.50%	6/15/2026		91		88,550
Hyundai Capital America^†	3.25%	9/20/2022		31		31,593
Hyundai Capital America^†	5.875%	4/7/2025		137		153,398
Total						2,987,230


16	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Auto Parts & Equipment 0.40%									��
ZF North America Capital, Inc.^†		4.75%		4/29/2025	$	450	$	483,133

Banks 13.05%
ABN AMRO Bank NV (Netherlands)^(d)		6.25%		4/27/2022		400		407,365
AIB Group plc (Ireland)^†(d)		4.263% (3 Mo. LIBOR + 1.87%	)^#	4/10/2025		400		421,446
Australia & New Zealand Banking Group Ltd. (Australia)^†(d)		4.40%		5/19/2026		200		219,160
Bank of America Corp.		0.523% (SOFR + .41%	)^#	6/14/2024		151		150,046
Bank of America Corp.		0.981% (SOFR + .91%	)^#	9/25/2025		37		36,574
Bank of America Corp.		1.319% (SOFR + 1.15%	)^#	6/19/2026		89		88,124
Bank of America Corp.		1.53% (SOFR + .65%	)^#	12/6/2025		112		112,255
Bank of America Corp.		3.95%		4/21/2025		183		195,763
Bank of America Corp.		4.00%		1/22/2025		248		265,055
Bank of America Corp.		4.20%		8/26/2024		175		187,695
Bank of Ireland Group plc (Ireland)^†(d)	2.029% (1 Yr. Treasury CMT + 1.10%		)^#	9/30/2027		200		196,625
BankUnited, Inc.		4.875%		11/17/2025		211		232,151
Barclays plc (United Kingdom)^(d)		4.375%		9/11/2024		200		213,859
BBVA Bancomer SA^†		6.75%		9/30/2022		150		155,441
BNP Paribas SA (France)^†(d)		4.705% (3 Mo. LIBOR + 2.24%	)^#	1/10/2025		200		213,020
BPCE SA (France)^†(d)		4.50%		3/15/2025		200		215,681
BPCE SA (France)^†(d)		4.875%		4/1/2026		200		220,834
CIT Group, Inc.		3.929% (SOFR + 3.83%	)^#	6/19/2024		41		42,373
CIT Group, Inc.		4.75%		2/16/2024		49		51,878
CIT Group, Inc.		5.00%		8/15/2022		50		51,179
CIT Group, Inc.		5.00%		8/1/2023		489		517,110
Citigroup, Inc.		1.678% (SOFR + 1.67%	)^#	5/15/2024		95		96,084
Citigroup, Inc.		3.106% (SOFR + 2.84%	)^#	4/8/2026		402		421,705
Citigroup, Inc.		3.142% (3 Mo. LIBOR + .72%	)^#	1/24/2023		98		98,125
Citigroup, Inc.		3.352% (3 Mo. LIBOR + .90%	)^#	4/24/2025		68		71,039


	See Notes to Financial Statements.	17

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks (continued)
Citigroup, Inc.		3.875%		3/26/2025	$	59	$	63,016
Citigroup, Inc.		4.05%		7/30/2022		55		56,129
Citigroup, Inc.		4.40%		6/10/2025		403		439,248
Credit Agricole SA (France)^†(d)		4.375%		3/17/2025		200		215,097
Credit Suisse Group AG (Switzerland)^†(d)		2.193% (SOFR + 2.04%	)^#	6/5/2026		250		251,610
Credit Suisse Group AG (Switzerland)^(d)		3.75%		3/26/2025		250		265,489
Danske Bank A/S (Denmark)^†(d)	0.976% (1 Yr. Treasury CMT + .55%		)^#	9/10/2025		200		197,036
Danske Bank A/S (Denmark)^†(d)	1.171% (1 Yr. Treasury CMT + 1.03%		)^#	12/8/2023		400		399,994
Danske Bank A/S (Denmark)^†(d)	1.621% (1 Yr. Treasury CMT + 1.35%		)^#	9/11/2026		200		197,215
Danske Bank A/S (Denmark)^†(d)		3.244% (3 Mo. LIBOR + 1.59%	)^#	12/20/2025		400		415,882
Danske Bank A/S (Denmark)^†(d)		5.00%		1/12/2022		200		200,178
Danske Bank A/S (Denmark)^†(d)		5.375%		1/12/2024		200		215,390
FNB Corp.		2.20%		2/24/2023		53		53,462
Goldman Sachs Group, Inc. (The)		0.627% (SOFR + .54%	)^#	11/17/2023		55		54,869
Goldman Sachs Group, Inc. (The)		0.657% (SOFR + .51%	)^#	9/10/2024		151		149,789
Goldman Sachs Group, Inc. (The)		0.914% (3 Mo. LIBOR + .75%	)^#	2/23/2023		240		241,066
Goldman Sachs Group, Inc. (The)		1.124% (3 Mo. LIBOR + 1.00%	)^#	7/24/2023		109		109,371
Goldman Sachs Group, Inc. (The)		1.217%		12/6/2023		60		60,166
Goldman Sachs Group, Inc. (The)		1.948% (SOFR + .91%	)^#	10/21/2027		171		170,326
Goldman Sachs Group, Inc. (The)		4.25%		10/21/2025		109		118,981
HSBC Holdings plc (United Kingdom)^(d)		0.732% (SOFR + .53%	)^#	8/17/2024		200		198,288
HSBC Holdings plc (United Kingdom)^(d)		0.976% (SOFR + .71%	)^#	5/24/2025		200		197,687
ING Groep NV (Netherlands)^(d)	4.70% (USD ICE 5 Yr. Swap rate + 1.94%		)^#	3/22/2028		200		207,279
Intesa Sanpaolo SpA (Italy)^†(d)		3.25%		9/23/2024		200		208,340
Intesa Sanpaolo SpA (Italy)^†(d)		5.017%		6/26/2024		400		428,870
JPMorgan Chase & Co.		0.768% (SOFR + .49%	)^#	8/9/2025		148		145,739


18	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks (continued)
JPMorgan Chase & Co.		0.824% (SOFR + .54%	)^#	6/1/2025	$	172	$	170,083
Lloyds Banking Group plc (United Kingdom)^(d)	1.326% (1 Yr. Treasury CMT + 1.10%		)^#	6/15/2023		526		526,940
Lloyds Banking Group plc (United Kingdom)^(d)		4.582%		12/10/2025		200		218,368
Macquarie Group Ltd. (Australia)^†(d)		1.201% (SOFR + .69%	)^#	10/14/2025		76		75,379
Macquarie Group Ltd. (Australia)^†(d)		1.34% (SOFR + 1.07%	)^#	1/12/2027		65		63,276
Macquarie Group Ltd. (Australia)^†(d)		3.189% (3 Mo. LIBOR + 1.02%	)^#	11/28/2023		12		12,212
Macquarie Group Ltd. (Australia)^†(d)		4.15% (3 Mo. LIBOR + 1.33%	)^#	3/27/2024		75		77,715
Morgan Stanley		0.79% (SOFR + .53%	)^#	5/30/2025		170		167,868
Morgan Stanley		0.791% (SOFR + .51%	)^#	1/22/2025		187		185,190
Morgan Stanley		5.00%		11/24/2025		106		118,772
Natwest Group plc (United Kingdom)^(d)		5.125%		5/28/2024		376		405,641
NatWest Markets plc (United Kingdom)^†(d)		0.80%		8/12/2024		200		196,808
Popular, Inc.		6.125%		9/14/2023		23		24,502
Santander Holdings USA, Inc.		3.40%		1/18/2023		85		86,893
Santander Holdings USA, Inc.		3.45%		6/2/2025		144		151,199
Santander UK Group Holdings plc (United Kingdom)^(d)		1.089% (SOFR + .79%	)^#	3/15/2025		200		198,250
Standard Chartered plc (United Kingdom)^†(d)	0.991% (1 Yr. Treasury CMT + .78%		)^#	1/12/2025		400		395,905
Standard Chartered plc (United Kingdom)^†(d)	1.214% (1 Yr. Treasury CMT + .88%		)^#	3/23/2025		200		198,443
Standard Chartered plc (United Kingdom)^†(d)	1.319% (1 Yr. Treasury CMT + 1.17%		)^#	10/14/2023		200		200,200
Swedbank AB (Sweden)^†(d)		1.30%		6/2/2023		200		201,335
Synovus Financial Corp.		3.125%		11/1/2022		44		44,718
UBS AG (United Kingdom)^†(d)		1.75%		4/21/2022		200		200,639
UBS AG (Switzerland)^(d)		5.125%		5/15/2024		600		643,247
UBS AG		7.625%		8/17/2022		613		636,774
UniCredit SpA (Italy)^†(d)		7.83%		12/4/2023		350		390,400
Total								15,731,861


	See Notes to Financial Statements.	19

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages 0.20%
Central American Bottling Corp. (Guatemala)^†(d)	5.75%	1/31/2027	$	229	$	235,547

Building Materials 0.17%
Builders FirstSource, Inc.^†	6.75%	6/1/2027		195		205,936

Chemicals 0.32%
Celanese US Holdings LLC	4.625%	11/15/2022		160		165,184
NOVA Chemicals Corp. (Canada)^†(d)	4.875%	6/1/2024		26		26,874
Orbia Advance Corp. SAB de CV (Mexico)^†(d)	1.875%	5/11/2026		200		197,289
Total						389,347

Commercial Services 0.21%
IHS Markit Ltd. (United Kingdom)^(d)	4.125%	8/1/2023		71		74,365
Sabre GLBL, Inc.^†	7.375%	9/1/2025		100		104,636
Triton Container International Ltd.^†	0.80%	8/1/2023		46		45,563
Triton Container International Ltd.^†	1.15%	6/7/2024		30		29,588
Total						254,152

Computers 0.46%
CA Magnum Holdings (Mauritius)^†(d)	5.375%	10/31/2026		200		207,250
Dell International LLC/EMC Corp.	5.45%	6/15/2023		139		146,679
Dell International LLC/EMC Corp.	5.85%	7/15/2025		23		26,090
Dell International LLC/EMC Corp.	6.02%	6/15/2026		155		179,335
Total						559,354

Cosmetics/Personal Care 0.10%
Coty, Inc.^†	5.00%	4/15/2026		116		119,646

Diversified Financial Services 3.80%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	1.75%	10/29/2024		150		149,732
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	6.50%	7/15/2025		198		226,420
Air Lease Corp.	4.25%	2/1/2024		33		34,787
Aircastle Ltd.	4.40%	9/25/2023		184		192,867
Aircastle Ltd.	5.00%	4/1/2023		107		111,725
Aircastle Ltd.^†	5.25%	8/11/2025		113		124,360
Alliance Data Systems Corp.^†	4.75%	12/15/2024		120		122,568
Alliance Data Systems Corp.^†	7.00%	1/15/2026		129		135,591
Ally Financial, Inc.	1.45%	10/2/2023		23		23,115
Ally Financial, Inc.	3.875%	5/21/2024		266		280,473
Ally Financial, Inc.	4.625%	3/30/2025		61		66,329


20	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Diversified Financial Services (continued)
Ally Financial, Inc.	5.125%		9/30/2024	$	295	$	322,545
Ally Financial, Inc.	5.75%		11/20/2025		110		124,174
Aviation Capital Group LLC^†	1.95%		1/30/2026		53		51,748
Aviation Capital Group LLC^†	3.875%		5/1/2023		92		94,733
Aviation Capital Group LLC^†	5.50%		12/15/2024		109		119,338
Avolon Holdings Funding Ltd. (Ireland)^†(d)	2.125%		2/21/2026		45		44,208
Avolon Holdings Funding Ltd. (Ireland)^†(d)	3.625%		5/1/2022		26		26,170
Avolon Holdings Funding Ltd. (Ireland)^†(d)	4.25%		4/15/2026		42		44,551
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.125%		10/1/2023		152		160,172
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.25%		5/15/2024		152		163,156
Citigroup Global Markets Holdings, Inc.	0.75%		6/7/2024		117		115,587
Discover Financial Services	5.20%		4/27/2022		144		146,098
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%		9/15/2024		78		73,989
Muthoot Finance Ltd. (India)^†(d)	4.40%		9/2/2023		200		204,500
Muthoot Finance Ltd. (India)^†(d)	6.125%		10/31/2022		200		206,200
Navient Corp.	5.50%		1/25/2023		174		181,430
Navient Corp.	5.875%		10/25/2024		144		153,684
Navient Corp.	6.125%		3/25/2024		84		89,649
OneMain Finance Corp.	5.625%		3/15/2023		26		27,186
OneMain Finance Corp.	6.125%		3/15/2024		139		147,539
OneMain Finance Corp.	8.25%		10/1/2023		50		55,302
Park Aerospace Holdings Ltd. (Ireland)^†(d)	4.50%		3/15/2023		145		149,697
Park Aerospace Holdings Ltd. (Ireland)^†(d)	5.25%		8/15/2022		16		16,354
Park Aerospace Holdings Ltd. (Ireland)^†(d)	5.50%		2/15/2024		228		244,617
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^†	2.875%		10/15/2026		151		150,070
Total							4,580,664

Electric 2.59%
AES Corp. (The)^†	3.30%		7/15/2025		135		140,252
Alexander Funding Trust^†	1.841%		11/15/2023		163		163,628
Ausgrid Finance Pty Ltd. (Australia)^†(d)	3.85%		5/1/2023		225		231,171
Calpine Corp.^†	5.25%		6/1/2026		96		98,613
Comision Federal de Electricidad (Mexico)^†(d)	4.875%		1/15/2024		200		212,808
FirstEnergy Corp.	3.35%		7/15/2022		278		279,209
FirstEnergy Transmission LLC^†	4.35%		1/15/2025		150		159,587
Jersey Central Power & Light Co.^†	4.70%		4/1/2024		146		155,325
NextEra Energy Capital Holdings, Inc.	0.43% (3 Mo. LIBOR + .27%	)^#	2/22/2023		199		198,713


	See Notes to Financial Statements.	21

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electric (continued)
NextEra Energy Capital Holdings, Inc.	0.898% (3 Mo. LIBOR + .72%	)^#	2/25/2022	$	200	$	200,179
NRG Energy, Inc.^†	3.75%		6/15/2024		235		245,321
OGE Energy Corp.	0.703%		5/26/2023		17		16,928
Pacific Gas and Electric Co.	1.367%		3/10/2023		120		119,282
Pacific Gas and Electric Co.	3.15%		1/1/2026		315		322,553
Pacific Gas and Electric Co.	3.25%		6/15/2023		106		108,003
Pacific Gas and Electric Co.	3.75%		2/15/2024		47		48,761
San Diego Gas & Electric Co.	1.914%		2/1/2022		2		2,145
TransAlta Corp. (Canada)^(d)	4.50%		11/15/2022		105		106,705
Vistra Operations Co. LLC^†	3.55%		7/15/2024		301		310,149
Total							3,119,332

Electronics 0.09%
Flex Ltd.	3.75%		2/1/2026		102		109,042

Energy-Alternate Sources 0.03%
Enviva Partners LP/Enviva Partners Finance Corp.^†	6.50%		1/15/2026		37		38,247

Engineering & Construction 0.03%
Fluor Corp.	3.50%		12/15/2024		40		41,887

Entertainment 0.44%
Caesars Entertainment, Inc.^†	6.25%		7/1/2025		102		107,192
Caesars Entertainment, Inc.^†	8.125%		7/1/2027		71		78,714
International Game Technology plc^†	4.125%		4/15/2026		200		206,262
Live Nation Entertainment, Inc.^†	4.875%		11/1/2024		53		53,586
Vail Resorts, Inc.^†	6.25%		5/15/2025		87		90,567
Total							536,321

Food 0.29%
Chobani LLC/Chobani Finance Corp., Inc.^†	7.50%		4/15/2025		112		115,421
Fresh Market, Inc. (The)^†	9.75%		5/1/2023		41		42,228
JBS USA LUX SA/JBS USA Finance, Inc.^†	6.75%		2/15/2028		67		72,390
Pilgrim’s Pride Corp.^†	5.875%		9/30/2027		88		93,015
US Foods, Inc.^†	6.25%		4/15/2025		25		26,058
Total							349,112

Forest Products & Paper 0.10%
West Fraser Timber Co., Ltd. (Canada)^†(d)	4.35%		10/15/2024		115		123,039


22	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Gas 0.57%
Atmos Energy Corp.	0.625%	3/9/2023	$	62	$	61,779
National Fuel Gas Co.	3.75%	3/1/2023		25		25,559
National Fuel Gas Co.	5.50%	1/15/2026		176		196,835
National Fuel Gas Co.	7.395%	3/30/2023		25		26,332
ONE Gas, Inc.	0.85%	3/11/2023		131		130,883
ONE Gas, Inc.	1.10%	3/11/2024		250		248,760
Total						690,148

Health Care-Services 0.85%
Centene Corp.	4.25%	12/15/2027		155		161,856
Fresenius Medical Care US Finance II, Inc.^†	5.875%	1/31/2022		194		194,694
HCA, Inc.	5.00%	3/15/2024		116		124,801
HCA, Inc.	5.25%	4/15/2025		237		262,380
HCA, Inc.	5.375%	2/1/2025		104		114,431
HCA, Inc.	8.36%	4/15/2024		46		52,708
Legacy LifePoint Health LLC^†	6.75%	4/15/2025		69		72,003
Select Medical Corp.^†	6.25%	8/15/2026		36		38,179
Total						1,021,052

Home Builders 0.19%
Lennar Corp.	4.50%	4/30/2024		67		71,249
Lennar Corp.	4.75%	11/15/2022		59		60,401
Lennar Corp.	4.75%	5/30/2025		33		36,138
Lennar Corp.	4.875%	12/15/2023		12		12,736
Toll Brothers Finance Corp.	4.375%	4/15/2023		30		31,007
Toll Brothers Finance Corp.	4.875%	11/15/2025		20		22,096
Total						233,627

Housewares 0.12%
Newell Brands, Inc.	4.35%	4/1/2023		116		119,625
Newell Brands, Inc.	4.875%	6/1/2025		20		21,825
Total						141,450

