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Table of Contents
1
Schedule of Investments (Item 7)
4
Statement of Assets and Liabilities (Item 7)
5
Statement of Operations (Item 7)
6
Statements of Changes in Net Assets (Item 7)
8
Financial Highlights (Item 7)
10
Notes to Financial Statements (Item 7)
20
Report of Independent Registered Public Accounting Firm (Item 7)
21
Changes in and Disagreements with Accountants (Item 8)
21
Proxy Disclosures (Item 9)
21
Remuneration Paid to Directors, Officers, and Others (Item 10)
1
Fair
Investments
Shares
Value
Fair
Investments
Shares Value
Schedule of Investments
December 31, 2024
LONG-TERM INVESTMENTS 100.09%
COMMON STOCKS 100.09%
Aerospace & Defense 4.81%
Boeing Co.*
45,597 $ 8,070,669
Lockheed Martin Corp.
11,943 5,803,581
RTX Corp.
85,547 9,899,499
Total
23,773,749
Banks 7.13%
JPMorgan Chase & Co.
88,968 21,326,519
Wells Fargo & Co.
197,765 13,891,014
Total
35,217,533
Biotechnology 3.22%
AbbVie, Inc.
55,707 9,899,134
United Therapeutics Corp.* 17,043 6,013,452
Total
15,912,586
Building Products 3.25%
Allegion PLC (Ireland)
(a)
71,877 9,392,887
Masco Corp.
91,611
6,648,210
Total
16,041,097
Capital Markets 8.42%
Ameriprise Financial, Inc.
9,212 4,904,745
Charles Schwab Corp.
159,412 11,798,082
KKR & Co., Inc.
57,402 8,490,330
Morgan Stanley
74,365 9,349,168
Nasdaq, Inc.
90,909 7,028,175
Total
41,570,500
Construction & Engineering 1.61%
EMCOR Group, Inc.
17,548 7,965,037
Construction Materials 1.77%
CRH PLC
94,486 8,741,845
Consumer Finance 1.80%
American Express Co.
30,030 8,912,604
Consumer Staples Distribution & Retail 3.38%
BJ’s Wholesale Club
Holdings, Inc.*
103,078 $ 9,210,019
Target Corp.
55,539
7,507,762
Total
16,717,781
Electric: Utilities 3.80%
Entergy Corp.
102,814 7,795,357
FirstEnergy Corp.
143,943 5,726,053
NextEra Energy, Inc.
72,935
5,228,710
Total
18,750,120
Electronic Equipment, Instruments &
Components 1.64%
TD SYNNEX Corp.
68,907
8,081,413
Energy Equipment & Services 1.17%
Schlumberger NV
150,994
5,789,110
Financial Services 3.23%
Fiserv, Inc.*
49,688 10,206,909
PayPal Holdings, Inc.*
67,110 5,727,838
Total
15,934,747
Health Care Equipment & Supplies 1.46%
Becton Dickinson & Co.
31,871 7,230,574
Health Care Providers & Services 5.47%
Labcorp Holdings, Inc.
42,613 9,772,013
McKesson Corp.
15,045 8,574,296
UnitedHealth Group, Inc. 17,146 8,673,476
Total
27,019,785
Industrial REITS 1.47%
Prologis, Inc.
68,642 7,255,459
Insurance 8.74%
Allstate Corp.
43,076 8,304,622
Aon PLC Class A
27,014
9,702,348
Arch Capital Group Ltd.
86,646 8,001,758
Arthur J Gallagher & Co. 31,582 8,964,551
RenaissanceRe Holdings Ltd. 32,954 8,199,285
Total
43,172,564
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2
Fair
Investments
Shares Value
Fair
Investments
Shares Value
Interactive Media & Services 3.21%
Alphabet, Inc. Class A
83,855 $ 15,873,752
Life Sciences Tools & Services 1.33%
Thermo Fisher Scientific, Inc. 12,608 6,559,060
Machinery 5.08%
AGCO Corp.
53,060 4,960,049
Cummins, Inc.
28,901 10,074,889
Parker-Hannifin Corp.
15,812 10,056,906
Total
25,091,844
Metals & Mining 1.31%
Steel Dynamics, Inc.
56,891 6,489,556
Oil, Gas & Consumable Fuels 5.96%
Diamondback Energy, Inc. 53,799 8,813,890
Expand Energy Corp.
104,124 10,365,544
Shell PLC ADR
163,323 10,232,186
Total
29,411,620
Pharmaceuticals 2.73%
Merck & Co., Inc.
72,863
7,248,411
Teva Pharmaceutical
Industries Ltd. ADR*
282,475 6,225,749
Total
13,474,160
Real Estate Management &
Development 2.02%
CBRE Group, Inc. Class A* 75,990 9,976,727
Semiconductors & Semiconductor
Equipment 2.64%
KLA Corp.
6,687
4,213,612
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR 44,575
8,803,117
Total
13,016,729
Software 3.40%
Adobe, Inc.*
15,502 6,893,429
Microsoft Corp.
