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)

Thomas R. Phillips, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2010

Item 1: Reports to Shareholders.

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the six-month period ended June 30, 2010

Lord Abbett Series Fund — Bond Debenture Portfolio

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Bond Debenture Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 – 6/30/10
Class VC
Actual	$	1,000.00	$	1,027.50	$	4.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Agency	1.11%
Banking	4.90%
Basic Industry	9.02%
Brokerage	0.51%
Capital Goods	10.64%
Consumer Cyclical	7.22%
Consumer Non-Cyclical	6.77%
Energy	10.87%
Finance & Investment	2.09%
Government Guaranteed	0.18%
Insurance	1.59%
Media	6.30%
Real Estate	0.84%
Services Cyclical	9.43%
Services Non-Cyclical	7.32%
Technology & Electronics	7.04%
Telecommunications	7.20%
Utility	4.22%
Short-Term Investment	2.75%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments			Shares (000)		Value
LONG-TERM INVESTMENTS 96.32%
COMMON STOCKS 1.37%
Auto Parts & Equipment 0.14%
Cooper-Standard Holdings, Inc.*				3	$	100,884
Cooper-Standard Holdings, Inc.*(a)				19		577,560
Total						678,444
Chemicals 0.32%
LyondellBasell Industries NV Class A (Netherlands)*(b)				50		804,657
LyondellBasell Industries NV Class B (Netherlands)*(b)				45		726,395
Total						1,531,052
Forestry/Paper 0.25%
Smurfit-Stone Container Corp.*				48		1,194,583
Life Insurance 0.08%
MetLife, Inc.				11		399,652
Media: Cable 0.33%
Charter Communications, Inc. Class A				45		1,605,197
Metals/Mining (Excluding Steel) 0.25%
Freeport-McMoRan Copper & Gold, Inc.				2		125,474
Vale SA ADR				44		1,082,723
Total						1,208,197
Total Common Stocks (cost $5,798,940)						6,617,125
	Interest Rate	Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 10.29%
Aerospace/Defense 0.59%
Alliant Techsystems, Inc.	2.75%	2/15/2024	$	750		714,375
GenCorp, Inc.	2.25%	11/15/2024		675		630,281
L-3 Communications Holdings, Inc.	3.00%	8/1/2035		1,500		1,507,500
Total						2,852,156
Airlines 0.24%
UAL Corp.	4.50%	6/30/2021		1,175		1,141,160

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Auto Parts & Equipment 0.05%
TRW Automotive, Inc.†	3.50%	12/1/2015	$	200	$	230,250
Automotive 0.26%
Ford Motor Co.	4.25%	11/15/2016		1,000		1,251,250
Beverages 0.34%
Central European Distribution Corp. (Poland)(b)	3.00%	3/15/2013		1,000		838,750
Molson Coors Brewing Co.	2.50%	7/30/2013		750		808,125
Total						1,646,875
Computer Hardware 0.86%
Intel Corp.	2.95%	12/15/2035		1,250		1,193,750
NetApp, Inc.	1.75%	6/1/2013		1,100		1,419,000
SanDisk Corp.	1.00%	5/15/2013		1,750		1,564,062
Total						4,176,812
Diversified Capital Goods 0.56%
General Cable Corp. (2.25% after 11/15/19)~	4.50%	11/15/2029		1,000		942,500
Ingersoll-Rand Co., Ltd.	4.50%	4/15/2012		300		591,000
Textron, Inc.	4.50%	5/1/2013		800		1,162,000
Total						2,695,500
Electronics 0.32%
Itron, Inc.	2.50%	8/1/2026		1,400		1,545,250
Food: Wholesale 0.27%
Archer Daniels Midland Co.	0.875%	2/15/2014		1,400		1,326,500
Health Services 0.16%
Human Genome Sciences, Inc.	2.25%	10/15/2011		500		790,000
Integrated Energy 0.17%
Evergreen Solar, Inc.	4.00%	7/15/2013		550		162,250
SunPower Corp.	4.75%	4/15/2014		825		657,937
Total						820,187
Machinery 0.36%
Roper Industries, Inc.	Zero Coupon	1/15/2034		2,500		1,750,000
Media: Broadcast 0.16%
Sinclair Broadcast Group, Inc.	6.00%	9/15/2012		835		778,638