Insurance 0.72%
CNO Financial Group, Inc.	5.25%	5/30/2025		280		309,333
CNO Global Funding ^†	1.75%	10/7/2026		150		148,272
F&G Global Funding^†	0.90%	9/20/2024		59		58,158
F&G Global Funding^†	1.75%	6/30/2026		56		55,708
GA Global Funding Trust^†	0.80%	9/13/2024		150		147,188
Kemper Corp.	4.35%	2/15/2025		44		47,013


	See Notes to Financial Statements.	23

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Insurance (continued)
USI, Inc.^†	6.875%	5/1/2025	$	102	$	102,877
Total						868,549

Internet 0.79%
Baidu, Inc. (China)^(d)	3.875%	9/29/2023		200		208,615
E*TRADE Financial Corp.	2.95%	8/24/2022		36		36,512
Netflix, Inc.^†	3.625%	6/15/2025		186		196,203
Netflix, Inc.	4.375%	11/15/2026		85		94,249
Uber Technologies, Inc.^†	7.50%	5/15/2025		83		87,329
Uber Technologies, Inc.^†	8.00%	11/1/2026		99		105,582
VeriSign, Inc.	5.25%	4/1/2025		19		20,967
Weibo Corp. (China)^(d)	3.50%	7/5/2024		200		206,067
Total						955,524

Iron-Steel 0.40%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)^†(d)	8.75%	7/15/2026		114		118,679
CSN Resources SA (Brazil)^†(d)	7.625%	4/17/2026		200		210,211
Steel Dynamics, Inc.	5.00%	12/15/2026		102		104,853
Vale Overseas Ltd. (Brazil)^(d)	6.25%	8/10/2026		37		42,882
Total						476,625

Leisure Time 0.09%
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025		94		105,399

Lodging 0.36%
Hyatt Hotels Corp.	1.30%	10/1/2023		75		75,026
Hyatt Hotels Corp.	1.80%	10/1/2024		57		57,060
MGM Resorts International	6.75%	5/1/2025		49		51,254
Travel + Leisure Co.	6.60%	10/1/2025		49		54,562
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	4.25%	5/30/2023		164		165,405
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%	3/1/2025		31		31,479
Total						434,786

Machinery-Diversified 0.33%
CNH Industrial Capital LLC	4.375%	4/5/2022		79		79,711
CNH Industrial NV (United Kingdom)^(d)	4.50%	8/15/2023		88		92,477
Granite US Holdings Corp.^†	11.00%	10/1/2027		105		114,293
Westinghouse Air Brake Technologies Corp.	3.20%	6/15/2025		17		17,707
Westinghouse Air Brake Technologies Corp.	4.40%	3/15/2024		92		97,370
Total						401,558


24	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media 0.51%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.125%	5/1/2027	$	22	$	22,687
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.50%	5/1/2026		8		8,251
DISH DBS Corp.	5.875%	7/15/2022		128		130,243
iHeartCommunications, Inc.	6.375%	5/1/2026		115		119,948
Nexstar Media, Inc.^†	5.625%	7/15/2027		34		35,884
Univision Communications, Inc.^†	5.125%	2/15/2025		144		145,619
Ziggo BV (Netherlands)^†(d)	5.50%	1/15/2027		150		154,299
Total						616,931

Mining 1.38%
Alcoa Nederland Holding BV (Netherlands)^†(d)	5.50%	12/15/2027		200		214,276
Anglo American Capital plc (United Kingdom)^†(d)	3.625%	9/11/2024		200		210,074
First Quantum Minerals Ltd. (Canada)^†(d)	7.25%	4/1/2023		200		202,555
FMG Resources August 2006 Pty Ltd. (Australia)^†(d)	5.125%	5/15/2024		10		10,611
Freeport-McMoRan, Inc.	3.875%	3/15/2023		17		17,595
Freeport-McMoRan, Inc.	4.55%	11/14/2024		252		270,314
Glencore Finance Canada Ltd. (Canada)^†(d)	4.25%	10/25/2022		142		145,921
Glencore Funding LLC^†	1.625%	4/27/2026		54		53,032
Glencore Funding LLC^†	4.125%	5/30/2023		211		219,701
Glencore Funding LLC^†	4.125%	3/12/2024		102		107,307
Glencore Funding LLC^†	4.625%	4/29/2024		28		29,920
Kinross Gold Corp. (Canada)^(d)	5.95%	3/15/2024		129		140,023
Novelis Corp.^†	3.25%	11/15/2026		37		37,367
Total						1,658,696

Miscellaneous Manufacturing 0.13%
Gates Global LLC/Gates Corp.^†	6.25%	1/15/2026		12		12,403
Pentair Finance Sarl (Luxembourg)^(d)	3.15%	9/15/2022		137		138,406
Total						150,809

Oil & Gas 4.43%
Cenovus Energy, Inc. (Canada)^(d)	5.375%	7/15/2025		107		118,175
Continental Resources, Inc.^†	2.268%	11/15/2026		44		43,716
Continental Resources, Inc.	3.80%	6/1/2024		46		48,060
Continental Resources, Inc.	4.50%	4/15/2023		245		252,769
Coterra Energy, Inc.^†	4.375%	6/1/2024		140		148,123
CrownRock LP/CrownRock Finance, Inc.^†	5.625%	10/15/2025		178		182,213
Devon Energy Corp.	5.25%	9/15/2024		63		68,199
Devon Energy Corp.	5.25%	10/15/2027		112		118,159
Devon Energy Corp.	8.25%	8/1/2023		110		120,215


	See Notes to Financial Statements.	25

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil & Gas (continued)
Diamondback Energy, Inc.	2.875%	12/1/2024	$	252	$	261,604
Diamondback Energy, Inc.	4.75%	5/31/2025		47		51,527
Endeavor Energy Resources LP/EER Finance, Inc.^†	6.625%	7/15/2025		150		158,882
EQT Corp.^†	3.125%	5/15/2026		34		34,944
EQT Corp.	6.625%	2/1/2025		30		33,863
Gazprom PJSC Via Gaz Capital SA (Luxembourg)^†(d)	6.51%	3/7/2022		200		202,000
Hess Corp.	3.50%	7/15/2024		93		97,108
Laredo Petroleum, Inc.	9.50%	1/15/2025		125		127,630
Lukoil Capital DAC (Ireland)^†(d)	2.80%	4/26/2027		200		197,327
Lundin Energy Finance BV (Netherlands)^†(d)	2.00%	7/15/2026		200		198,803
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.^†	6.00%	8/1/2026		103		105,707
Matador Resources Co.	5.875%	9/15/2026		208		214,522
MEG Energy Corp. (Canada)^†(d)	6.50%	1/15/2025		107		108,854
Murphy Oil Corp.	6.875%	8/15/2024		51		52,136
Newfield Exploration Co.	5.625%	7/1/2024		103		113,451
Occidental Petroleum Corp.	5.55%	3/15/2026		161		179,415
Occidental Petroleum Corp.	6.95%	7/1/2024		160		178,082
Ovintiv Exploration, Inc.	5.375%	1/1/2026		107		118,718
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%	10/15/2027		105		107,657
PDC Energy, Inc.	5.75%	5/15/2026		54		55,871
PDC Energy, Inc.	6.125%	9/15/2024		29		29,394
Petroleos Mexicanos (Mexico)^(d)	5.375%	3/13/2022		51		51,509
Petroleos Mexicanos (Mexico)^(d)	6.875%	8/4/2026		97		106,782
PT Pertamina Persero (Indonesia)^†(d)	4.875%	5/3/2022		200		202,863
Range Resources Corp.	9.25%	2/1/2026		228		246,026
Reliance Industries Ltd. (India)^†(d)	5.40%	2/14/2022		350		351,618
SM Energy Co.^†	10.00%	1/15/2025		109		120,080
Suncor Energy Ventures Corp. (Canada)^†(d)	4.50%	4/1/2022		135		135,013
Suncor Energy, Inc. (Canada)^(d)	7.875%	6/15/2026		20		24,410
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(d)	2.625%	8/15/2025		200		200,729
Valero Energy Corp.	2.85%	4/15/2025		52		53,906
Viper Energy Partners LP^†	5.375%	11/1/2027		120		124,094
Total						5,344,154

Oil & Gas Services 0.05%
Oceaneering International, Inc.	4.65%	11/15/2024		54		54,270


26	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Pharmaceuticals 1.04%
Bayer US Finance II LLC^†	1.213% (3 Mo. LIBOR + 1.01%	)^#	12/15/2023	$	425	$	428,702
Bayer US Finance II LLC^†	3.875%		12/15/2023		200		209,098
Bayer US Finance II LLC^†	4.25%		12/15/2025		300		324,769
Becton Dickinson & Co.	1.21% (3 Mo. LIBOR + 1.03%	)^#	6/6/2022		291		292,050
Total							1,254,619

Pipelines 2.19%
Buckeye Partners LP	3.95%		12/1/2026		110		112,229
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		152		168,575
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		440		486,980
Energy Transfer Operating LP	4.25%		3/15/2023		225		231,262
Energy Transfer Operating LP	5.875%		1/15/2024		201		216,422
Kinder Morgan, Inc.	1.404% (3 Mo. LIBOR + 1.28%	)^#	1/15/2023		110		110,936
NOVA Gas Transmission Ltd. (Canada)^(d)	7.875%		4/1/2023		110		118,945
ONEOK, Inc.	7.50%		9/1/2023		116		126,159
Rattler Midstream LP^†	5.625%		7/15/2025		97		100,977
Sabine Pass Liquefaction LLC	5.625%		4/15/2023		602		629,817
Sabine Pass Liquefaction LLC	5.75%		5/15/2024		250		272,030
Texas Eastern Transmission LP^†	2.80%		10/15/2022		14		14,154
Western Midstream Operating LP	1.972% (3 Mo. LIBOR + 1.85%	)^#	1/13/2023		51		50,933
Total							2,639,419

REITS 1.17%
American Campus Communities Operating Partnership LP	3.30%		7/15/2026		100		105,466
Brixmor Operating Partnership LP	3.65%		6/15/2024		113		118,462
EPR Properties	4.50%		6/1/2027		105		110,945
EPR Properties	4.75%		12/15/2026		72		76,997
HAT Holdings I LLC/HAT Holdings II LLC^†	3.375%		6/15/2026		118		119,338
HAT Holdings I LLC/HAT Holdings II LLC^†	6.00%		4/15/2025		24		24,984
MPT Operating Partnership LP/MPT Finance Corp.	5.00%		10/15/2027		160		167,597
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	7.50%		6/1/2025		98		103,489
SL Green Operating Partnership LP	3.25%		10/15/2022		99		100,630
SL Green Realty Corp.	4.50%		12/1/2022		195		199,211
Starwood Property Trust, Inc.^†	3.75%		12/31/2024		127		128,524


	See Notes to Financial Statements.	27

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
REITS (continued)
Vornado Realty LP	2.15%	6/1/2026	$	51	$	51,014
Vornado Realty LP	3.50%	1/15/2025		97		101,710
Total						1,408,367

Retail 0.53%
Arcos Dorados Holdings, Inc. (Uruguay)^†(d)	5.875%	4/4/2027		100		103,543
Bath & Body Works, Inc.^†	9.375%	7/1/2025		51		62,271
Brinker International, Inc.^†	5.00%	10/1/2024		231		246,287
Carvana Co.^†	5.625%	10/1/2025		47		47,059
Guitar Center, Inc.^†	8.50%	1/15/2026		110		118,155
IRB Holding Corp.^†	6.75%	2/15/2026		58		59,149
Total						636,464

Savings & Loans 0.09%
People’s United Financial, Inc.	3.65%	12/6/2022		102		103,992

Semiconductors 0.94%
Microchip Technology, Inc.	0.972%	2/15/2024		263		260,821
Microchip Technology, Inc.	2.67%	9/1/2023		229		233,963
Microchip Technology, Inc.	4.25%	9/1/2025		57		59,208
Microchip Technology, Inc.	4.333%	6/1/2023		125		130,335
Qorvo, Inc.^†	1.75%	12/15/2024		58		58,098
SK Hynix, Inc. (South Korea)^†(d)	1.00%	1/19/2024		200		197,845
SK Hynix, Inc. (South Korea)^†(d)	1.50%	1/19/2026		200		195,849
Total						1,136,119

Telecommunications 0.20%
Altice France SA (France)^†(d)	8.125%	2/1/2027		225		240,756

Toys/Games/Hobbies 0.20%
Mattel, Inc.	3.15%	3/15/2023		200		204,189
Mattel, Inc.^†	3.375%	4/1/2026		40		41,063
Total						245,252

Trucking & Leasing 0.02%
Fortress Transportation and Infrastructure Investors LLC^†	6.50%	10/1/2025		24		24,834
Total Corporate Bonds (cost $53,222,245)						53,628,343


28	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
FLOATING RATE LOANS^(e)3.77%

Advertising 0.10%
ABG Intermediate Holdings 2 LLC 2021 Term Loan B	4.00% (3 Mo. LIBOR + 3.25%	)	9/27/2024	$	116	$	115,824

Airlines 0.10%
AAdvantage Loyalty IP Ltd. 2021 Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	4/20/2028		95		98,087
American Airlines, Inc. 2017 Incremental Term Loan	2.11% (3 Mo. LIBOR + 2.00%	)	12/15/2023		18		17,809
Total							115,896

Chemicals 0.10%
Axalta Coating Systems US Holdings Inc. USD Term Loan B3	1.974% (3 Mo. LIBOR + 1.75%)		6/1/2024		125		124,903

Commercial Services 0.17%
Global Payments, Inc. 2019 Term Loan	1.479% (1 Mo. LIBOR + 1.38%	)	7/9/2024		209		208,657	^(f)

Diversified Financial Services 0.26%
Avolon TLB Borrower 1 (US) LLC Term Loan B3	2.50% (1 Mo. LIBOR + 1.75%	)	1/15/2025		176		175,765
Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(d)	1.974% (3 Mo. LIBOR + 1.75%	)	10/6/2023		139		138,780
Total							314,545

Entertainment 0.28%
Scientific Games International, Inc. 2018 Term Loan B5	2.854%		8/14/2024		337		336,547

Government 0.14%
Seminole Tribe of Florida 2018 Term Loan B	1.854% (1 Mo. LIBOR + 1.75%)		7/8/2024		168		168,231

Health Care Services 0.40%
DaVita, Inc. 2020 Term Loan B	1.854% (1 Mo. LIBOR + 1.75%	)	8/12/2026		239		237,847
Humana Inc. Term Loan	1.049% (1 Mo. SOFR + 1.00	)	10/30/2023		252		247,855	^(f)
Total							485,702

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Leisure Time 0.26%
Carnival Corporation USD Term Loan B	3.75% (1 Mo. LIBOR + 3.00%	)	6/30/2025	$	272	$	270,033
Life Time Fitness, Inc. 2021 Term Loan B	5.75% (3 Mo. LIBOR + 4.75%	)	12/16/2024		39		38,831
Total							308,864

Lodging 0.27%
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B	2.854% (1 Mo. LIBOR + 2.75%	)	12/23/2024		180		178,832
Hilton Worldwide Finance, LLC 2019 Term Loan B2	1.852% (3 Mo. LIBOR + 1.75%	)	6/22/2026		152		151,196
Total							330,028

Media 0.76%
Charter Communications Operating, LLC 2017 Term Loan A2	1.61% (1 Mo. LIBOR + 1.50%	)	3/31/2023		128		127,708
Charter Communications Operating, LLC 2019 Term Loan B1	1.86% (1 Mo. LIBOR + 1.75%	)	4/30/2025		421		420,872
Nexstar Broadcasting, Inc. Term Loan A5	1.599% (3 Mo. LIBOR + 1.50%	)	9/19/2024		116		116,120
Nielsen Finance LLC USD Term Loan B4	2.102% (1 Mo. LIBOR + 2.00%	)	10/4/2023		245		245,014
Total							909,714

Oil & Gas 0.10%
Hess Corporation Term Loan	2.11% (1 Mo. LIBOR + 2.00%	)	3/16/2023		123		122,757

Pipelines 0.11%
Cheniere Corpus Christi Holdings, LLC Delayed Draw Term Loan Tranche 2	1.854% (1 Mo. LIBOR + 1.75%	)	6/30/2024		134		133,931

Retail 0.17%
Panera Bread Company Term Loan A	2.375% (1 Mo. LIBOR + 2.25%	)	7/18/2022		208		205,584

Telecommunications 0.25%
AT&T Inc. 2021 Delayed Draw Term Loan	1.104% (1 Mo. LIBOR + 1.00%	)	3/23/2022		165		165,000	^(f)

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications (continued)
CenturyLink, Inc. 2020 Term Loan A	2.104% (1 Mo. LIBOR + 2.00%	)	1/31/2025	$	141	$	140,593
Total							305,593

Transportation 0.30%
XPO Logistics, Inc. 2018 Term Loan B	1.853% (1 Mo. LIBOR + 1.75%	)	2/24/2025		361		360,092
Total Floating Rate Loans (cost $4,555,947)							4,546,868

FOREIGN GOVERNMENT OBLIGATIONS^(d)0.18%

Egypt 0.17%
Republic of Egypt^†	6.125%		1/31/2022		200		201,016

Romania 0.01%
Republic of Romania^†	4.875%		1/22/2024		16		17,065
Total Foreign Government Obligations (cost $217,039)							218,081

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.12%
Government National Mortgage Assoc. 2014-112 A	3.00%	^#(g)	1/16/2048		3		3,037
Government National Mortgage Assoc. 2014-64 IO	0.805%	^#(g)	12/16/2054		17		964
Government National Mortgage Assoc. 2014-78 IO	Zero Coupon	^#(g)	3/16/2056		12		93
Government National Mortgage Assoc. 2015-73 AC	2.90%	^#(g)	2/16/2053		11		11,162
Government National Mortgage Assoc. 2017-23 AB	2.60%		12/16/2057		16		15,976
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		27		27,893
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		38		39,019
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		20		20,721
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		28		28,561
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $148,333)							147,426