23,505
9,907,358
Total
16,800,787
Specialty Retail 4.94%
AutoZone, Inc.*
2,490 $ 7,972,980
Best Buy Co., Inc.
87,084
7,471,807
Lowe’s Cos., Inc.
36,210 8,936,628
Total
24,381,415
Technology Hardware, Storage &
Peripherals 1.52%
NetApp, Inc.
64,498 7,486,928
Textiles, Apparel & Luxury Goods 1.83%
Ralph Lauren Corp.
39,089 9,028,777
Trading Companies & Distributors 1.75%
AerCap Holdings NV
(Ireland)
(a)
90,477 8,658,649
Total Common Stocks
(cost $354,346,310)
494,336,508
Principal
Amount
SHORT-TERM INVESTMENTS 0.61%
Repurchase Agreements 0.61%
Repurchase Agreement
dated 12/31/2024, 2.050%
due 1/2/2025 with Fixed
Income Clearing Corp.
collateralized by $3,092,700
of U.S. Treasury Note at
4.250% due 12/31/2026;
value: $3,092,558;
proceeds: $3,032,070
(cost $3,031,724)
$3,031,724 3,031,724
Total Investments
in Securities 100.70%
(cost $357,378,034)
497,368,232
Other Assets and
Liabilities – Net (0.70)%
(3,463,226)
Net Assets 100.00%
$493,905,006
ADR American Depositary Receipt.
REITS Real Estate Investment Trusts.
* Non-income producing security.
(a)
Foreign security traded in U.S. dollars.
Schedule of Investments (continued)
December 31, 2024
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3
The following is a summary of the inputs used as of December 31, 2024 in valuing the Fund’s investments
carried at fair value
(
1)
:
Investment Type
(
2)
Level 1
Level 2 Level 3
Total
Long-Term Investments
Common Stocks
$494,336,508
$ –
$ –
$494,336,508
Short-Term Investments
Repurchase Agreements
–
3,031,724 –
3,031,724
Total $
494,336,508 $
3,031,724 $ –
$497,368,232
(1)
Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)
See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The
table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment
Type include securities classified as two or more levels within the three-tier fair value hierarchy. 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.
Schedule of Investments (concluded)
December 31, 2024
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Statement of Assets and Liabilities
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ASSETS:
Investments in securities, at fair value (cost $357,378,034) $
497,368,232
Cash 8
Receivables:
Interest and dividends
453,643
Capital shares sold
5,938
Prepaid expenses
3,698
Total assets
497,831,519
LIABILITIES:
Payables:
Capital shares reacquired
2,483,421
Transfer agent fees
1,016,347
Management fee
214,865
Directors’ fees
119,779
Fund administration
17,189
Foreign currency overdraft (cost $3) 3
Accrued expenses
74,909
Total liabilities
3,926,513
NET ASSETS $
493,905,006
COMPOSITION OF NET ASSETS:
Paid-in capital $
344,838,042
Total distributable earnings (loss)
149,066,964
Net Assets $
493,905,006
Outstanding shares (200 million shares of common stock
authorized, $.001 par value)
12,372,217
Net asset value, offering and redemption price per share
(Net assets divided by outstanding shares)
$39.92
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5
Statement of Operations
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Investment income:
Dividends (net of foreign withholding taxes of $62,880) $
9,110,952
Securities lending net income
4,180
Interest and other
83,472
Total investment income
9,198,604
Expenses:
Management fee
2,535,838
Non 12b-1 service fees
1,268,874
Shareholder servicing
506,331
Fund administration
202,867
Reports to shareholders
65,969
Professional
56,912
Directors’ fees
25,356
Custody
11,193
Other
64,770
Gross expenses
4,738,110
Fees waived and expenses reimbursed (See Note 3)
(11,193)
Net expenses
4,726,917
Net investment income
4,471,687
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments
48,378,445
Net realized gain (loss) on foreign currency related transactions
(2,177)
Net change in unrealized appreciation/depreciation on investments
42,247,785
Net change in unrealized appreciation/depreciation on translation of assets
and liabilities denominated in foreign currencies
(3,045)
Net realized and unrealized gain (loss)
90,621,008
Net Increase in Net Assets Resulting From Operations
$95,092,695
6
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Statements of Changes in Net Assets
For the Year Ended For the Year Ended
INCREASE (DECREASE) IN NET ASSETS
December 31, 2024 December 31, 2023
Operations:
Net investment income $
4,471,687 $
4,588,147
Net realized gain (loss) on investments and foreign
currency related transactions
48,376,268
6,045,688
Net change in unrealized appreciation/depreciation on
investments and translation of assets and liabilities
denominated in foreign currencies
42,244,740
48,597,772
Net increase in net assets resulting
from operations
95,092,695
59,231,607
Distributions to shareholders:
(40,430,979)
(14,082,440)
Capital share transactions (See Note 13):
Net proceeds from sales of shares
10,872,740
12,759,573
Reinvestment of distributions
40,430,979
14,082,440
Cost of shares reacquired
(103,705,845)
(66,604,615)
Net decrease in net assets resulting from capital
share transactions
(52,402,126)
(39,762,602)
Net increase in net assets
2,259,590
5,386,565
NET ASSETS:
Beginning of year $
491,645,416 $
486,258,851
End of year
$
493,905,006 $
491,645,416
7
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Financial Highlights
Per Share Operating Performance:
_______________________________________________________
Distributions to
Investment Operations:
shareholders from:
__________________________ __________________________
Total
Net from
Net asset Net realized invest- Net
value, invest- and
ment invest- Net Total
beginning ment unrealized oper- ment realized distri-
of period income
(a)
gain (loss) ations income gain butions
_________________________________________________________________
12/31/2024
$36.06
$0.36 $ 7.02 $ 7.38 $(0.36) $(3.16) $(3.52)
$
2
0
0
0 $
3
12/31/2023
32.80
0.33
3.98
4.31
(0.33) (0.72) (1.05)
3
1
0
0
0 4
2
12/31/2022
40.04
0.48
(4.29)
(3.81) (0.48) (2.95) (3.43)
3
(
0
0
1 4
3
12/31/2021
34.94
0.41
9.63
10.04
(0.44) (4.50) (4.94)
4
2
0
0
1 6
6
12/31/2020
34.57
0.53
0.39
0.92
(0.55) -
(0.55)
3
2
0
0
1 5
6
(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.