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Media: Cable 0.05%
Virgin Media, Inc.	6.50%	11/15/2016	$	200	$	235,250
Media: Diversified 0.15%
Liberty Media LLC (convertible into Viacom, Inc., Class B and CBS Corp.)	3.25%	3/15/2031		1,200		714,000
Media: Services 0.10%
Omnicom Group, Inc.	Zero Coupon	7/1/2038		500		475,000
Medical Products 0.42%
Fisher Scientific International, Inc.	3.25%	3/1/2024		500		635,625
Medtronic, Inc.	1.625%	4/15/2013		550		554,125
NuVasive, Inc.	2.25%	3/15/2013		800		847,000
Total						2,036,750
Metals/Mining (Excluding Steel) 0.64%
Newmont Mining Corp.	1.25%	7/15/2014		800		1,144,000
Newmont Mining Corp.	3.00%	2/15/2012		500		711,250
Patriot Coal Corp.	3.25%	5/31/2013		350		287,000
Placer Dome, Inc. (Canada)(b)	2.75%	10/15/2023		500		926,875
Total						3,069,125
Non-Food & Drug Retailers 0.08%
Saks, Inc.†	7.50%	12/1/2013		230		370,013
Oil Field Equipment & Services 0.08%
Exterran Energy Corp.	4.75%	1/15/2014		400		382,500
Packaging 0.19%
Owens-Brockway Glass Container, Inc.†	3.00%	6/1/2015		975		900,656
Pharmaceuticals 1.34%
ALZA Corp.	Zero Coupon	7/28/2020		1,000		876,250
BioMarin Pharmaceutical, Inc.	2.50%	3/29/2013		1,000		1,258,750
Gilead Sciences, Inc.	0.625%	5/1/2013		1,600		1,784,000
Salix Pharmaceuticals Ltd.	2.75%	5/15/2015		250		271,250
Teva Pharmaceutical Finance Co. BV (Israel)(b)	1.75%	2/1/2026		2,000		2,300,000
Total						6,490,250

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Value
Real Estate Investment Trusts 0.13%
ProLogis	3.25%	3/15/2015	$	725		$	651,594
Software/Services 1.44%
Alliance Data Systems Corp.	1.75%	8/1/2013		750			729,375
Concur Technologies, Inc.†	2.50%	4/15/2015		1,120			1,141,000
EMC Corp.	1.75%	12/1/2011		1,250			1,523,437
Informatica Corp.	3.00%	3/15/2026		600			751,500
Microsoft Corp.†	Zero Coupon	6/15/2013		250			247,813
Salesforce.com, Inc.†	0.75%	1/15/2015		475			551,594
Sybase, Inc.†	3.50%	8/15/2029		225			331,875
Symantec Corp.	0.75%	6/15/2011		1,700			1,693,625
Total							6,970,219
Support: Services 0.31%
CRA International, Inc.	2.875%	6/15/2034		400			394,000
FTI Consulting, Inc.	3.75%	7/15/2012		750			1,103,437
Total							1,497,437
Telecommunications Equipment 0.62%
Ciena Corp.	0.25%	5/1/2013		1,500			1,220,625
JDS Uniphase Corp.	1.00%	5/15/2026		2,000			1,775,000
Total							2,995,625
Telecommunications: Wireless 0.40%
SBA Communications Corp.	4.00%	10/1/2014		1,500			1,923,750
Total Convertible Bonds (cost $48,282,343)							49,716,747
			Shares (000)
CONVERTIBLE PREFERRED STOCKS 2.73%
Agency/Government Related 0.00%
Fannie Mae	8.75%			20			10,400
Auto Parts & Equipment 0.02%
Cooper-Standard Holdings, Inc.(a)	7.00%			–	(c)		92,120
Banking 1.44%
Bank of America Corp.	7.25%			2			1,816,000

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Shares (000)		Value
Banking (continued)
Citigroup, Inc.	7.50%		16		$	1,751,500
Fifth Third Bancorp	8.50%		12			1,521,120
Wells Fargo & Co.	7.50%		2			1,862,000
Total						6,950,620
Electric: Integrated 0.08%
PPL Corp.	9.50%		7			385,836
Gas Distribution 0.36%
El Paso Corp.	4.99%		1			977,600
Williams Cos., Inc. (The)	5.50%		9			782,362
Total						1,759,962
Investments & Miscellaneous Financial Services 0.21%
AMG Capital Trust I	5.10%		25			992,188
Multi-Line Insurance 0.22%
Hartford Financial Services Group, Inc. (The)	7.25%		45			1,041,300
Pharmaceuticals 0.27%
Mylan, Inc.	6.50%		1			1,326,875
Railroads 0.13%
Kansas City Southern	5.125%		–	(c)		632,000
Total Convertible Preferred Stocks (cost $13,477,545)						13,191,301
		Maturity Date	Principal Amount (000)
FOREIGN BOND 0.10%
Netherlands
Ziggo Bond Co. BV†(d) (cost $523,267)	8.00%	5/15/2018	EUR     400			473,243
GOVERNMENT SPONSORED ENTERPRISES BOND 1.10%
Federal National Mortgage Assoc. (cost $5,120,884)	3.25%	4/9/2013	$  5,000			5,310,405