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.06%
Federal Home Loan Mortgage Corp.	2.072% (12 Mo. LIBOR + 1.80%	)^#	6/1/2041		5		4,986
Federal Home Loan Mortgage Corp.	2.157% (12 Mo. LIBOR + 1.90%	)^#	12/1/2040		4		4,603
Federal Home Loan Mortgage Corp.	2.164% (12 Mo. LIBOR + 1.85%	)^#	6/1/2042		2		2,249
Federal National Mortgage Assoc.^(b)	2.054% (12 Mo. LIBOR + 1.80%	)^#	10/1/2040		–		226

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal National Mortgage Assoc.^(b)	2.062% (12 Mo. LIBOR + 1.81%	)^#	12/1/2040	$	–	$	393
Federal National Mortgage Assoc.	2.066% (12 Mo. LIBOR + 1.82%	)^#	1/1/2042		13		13,611
Federal National Mortgage Assoc.	2.068% (12 Mo. LIBOR + 1.79%	)^#	3/1/2042		3		3,077
Federal National Mortgage Assoc.	2.078% (12 Mo. LIBOR + 1.80%	)^#	12/1/2040		1		895
Federal National Mortgage Assoc.	2.107% (12 Mo. LIBOR + 1.78%	)^#	10/1/2036		12		13,153	^(h)
Federal National Mortgage Assoc.	2.16% (12 Mo. LIBOR + 1.81%	)^#	4/1/2040		7		7,602
Federal National Mortgage Assoc.	2.722% (12 Mo. LIBOR + 1.60%	)^#	12/1/2045		3		2,864
Federal National Mortgage Assoc.	2.735% (12 Mo. LIBOR + 1.60%	)^#	12/1/2045		10		10,007
Federal National Mortgage Assoc.	2.78% (12 Mo. LIBOR + 1.60%	)^#	10/1/2045		2		2,140
Federal National Mortgage Assoc.	2.923% (12 Mo. LIBOR + 1.72%	)^#	6/1/2042		4		4,243
Total Government Sponsored Enterprises Pass-Throughs (cost $69,586)							70,049

MUNICIPAL BONDS 0.06%

Miscellaneous
New York Transportation Development Corp.	1.61%		12/1/2022		20		20,108
State of Illinois	4.95%		6/1/2023		47		48,636
Total Municipal Bonds (cost $67,517)							68,744

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 18.26%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(g)	12/25/2059		20		20,087
Angel Oak Mortgage Trust 2020-6 A1^†	1.261%	^#(g)	5/25/2065		33		33,130
Angel Oak Mortgage Trust 2021-4 A1^†	1.035%	^#(g)	1/20/2065		126		124,420
Angel Oak Mortgage Trust 2021-6 A1^†	1.458%	^#(g)	9/25/2066		188		186,242
Atrium Hotel Portfolio Trust 2017-ATRM A^†	1.04% (1 Mo. LIBOR + .93%	)^#	12/15/2036		100		99,918
Atrium Hotel Portfolio Trust 2018-ATRM B^†	1.54% (1 Mo. LIBOR + 1.43%	)^#	6/15/2035		100		99,153
Atrium Hotel Portfolio Trust 2018-ATRM C^†	1.76% (1 Mo. LIBOR + 1.65%	)^#	6/15/2035		100		98,675

32	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Bayview MSR Opportunity Master Fund Trust 2021-INV4 A11^†	0.90% (1 Mo. SOFR + .85%	)^#	10/25/2051	$	415	$	409,737
BBCMS Mortgage Trust 2018-TALL A^†	0.832% (1 Mo. LIBOR + .72%	)^#	3/15/2037		200		197,983
BBCMS Trust 2018-BXH A^†	1.11% (1 Mo. LIBOR + 1.00%	)^#	10/15/2037		68		68,317
BB-UBS Trust 2012-TFT A^†	2.892%		6/5/2030		84		83,706
BB-UBS Trust 2012-TFT B^†	3.559%	^#(g)	6/5/2030		100		94,409
BB-UBS Trust 2012-TFT C^†	3.559%	^#(g)	6/5/2030		100		88,402
Benchmark 2019-B12 Mortgage Trust TCA^†	3.44%	^#(g)	8/15/2052		203		203,964
Benchmark 2019-B12 Mortgage Trust TCB^†	3.44%	^#(g)	8/15/2052		225		222,707
BX 2021-MFM1 A^†	0.81% (1 Mo. LIBOR + .70%	)^#	1/15/2034		20		19,887
BX Commercial Mortgage Trust 2019-XL A^†	1.03% (1 Mo. LIBOR + .92%	)^#	10/15/2036		167		167,046
BX Commercial Mortgage Trust 2019-XL C^†	1.36% (1 Mo. LIBOR + 1.25%	)^#	10/15/2036		85		84,958
BX Commercial Mortgage Trust 2019-XL D^†	1.56% (1 Mo. LIBOR + 1.45%	)^#	10/15/2036		502		501,137
BX Commercial Mortgage Trust 2019-XL E^†	1.91% (1 Mo. LIBOR + 1.80%	)^#	10/15/2036		85		84,950
BX Commercial Mortgage Trust 2021-ACNT A^†	0.96% (1 Mo. LIBOR + .85%	)^#	11/15/2026		240		240,027
BX Commercial Mortgage Trust 2021-ACNT D^†	1.96% (1 Mo. LIBOR + 1.85%	)^#	11/15/2026		100		99,665
BX Commercial Mortgage Trust 2021-XL2 A^†	0.799% (1 Mo. LIBOR + .69%	)^#	10/15/2038		470		467,764
BX Trust 2017-SLCT D^†	2.16% (1 Mo. LIBOR + 2.05%	)^#	7/15/2034		9		8,919
BX Trust 2021-ARIA E^†	2.355% (1 Mo. LIBOR + 2.24%	)^#	10/15/2036		390		388,818
BX Trust 2021-RISE B^†	1.35% (1 Mo. LIBOR + 1.25%	)^#	11/15/2036		430		430,178
BXHPP Trust 2021-FILM A^†	0.76% (1 Mo. LIBOR + .65%	)^#	8/15/2036		280		278,907
BXHPP Trust 2021-FILM B^†	1.01% (1 Mo. LIBOR + .90%	)^#	8/15/2036		290		287,215
BXP Trust 2017-CQHP A^†	0.96% (1 Mo. LIBOR + .85%	)^#	11/15/2034		43		42,743
CFCRE Commercial Mortgage Trust 2016-C6 XA	1.10%	^#(g)	11/10/2049		180		7,953

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CFCRE Commercial Mortgage Trust 2016-C7 XA	0.681%	^#(g)	12/10/2054	$	181	$	5,483
CFCRE Commercial Mortgage Trust 2018-TAN A^†	4.236%		2/15/2033		134		137,014
CHT Mortgage Trust 2017-CSMO A^†	1.04% (1 Mo. LIBOR + .93%	)^#	11/15/2036		660		660,484
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		6		6,056
Citigroup Commercial Mortgage Trust 2015-GC31 XA	0.344%	^#(g)	6/10/2048		894		9,838
COMM 2014-UBS5 Mortgage Trust XB1^†	0.099%	^#(g)	9/10/2047		2,000		7,127
Commercial Mortgage Pass-Through Certificates 2012-CR3 B^†	3.922%		10/15/2045		200		198,133
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2^†	3.40%		10/5/2030		100		99,459
Commercial Mortgage Pass-Through Certificates 2013-CR12 A3	3.765%		10/10/2046		43		44,486
Commercial Mortgage Pass-Through Certificates 2013-CR18 A5	3.828%		7/15/2047		170		178,979
Commercial Mortgage Pass-Through Certificates 2013-CR6 A4	3.101%		3/10/2046		10		10,104
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†	1.873%		4/12/2035		30		30,414
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4	3.532%		8/10/2047		23		24,379
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4	3.819%		6/10/2047		13		13,680
Commercial Mortgage Pass-Through Certificates 2015-PC1 XA^†	0.467%	^#(g)	7/10/2050		74		831
Commercial Mortgage Pass-Through Certificates 2016-CD1 XA	1.389%	^#(g)	8/10/2049		50		2,514
Commercial Mortgage Pass-Through Certificates 2020-SBX A^†	1.67%		1/10/2038		42		41,801
Credit Suisse Commercial Mortgage Securities Corp. 2017-MOON C^†	3.197%	^#(g)	7/10/2034		109		109,300
Credit Suisse Commercial Mortgage Securities Corp. 2017-MOON X^†	Zero Coupon	^#(g)	7/10/2034		28,675		2,139
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A^†	1.36% (1 Mo. LIBOR + 1.25%	)^#	1/15/2034		9		8,551
Credit Suisse Mortgage Capital Certificates 2016-C6 XA	1.866%	^#(g)	1/15/2049		629		42,185
Credit Suisse Mortgage Capital Certificates 2017-MOON A^†	3.197%		7/10/2034		60		60,317

34	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates 2017-MOON B^†	3.197%	^#(g)	7/10/2034	$	50	$	50,204
Credit Suisse Mortgage Capital Certificates 2019-ICE4 A^†	1.09% (1 Mo. LIBOR + .98%	)^#	5/15/2036		434		434,365
Credit Suisse Mortgage Capital Certificates 2020-NQM1 A1^†	1.208%		5/25/2065		44		44,116
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		40		40,568
Credit Suisse Mortgage Capital Certificates Trust 2014-USA X1^†	0.54%	^#(g)	9/15/2037		978		16,915
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A^†	1.06% (1 Mo. LIBOR + .95%	)^#	12/15/2030		50		50,012
Credit Suisse Mortgage Capital Certificates Trust 2021-ADV A^†	1.51% (1 Mo. LIBOR + 1.40%	)^#	7/15/2038		100		99,962
Credit Suisse Mortgage Capital Certificates Trust 2021-NQM1 A1^†	0.809%	^#(g)	5/25/2065		63		62,944
Credit Suisse Mortgage Capital Certificates Trust 2021-NQM3 A1^†	1.015%	^#(g)	4/25/2066		78		76,331
CSMC 2020-AFC1 Trust A1^†	2.24%	^#(g)	2/25/2050		55		55,706
CSMC 2021-NQM6 A1^†	1.174%	^#(g)	7/25/2066		282		279,197
CSMC 2021-NQM6 A2^†	1.379%	^#(g)	7/25/2066		188		186,135
DBGS Mortgage Trust 2021-W52 A^†	1.505% (1 Mo. LIBOR + 1.39%	)^#	10/15/2036		160		161,780
DBGS Mortgage Trust 2021-W52 C^†	2.41% (1 Mo. LIBOR + 2.30%	)^#	10/15/2036		310		313,450
DBJPM Mortgage Trust 2016-C3 XA	1.443%	^#(g)	8/10/2049		188		10,427
DBWF Mortgage Trust 2015-LCM A1^†	2.998%		6/10/2034		11		11,457
DBWF Mortgage Trust 2016-85T XA IO XA^†	0.014%	^#(g)	12/10/2036		3,140		7,662
DBWF Mortgage Trust 2018-AMXP A^†	3.747%	^#(g)	5/5/2035		325		325,267
DBWF Mortgage Trust 2018-AMXP B^†	3.996%	^#(g)	5/5/2035		100		99,851
DBWF Mortgage Trust 2018-AMXP C^†	3.83%	^#(g)	5/5/2035		100		99,733
DBWF Mortgage Trust 2018-GLKS A^†	1.134% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		100		99,909
DBWF Mortgage Trust 2018-GLKS C^†	1.854% (1 Mo. LIBOR + 1.75%	)^#	12/19/2030		100		99,822
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(g)	1/25/2060		31		31,232

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Deephaven Residential Mortgage Trust 2021-3 A1^†	1.194%	^#(g)	8/25/2066	$	281	$	277,606
ELP Commercial Mortgage Trust 2021-ELP D^†	1.629% (1 Mo. LIBOR + 1.52%	)^#	11/15/2038		100		99,613
EQUS Mortgage Trust 2021-EQAZ B^†	1.21% (1 Mo. LIBOR + 1.10%	)^#	10/15/2038		100		99,707
EQUS Mortgage Trust 2021-EQAZ C^†	1.46% (1 Mo. LIBOR + 1.35%	)^#	10/15/2038		100		99,722
EQUS Mortgage Trust 2021-EQAZ D^†	1.76% (1 Mo. LIBOR + 1.65%	)^#	10/15/2038		100		99,741
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		100		102,295
Fontainebleau Miami Beach Trust 2019-FBLU B^†	3.447%		12/10/2036		100		102,167
Freddie Mac STACR REMIC Trust 2021-HQA3 M1^†	0.90% (1 Mo. SOFR + .85%	)^#	9/25/2041		125		125,043
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		23		23,228
Great Wolf Trust 2019-WOLF B^†	1.444% (1 Mo. LIBOR + 1.33%	)^#	12/15/2036		50		49,842
Great Wolf Trust 2019-WOLF C^†	1.743% (1 Mo. LIBOR + 1.63%	)^#	12/15/2036		300		298,531
Great Wolf Trust 2019-WOLF E^†	2.842% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036		15		14,586
GS Mortgage Securities Corp Trust 2017-485L XB^†	0.111%	^#(g)	2/10/2037		1,590		11,702
GS Mortgage Securities Corp. II 2012-BWTR A^†	2.954%		11/5/2034		214		216,125
GS Mortgage Securities Corp. II 2012-TMSQ A^†	3.007%		12/10/2030		100		101,050
GS Mortgage Securities Corp. II 2021-ARDN A^†	1.36% (1 Mo. LIBOR + 1.25%	)^#	11/15/2036		360		356,842
GS Mortgage Securities Corp. Trust 2017-GPTX A^†	2.856%		5/10/2034		100		99,764
GS Mortgage Securities Corp. Trust 2017-STAY A^†	1.46% (1 Mo. LIBOR + 1.35%	)^#	7/15/2032		100		100,151
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.06% (1 Mo. LIBOR + .95%	)^#	7/15/2035		100		99,235
GS Mortgage Securities Corp. Trust 2019-70P B^†	1.43% (1 Mo. LIBOR + 1.32%	)^#	10/15/2036		56		55,185
GS Mortgage Securities Corp. Trust 2019-BOCA B^†	1.61% (1 Mo. LIBOR + 1.50%	)^#	6/15/2038		100		99,856
GS Mortgage Securities Corp. Trust 2019-SMP B^†	1.61% (1 Mo. LIBOR + 1.50%	)^#	8/15/2032		500		498,078
GS Mortgage Securities Corp. Trust 2021-ROSS A^†	1.26% (1 Mo. LIBOR + 1.15%	)^#	5/15/2026		100		99,612
GS Mortgage Securities Corp. Trust 2021-ROSS H^†	6.01% (1 Mo. LIBOR + 5.90%	)^#	5/15/2026		100		100,065

36	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust 2011-GC5 B^†	5.158%	^#(g)	8/10/2044	$	107	$	107,264
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		20		20,185
GS Mortgage Securities Trust 2013-G1 A2^†	3.557%	^#(g)	4/10/2031		100		99,269
GS Mortgage Securities Trust 2013-GC14 A5	4.243%		8/10/2046		100		104,220
GS Mortgage Securities Trust 2014-GC18 A4	4.074%		1/10/2047		151		157,794
GS Mortgage Securities Trust 2015-GS1 XB	0.181%	^#(g)	11/10/2048		1,082		9,024
Hawaii Hotel Trust 2019-MAUI B^†	1.56% (1 Mo. LIBOR + 1.45%	)^#	5/15/2038		100		99,971
HMH Trust 2017-NSS A^†	3.062%		7/5/2031		100		100,106
HMH Trust 2017-NSS B^†	3.343%		7/5/2031		100		98,332
HMH Trust 2017-NSS C^†	3.787%		7/5/2031		100		98,392
HMH Trust 2017-NSS D^†	4.723%		7/5/2031		100		98,669
HONO Mortgage Trust 2021-LULU A^†	1.26% (1 Mo. LIBOR + 1.15%	)^#	10/15/2036		100		99,943
Hudsons Bay Simon JV Trust 2015-HB7 A7^†	3.914%		8/5/2034		100		94,753
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		179		159,439
Hudsons Bay Simon JV Trust 2015-HB7 XA7^†	1.245%	^#(g)	8/5/2034		1,000		5,430
Irvine Core Office Trust 2013-IRV A1^†	2.068%		5/15/2048		8		7,808
Irvine Core Office Trust 2013-IRV A2^†	3.173%	^#(g)	5/15/2048		27		27,671
JPMBB Commercial Mortgage Securities Trust 2014-C19 A4	3.997%		4/15/2047		76		79,598
JPMBB Commercial Mortgage Securities Trust 2015-C30 XA	0.496%	^#(g)	7/15/2048		808		12,506
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	^#(g)	5/15/2045		11		11,083
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A^†	3.905%		5/5/2030		171		151,229
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA	0.957%	^#(g)	1/15/2048		694		15,757
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A^†	3.429%		6/10/2027		200		113,000
JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA	0.593%	^#(g)	12/15/2049		805		18,351
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA	1.036%	^#(g)	9/15/2050		966		40,302
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A^†	3.392%		6/5/2032		67		67,255
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B^†	3.795%		6/5/2032		27		26,976
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C^†	4.036%	^#(g)	6/5/2032		20		19,893