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9
Ratios to Average Net Assets:
Supplemental Data:
______________________________________ ___________ __________
Net
Total expenses
Net
asset
after waivers
Net
assets, Portfolio
value, Total
and/or
Total investment end of turnover
end of return
(
b)
reimbursements expenses income period
rate
period (%)
(%)
(%)
(%) (000)
(%)
_____________________________________________________________________________
$
$ $ $ $
$
$
$39.92
20.60
0.93
0.93
0.88 $493,905
30
3
0
3
4
(
( (
36.06
13.19
0.92
0.93
0.96 491,645
28
4
0
(
(
( (
32.80
(9.44)
0.93
0.94
1.31 486,259
36
3
0
9
1
(
( (
40.04
29.02
0.92
0.93
1.03 610,598
66
3
0
0
0
( -
(
34.94
2.70
0.94
0.94
1.70 552,858
67
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, 2024. This report covers Growth and Income Portfolio (the “Fund”).
The Fund’s investment objective is long-term growth of capital and income without excessive
fluctuations in market value. The Fund 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.
Basis of Preparation
The Fund is an investment company and applies the accounting and reporting guidance of the
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
Topic 946
Financial Services - Investment 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.
Segment Reporting
The Fund adopted FASB Accounting Standards Update (“ASU”) 2023-07, Segment Reporting
(Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the
new standard resulted in new financial statement disclosures and did not affect the Fund’s
financial position or its results of operations. An operating segment is defined in Topic 280 as a
component of a public entity that engages in business activities from which it may recognize
revenues and incur expenses, has operating results that are regularly reviewed by the public
entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated
to the segment and assess its performance, and has discrete financial information available.
The CODM for the Fund is Lord Abbett through its Management, Investment and Operating
Committees, which are responsible for assessing performance and making decisions about resource
allocation. The CODM has determined that the Fund has a single operating segment based on the
fact that the CODM monitors the operating results of the Fund as a whole and that the Fund’s
long-term strategic asset allocation is pre-determined in accordance with the terms of its
prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio
managers as a team. The financial information provided to and reviewed by the CODM is consistent
with that presented within the Fund’s Schedule of Investments, Statement of Assets and Liabilities,
Statement of Operations, Statement of Changes in Net Assets and Financial Highlights.
2. SIGNIFICANT ACCOUNTING POLICIES
(a)
Investment Valuation—
Under procedures approved by the Fund’s Board of Directors (the
“Board”), the Board has designated the determination of fair value of the Fund’s portfolio
investments to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly,
Lord Abbett is responsible for, among other things, assessing and managing valuation risks,
establishing, applying and testing fair value methodologies, and evaluating pricing services.
10
Notes to Financial Statements
Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of
Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that
prices utilized reasonably reflect fair value. Among other things, these procedures allow
Lord
Abbett, subject to Board oversight, 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 Pricing Committee uses a third-
party 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 ask 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 periodically reviews reports that may include fair value
determinations made by the Pricing Committee, related market activity, inputs and
assumptions, and retrospective comparison of prices of subsequent purchases and sales
transactions to fair value determinations made by the Pricing Committee.
Short-term securities with 60 days or less remaining to maturity are valued using the amortized
cost method, which approximates fair value. Investments in open-end money market mutual
funds are valued at their net asset value (“NAV”) as of the close of each business day.
(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, in 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
11
Notes to Financial Statements (continued)
returns remains open for the fiscal years ended December 31, 2021 through December 31,
2024. The statutes of limitations on the Company’s state and local tax returns may remain
open for an additional year depending upon the Fund’s 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.
(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.
12
Notes to Financial Statements (continued)