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30,2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
HIGH YIELD CORPORATE BONDS 80.38%
Aerospace/Defense 1.49%
Esterline Technologies Corp.	6.625%	3/1/2017	$	650	$	643,500
Esterline Technologies Corp.	7.75%	6/15/2013		1,060		1,075,900
L-3 Communications Corp.	6.375%	10/15/2015		2,100		2,110,500
Mantech International Corp.†	7.25%	4/15/2018		800		812,000
Moog, Inc.	6.25%	1/15/2015		550		537,625
Spirit Aerosystems, Inc.	7.50%	10/1/2017		595		586,075
Triumph Group, Inc.	8.00%	11/15/2017		550		528,000
Vought Aircraft Industries, Inc.	8.00%	7/15/2011		925		929,625
Total						7,223,225
Airlines 0.37%
Delta Air Lines, Inc.†	9.50%	9/15/2014		200		211,000
United Air Lines, Inc.†	9.875%	8/1/2013		1,000		1,030,000
United Air Lines, Inc.†	12.00%	11/1/2013		525		548,625
Total						1,789,625
Apparel/Textiles 0.58%
Jones Apparel Group, Inc.	6.125%	11/15/2034		475		382,969
Levi Strauss & Co.	8.875%	4/1/2016		850		884,000
Levi Strauss & Co.†	7.625%	5/15/2020		475		467,875
Phillips-Van Heusen Corp.	7.375%	5/15/2020		200		202,750
Quiksilver, Inc.	6.875%	4/15/2015		950		868,062
Total						2,805,656
Auto Loans 0.51%
Ford Motor Credit Co. LLC	7.25%	10/25/2011		1,000		1,027,588
Ford Motor Credit Co. LLC	9.875%	8/10/2011		1,350		1,420,895
Total						2,448,483
Auto Parts & Equipment 1.12%
Cooper-Standard Automotive, Inc.†	8.50%	5/1/2018		600		607,500
Goodyear Tire & Rubber Co. (The)	10.50%	5/15/2016		700		764,750
Stanadyne Corp.	10.00%	8/15/2014		375		343,125
Tenneco, Inc.	8.625%	11/15/2014		1,125		1,140,469
TRW Automotive, Inc.†	7.25%	3/15/2017		1,575		1,535,625
TRW Automotive, Inc.†	8.875%	12/1/2017		1,000		1,035,000
Total						5,426,469

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Value
Automotive 0.64%
Ford Motor Co.	7.45%	7/16/2031		$	1,375	$	1,247,813
Navistar International Corp.	8.25%	11/1/2021			1,380		1,407,600
Oshkosh Corp.	8.50%	3/1/2020			425		444,125
Total							3,099,538
Banking 3.32%
Ally Financial, Inc.	7.25%	3/2/2011			750		765,937
Ally Financial, Inc.	8.00%	11/1/2031			425		394,188
Ally Financial, Inc.†	8.30%	2/12/2015			1,700		1,725,500
American Express Credit Corp.	7.30%	8/20/2013			1,000		1,133,006
Bank of America Corp.	5.75%	12/1/2017			750		778,980
Capital One Capital VI	8.875%	5/15/2040			1,500		1,573,309
Discover Bank	8.70%	11/18/2019			500		556,003
Fifth Third Capital Trust IV	6.50%	4/15/2037			1,300		1,082,250
JPMorgan Chase & Co.	6.00%	1/15/2018			1,500		1,658,884
JPMorgan Chase & Co.	7.90%	–	(e)		450		465,345
Morgan Stanley	6.00%	4/28/2015			1,500		1,569,246
Regions Financial Corp.	5.75%	6/15/2015			400		397,892
Royal Bank of Scotland Group plc (The) (United Kingdom)(b)	5.00%	11/12/2013			775		752,577
Royal Bank of Scotland Group plc (The) (United Kingdom)(b)	6.40%	10/21/2019			375		380,775
Standard Chartered plc (United Kingdom)†(b)	3.85%	4/27/2015			250		252,507
Wachovia Capital Trust III	5.80%	–	(e)		750		603,750
Washington Mutual Bank(f)	6.875%	6/15/2011			1,250		12,500
Zions Bancorporation	7.75%	9/23/2014			1,900		1,937,780
Total							16,040,429
Beverages 0.73%
CEDC Finance Corp. International, Inc.†	9.125%	12/1/2016			1,000		970,000
Constellation Brands, Inc.	7.25%	5/15/2017			2,500		2,546,875
Total							3,516,875
Brokerage 0.50%
Cantor Fitzgerald LP†	7.875%	10/15/2019			400		414,562
Lazard Group LLC	7.125%	5/15/2015			850		896,136
Raymond James Financial, Inc.	8.60%	8/15/2019			950		1,120,711
Total							2,431,409