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A^†	3.735%		1/5/2031	$	243	$	248,375
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.41% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		22		22,324
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C^†	1.71% (1 Mo. LIBOR + 1.60%	)^#	6/15/2032		42		41,585
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ XCP^†	Zero Coupon	^#(g)	6/15/2032		6,519		65
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A^†	1.56% (1 Mo. LIBOR + 1.45%	)^#	4/15/2031		90		89,085
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B^†	2.26% (1 Mo. LIBOR + 2.15%	)^#	4/15/2031		24		23,801
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C^†	2.66% (1 Mo. LIBOR + 2.55%	)^#	4/15/2031		18		17,871
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.304% (1 Mo. LIBOR + 1.20%	)^#	7/5/2033		44		43,594
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL^†	2.004% (1 Mo. LIBOR + 1.90%	)^#	7/5/2033		16		16,029
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON XA^†	1.336%	^#(g)	1/5/2034		3,332		74,887
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†	3.287%		1/10/2037		240		244,815
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†	3.64%		1/10/2037		50		50,462
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE XA^†	0.344%	^#(g)	1/10/2037		9,369		103,757
KIND Trust 2021-KIND A^†	1.06% (1 Mo. LIBOR + .95%	)^#	8/15/2038		160		159,650
KKR Industrial Portfolio Trust 2021-KDIP A^†	0.66% (1 Mo. LIBOR + .55%	)^#	12/15/2037		66		66,058
LoanCore Issuer Ltd. 2019-CRE3 A^†	1.16% (1 Mo. LIBOR + 1.05%	)^#	4/15/2034		89		88,401
LoanCore Issuer Ltd. 2019-CRE3 AS^†	1.48% (1 Mo. LIBOR + 1.37%	)^#	4/15/2034		40		39,622
LSTAR Commercial Mortgage Trust 2016-4 XA^†	1.766%	^#(g)	3/10/2049		734		26,387

38	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
LSTAR Commercial Mortgage Trust 2017-5 A2^†	2.776%		3/10/2050	$	34	$	34,411
LSTAR Commercial Mortgage Trust 2017-5 A3^†	4.50%		3/10/2050		100		102,764
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1^†	2.117%		10/15/2030		8		8,281
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2^†	3.277%		10/15/2030		100		99,422
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A4	4.151%	^#(g)	8/15/2046		139		143,406
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4	2.918%		2/15/2046		10		10,127
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA	0.56%	^#(g)	7/15/2050		370		6,199
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA	1.288%	^#(g)	11/15/2049		858		41,894
Morgan Stanley Capital I Trust 2015-UBS8 ASB	3.626%		12/15/2048		9		9,630
Morgan Stanley Capital I Trust 2016-UB11 XB	0.916%	^#(g)	8/15/2049		1,000		39,945
Mortgage Repurchase Agreement Financing Trust Series 2021-S1 A1^†	0.601% (1 Mo. LIBOR + .50%	)^#	9/10/2022		350		350,278
MRA Issuance Trust 2021-8 A2Y^†	Zero Coupon	^#(g)	5/15/2022		1,200		1,201,030
MSCG Trust 2015-ALDR A1^†	2.612%		6/7/2035		10		9,866
New Orleans Hotel Trust 2019-HNLA A^†	1.099% (1 Mo. LIBOR + .99%	)^#	4/15/2032		150		149,448
New Residential Mortgage Loan Trust 2020-NQM1 A1^†	2.464%	^#(g)	1/26/2060		34		34,592
NYO Commercial Mortgage Trust 2021-1290 A^†	1.205% (1 Mo. LIBOR + 1.10%	)^#	11/15/2038		360		358,938
One New York Plaza Trust 2020-1NYP A^†	1.06% (1 Mo. LIBOR + .95%	)^#	1/15/2036		100		99,940
One New York Plaza Trust 2020-1NYP AJ^†	1.36% (1 Mo. LIBOR + 1.25%	)^#	1/15/2036		120		119,979
One New York Plaza Trust 2020-1NYP B^†	1.61% (1 Mo. LIBOR + 1.50%	)^#	1/15/2036		160		159,636
Palisades Center Trust 2016-PLSD A^†	2.713%		4/13/2033		10		9,354
Palisades Center Trust 2016-PLSD D^†	4.737%		4/13/2033		77		37,414
PFP Ltd. 2019-6 A^†	1.158% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		36		35,506
PFP Ltd. 2021-7 A^†	0.96% (1 Mo. LIBOR + .85%	)^#	4/14/2038		500		499,455
RBS Commercial Funding, Inc. Trust 2013-SMV A^†	3.26%		3/11/2031		100		101,202

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Ready Capital Mortgage Financing LLC 2021-FL6 A^†	1.042% (1 Mo. LIBOR + .95%	)^#	7/25/2036	$	150	$	149,256
Ready Captial Mortgage Financing LLC 2019-FL3 A^†	1.103% (1 Mo. LIBOR + 1.00%	)^#	3/25/2034		3		3,245
ReadyCap Commercial Mortgage Trust 2018-4 A^†	3.39%		2/27/2051		36		36,707
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		53		53,749
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(g)	1/26/2060		41		41,104
SFO Commerical Mortgage Trust 2021 555 A^†	1.26% (1 Mo. LIBOR + 1.15%	)^#	5/15/2038		110		110,188
SG Commercial Mortgage Securities Trust 2019-787E X^†	0.305%	^#(g)	2/15/2041		4,149		94,991
Shops at Crystals Trust 2016-CSTL XB^†	0.203%	^#(g)	7/5/2036		1,000		9,640
SLIDE 2018-FUN A^†	1.26% (1 Mo. LIBOR + 1.15%	)^#	6/15/2031		65		64,747
SLIDE 2018-FUN B^†	1.61% (1 Mo. LIBOR + 1.50%	)^#	6/15/2031		14		13,789
SLIDE 2018-FUN C^†	1.91% (1 Mo. LIBOR + 1.80%	)^#	6/15/2031		12		11,893
SLIDE 2018-FUN XCP IO XCP^†	Zero Coupon	^#(g)	12/15/2020		1,536		15
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(g)	2/25/2050		26		26,048
UBS-BAMLL Trust 2012-WRM D^†	4.238%	^#(g)	6/10/2030		100		76,634
UBS-Barclays Commercial Mortgage Trust 2013-C5 XA^†	0.90%	^#(g)	3/10/2046		701		3,858
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		21		20,879
Verus Securitization Trust 2020-4 A1^†	1.502%		5/25/2065		50		49,908
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		54		53,670
Verus Securitization Trust 2021-1 A1^†	0.815%	^#(g)	1/25/2066		69		68,139
Verus Securitization Trust 2021-3 A1^†	1.046%	^#(g)	6/25/2066		110		109,000
Verus Securitization Trust 2021-5 A1^†	1.013%	^#(g)	9/25/2066		191		187,754
Verus Securitization Trust 2021-R2 A1^†	0.918%	^#(g)	2/25/2064		57		56,507
Verus Securitization Trust 2021-R3 A1^†	1.02%	^#(g)	4/25/2064		92		91,571
VNDO Mortgage Trust 2012-6AVE A^†	2.996%		11/15/2030		300		304,168
Waikiki Beach Hotel Trust 2019-WBM A^†	1.16% (1 Mo. LIBOR + 1.05%	)^#	12/15/2033		48		47,987
Wells Fargo Commercial Mortgage Trust 2010-C1 C IO XB	0.012%	^#(g)	6/15/2048		2,000		3,304
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA	0.663%	^#(g)	9/15/2048		860		17,453
Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA	1.721%	^#(g)	8/15/2049		929		60,078

40	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate				Maturity Date	Principal Amount (000)			Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
West Town Mall Trust 2017-KNOX A^†	3.823%				7/5/2030	$	70		$	70,316
West Town Mall Trust 2017-KNOX B^†	4.322%				7/5/2030		31			31,033
West Town Mall Trust 2017-KNOX C^†	4.346%			^#(g)	7/5/2030		25			24,870
West Town Mall Trust 2017-KNOX D^†	4.346%			^#(g)	7/5/2030		25			24,780
West Town Mall Trust 2017-KNOX B IO X^†	0.37%			^#(g)	7/5/2030		1,545			15
WF-RBS Commercial Mortgage Trust 2012-C2 XA^†	1.281%			^#(g)	6/15/2045		49			47
WF-RBS Commercial Mortgage Trust 2012-C7 A2	3.431%				6/15/2045		46			46,193
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.727%			^#(g)	6/15/2045		25			24,172
WF-RBS Commercial Mortgage Trust 2012-C8 XA^†	1.763%			^#(g)	8/15/2045		232			731
ZH Trust 2021-2 A^†	2.349%				10/17/2027		350			343,616
Total Non-Agency Commercial Mortgage-Backed Securities (cost $22,318,834)										22,016,842

U.S. TREASURY OBLIGATIONS 5.48%
U.S. Treasury Bill	Zero Coupon				1/27/2022		2,911			2,910,956
U.S. Treasury Note	0.375%				10/31/2023		1,590			1,580,870
U.S. Treasury Note	1.125%				10/31/2026		2,125			2,111,387
Total U.S. Treasury Obligations (cost $6,615,939)										6,603,213


		Exercise Price			Expiration Date		Shares (000)
WARRANTS 0.00%

Miscellaneous Financials
Sable Permian Resources^†(i)			$ –	^(j)	10/1/2024		–	^(c)		316
UTEX Industries, Inc.			$1.50		12/3/2025		–	^(c)		37
Total Warrants (cost $119)										353
Total Long-Term Investments (cost $116,570,737)										116,632,321

		Interest Rate			Maturity Date		Principal Amount (000)
SHORT-TERM INVESTMENTS 2.77%

COMMERCIAL PAPER 0.31%

Electric
Exelon Generation Co. LLC (cost $370,989)			0.558%		1/3/2022		371			371,000

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Principal Amount (000)		Fair Value
REPURCHASE AGREEMENTS 2.46%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $2,739,800 of U.S. Treasury Note at 2.875% due 8/15/2028; value: $3,023,734; proceeds: $2,964,359 (cost $2,964,359)		$2,964	$	2,964,359
Total Short-Term Investments (cost $3,335,348)				3,335,359
Total Investments in Securities 99.51% (cost $119,906,085)				119,967,680
Other Assets and Liabilities – Net^(k) 0.49%				591,436
Net Assets 100.00%			$	120,559,116

CMT		Constant Maturity Rate.
ICE		Intercontinental Exchange.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2021, the total value of Rule 144A securities was $66,291,084, which represents 54.99% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2021.
^(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(b)		Amount is less than $1,000.
^(c)		Amount represents less than 1,000 shares.
^(d)		Foreign security traded in U.S. dollars.
^(e)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at December 31, 2021.
^(f)		Level 3 Investment as described in Note 2(l) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(g)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(h)		Level 3 Investment as described in Note 2(l) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽ⁱ⁾		Defaulted (non-income producing security).
^(j)		Cashless strike price.
^(k)		Other Assets and Liabilities - Net include net unrealized depreciation on futures contracts as follows:

Open Futures Contracts at December 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 2-Year Treasury Note	March 2022	126	Long	$	27,509,901		$	27,489,656			$	(20,245	)
U.S. 5-Year Treasury Note	March 2022	37	Short		(4,457,287	)		(4,476,133	)			(18,846	)
Total Unrealized Depreciation on Open Futures Contracts											$	(39,091	)

42	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	29,224,285	$	–	$	29,224,285
Common Stocks		–			317		–		317
Convertible Bonds		–	��		107,800		–		107,800
Corporate Bonds		–			53,628,343		–		53,628,343
Floating Rate Loans
Commercial Services		–			–		208,657		208,657
Health Care Services		–			237,847		247,855		485,702
Telecommunications		–			140,593		165,000		305,593
Remaining Industries		–			3,546,916		–		3,546,916
Foreign Government Obligations		–			218,081		–		218,081
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			147,426		–		147,426
Government Sponsored Enterprises Pass-Throughs		–			56,896		13,153		70,049
Municipal Bonds		–			68,744		–		68,744
Non-Agency Commercial Mortgage-Backed Securities		–			22,016,842		–		22,016,842
U.S. Treasury Obligations		–			6,603,213		–		6,603,213
Warrants		–			353		–		353
Short-Term Investments
Commercial Paper		–			371,000		–		371,000
Repurchase Agreements		–			2,964,359		–		2,964,359
Total	$	–		$	119,333,015	$	634,665	$	119,967,680
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(39,091	)		–		–		(39,091	)
Total	$	(39,091	)	$	–	$	–	$	(39,091	)

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value (cost $119,906,085)	$	119,967,680
Cash		254,831
Deposits with brokers for futures collateral		59,949
Receivables:
Interest		670,173
Investment securities sold		151,737
Capital shares sold		86,150
Variation margin for futures contracts		12,701
Prepaid expenses		1,142
Total assets		121,204,363
LIABILITIES:
Payables:
Capital shares reacquired		239,688
Investment securities purchased		160,133
Transfer agent fees		135,636
Management fee		35,786
Directors’ fees		9,261
Fund administration		4,090
Accrued expenses		60,653
Total liabilities		645,247
Commitments and contingent liabilities
NET ASSETS	$	120,559,116
COMPOSITION OF NET ASSETS:
Paid-in capital	$	125,516,638
Total distributable earnings (loss)		(4,957,522	)
Net Assets	$	120,559,116
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		8,558,485
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.09


44	See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Interest and other (net of foreign withholding taxes of $360)	$	2,532,839
Expenses:
Management fee		401,256
Non 12b-1 service fees		286,746
Shareholder servicing		127,829
Professional		49,687
Fund administration		45,858
Custody		16,230
Directors’ fees		4,977
Reports to shareholders		1,662
Other		14,564
Gross expenses		948,809
Expense reductions (See Note 9)		(103	)
Fees waived and expenses reimbursed (See Note 3)		(16,230	)
Net expenses		932,476
Net investment income		1,600,363
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		673,150
Net realized gain (loss) on futures contracts		34,033
Net realized gain (loss) on forward foreign currency exchange contracts		(5,047	)
Net realized gain (loss) on foreign currency related transactions		349
Net change in unrealized appreciation/depreciation on investments		(1,552,696	)
Net change in unrealized appreciation/depreciation on futures contracts		(58,630	)
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		1,552
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(36	)
Net realized and unrealized gain (loss)		(907,325	)
Net Increase in Net Assets Resulting From Operations	$	693,038


	See Notes to Financial Statements.	45

Statements of Changes in Net Assets

For the Year Ended December 31, 2021

	For the Year Ended			For the Year Ended
INCREASE IN NET ASSETS	December 31, 2021			December 31, 2020
Operations:
Net investment income	$	1,600,363		$	2,084,709
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency related transactions		702,485			(27,252	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies		(1,609,810	)		787,462
Net increase in net assets resulting from operations		693,038			2,844,919
Distributions to shareholders:		(2,684,842	)		(2,918,204	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		47,706,154			48,757,120
Reinvestment of distributions		2,684,842			2,918,204
Cost of shares reacquired		(35,940,692	)		(43,608,439	)
Net increase in net assets resulting from capital share transactions		14,450,304			8,066,885
Net increase in net assets		12,458,500			7,993,600
NET ASSETS:
Beginning of year	$	108,100,616		$	100,107,016
End of year	$	120,559,116		$	108,100,616


46	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			Net asset value, end of period
12/31/2021	$	14.31	$	0.20	$	(0.10	)	$	0.10	$	(0.32	)	$	14.09
12/31/2020		14.27		0.29		0.15			0.44		(0.40	)		14.31
12/31/2019		14.05		0.38		0.33			0.71		(0.49	)		14.27
12/31/2018		14.38		0.36		(0.20	)		0.16		(0.49	)		14.05
12/31/2017		14.57		0.30		0.02			0.32		(0.51	)		14.38


^(a)	Calculated based on average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.


48	See Notes to Financial Statements.

		Ratios to Average Net Assets:						Supplemental Data:
Total return^(b) (%)		Total expenses after waivers and/or reimbursements (%)		Total expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	0.63		0.81		0.83		1.40	$	120,559		66
	3.13		0.84		0.86		2.04		108,101		79
	5.06		0.88		0.90		2.66		100,107		56
	1.15		0.83		0.92		2.48		79,197		65
	2.19		0.80		0.94		2.05		59,888		75


	See Notes to Financial Statements.	49

Notes to Financial Statements

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

Notes to Financial Statements (continued)

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

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

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

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

Notes to Financial Statements (continued)

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

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

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by 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 the Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(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

Notes to Financial Statements (continued)

	excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of December 31, 2021, the Fund had no unfunded loan commitments.

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

Notes to Financial Statements (continued)

assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

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

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

	A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

First $1 billion	.35%
Next $1 billion	.30%
Over $2 billion	.25%

For the fiscal year ended December 31, 2021, the effective management fee, net of any applicable waivers, was at an annualized rate of 0.35% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $16,230 of fund administration fees during the fiscal year ended December 31, 2021.

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

Notes to Financial Statements (continued)

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	2,684,842		$	2,918,204
Total distributions paid		$	2,684,842		$	2,918,204

As of December 31, 2021, the components of accumulated losses on a tax-basis were as follows:

Capital loss carryforwards*	$	(2,793,253	)
Temporary differences		(9,261	)
Unrealized losses - net		(2,155,008	)
Total accumulated losses - net	$	(4,957,522	)


*	The capital losses will carry forward indefinitely.

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	122,083,597
Gross unrealized gain		–
Gross unrealized loss		(2,155,008	)
Net unrealized security loss	$	(2,155,008	)

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

Permanent items identified during the fiscal year ended December 31, 2021 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Total Distributable Earnings (loss)	Paid-in Capital
$4,709		$(4,709	)

The permanent difference is primarily attributable to the tax treatment of certain distributions.

Notes to Financial Statements (continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2021 were as follows:

U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$12,119,427		$74,524,016		$10,527,503		$59,768,298


*	Includes U.S. Government sponsored enterprises securities.

The Company is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades purchases of $582,586.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2021 (as described in Note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2021, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

Liability Derivatives		Interest Rate Contracts
Futures Contracts⁽¹⁾			$39,091


⁽¹⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin reported is within the Statement of Assets and Liabilities.

Notes to Financial Statements (continued)

Transactions in derivative instruments for the fiscal year ended December 31, 2021, were as follows:

	Inflation Linked/Interest Rate Contracts				Foreign Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾			–			$	(5,047	)
Futures Contracts⁽²⁾		$	34,033				–
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽³⁾			–			$	1,552
Futures Contracts⁽⁴⁾		$	(58,630	)			–
Average Number of Contracts/Notional Amounts^(*)
Forward Foreign Currency Exchange Contracts⁽⁵⁾			–			$	132,656
Futures Contracts⁽⁶⁾			254				–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2021.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
⁽²⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽³⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁵⁾	Amount represents notional amounts in U.S. dollars.
⁽⁶⁾	Amount represents number of contracts.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	2,964,359	$	–	$	2,964,359
Total	$	2,964,359	$	–	$	2,964,359

Notes to Financial Statements (continued)

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	2,964,359	$	–	$	–	$	(2,964,359	)	$	–
Total	$	2,964,359	$	–	$	–	$	(2,964,359	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

10.