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Building & Construction 0.68%
Beazer Homes USA, Inc.	6.50%	11/15/2013	$	775	$	718,812
K. Hovnanian Enterprises, Inc.	10.625%	10/15/2016		500		502,500
KB Home	9.10%	9/15/2017		1,000		987,500
Lennar Corp.	12.25%	6/1/2017		950		1,087,750
Total						3,296,562
Building Materials 0.84%
Building Materials Corp. of America†	7.50%	3/15/2020		550		543,125
Cemex Finance LLC†	9.50%	12/14/2016		250		242,500
Interline Brands, Inc.	8.125%	6/15/2014		1,025		1,031,406
Masco Corp.	7.125%	3/15/2020		1,250		1,215,818
Owens Corning, Inc.	9.00%	6/15/2019		875		1,036,228
Total						4,069,077
Chemicals 2.55%
Airgas, Inc.†	7.125%	10/1/2018		1,250		1,343,750
Ashland, Inc.	9.125%	6/1/2017		825		907,500
CF Industries, Inc.	6.875%	5/1/2018		225		229,500
CF Industries, Inc.	7.125%	5/1/2020		150		154,125
Huntsman International LLC†	8.625%	3/15/2020		1,500		1,391,250
INEOS Finance plc (United Kingdom)†(b)	9.00%	5/15/2015		250		250,625
INEOS Group Holdings plc (United Kingdom)†(b)	8.50%	2/15/2016		1,225		961,625
INVISTA†	9.25%	5/1/2012		349		355,108
LBI Escrow Corp.†	8.00%	11/1/2017		1,500		1,548,750
Mosaic Co. (The)†	7.375%	12/1/2014		500		523,589
Mosaic Global Holdings, Inc.	7.30%	1/15/2028		1,050		1,211,077
Nalco Co.	8.25%	5/15/2017		675		702,000
Nalco Co.	8.875%	11/15/2013		875		901,250
Phibro Animal Health Corp.†	9.25%	7/1/2018		275		275,000
Potash Corp. of Saskatchewan, Inc. (Canada)(b)	4.875%	3/30/2020		500		532,963
Rockwood Specialties Group, Inc.	7.50%	11/15/2014		1,008		1,020,600
Total						12,308,712
Computer Hardware 0.58%
Brocade Communications Systems, Inc.†	6.625%	1/15/2018		1,000		997,500
Brocade Communications Systems, Inc.†	6.875%	1/15/2020		750		748,125
Seagate HDD Cayman†	6.875%	5/1/2020		1,100		1,050,500
Total						2,796,125