LINE OF CREDIT

Notes to Financial Statements (continued)

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

SECURITIES LENDING AGREEMENT

As of December 31, 2021, the Fund did not loan any securities.

14.

INVESTMENT RISKS

Notes to Financial Statements (continued)

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

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

Certain instruments in which the Fund may invest rely in some fashion upon LIBOR. On March 5, 2021, the United Kingdom Financial Conduct Authority (FCA) and LIBOR’s administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

Notes to Financial Statements (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. In addition, senior loans may be subject to structural subordination.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Notes to Financial Statements (concluded)

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

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		3,310,929			3,408,049
Reinvestment of distributions		190,685			204,070
Shares reacquired		(2,495,844	)		(3,073,331	)
Increase		1,005,770			538,788

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Income Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Short Duration Income Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

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

Basic Information About Management (continued)

Officers

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and an appropriate benchmark as of various periods ended June 30, 2021. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three- and five-year periods. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps

Approval of Advisory Contract (continued)

intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that the Fund’s Agreement should be continued.

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

Approval of Advisory Contract (concluded)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review the Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for the Fund’s Program. At the June 2-3, 2021 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period March 1, 2020 through March 1, 2021. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: the Fund did not breach its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

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

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

Lord Abbett Series Fund, Inc.

Short Duration Income Portfolio

SFSDI-PORT-2
(02/22)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the fiscal year ended December 31, 2021

Table of Contents

1		A Letter to Shareholders

5		Investment Comparison

6		Information About Your Fund‘s Expenses and Holdings Presented by Sector

8		Schedule of Investments

30		Statement of Assets and Liabilities

31		Statement of Operations

32		Statements of Changes in Net Assets

34		Financial Highlights

36		Notes to Financial Statements

51		Report of Independent Registered Public Accounting Firm

52		Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio
Annual Report

For the fiscal year ended December 31, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Series Fund - Total Return Portfolio for the fiscal year ended December 31, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2021, the Fund returned -0.24%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index¹, which returned -1.54% over the same period.

The twelve-month period brought heightened market volatility as the U.S. continued its steady recovery from the onset of the COVID-19 pandemic. However, U.S. risk assets generally exhibited positive performance, despite spurs of instability throughout the year. U.S. equities

performed the best, highlighted by the three major U.S. equity indices, which all gained over 20% for the year. Within credit, lower quality credit outperformed higher quality tiers. High yield bonds, as represented by the ICE BofA US High Yield Constrained Index², returned 5.35% for the period, compared to investment grade bonds, as represented by the ICE BofA US Corporate Index³, which returned -0.95%. Other asset classes, such as convertible bonds and leveraged loans, also exhibited solid performance throughout the year, posting returns of 6.35% and 5.41%, respectively.

While U.S. markets performed well, COVID-19 remained a significant headwind across all global markets throughout the year. However, the development and acceleration of access to COVID-19 vaccinations created a more positive sentiment around the virus, as both infections and hospitalization trends improved throughout much of the first quarter of 2021. The decline in cases was short-lived, however, as the emergence of new variants of the COVID-19 virus throughout the year posed significant obstacles to the ongoing recovery of the U.S. economy. The Delta variant caused new waves of positive cases and increased hospitalizations around the world and weighed directly on global growth in the third quarter of 2021. This was evident in equity markets in September, as the three major U.S. indices faced their largest monthly pullbacks since the onset of the pandemic in March 2020. U.S. markets succumbed to another COVID-19 related sell-off towards the end of the year due to emergence of the Omicron variant. Given its high rate of transmission and ability to evade standard vaccination dosages, this variant caused a major risk-off shift in investor sentiment. Major indices experienced one of their worst performing trading sessions of the years on November 26th, highlighted by the Dow Jones Industrial Average having its worst session since October 2020.

While the emergence of these new variants dampened the global growth

outlook, U.S. markets continued to be bolstered by ongoing support from the U.S. Federal Reserve (“Fed”) via central bank liquidity. The Fed remained extremely accommodative throughout the year, keeping the Federal Fund’s rate near zero to boost U.S. economic recovery. Notably, the Fed’s balance sheet ballooned to almost $9 trillion in the latter part of the year, up from $4.4 trillion prior to the start of the pandemic. U.S. markets were also bolstered by ongoing fiscal stimulus. After Congress had passed an approximately $1.9 trillion stimulus bill in March featuring direct payments to households affected by the pandemic, they later passed an approximately $1.2 trillion physical infrastructure package that featured more than $550 billion in new spending.

also played an integral part in driving inflation higher. Many industries were unable to consistently meet pent up consumer demand, and production bottlenecks caused by the pandemic led to shortages of goods and, therefore, heavy price increases from supply and demand imbalances.

Despite this upward pressure, the Fed remained mostly consistent in its messaging on inflationary expectations throughout the spring and summer of 2021 in that it was mostly transitory. It was not until the fourth quarter that the Fed pivoted to a more hawkish stance on inflation. Despite the lack of surprises from the early November Federal Open Market Committee (FOMC) meeting, there was a notable shift in tone from the Fed, as Chairman Jerome Powell indicated that it may be appropriate for the central bank to consider wrapping up its taper a few months sooner than initially envisioned. Shortly after, the FOMC announced at its December meeting that it would accelerate its tapering of asset purchases by $30 billion per month, up from the originally announced $15 billion. In the post-meeting press conference, Powell indicated that the accelerated taper puts the bank in a position to address issues, including high inflation. While this adjustment was widely expected, the December meeting did also reveal the new median Fed projection for three interest rate hikes in 2022, up from the September forecast where the median projection

called for one rate hike in 2022. These new projections were aimed towards curbing inflation, which Powell said may be more persistent. Looking forward, however, economists noted that the rate path was only increased by a cumulative one hike through 2024 and indicated that the core personal consumption expenditures (PCE) outlook still suggested transitory inflation, despite the Fed removing its reference to “transitory”.

For the 12-month period ended December 31, 2021, the Fund’s allocation to high yield corporate bonds was the largest contributor to performance. High yield as an asset class posted positive returns over the period on the back of low default rates, upgrades continuing to outpace downgrades, strong technicals and relatively higher carry. Within the asset class, the Fund generally benefitted from favorable industry selection. Notably, the portfolio’s exposure to exploration and production companies within the energy sector provided a tailwind to relative performance.

Security selection within and an overweight allocation to commercial mortgage-backed securities (CMBS) also contributed to performance over the period. Commercial real estate valuations have been driven higher by lower delinquency rates assisted by the distribution of the COVID-19 vaccine and a shift in momentum to sectors more leveraged to the return of normalcy. We remain constructive on idiosyncratic

single-asset / single-borrower (SASB) opportunities and the Fund is underweight agency CMBS.

Lastly, underweight allocations to agency mortgage-backed securities (MBS) and U.S. Treasuries contributed to performance. These asset classes both posted negative returns over the period as risk assets outperformed and rates rose across the curve.

Detractors included an allocation to high quality asset-backed securities (ABS),

as this sector underperformed risk assets over the period. However, we remain constructive on the U.S. consumer and high-quality consumer-linked ABS.

¹ The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

² The ICE BofA U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

³ The ICE BofA U.S. Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.

Important Performance and Other Information

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

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

Investment Comparison

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

Average Annual Total Returns for the

Periods Ended December 31, 2021

	1 Year		5 Years		10 Years
Class VC	-0.24%		3.61%		3.32%

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

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 through December 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/21	12/31/21	7/1/21 - 12/31/21
Class VC
Actual	$1,000.00	$1,001.00	$3.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.68	$3.57

^†	Net expenses are equal to the Fund's annualized expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2021

Sector*	%**
Asset Backed Securities	17.71	%
Basic Materials	2.12	%
Communications	2.28	%
Consumer, Cyclical	4.83	%
Consumer, Non-cyclical	2.48	%
Energy	4.77	%
Financials	11.44	%
Industrials	1.16	%
Mortgage Securities	15.04	%
Technology	2.10	%
U.S. Government	28.85	%
Utilities	2.50	%
Repurchase Agreement	4.72	%
Total	100.00	%

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

Schedule of Investments

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 98.63%

ASSET-BACKED SECURITIES 18.33%

Auto Floor Plan 0.25%
Ford Credit Floorplan Master Owner Trust 2018-4 A		4.06%	11/15/2030	$	1,480	$	1,662,576

Automobiles 6.24%
ACC Trust 2019-1 B^†		4.47%	10/20/2022		110		109,780
AmeriCredit Automobile Receivables Trust 2020-3 D		1.49%	9/18/2026		2,075		2,080,183
Avid Automobile Receivables Trust 2019-1 B^†		2.82%	7/15/2026		456		459,638
Avid Automobile Receivables Trust 2019-1 C^†		3.14%	7/15/2026		500		509,008
Carmax Auto Owner Trust 2021-1 A2A		0.22%	2/15/2024		2,529		2,528,613
Carvana Auto Receivables Trust NP1 2020-N1A E^†		5.20%	7/15/2027		1,500		1,573,802
CPS Auto Receivables Trust 2018-B D^†		4.26%	3/15/2024		232		234,865
CPS Auto Receivables Trust 2019-B E^†		5.00%	3/17/2025		575		597,108
CPS Auto Receivables Trust 2020-C C^†		1.71%	8/17/2026		785		789,318
Exeter Automobile Receivables Trust 2018-3A E^†		5.43%	8/15/2024		1,940		2,024,947
Exeter Automobile Receivables Trust 2020-3A E^†		3.44%	8/17/2026		1,750		1,800,198
Flagship Credit Auto Trust 2018-3 E^†		5.28%	12/15/2025		1,425		1,500,832
Flagship Credit Auto Trust 2018-4 E^†		5.51%	3/16/2026		1,675		1,761,775
Flagship Credit Auto Trust 2020-2 A^†		1.49%	7/15/2024		75		75,524
Flagship Credit Auto Trust 2021-1 A^†		0.31%	6/16/2025		1,023		1,021,099
Ford Credit Auto Lease Trust 2021-A A2		0.19%	7/15/2023		2,713		2,712,151
Foursight Capital Automobile Receivables Trust 2018-1 C^†		3.68%	8/15/2023		26		26,173
Hertz Vehicle Financing III LP 2021-2A A^†		1.68%	12/27/2027		2,235		2,206,716
Mercedes-Benz Auto Lease Trust 2021-A A2		0.18%	3/15/2023		2,070		2,069,962
Santander Consumer Auto Receivables Trust 2020-BA C^†		1.29%	4/15/2026		2,081		2,085,403
Santander Drive Auto Receivables Trust 2020-3 D		1.64%	11/16/2026		2,350		2,366,906
Santander Drive Auto Receivables Trust 2021-1 A2		0.29%	11/15/2023		370		369,795
Toyota Auto Receivables Owner Trust 2021-A A2		0.16%	7/17/2023		3,487		3,485,740
Westlake Automobile Receivables Trust 2019-2A D^†		3.20%	11/15/2024		2,010		2,048,021
Westlake Automobile Receivables Trust 2020-2A A2A^†		0.93%	2/15/2024		812		812,961
Westlake Automobile Receivables Trust 2020-3A E^†		3.34%	6/15/2026		1,450		1,472,657
Westlake Automobile Receivables Trust 2021-1A E^†		2.33%	8/17/2026		1,850		1,840,634
World Omni Auto Receivables Trust 2021-A A2		0.17%	2/15/2024		2,644		2,642,696
Total							41,206,505

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Credit Card 1.22%

American Express Credit Account Master Trust 2019-3 B

2.20%

4/15/2025

3,068

3,104,339

Capital One Multi-Asset Execution Trust 2005-B3 B3

0.674%
(3 Mo. LIBOR + .55%

)^#

5/15/2028

1,671

1,662,877

World Financial Network Credit Card Master Trust 2019-B A

2.49%

4/15/2026

3,261

3,292,003

Total

8,059,219

Home Equity 0.00%

New Century Home Equity Loan Trust 2005-A A6

4.713%

8/25/2035

4,533

Other 10.21%

AMMC CLO Ltd. 2020-23A CR^†

2.123%
(3 Mo. LIBOR + 2.00%

)^#

10/17/2031

1,020

1,020,234

AMMC CLO Ltd. 2021-24A B^†

1.985%
(3 Mo. LIBOR + 1.75%

)^#

1/20/2035

1,300

1,300,643

Apidos CLO XXXV 2021-35A A^†

1.182%
(3 Mo. LIBOR + 1.05%

)^#

4/20/2034

760

758,311

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

2.61%
(1 Mo. LIBOR + 2.50%

)^#

5/15/2036

1,320

1,315,637

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

3.06%
(1 Mo. LIBOR + 2.95%

)^#

5/15/2036

330

328,569

Bain Capital Credit CLO 2019-2A AR^†

1.222%
(3 Mo. LIBOR + 1.10%

)^#

10/17/2032

1,690

1,691,265

Barings CLO Ltd. 2018-3A D^†

3.032%
(3 Mo. LIBOR + 2.90%

)^#

7/20/2029

500

482,228

Barings CLO Ltd. 2019-3A BR^†

1.732%
(3 Mo. LIBOR + 1.60%

)^#

4/20/2031

1,060

1,060,848

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

2.432%
(3 Mo. LIBOR + 2.30%

)^#

1/20/2032

790

791,151

CARLYLE US CLO Ltd. 2019-1A BR^†

2.332%
(3 Mo. LIBOR + 2.20%

)^#

4/20/2031

730

731,067

Carlyle US CLO Ltd. 2021-1A A1^†

1.264%
(3 Mo. LIBOR + 1.14%

)^#

4/15/2034

2,860

2,861,089

CBAM Ltd. 2017-1A D^†

3.882%
(3 Mo. LIBOR + 3.75%

)^#

7/20/2030

1,010

1,011,406

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
CIFC Funding I Ltd. 2021-1A A1^†		1.234% (3 Mo. LIBOR + 1.11%	)^#	4/25/2033	$	2,690	$	2,691,344
Diamond Resorts Owner Trust 2017-1A B^†		4.11%		10/22/2029		136		136,878
Dryden 58 CLO Ltd. 2018-58A B^†		1.622% (3 Mo. LIBOR + 1.50%	)^#	7/17/2031		2,650		2,654,632
Dryden 61 CLO Ltd. 2018-61A A1R^†		1.112% (3 Mo. LIBOR + .99%	)^#	1/17/2032		1,710		1,709,694
Dryden Senior Loan Fund 2017-47A BR^†		1.594% (3 Mo. LIBOR + 1.47%	)^#	4/15/2028		1,990		1,993,494
Gracie Point International Funding 2020-B B^†		2.499% (1 Mo. LIBOR + 2.40%	)^#	5/2/2023		1,124		1,130,701
Hardee’s Funding LLC 2018-1A A2II^†		4.959%		6/20/2048		642		677,036
HGI CRE CLO Ltd. 2021-FL1 C^†		1.808% (1 Mo. LIBOR + 1.70%	)^#	6/16/2036		1,150		1,149,273
HGI CRE CLO Ltd. 2021-FL1 D^†		2.458% (1 Mo. LIBOR + 2.35%	)^#	6/16/2036		1,000		1,006,226
Invesco CLO Ltd. 2021-3A B^†		1.769% (3 Mo. LIBOR + 1.65%	)^#	10/22/2034		600		600,036
Kayne CLO Ltd. 2020-7A A1^†		1.322% (3 Mo. LIBOR + 1.20%	)^#	4/17/2033		1,822		1,824,426
Kayne CLO Ltd. 2021-10A A^†		Zero Coupon	^#(a)	4/23/2034		2,230		2,234,172
KKR CLO Ltd. 30A CR^†		3.246% (3 Mo. LIBOR + 2.00%	)^#	10/17/2031		590		590,026
Lending Funding Trust 2020-2A A^†		2.32%		4/21/2031		1,840		1,846,295
Lendmark Funding Trust 2021-1A A^†		1.90%		11/20/2031		1,400		1,388,046
Lendmark Funding Trust 2021-2A C^†		3.09%		4/20/2032		855		857,570
Lendmark Funding Trust 2021-2A D^†		4.46%		4/20/2032		650		654,891
Logan CLO I Ltd. A^†		1.313% (3 Mo. LIBOR + 1.16%	)^#	7/20/2034		1,040		1,041,701
Marble Point CLO XVII Ltd. 2020-1A A^†		1.432% (3 Mo. LIBOR + 1.30%	)^#	4/20/2033		1,135		1,134,614
Mariner Finance Issuance Trust 2021-B D^†		3.42%		11/20/2036		1,055		1,054,637
Mariner Finance Issuance Trust 2021-BA E^†		4.68%		11/20/2036		650		650,678
Marlette Funding Trust 2020-2A D^†		4.65%		9/16/2030		2,070		2,162,123
ME Funding LLC 2019-1 A2^†		6.448%		7/30/2049		1,972		2,069,168
Meritage Mortgage Loan Trust 2004-2 M3		1.077% (1 Mo. LIBOR + .98%	)^#	1/25/2035		2		2,251
Mountain View CLO LLC 2017-1A AR^†		1.212% (3 Mo. LIBOR + 1.09%	)^#	10/16/2029		1,047		1,047,346

10	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Neuberger Berman Loan Advisers CLO Ltd. 2019-35A A1^†		1.464% (3 Mo. LIBOR + 1.34%	)^#	1/19/2033	$	2,000	$	2,002,659
Newark BSL CLO 1 Ltd. 2016-1A CR^†		3.135% (3 Mo. LIBOR + 3.00%	)^#	12/21/2029		700		700,007
Oaktree CLO Ltd. 2019-4A CR^†		4.169% (3 Mo. LIBOR + 2.25%	)^#	10/20/2032		1,100		1,090,948
OCP CLO Ltd. 2019-16A AR^†		1.121% (3 Mo. LIBOR + 1.00%	)^#	4/10/2033		1,510		1,510,381
OneMain Financial Issuance Trust 2019-2A A^†		3.14%		10/14/2036		1,610		1,698,848
OneMain Financial Issuance Trust 2020-2A C^†		2.76%		9/14/2035		2,745		2,795,014
Palmer Square CLO Ltd. 2021-2A A^†		1.274% (3 Mo. LIBOR + 1.15%	)^#	7/15/2034		1,840		1,841,300
Planet Fitness Master Issuer LLC 2019-1A A2^†		3.858%		12/5/2049		490		504,635
Progress Residential 2021-SFR4 D^†		2.309%		5/17/2038		1,550		1,526,481
Race Point IX CLO Ltd. 2015-9A CR^†		3.324% (3 Mo. LIBOR + 3.20%	)^#	10/15/2030		500		483,818
SCF Equipment Leasing LLC 2019-2A B^†		2.76%		8/20/2026		1,442		1,469,691
SCF Equipment Leasing LLC 2021-1A D^†		1.93%		9/20/2030		1,369		1,347,040
SEB Funding LLC 2021-1A A2^†		4.969%		1/30/2052		1,540		1,544,397
Sunrun Demeter Issuer 2021-2A A^†		2.27%		1/30/2057		800		796,909
Voya CLO Ltd. 2019-3A CR^†		2.263% (3 Mo. LIBOR + 2.15%	)^#	10/17/2032		1,450		1,450,029
Westgate Resorts LLC 2018-1A A^†		3.38%		12/20/2031		101		100,931
Wind River CLO Ltd. 2021-4A B^†		1.866% (3 Mo. LIBOR + 1.65%	)^#	1/20/2035		960		952,762
Total								67,475,556

Student Loan 0.41%
Massachusetts Educational Financing Authority 2008-1 A1		1.074% (3 Mo. LIBOR + .95%	)^#	4/25/2038		316		315,599
Nelnet Student Loan Trust 2021-DA B^†		2.90%		4/20/2062		1,090		1,101,649
Pennsylvania Higher Education Assistance Agency 2006-1 B		0.394% (3 Mo. LIBOR + .27%	)^#	4/25/2038		160		152,077
SLC Student Loan Trust 2008-1 A4A		1.803% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		799		810,160
Towd Point Asset Trust 2018-SL1 A^†		0.703% (1 Mo. LIBOR + .60%	)^#	1/25/2046		347		347,006
Total								2,726,491
Total Asset-Backed Securities (cost $121,335,381)								121,134,880

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 32.64%

Advertising 0.11%
Clear Channel Outdoor Holdings, Inc.^†			7.75%		4/15/2028	$	670	$	717,925

Aerospace/Defense 0.20%
Bombardier, Inc. (Canada)^†(b)			6.00%		2/15/2028		676		679,008
TransDigm, Inc.			6.375%		6/15/2026		652		670,745
Total									1,349,753

Agriculture 0.18%
MHP Lux SA (Luxembourg)^†(b)			6.25%		9/19/2029		1,240		1,175,520

Airlines 0.91%
Air Canada (Canada)^†(b)			3.875%		8/15/2026		680		694,494
American Airlines Group, Inc.^†			3.75%		3/1/2025		783		732,963
American Airlines, Inc.^†			11.75%		7/15/2025		602		743,527
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)^†(b)			4.25%		11/15/2032		1,040		1,110,055
Delta Air Lines, Inc.^†			7.00%		5/1/2025		1,287		1,472,705
Delta Air Lines, Inc./SkyMiles IP Ltd.^†			4.50%		10/20/2025		568		597,327
Delta Air Lines, Inc./SkyMiles IP Ltd.^†			4.75%		10/20/2028		576		629,442
Total									5,980,513

Apparel 0.25%
Levi Strauss & Co.^†			3.50%		3/1/2031		1,008		1,029,234
PVH Corp.			7.75%		11/15/2023		561		621,095
Total									1,650,329

Auto Manufacturers 0.97%
Ford Motor Co.			3.25%		2/12/2032		1,982		2,033,532
General Motors Financial Co., Inc.			3.60%		6/21/2030		4,115		4,393,354
Total									6,426,886

Banks 7.06%
ABN AMRO Bank NV (Netherlands)^†(b)	3.324% (5 Yr. Treasury CMT + 1.90%			)^#	3/13/2037		800		800,192
Bank of America Corp.			2.087% (SOFR + 1.06%	)^#	6/14/2029		1,549		1,539,288
Bank of America Corp.			2.687% (SOFR + 1.32%	)^#	4/22/2032		2,244		2,279,661
BankUnited, Inc.			5.125%		6/11/2030		1,140		1,299,817
BNP Paribas SA (France)^†(b)			4.375% (5 Yr. Swap rate + 1.48%	)^#	3/1/2033		1,527		1,657,655

12	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Banks (continued)
Citigroup, Inc.			2.666% (SOFR + 1.15%	)^#	1/29/2031	$	816	$	829,211
Citigroup, Inc.			3.887% (3 Mo. LIBOR + 1.56%	)^#	1/10/2028		1,186		1,286,514
Citigroup, Inc.			3.98% (3 Mo. LIBOR + 1.34%	)^#	3/20/2030		4,411		4,873,701
Danske Bank A/S (Denmark)^†(b)			4.375%		6/12/2028		200		222,996
Goldman Sachs Group, Inc. (The)			2.383% (SOFR + 1.25%	)^#	7/21/2032		2,718		2,678,379
JPMorgan Chase & Co.			3.54% (3 Mo. LIBOR + 1.38%	)^#	5/1/2028		2,477		2,692,081
Macquarie Bank Ltd. (Australia)^†(b)			3.624%		6/3/2030		516		538,978
Macquarie Group Ltd. (Australia)^†(b)			2.691% (SOFR + 1.44%	)^#	6/23/2032		2,044		2,040,745
Macquarie Group Ltd. (Australia)^†(b)			4.654% (3 Mo. LIBOR + 1.73%	)^#	3/27/2029		1,431		1,609,884
Morgan Stanley			2.239% (SOFR + 1.18%	)^#	7/21/2032		1,438		1,408,004
Morgan Stanley			2.484% (SOFR + 1.36%	)^#	9/16/2036		1,088		1,048,839
Morgan Stanley			3.625%		1/20/2027		1,036		1,123,966
Morgan Stanley			4.431% (3 Mo. LIBOR + 1.63%	)^#	1/23/2030		2,838		3,236,912
National Australia Bank Ltd. (Australia)^†(b)			2.99%		5/21/2031		1,023		1,027,047
Santander Holdings USA, Inc.			4.40%		7/13/2027		670		735,086
UBS AG (Switzerland)^(b)			5.125%		5/15/2024		1,399		1,499,837
Wachovia Corp.			7.574%		8/1/2026		660		821,129
Wells Fargo & Co.			2.393% (SOFR + 2.10%	)^#	6/2/2028		5,043		5,129,054
Wells Fargo & Co.			3.584% (3 Mo. LIBOR + 1.31%	)^#	5/22/2028		1,873		2,015,003
Westpac Banking Corp. (Australia)^(b)	2.894% (5 Yr. Treasury CMT + 1.35%			)^#	2/4/2030		1,047		1,069,784
Westpac Banking Corp. (Australia)^(b)	4.322% (5 Yr. Swap rate + 2.24%			)^#	11/23/2031		2,917		3,156,836
Total									46,620,599

Building Materials 0.13%
Cemex SAB de CV (Mexico)^†(b)			5.45%		11/19/2029		770		826,156

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments		Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Chemicals 0.45%
Ashland LLC			6.875%		5/15/2043		$	272	$	352,203
Braskem Netherlands Finance BV (Netherlands)^†(b)			4.50%		1/31/2030			826		879,880
CVR Partners LP/CVR Nitrogen Finance Corp.^†			6.125%		6/15/2028			649		685,653
Phosagro OAO Via Phosagro Bond Funding DAC (Ireland)^†(b)			2.60%		9/16/2028			1,080		1,051,315
Total										2,969,051

Coal 0.11%
SunCoke Energy, Inc.^†			4.875%		6/30/2029			711		708,515

Commercial Services 0.15%
Rent-A-Center, Inc.^†			6.375%		2/15/2029			660		688,987
United Rentals North America, Inc.			4.00%		7/15/2030			316		325,144
Total										1,014,131

Computers 0.33%
CA Magnum Holdings (Mauritius)^†(b)			5.375%		10/31/2026			626		648,692
Dell International LLC/EMC Corp.^†			3.375%		12/15/2041			1,012		1,001,931
Dell International LLC/EMC Corp.			8.35%		7/15/2046			302		503,155
Total										2,153,778

Cosmetics/Personal Care 0.10%
Coty, Inc.^†			5.00%		4/15/2026			642		662,178

Diversified Financial Services 2.97%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)			3.30%		1/30/2032			511		521,021
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)			3.50%		1/15/2025			1,388		1,449,922
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)			3.875%		1/23/2028			916		972,073
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)			4.875%		1/16/2024			523		556,446
Aircastle Ltd.^†			2.85%		1/26/2028			1,641		1,651,682
Ally Financial, Inc.	4.70% (5 Yr. Treasury CMT + 3.87%			)^#	–	^(c)		679		706,584
Ally Financial, Inc.			8.00%		11/1/2031			1,228		1,740,360
Aviation Capital Group LLC^†			1.95%		1/30/2026			812		792,810
Aviation Capital Group LLC^†			5.50%		12/15/2024			1,928		2,110,855
Avolon Holdings Funding Ltd. (Ireland)^†(b)			2.125%		2/21/2026			2,161		2,122,987
Avolon Holdings Funding Ltd. (Ireland)^†(b)			4.25%		4/15/2026			1,379		1,462,767
Coinbase Global, Inc.^†			3.375%		10/1/2028			681		637,300

14	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Diversified Financial Services (continued)
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†		6.50%	9/15/2024	$	962	$	910,921
Nationstar Mortgage Holdings, Inc.^†		5.50%	8/15/2028		624		637,422
Navient Corp.		5.00%	3/15/2027		642		655,402
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†		4.50%	3/15/2027		541		601,831
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†		4.875%	4/15/2045		677		804,074
OneMain Finance Corp.		5.375%	11/15/2029		579		630,386
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^†		3.625%	3/1/2029		674		677,495
Total							19,642,338

Electric 2.31%
AES Corp. (The)^†		3.95%	7/15/2030		1,138		1,214,616
Alfa Desarrollo SpA (Chile)^†(b)		4.55%	9/27/2051		792		782,987
Ausgrid Finance Pty Ltd. (Australia)^†(b)		4.35%	8/1/2028		1,118		1,253,380
Calpine Corp.^†		5.125%	3/15/2028		609		619,219
Cikarang Listrindo Tbk PT (Indonesia)^†(b)		4.95%	9/14/2026		985		1,004,946
Emera US Finance LP		3.55%	6/15/2026		4,556		4,850,857
FirstEnergy Corp.		4.40%	7/15/2027		1,299		1,400,125
Minejesa Capital BV (Netherlands)^†(b)		4.625%	8/10/2030		1,135		1,169,913
NRG Energy, Inc.^†		4.45%	6/15/2029		537		584,866
Pennsylvania Electric Co.^†		3.60%	6/1/2029		597		636,524
Vistra Operations Co. LLC^†		3.55%	7/15/2024		1,683		1,734,157
Total							15,251,590

Electronics 0.20%
Atkore, Inc.^†		4.25%	6/1/2031		633		649,734
II-VI, Inc.^†		5.00%	12/15/2029		674		689,704
Total							1,339,438

Energy-Alternate Sources 0.09%
TerraForm Power Operating LLC^†		4.75%	1/15/2030		562		590,033

Entertainment 0.40%
Caesars Entertainment, Inc.^†		4.625%	10/15/2029		566		567,186
Caesars Entertainment, Inc.^†		8.125%	7/1/2027		616		682,925
Live Nation Entertainment, Inc.^†		4.75%	10/15/2027		660		679,140
Scientific Games International, Inc.^†		7.25%	11/15/2029		622		694,560
Total							2,623,811

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Environmental Control 0.10%
Madison IAQ LLC^†		5.875%	6/30/2029	$	688	$	689,052

Food 0.19%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†		4.875%	2/15/2030		590		637,943
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.^†		6.50%	4/15/2029		588		647,794
Total							1,285,737

Forest Products & Paper 0.10%
Mercer International, Inc. (Canada)^(b)		5.125%	2/1/2029		647		661,920

Gas 0.19%
National Fuel Gas Co.		5.50%	1/15/2026		1,122		1,254,826

Health Care-Services 1.42%
Centene Corp.		2.45%	7/15/2028		550		542,597
Centene Corp.		4.25%	12/15/2027		2,130		2,224,210
CHS/Community Health Systems, Inc.^†		4.75%	2/15/2031		699		706,249
CHS/Community Health Systems, Inc.^†		6.125%	4/1/2030		709		702,502
DaVita, Inc.^†		3.75%	2/15/2031		673		656,942
HCA, Inc.		4.125%	6/15/2029		1,247		1,373,486
HCA, Inc.		4.50%	2/15/2027		820		903,803
HCA, Inc.		5.25%	6/15/2026		255		287,038
Radiology Partners, Inc.^†		9.25%	2/1/2028		657		690,858
Surgery Center Holdings, Inc.^†		10.00%	4/15/2027		588		625,338
Tenet Healthcare Corp.^†		6.25%	2/1/2027		658		681,922
Total							9,394,945

Home Builders 0.43%
Century Communities, Inc.		6.75%	6/1/2027		576		608,256
NVR, Inc.		3.00%	5/15/2030		851		885,228
Toll Brothers Finance Corp.		3.80%	11/1/2029		660		710,447
Toll Brothers Finance Corp.		4.35%	2/15/2028		588		644,704
Total							2,848,635

Housewares 0.11%
Newell Brands, Inc.		5.875%	4/1/2036		580		715,650

16	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Insurance 0.40%
Assurant, Inc.		2.65%	1/15/2032	$	595	$	584,338
First American Financial Corp.		2.40%	8/15/2031		939		919,706
Marsh & McLennan Cos, Inc.		2.375%	12/15/2031		1,128		1,140,007
Total							2,644,051

Internet 0.85%
Match Group Holdings II LLC^†		5.00%	12/15/2027		302		314,510
Match Group Holdings II LLC^†		5.625%	2/15/2029		287		307,486
Netflix, Inc.		6.375%	5/15/2029		1,326		1,649,637
Tencent Holdings Ltd. (China)^†(b)		2.39%	6/3/2030		2,020		1,981,239
Uber Technologies, Inc.^†		4.50%	8/15/2029		686		699,868
Uber Technologies, Inc.^†		8.00%	11/1/2026		622		663,354
Total							5,616,094

Investment Companies 0.12%
Owl Rock Capital Corp.		2.875%	6/11/2028		831		816,322

Iron-Steel 0.10%
United States Steel Corp.		6.875%	3/1/2029		599		645,638

Leisure Time 0.11%
Life Time, Inc.^†		5.75%	1/15/2026		325		336,757
Royal Caribbean Cruises Ltd.^†		11.50%	6/1/2025		333		373,381
Total							710,138

Lodging 0.15%
Boyd Gaming Corp.		4.75%	12/1/2027		406		414,845
Boyd Gaming Corp.^†		4.75%	6/15/2031		557		569,112
Total							983,957

Machinery-Diversified 0.47%
nVent Finance Sarl (Luxembourg)^(b)		4.55%	4/15/2028		2,097		2,333,619
TK Elevator US Newco, Inc.^†		5.25%	7/15/2027		702		738,876
Total							3,072,495

Media 0.58%
CCO Holdings LLC/CCO Holdings Capital Corp.^†		4.75%	3/1/2030		645		671,945
Charter Communications Operating LLC/Charter Communications Operating Capital		2.25%	1/15/2029		2,182		2,130,737
Time Warner Cable LLC		7.30%	7/1/2038		211		299,145
Time Warner Entertainment Co. LP		8.375%	7/15/2033		502		731,898
Total							3,833,725

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Mining 1.55%
Alcoa Nederland Holding BV (Netherlands)^†(b)		4.125%	3/31/2029	$	634	$	653,930
Anglo American Capital plc (United Kingdom)^†(b)		4.00%	9/11/2027		2,107		2,267,166
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)		4.375%	4/1/2031		1,017		1,069,609
Freeport-McMoRan, Inc.		4.625%	8/1/2030		904		971,040
Freeport-McMoRan, Inc.		5.45%	3/15/2043		544		684,918
Glencore Funding LLC^†		2.85%	4/27/2031		1,091		1,079,564
Glencore Funding LLC^†		4.875%	3/12/2029		2,494		2,823,212
Novelis Corp.^†		3.875%	8/15/2031		675		671,831
Total							10,221,270

Oil & Gas 3.12%
Apache Corp.		4.375%	10/15/2028		638		695,053
California Resources Corp.^†		7.125%	2/1/2026		342		355,716
Callon Petroleum Co.^†		8.00%	8/1/2028		633		640,229
Comstock Resources, Inc.^†		6.75%	3/1/2029		666		723,482
Continental Resources, Inc.^†		5.75%	1/15/2031		1,420		1,674,606
Diamondback Energy, Inc.		3.50%	12/1/2029		2,397		2,544,413
Diamondback Energy, Inc.		4.75%	5/31/2025		247		270,790
Helmerich & Payne, Inc.^†		2.90%	9/29/2031		1,250		1,228,051
Hilcorp Energy I LP/Hilcorp Finance Co.^†		5.75%	2/1/2029		639		659,528
Laredo Petroleum, Inc.		9.50%	1/15/2025		984		1,004,703
MEG Energy Corp. (Canada)^†(b)		5.875%	2/1/2029		365		382,648
MEG Energy Corp. (Canada)^†(b)		7.125%	2/1/2027		1,192		1,271,184
Occidental Petroleum Corp.		6.125%	1/1/2031		1,146		1,394,315
Ovintiv, Inc.		6.50%	2/1/2038		549		713,502
Petroleos Mexicanos (Mexico)^†(b)		6.70%	2/16/2032		1,768		1,789,172
Qatar Petroleum (Qatar)^†(b)		3.125%	7/12/2041		800		810,606
Range Resources Corp.		8.25%	1/15/2029		660		737,052
SA Global Sukuk Ltd.^†		2.694%	6/17/2031		1,200		1,209,274
SM Energy Co.		6.75%	9/15/2026		726		746,720
Southwestern Energy Co.		7.75%	10/1/2027		620		669,445
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(b)		3.25%	8/15/2030		470		470,576
Transocean Guardian Ltd.^†		5.875%	1/15/2024		637		603,746
Total							20,594,811