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Consumer/Commercial/Lease Financing 1.51%
American General Finance Corp.	6.90%	12/15/2017	$	1,725	$	1,382,156
CIT Group, Inc.	7.00%	5/1/2016		3,200		2,936,000
International Lease Finance Corp.†	8.625%	9/15/2015		700		665,000
International Lease Finance Corp.†	8.75%	3/15/2017		1,450		1,377,500
Provident Funding Associates†	10.25%	4/15/2017		900		913,500
Total						7,274,156
Consumer Products 0.34%
Elizabeth Arden, Inc.	7.75%	1/15/2014		1,625		1,620,938
Diversified Capital Goods 2.23%
Actuant Corp.	6.875%	6/15/2017		2,100		2,058,000
Amsted Industries, Inc.†	8.125%	3/15/2018		875		877,188
Belden, Inc.	7.00%	3/15/2017		1,750		1,699,687
Belden, Inc.†	9.25%	6/15/2019		800		848,000
Mueller Water Products, Inc.	7.375%	6/1/2017		1,275		1,125,187
Park-Ohio Industries, Inc.	8.375%	11/15/2014		525		488,250
RBS Global/Rexnord LLC†	8.50%	5/1/2018		1,750		1,706,250
Sensus USA, Inc.	8.625%	12/15/2013		405		396,900
Timken Co.	6.00%	9/15/2014		875		959,009
Valmont Industries, Inc.	6.625%	4/20/2020		600		615,980
Total						10,774,451
Electric: Generation 1.97%
Dynegy Holdings, Inc.	7.75%	6/1/2019		575		400,344
Dynegy Holdings, Inc.	8.375%	5/1/2016		1,500		1,194,375
Edison Mission Energy	7.75%	6/15/2016		1,950		1,365,000
Mirant Americas Generation LLC	9.125%	5/1/2031		1,500		1,387,500
NRG Energy, Inc.	7.25%	2/1/2014		800		813,000
NRG Energy, Inc.	7.375%	2/1/2016		1,100		1,097,250
RRI Energy, Inc.	6.75%	12/15/2014		387		392,805
Texas Competitive Electric Holdings Co. LLC	10.25%	11/1/2015		4,300		2,859,500
Total						9,509,774
Electric: Integrated 2.13%
AES Corp. (The)	8.00%	10/15/2017		1,600		1,624,000
Central Illinois Light Co.	8.875%	12/15/2013		1,000		1,199,322
Commonwealth Edison Co.	5.80%	3/15/2018		1,900		2,150,188

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Electric: Integrated (continued)
Connecticut Light & Power Co. (The)	5.50%		2/1/2019	$	1,100	$	1,224,758
E. ON International Finance BV (Netherlands)†(b)	5.80%		4/30/2018		1,000		1,129,913
PECO Energy Co.	5.35%		3/1/2018		500		562,393
PSEG Power LLC†	5.32%		9/15/2016		2,242		2,419,335
Total							10,309,909
Electronics 1.17%
Amphenol Corp.	4.75%		11/15/2014		275		291,684
Analog Devices, Inc.	5.00%		7/1/2014		450		486,828
Freescale Semiconductor, Inc.	8.875%		12/15/2014		2,000		1,835,000
Freescale Semiconductor, Inc.†	9.25%		4/15/2018		500		496,250
Freescale Semiconductor, Inc.†	10.125%		3/15/2018		525		538,125
KLA-Tencor Corp.	6.90%		5/1/2018		875		980,359
NXP BV LLC (Netherlands)(b)	3.053%	#	10/15/2013		700		601,125
NXP BV LLC (Netherlands)(b)	9.50%		10/15/2015		500		420,000
Total							5,649,371
Energy: Exploration & Production 3.88%
Chesapeake Energy Corp.	6.25%		1/15/2018		1,600		1,624,000
Chesapeake Energy Corp.	7.25%		12/15/2018		750		778,125
Cimarex Energy Co.	7.125%		5/1/2017		1,925		1,944,250
Concho Resources, Inc.	8.625%		10/1/2017		575		595,125
Continental Resources, Inc.†	7.375%		10/1/2020		225		222,188
Continental Resources, Inc.	8.25%		10/1/2019		1,925		2,021,250
Forest Oil Corp.	7.25%		6/15/2019		1,825		1,770,250
Forest Oil Corp.	8.50%		2/15/2014		525		549,937
KCS Energy Services, Inc.	7.125%		4/1/2012		500		501,250
Kerr-McGee Corp.	6.95%		7/1/2024		1,600		1,456,952
Newfield Exploration Co.	7.125%		5/15/2018		1,450		1,442,750
Pan American Energy LLC (Argentina)†(b)	7.875%		5/7/2021		550		552,750
QEP Resources, Inc.	6.80%		3/1/2020		400		416,458
Quicksilver Resources, Inc.	7.125%		4/1/2016		600		556,500
Quicksilver Resources, Inc.	8.25%		8/1/2015		1,500		1,488,750
Range Resources Corp.	7.25%		5/1/2018		575		576,437
Range Resources Corp.	8.00%		5/15/2019		1,475		1,546,906
Ras Laffan Liquefied Natural Gas Co., Ltd. III (Qatar)†(b)	5.50%		9/30/2014		650		696,437
Total							18,740,315