Oil & Gas Services 0.10%
Weatherford International Ltd.^†		8.625%	4/30/2030		640		665,475

18	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Pharmaceuticals 0.12%
Bayer Corp.^†		6.65%		2/15/2028	$	670	$	817,537

Pipelines 1.42%
Buckeye Partners LP		6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		825		730,802
Cheniere Corpus Christi Holdings LLC		3.70%		11/15/2029		940		1,007,678
Eastern Gas Transmission & Storage, Inc.^†		3.00%		11/15/2029		846		874,173
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(b)		3.25%		9/30/2040		1,413		1,431,551
NGPL PipeCo LLC^†		3.25%		7/15/2031		1,372		1,395,402
Sabine Pass Liquefaction LLC		5.875%		6/30/2026		1,990		2,285,311
Venture Global Calcasieu Pass LLC^†		4.125%		8/15/2031		600		637,038
Western Midstream Operating LP		5.30%		2/1/2030		897		987,619
Total								9,349,574

REITS 1.28%
American Campus Communities
Operating Partnership LP		2.25%		1/15/2029		550		544,449
American Homes 4 Rent LP		2.375%		7/15/2031		873		857,115
Blackstone Mortgage Trust, Inc.^†		3.75%		1/15/2027		956		953,973
EPR Properties		3.75%		8/15/2029		1,352		1,365,863
EPR Properties		4.95%		4/15/2028		1,069		1,154,434
Invitation Homes Operating Partnership LP		2.00%		8/15/2031		1,808		1,704,535
Invitation Homes Operating Partnership LP		2.30%		11/15/2028		657		650,386
Physicians Realty LP		2.625%		11/1/2031		1,256		1,255,858
Total								8,486,613

Retail 0.83%
Bath & Body Works, Inc.		6.875%		11/1/2035		520		646,916
Carvana Co.^†		5.875%		10/1/2028		633		631,516
CEC Entertainment LLC^†		6.75%		5/1/2026		672		659,259
Gap, Inc. (The)^†		3.875%		10/1/2031		663		654,971
Kohl's Corp.		5.55%		7/17/2045		1,049		1,225,859
Party City Holdings, Inc.^†		8.75%		2/15/2026		988		1,021,137
Staples, Inc.^†		7.50%		4/15/2026		657		675,922
Total								5,515,580

Semiconductors 0.34%
Entegris, Inc.^†		3.625%		5/1/2029		582		584,290
Skyworks Solutions, Inc.		3.00%		6/1/2031		984		992,862
TSMC Arizona Corp.		3.25%		10/25/2051		650		686,373
Total								2,263,525

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Software 0.98%
Oracle Corp.		2.875%		3/25/2031	$	4,248	$	4,278,407
VMware, Inc.		4.70%		5/15/2030		1,899		2,212,543
Total								6,490,950

Telecommunications 0.47%
Frontier Communications Holdings LLC^†		5.00%		5/1/2028		759		783,144
LogMeIn, Inc.^†		5.50%		9/1/2027		627		635,176
Sprint Capital Corp.		6.875%		11/15/2028		527		667,540
T-Mobile USA, Inc.^†		2.70%		3/15/2032		1,025		1,032,472
Total								3,118,332

Transportation 0.10%
XPO Logistics, Inc.^†		6.25%		5/1/2025		620		649,459

Water 0.09%
Aegea Finance Sarl (Luxembourg)^†(b)		5.75%		10/10/2024		574		590,247
Total Corporate Bonds (cost $211,991,792)								215,639,102

FLOATING RATE LOANS^(d)2.23%

Advertising 0.35%
Lamar Media Corporation 2020 Term Loan B		1.61% (3 Mo. LIBOR + 1.50%	)	2/5/2027		2,296		2,288,354

Airlines 0.20%
AAdvantage Loyalty IP Ltd. 2021 Term Loan		5.50% (3 Mo. LIBOR + 4.75%	)	4/20/2028		1,267		1,315,523

Automobile Manufacturers 0.10%
American Trailer World Corp. Term Loan B		4.50% (1 Mo. LIBOR + 3.75%	)	3/3/2028		672		670,366

Commercial Services 0.29%
KUEHG Corp. 2018 Incremental Term Loan		4.75% (3 Mo. LIBOR + 3.75%	)	2/21/2025		690		677,011
SSH Group Holdings, Inc. 2018 1st Lien Term Loan		4.474% (3 Mo. LIBOR + 4.25%	)	7/30/2025		697		673,485
Trans Union, LLC 2021 Term Loan B6		2.75% (1 Mo. LIBOR + 2.25%	)	12/1/2028		601		600,138
Total								1,950,634

20	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
Entertainment 0.30%
Scientific Games International, Inc. 2018 Term Loan B5		2.854%		8/14/2024	$	1,297	$	1,294,000
Twin River Worldwide Holdings, Inc. 2021 Term Loan B		–	^(e)	10/2/2028		660		661,145
Total								1,955,145

Health Care Services 0.10%
MED ParentCo LP 1st Lien Term Loan		4.354% (1 Mo. LIBOR + 4.25%	)	8/31/2026		686		686,012

Housewares 0.10%
Springs Windows Fashions, LLC 2021 Term Loan B		4.75% (3 Mo. LIBOR + 4.00%	)	10/6/2028		660		655,463

Pipelines 0.11%
Brazos Delaware II, LLC Term Loan B		4.103% (1 Mo. LIBOR + 4.00%	)	5/21/2025		731		713,714

Retail 0.15%
Restoration Hardware, Inc. Term Loan B		–	^(e)	10/20/2028		998		996,752

Software 0.53%
Playtika Holding Corp 2021 Term Loan		2.854% (1 Mo. LIBOR + 2.75%	)	3/13/2028		1,426		1,421,684
Polaris Newco LLC USD Term Loan B		4.50% (3 Mo. LIBOR + 4.00%	)	6/2/2028		1,062		1,063,716
Red Planet Borrower, LLC Term Loan B		4.25% (3 Mo. LIBOR + 3.75%	)	10/2/2028		998		993,510
Total								3,478,910
Total Floating Rate Loans (cost $14,580,252)								14,710,873

FOREIGN GOVERNMENT OBLIGATIONS^(b)0.71%

Egypt 0.26%
Egypt Government International Bond^†		5.80%		9/30/2027		1,820		1,754,453

Ghana 0.19%
Ghana Government International Bond^†		6.375%		2/11/2027		1,455		1,231,577

Nigeria 0.19%
Nigeria Government International Bond^†		7.143%		2/23/2030		1,265		1,246,784

Sri Lanka 0.07%
Sri Lanka Government International Bond^†		5.875%		7/25/2022		670		457,108
Total Foreign Government Obligations (cost $4,979,045)								4,689,922

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.05%
Federal Home Loan Mortgage Corp. Q001 XA IO		2.141%	^#(f)	2/25/2032	$	2,587	$	268,590
Government National Mortgage Assoc. 2015-73 AC		2.90%	^#(f)	2/16/2053		80		81,178
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $351,043)								349,768

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.31%
Federal National Mortgage Assoc.		2.068% (12 Mo. LIBOR + 1.79%	)^#	3/1/2042		132		138,479
Federal National Mortgage Assoc.^(g)		3.00%		TBA		27,282		28,265,281
Federal National Mortgage Assoc.		3.50%		9/1/2047		3,908		4,177,696
Federal National Mortgage Assoc.		3.50%		3/1/2050		2,318		2,480,310
Total Government Sponsored Enterprises Pass-Throughs (cost $34,760,948)								35,061,766

MUNICIPAL BONDS 0.52%

Education 0.06%
Regents of the University of California Medical Center		3.006%		5/15/2050		375		386,566

Government 0.10%
New York City Transitional Finance Authority Futures		1.95%		8/1/2034		675		635,087

Miscellaneous 0.06%
County of Miami-Dade FL		2.786%		10/1/2037		410		401,814

Transportation 0.30%
Foothill-Eastern Transportation Corridor Agency		4.094%		1/15/2049		660		710,874
New Jersey Transportation Trust Fund Authority		4.131%		6/15/2042		1,140		1,281,717
Total								1,992,591
Total Municipal Bonds (cost $3,380,344)								3,416,058

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.20%
Angel Oak Mortgage Trust 2020-1 A1^†		2.466%	^#(f)	12/25/2059		132		132,482
Atrium Hotel Portfolio Trust 2018-ATRM A^†		1.06% (1 Mo. LIBOR + .95%	)^#	6/15/2035		1,050		1,049,319
BBCMS Mortgage Trust 2019-BWAY A^†		1.066% (1 Mo. LIBOR + .96%	)^#	11/15/2034		655		653,716
BBCMS Mortgage Trust 2019-BWAY B^†		1.42% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		288		286,464
Benchmark Mortgage Trust 2018-B5 C		4.609%	^#(f)	7/15/2051		850		935,656
BFLD 2019-DPLO E^†		2.35% (1 Mo. LIBOR + 2.24%	)^#	10/15/2034		1,910		1,875,296

22	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BFLD 2019-DPLO F^†		2.65% (1 Mo. LIBOR + 2.54%	)^#	10/15/2034	$	790	$	770,188
BHMS 2018-ATLS A^†		1.36% (1 Mo. LIBOR + 1.25%	)^#	7/15/2035		1,080		1,080,823
BHMS 2018-ATLS C^†		2.01% (1 Mo. LIBOR + 1.90%	)^#	7/15/2035		630		627,606
BX Trust 2018-GW A^†		0.91% (1 Mo. LIBOR + .80%	)^#	5/15/2035		1,710		1,709,284
BX Trust 2021-ARIA E^†		2.355% (1 Mo. LIBOR + 2.24%	)^#	10/15/2036		2,300		2,293,032
CIM Retail Portfolio Trust 2021-RETL E^†		3.86% (1 Mo. LIBOR + 3.75%	)^#	8/15/2036		1,840		1,827,466
Citigroup Commercial Mortgage Trust 2016-GC36 D^†		2.85%		2/10/2049		1,250		896,809
Commercial Mortgage Pass-Through Certificates 2014-CR17 A5		3.977%		5/10/2047		1,000		1,055,747
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO		0.953%	^#(f)	8/10/2047		470		9,586
Commercial Mortgage Pass-Through Certificates 2015-PC1 AM		4.29%	^#(f)	7/10/2050		510		545,152
Commercial Mortgage Pass-Through Certificates 2015-PC1 B		4.321%	^#(f)	7/10/2050		178		188,806
Commercial Mortgage Pass-Through Certificates 2015-PC1 C		4.321%	^#(f)	7/10/2050		730		758,202
Commercial Mortgage Pass-Through Certificates 2015-PC1 D		4.321%	^#(f)	7/10/2050		574		526,015	^(h)
Connecticut Avenue Securities Trust 2021-R01 1M2^†		1.60% (1 Mo. SOFR + 1.55%	)^#	10/25/2041		820		821,732
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†		1.616%		4/25/2065		510		511,055
CSAIL Commercial Mortgage Trust 2015-C2 C		4.187%	^#(f)	6/15/2057		700		670,651
CSAIL Commercial Mortgage Trust 2019-C18 AS		3.321%		12/15/2052		709		750,908
CSMC 2020-AFC1 Trust A1^†		2.24%	^#(f)	2/25/2050		364		365,678
CSMC 2021-BHAR C^†		2.11% (1 Mo. LIBOR + 2.00%	)^#	11/15/2038		1,660		1,662,383
DBWF Mortgage Trust 2018-GLKS A^†		1.134% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		1,100		1,099,000

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Deephaven Residential Mortgage Trust 2020-1 A1^†

2.339%

^#(f)

1/25/2060

170

170,569

Deephaven Residential Mortgage Trust 2021-3 A1^†

1.194%

^#(f)

8/25/2066

1,609

1,591,610

Extended Stay America Trust 2021-ESH C^†

1.81%
(1 Mo. LIBOR + 1.70%

)^#

7/15/2038

1,234

1,235,986

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

2.05%
(1 Mo. SOFR + 2.00%

)^#

11/25/2041

790

792,469

Freddie Mac STACR REMIC Trust 2021-DNA3 M2^†

2.15%
(1 Mo. SOFR + 2.10%

)^#

10/25/2033

1,290

1,314,509

Freddie Mac STACR REMIC Trust 2021-DNA6 M2^†

1.55%
(1 Mo. SOFR + 1.50%

)^#

10/25/2041

990

990,460

Freddie Mac STACR REMIC Trust 2021-HQA3 M2^†

2.15%
(1 Mo. SOFR + 2.10%

)^#

9/25/2041

1,970

1,971,657

Freddie Mac STACR REMIC Trust 2021-HQA4 M1^†

1.00%
(1 Mo. SOFR + .95%

)^#

12/25/2041

1,240

1,241,152

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

1.85%
(1 Mo. SOFR + 1.80%

)^#

11/25/2041

1,000

1,003,733

GCAT Trust 2020-NQM1 A1^†

2.247%

1/25/2060

93,971

Great Wolf Trust 2019-WOLF A^†

1.144%
(1 Mo. LIBOR + 1.03%

)^#

12/15/2036

3,216

3,215,534

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

1.76%
(1 Mo. LIBOR + 1.65%

)^#

11/15/2036

1,450

1,451,812

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

1.06%
(1 Mo. LIBOR + .95%

)^#

7/15/2035

682

677,776

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

4.76%
(1 Mo. LIBOR + 4.65%

)^#

5/15/2026

1,230

1,226,449

GS Mortgage Securities Trust 2015-GC32 C

4.422%

^#(f)

7/10/2048

195

203,046

HONO Mortgage Trust 2021-LULU B^†

1.56%
(1 Mo. LIBOR + 1.45%

)^#

10/15/2036

490

489,823

HONO Mortgage Trust 2021-LULU C^†

1.96%
(1 Mo. LIBOR + 1.85%

)^#

10/15/2036

300

299,972

24	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Hudsons Bay Simon JV Trust 2015-HB7 B7^†		4.666%		8/5/2034	$	668	$	595,002
Hudsons Bay Simon JV Trust 2015-HB7 D7^†		5.159%	^#(f)	8/5/2034		629		459,133
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C		4.264%	^#(f)	7/15/2048		374		378,829
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†		1.41% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		408		408,403
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A^†		2.27% (1 Mo. LIBOR + 1.27%	)^#	11/15/2035		542		544,029
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†		1.304% (1 Mo. LIBOR + 1.20%	)^#	7/5/2033		365		365,223
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL^†		1.604% (1 Mo. LIBOR + 1.50%	)^#	7/5/2033		1,130		1,131,760
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX^†		4.549%		7/5/2033		340		351,417
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†		4.95%		7/5/2033		453		467,880
KIND Trust 2021-KIND D^†		2.41% (1 Mo. LIBOR + 2.30%	)^#	8/15/2038		1,170		1,164,241
Life Mortgage Trust 2021-BMR E^†		1.86% (1 Mo. LIBOR + 1.75%	)^#	3/15/2038		800		793,545
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1		6.25%		10/25/2036		8		4,887
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA		0.56%	^#(f)	7/15/2050		14,790		247,965
New Residential Mortgage Loan Trust 2020-NQM1 A1^†		2.464%	^#(f)	1/26/2060		117		117,588
One New York Plaza Trust 2020-1NYP B^†		1.61% (1 Mo. LIBOR + 1.50%	)^#	1/15/2036		1,660		1,656,220
PFP Ltd. 2019-6 A^†		1.158% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		233		233,122
Ready Capital Mortgage Financing LLC 2021-FL6 C^†		1.992% (1 Mo. LIBOR + 1.90%	)^#	7/25/2036		1,100		1,088,912
ReadyCap Commercial Mortgage Trust 2019-6 A^†		2.833%		10/25/2052		350		353,099
Residential Mortgage Loan Trust 2020-1 A1^†		2.376%	^#(f)	1/26/2060		97		97,038
SLIDE 2018-FUN E^†		2.66% (1 Mo. LIBOR + 2.55%	)^#	6/15/2031		1,425		1,384,544

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Starwood Mortgage Residential Trust 2020-1 A1^†		2.275%	^#(f)	2/25/2050	$	144	$	144,404
Starwood Mortgage Residential Trust 2020-3 A1^†		1.486%	^#(f)	4/25/2065		793		793,840
Structured Asset Securities Corp. 2006-3H 1A2		5.75%		12/25/2035		4		4,274
UBS Commercial Mortgage Trust 2017-C3 C		4.307%	^#(f)	8/15/2050		1,350		1,359,362
UBS-BAMLL Trust 2012-WRM E^†		4.238%	^#(f)	6/10/2030		595		339,137
UBS-Barclays Commercial Mortgage Trust 2012-C3 B^†		4.365%	^#(f)	8/10/2049		200		203,046
Verus Securitization Trust 2020-1 A1^†		2.417%		1/25/2060		259		259,522
Verus Securitization Trust 2020-5 A1^†		1.218%		5/25/2065		886		883,253
Verus Securitization Trust 2021-2 A1^†		1.031%	^#(f)	2/25/2066		1,648		1,632,182
Vista Point Securitization Trust 2020-2 A1^†		1.475%	^#(f)	4/25/2065		530		528,797
Wells Fargo Commercial Mortgage Trust 2013-LC12 D^†		4.306%	^#(f)	7/15/2046		364		205,384
Wells Fargo Commercial Mortgage Trust 2015-C28 D		4.093%	^#(f)	5/15/2048		1,489		1,429,846
Wells Fargo Commercial Mortgage Trust 2015-SG1 B		4.455%	^#(f)	9/15/2048		2,350		2,375,683
Wells Fargo Commercial Mortgage Trust 2016-C35 C		4.176%	^#(f)	7/15/2048		213		215,666
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E^†		4.984%	^#(f)	1/15/2059		434		429,702
Wells Fargo Commercial Mortgage Trust 2017-C41 AS		3.785%	^#(f)	11/15/2050		1,630		1,742,355
ZH Trust 2021-2 A^†		2.349%		10/17/2027		1,990		1,953,702
Total Non-Agency Commercial Mortgage-Backed Securities (cost $67,471,374)								67,416,576

U.S. TREASURY OBLIGATIONS 28.64%
U.S. Treasury Bill		Zero Coupon		4/21/2022		20,806		20,801,709
U.S. Treasury Bond		1.125%		5/15/2040		3,918		3,435,290
U.S. Treasury Bond		1.75%		8/15/2041		18,486		17,928,531
U.S. Treasury Bond		1.875%		11/15/2051		19,050		18,904,148
U.S. Treasury Note		0.375%		10/31/2023		4,653		4,626,282
U.S. Treasury Note		0.50%		11/30/2023		71,499		71,230,879
U.S. Treasury Note		0.75%		11/15/2024		33,981		33,795,166
U.S. Treasury Note		1.125%		10/31/2026		5,211		5,177,617
U.S. Treasury Note		1.375%		11/15/2031		13,450		13,283,977
Total U.S. Treasury Obligations (cost $189,992,553)								189,183,599
Total Long-Term Investments (cost $648,842,732)								651,602,544

26	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 4.89%

REPURCHASE AGREEMENTS 4.89%
Repurchase Agreement dated 12/31/2021, 0.00% due 1/3/2022 with Fixed Income Clearing Corp. collateralized by $33,203,700 of U.S. Treasury Note at 1.25% due 9/30/2028; value: $32,929,880; proceeds: $32,284,189 (cost $32,284,189)	$	32,284	$	32,284,189
Total Investments in Securities 103.52% (cost $681,126,921)				683,886,733
Other Assets and Liabilities – Net⁽ⁱ⁾(3.52)%				(23,263,733)
Net Assets 100.00%			$	660,623,000

CMT		Constant Maturity Rate.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2021, the total value of Rule 144A securities was $248,945,319, which represents 37.68% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2021.
^(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(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 December 31, 2021.
^(e)		Interest rate to be determined.
^(f)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(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)		Level 3 Investment as described in Note 2(p) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽ⁱ⁾		Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes – Buy Protection at December 31, 2021⁽¹⁾:

Referenced
Index

Central
Clearing
Party

Fund
Pays
(Quarterly)

Termination
Date

Notional
Amount

Payments
Upfront⁽²⁾

Unrealized
Appreciation⁽³⁾

Markit CDX.NA.EM.36⁽⁴⁾⁽⁵⁾

Bank of America

1.000%

12/20/2026

$6,020,000

$197,033

$45,978

	⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
	⁽²⁾		Upfront payments received/paid by Central Clearing Party are presented net of amortization (See Note 2(i)).

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2021

	⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $45,978. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
	⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
	⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets sovereign issuers.

Credit Default Swaps on Indexes - Sell Protection at December 31, 2021⁽¹⁾:

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Payments Upfront⁽²⁾		Unrealized Appreciation/ Depreciation⁽³⁾			Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.BBB-12	Morgan Stanley	3.000%	8/17/2061	$	1,400,000	$	(77,631)		$	5,398		$	(72,233	)
Markit CMBX. NA.BBB-9	Citibank	3.000%	9/17/2058		5,700,000		(451,812)			(83,790)			(535,602	)
						$	(529,443)		$	(78,392)		$	(607,835	)

	*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
	⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
	⁽²⁾		Upfront payments received/paid are presented net of amortization. See Note 2(j).
	⁽³⁾		Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $5,398. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $83,790.
	⁽⁴⁾		Includes upfront payments received.

Open Futures Contracts at December 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 5-Year Treasury Note	March 2022	121	Long	$	14,624,077		$	14,638,164			$	14,087
U.S. Long Bond	March 2022	209	Long		33,185,684			33,531,438				345,754
U.S. Ultra Treasury Bond	March 2022	189	Long		36,769,863			37,256,625				486,762
Total Unrealized Appreciation on Open Futures Contracts											$	846,603

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	March 2022	26	Short	$	(3,353,544	)	$	(3,392,188	)		$	(38,644	)
U.S. 10-Year Ultra Treasury Note	March 2022	55	Short		(7,939,661	)		(8,054,063	)			(114,402	)
U.S. 2-Year Treasury Note	March 2022	31	Long		6,763,630			6,763,328				(302	)
Total Unrealized Depreciation on Open Futures Contracts											$	(153,348)

28	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	121,134,880		$	–	$	121,134,880
Corporate Bonds		–			215,639,102			–		215,639,102
Floating Rate Loans		–			14,710,873			–		14,710,873
Foreign Government Obligations		–			4,689,922			–		4,689,922
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			349,768			–		349,768
Government Sponsored Enterprises Pass-Throughs		–			35,061,766			–		35,061,766
Municipal Bonds		–			3,416,058			–		3,416,058
Non-Agency Commercial Mortgage-Backed Securities		–			66,890,561			526,015		67,416,576
U.S. Treasury Obligations		–			189,183,599			–		189,183,599
Short-Term Investments
Repurchase Agreements		–			32,284,189			–		32,284,189
Total	$	–		$	683,360,718		$	526,015	$	683,886,733
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	45,978		$	–	$	45,978
Liabilities		–			–			–		–
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(607,835	)		–		(607,835	)
Futures Contracts
Assets		846,603			–			–		846,603
Liabilities		(153,348	)		–			–		(153,348	)
Total	$	693,255		$	(561,857	)	$	–	$	131,398

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2021

ASSETS:
Investments in securities, at fair value (cost $681,126,921)	$	683,886,733
Cash		36,002
Deposits with brokers for futures collateral		1,974,488
Deposits with brokers for swaps collateral		661,889
Receivables:
Interest		3,226,255
Investment securities sold		2,302,533
Capital shares sold		1,191,877
Variation margin for futures contracts		409,012
Prepaid expenses		6,711
Total assets		693,695,500
LIABILITIES:
Payables:
Investment securities purchased		31,225,264
Transfer agent fees		913,738
Management fee		156,571
Directors’ fees		71,344
Fund administration		22,367
Capital shares reacquired		2,701
Variation margin for centrally cleared credit default swap agreements		670
Credit default swap agreements payable, at fair value (including upfront payments of $529,443)		607,835
Accrued expenses and other liabilities		72,010
Total liabilities		33,072,500
Commitments and contingent liabilities
NET ASSETS	$	660,623,000
COMPOSITION OF NET ASSETS:
Paid-in capital	$	659,883,251
Total distributable earnings (loss)		739,749
Net Assets	$	660,623,000
Outstanding shares (130 million shares of common stock authorized, $.001 par value)		39,212,609
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.85

30	See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2021

Investment income:
Interest and other (net of foreign withholding taxes of $404)	$	15,833,016
Expenses:
Management fee		1,931,158
Non 12b-1 service fees		1,724,711
Shareholder servicing		726,966
Fund administration		275,880
Professional		67,169
Custody		31,743
Directors’ fees		30,259
Reports to shareholders		23,452
Other		74,472
Gross expenses		4,885,810
Expense reductions (See Note 9)		(623	)
Fees waived and expenses reimbursed (See Note 3)		(31,743	)
Net expenses		4,853,444
Net investment income		10,979,572
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		9,322,449
Net realized gain (loss) on futures contracts		(2,635,084	)
Net realized gain (loss) on forward foreign currency exchange contracts		98,621
Net realized gain (loss) on swap contracts		(1,062,925	)
Net realized gain (loss) on foreign currency related transactions		(22,563	)
Net change in unrealized appreciation/depreciation on investments		(18,386,066	)
Net change in unrealized appreciation/depreciation on futures contracts		765,981
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		179,204
Net change in unrealized appreciation/depreciation on swap contracts		(32,414	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		223
Net realized and unrealized gain (loss)		(11,772,574	)
Net Decrease in Net Assets Resulting From Operations	$	(793,002	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

For the Year Ended December 31, 2021

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Operations:
Net investment income	$	10,979,572		$	13,306,029
Net realized gain on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		5,700,498			23,545,447
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(17,473,072	)		8,236,144
Net increase (decrease) in net assets resulting from operations		(793,002	)		45,087,620
Distributions to shareholders:		(17,629,159	)		(28,123,182	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		132,664,441			141,127,523
Reinvestment of distributions		17,629,159			28,123,182
Cost of shares reacquired		(154,832,501	)		(154,100,406	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,538,901	)		15,150,299
Net increase (decrease) in net assets		(22,961,062	)		32,114,737
NET ASSETS:
Beginning of year	$	683,584,062		$	651,469,325
End of year	$	660,623,000		$	683,584,062

32	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
12/31/2021	$	17.34	$	0.27	$	(0.30	)	$	(0.03	)	$	(0.34	)	$	(0.12	)	$	(0.46	)
12/31/2020		16.85		0.36		0.88			1.24			(0.42	)		(0.33	)		(0.75	)
12/31/2019		15.96		0.42		0.92			1.34			(0.45	)		–			(0.45	)
12/31/2018		16.65		0.44		(0.60	)		(0.16	)		(0.53	)		–			(0.53	)
12/31/2017		16.42		0.36		0.27			0.63			(0.40	)		–			(0.40	)

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

34	See Notes to Financial Statements.

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Notes to Financial Statements (continued)

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

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

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

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

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2018 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

Notes to Financial Statements (continued)

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

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

(h)

Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by 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)

Inflation-Linked Derivatives–The Fund may invest in inflation-linked derivatives, such as Consumer Price Index Swap Agreements (“CPI swaps”). A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap’s maturity date, at which point the payments are netted. The swaps are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on swaps in the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap is recorded in realized gain (loss) and is included in Net realized gain (loss) on swaps in the Fund’s Statement of Operations. Daily changes in valuation of centrally cleared CPI swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities. For the centrally cleared CPI swaps, there was minimal counterparty risk to the Fund, since such CPI swaps entered into were traded through a central clearinghouse, which guarantees against default.

(j)

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

Notes to Financial Statements (continued)

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

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

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

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

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

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

Notes to Financial Statements (continued)

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

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

(m)	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.

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

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

Notes to Financial Statements (continued)

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of December 31, 2021, the Fund had no unfunded loan commitments.

(o)	Interest Rate Swaps–The Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, a Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty (or Central counterparty clearing house (“CCP”) in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

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

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

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

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

	A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

Notes to Financial Statements (continued)

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Fund 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 annual rate of:

First $4 billion	.28%
Next $11 billion	.26%
Over $15 billion	.25%

For the fiscal year ended December 31, 2021, the effective management fee, net of any applicable waivers, was at an annualized rate of 0.28% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $31,743 of fund administration fees during the fiscal year ended December 31, 2021.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2021 and 2020 was as follows:

	Year Ended 12/31/2021			Year Ended 12/31/2020
Distributions paid from:
Ordinary income		$	12,857,073		$	21,279,071
Net long-term capital gains			4,772,086			6,844,111
Total distributions paid		$	17,629,159		$	28,123,182

As of December 31, 2021, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	–
Undistributed long-term capital gains		1,296,591
Total undistributed earnings		1,296,591
Temporary differences		(85,054	)
Unrealized loss – net		(471,788	)
Total accumulated gains – net	$	739,749

At the Fund’s election, certain losses incurred within the taxable year (“Qualified Late-Year Losses”) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer $13,710 of late-year ordinary losses during the fiscal year ended December 31, 2021.

As of December 31, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	685,019,362
Gross unrealized gain		3,814,160
Gross unrealized loss		(4,285,948	)
Net unrealized security loss	$	(471,788	)

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for fiscal year ended December 31, 2021 were as follows:

U.S.

Non-U.S.

U.S.

Non-U.S.

Government

Purchases*

Purchases

Sales*

Sales

$2,124,966,221

$372,011,348

$2,205,738,116

$382,106,570

*	Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2021, the Fund engaged in cross-trades purchases of $724,301 and sales of $1,095,131 which resulted in a net realized gain of $88,865.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2021 (as described in Note 2(g)). A forward foreign currency exchange contract

Notes to Financial Statements (continued)

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

The Fund entered into U.S. Treasury futures contracts for the fiscal year ended December 31, 2021 (as described in Note 2(j)) to economically hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Fund entered into CPI swaps for the fiscal year ended December 31, 2021 (as described in note 2(i)) to speculate the rate of inflation in the U.S. economy. The Fund’s use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Fund’s returns could be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Fund since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Notes to Financial Statements (continued)

As of December 31, 2021, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

Asset Derivatives	Interest Rate Contracts			Credit Contracts
Centrally Cleared Credit Default Swap Contracts⁽¹⁾			–		$	45,978
Futures Contracts⁽²⁾		$	846,603			–

Liability Derivatives
Credit Default Swap Contracts⁽³⁾			–		$	607,835
Futures Contracts⁽²⁾		$	153,348			–

⁽¹⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽²⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽³⁾	Statement of Assets and Liabilities location: Credit default swap agreements receivable/payable, at fair value.

Transactions in derivative instruments for the fiscal year ended December 31, 2021, were as follows:

Inflation
Linked/
Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

CPI/Interest Rate Swap Contracts⁽¹⁾

(1,046,019

)

–

Credit Default Swap Contracts⁽¹⁾

–

(16,906

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

98,621

–

Futures Contracts⁽³⁾

(2,635,084

)

–

Inflation
Linked/
Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁴⁾

–

(32,414

)

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

179,204

–

Futures Contracts⁽⁶⁾

765,981

–

Average Number of Contracts/Notional Amounts*

CPI/Interest Rate Swap Contracts⁽⁷⁾

8,687,692

–

Credit Default Swap Contracts⁽⁷⁾

–

15,943,077

Forward Foreign Currency Exchange Contracts⁽⁸⁾

–

3,141,275

–

Futures Contracts⁽⁷⁾

1,198

–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2021.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on swap contracts.

Notes to Financial Statements (continued)

⁽²⁾	Statement of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
⁽³⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁵⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁶⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁷⁾	Amount represents number of contracts.
⁽⁸⁾	Amount represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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	$	32,284,189	$	–	$	32,284,189
Total	$	32,284,189	$	–	$	32,284,189


	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	32,284,189	$	–	$	–	$	(32,284,189	)	$	–
Total	$	32,284,189	$	–	$	–	$	(32,284,189	)	$	–


Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts		$607,835	$	–		$607,835
Total		$607,835	$	–		$607,835

Notes to Financial Statements (continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Pledged^(a)			Securities Collateral Pledged^(a)		Net Amount^(c)
Citibank	$	535,602	$	–		$(437,855	)	$	–	$	97,747
Morgan Stanley		72,233		–		–			–		72,233
Total	$	607,835	$	–		$(437,855	)	$	–	$	169,980

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2021.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2021.

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

10.

LINE OF CREDIT

For the period ended August 4, 2021, the Fund and certain other Funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

Notes to Financial Statements (continued)

million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

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

For the fiscal year ended December 31, 2021, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

For the fiscal year ended December 31, 2021, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“SSB”) is the Fund’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

13.

SECURITIES LENDING AGREEMENT

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

As of December 31, 2021, the Fund did not loan any securities.

Notes to Financial Statements (continued)

14.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non- agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. The prepayment rate also will affect the price and volatility of these securities. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprises involved, not by the U.S. Government.

The lower-rated or high-yield bonds (also known as “junk” bonds) in which the Fund may invest are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, industry and sector, liquidity, currency, political, information and other risks. As

Notes to Financial Statements (concluded)

compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Fund’s exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates.

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

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

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Shares sold		7,714,522			8,108,990
Reinvestment of distributions		1,042,466			1,625,618
Shares reacquired		(8,957,445	)		(8,995,324	)
Increase (decrease)		(200,457	)		739,284

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Total Return Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Total Return Portfolio of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

DELOITTE & TOUCHE LLP
New York, New York
February 15, 2022

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

Basic Information About Management

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine–School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016;
President and Chief
Executive Officer
since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

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

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014-2021) and Calvert Research & Management (CRM) (2016-2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016.

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and an appropriate benchmark as of various periods ended June 30, 2021. The Board observed that although the Fund’s investment performance was below the median of the performance peer group for the three-, five-, and ten-year periods, the Fund’s investment performance was above the median of the performance peer group for the one-year period and the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods.

Approval of Advisory Contract (continued)

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

Approval of Advisory Contract (concluded)

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

Tax Information (unaudited)

Of the distributions paid to the shareholders during the fiscal year ended December 31, 2021, $4,772,086 represent long-term capital gains.

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

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

Lord Abbett Series Fund, Inc.

Total Return Portfolio

SFTR-PORT-2
(02/22)

Item 2:		Code of Ethics.
	(a)	In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended December 31, 2021 (the “Period”).

(b)

Not applicable.

(c)

The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d)

The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

(e)

Not applicable.

	(f)	See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3:		Audit Committee Financial Expert.
		The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4:		Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2021 and 2020 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2021		2020
Audit Fees {a}	$	363,500	$	365,000
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		363,500		365,000

Tax Fees {b}		53,870		53,209
All Other Fees		- 0 -		- 0 -

Total Fees	$	417,370	$	418,209

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended December 31, 2021 and 2020 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

	·	any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and
	·	any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended December 31, 2021 and 2020 were:

	Fiscal year ended:
	2021	2020
All Other Fees {a}	$220,000	214,142

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2021 and 2020 were:

	Fiscal year ended:
	2021	2020
All Other Fees	$ - 0 -	$ - 0-

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

Item 5:

Audit Committee of Listed Registrants.

Not applicable.

Item 6:

Investments.

Not applicable.

Item 7:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10:

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11:

Controls and Procedures.

	(a)	The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

	(b)	There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13:

Exhibits.

	(a)(1)	The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.

	(a)(2)	Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

	(b)	Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LORD ABBETT SERIES FUND, INC.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: February 16, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: February 16, 2022

	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Date: February 16, 2022

Lord Abbett Series Fund N-CSRCertified annual shareholder report (management investment company)