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Environmental 0.21%
Clean Harbors, Inc.	7.625%	8/15/2016	$	1,000	$	1,032,500
Financial Guarantee/Reinsurance 0.21%
Fidelity National Financial, Inc.	6.60%	5/15/2017		1,000		998,427
Food & Drug Retailers 1.27%
Ingles Markets, Inc.	8.875%	5/15/2017		1,525		1,559,312
Rite Aid Corp.	9.375%	12/15/2015		1,475		1,213,188
Rite Aid Corp.	10.25%	10/15/2019		1,100		1,101,375
Stater Brothers Holdings, Inc.	8.125%	6/15/2012		1,225		1,231,125
SUPERVALU, INC.	7.50%	11/15/2014		1,025		1,030,125
Total						6,135,125
Food: Wholesale 1.67%
Bumble Bee Foods LLC†	7.75%	12/15/2015		2,000		2,017,500
Bunge NA Finance LP	5.90%	4/1/2017		325		347,291
Del Monte Corp.†	7.50%	10/15/2019		325		333,938
Dole Food Co., Inc.	8.75%	7/15/2013		1,400		1,449,000
General Mills, Inc.	5.20%	3/17/2015		950		1,066,787
H.J. Heinz Co.	5.35%	7/15/2013		525		577,401
Mead Johnson Nutrition Co.†	4.90%	11/1/2019		1,400		1,483,166
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.†	9.25%	4/1/2015		450		461,250
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.	10.625%	4/1/2017		300		314,250
Total						8,050,583
Forestry/Paper 0.96%
Boise Paper Holdings LLC/Boise Co-Issuer Co.†	8.00%	4/1/2020		200		200,500
Boise Paper Holdings LLC/Boise Finance Co.†	9.00%	11/1/2017		500		517,500
Cascades, Inc. (Canada)(b)	7.75%	12/15/2017		350		350,000
Cascades, Inc. (Canada)(b)	7.875%	1/15/2020		250		250,000
Cellu Tissue Holdings, Inc.	11.50%	6/1/2014		600		651,000
Georgia-Pacific LLC†	8.25%	5/1/2016		1,600		1,714,000
NewPage Corp.	11.375%	12/31/2014		625		570,313
Weyerhaeuser Co.	7.375%	10/1/2019		375		396,929
Total						4,650,242

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Gaming 3.19%
Ameristar Casinos, Inc.	9.25%	6/1/2014	$	850	$	894,625
Boyd Gaming Corp.	7.125%	2/1/2016		1,525		1,261,937
Downstream Development Authority Quapaw Tribe of Oklahoma†	12.00%	10/15/2015		600		567,000
Harrah’s Operating Co., Inc.†	12.75%	4/15/2018		1,000		960,000
International Game Technology	7.50%	6/15/2019		375		436,182
Isle of Capri Casinos, Inc.	7.00%	3/1/2014		1,500		1,357,500
MCE Finance Ltd.†	10.25%	5/15/2018		650		678,438
MGM Resorts International	6.75%	4/1/2013		1,000		897,500
MGM Resorts International†	9.00%	3/15/2020		300		309,750
Midwest Gaming Borrower LLC/Midwest Finance Corp.†	11.625%	4/15/2016		500		493,750
Mohegan Tribal Gaming Authority†	11.50%	11/1/2017		1,000		995,000
Peninsula Gaming LLC	8.375%	8/15/2015		250		250,313
River Rock Entertainment Authority (The)	9.75%	11/1/2011		975		910,406
Scientific Games Corp.	6.25%	12/15/2012		625		617,188
Scientific Games International, Inc.	9.25%	6/15/2019		850		873,375
Seneca Gaming Corp.	7.25%	5/1/2012		1,000		982,500
Snoqualmie Entertainment Authority†	9.125%	2/1/2015		1,300		1,095,250
Turning Stone Casino Resort†	9.125%	9/15/2014		200		200,500
Wynn Las Vegas LLC/Capital Corp.†	7.875%	11/1/2017		1,600		1,628,000
Total						15,409,214
Gas Distribution 3.96%
Colorado Interstate Gas Co.	6.80%	11/15/2015		829		959,364
El Paso Corp.	7.00%	6/15/2017		1,475		1,474,069
El Paso Corp.	7.25%	6/1/2018		250		251,924
El Paso Corp.	8.25%	2/15/2016		675		710,438
El Paso Natural Gas Co.	5.95%	4/15/2017		750		800,708
Ferrellgas LP/Ferrellgas Finance Corp.	6.75%	5/1/2014		1,100		1,083,500
Ferrellgas Partners LP	8.625%	6/15/2020		650		653,250
Florida Gas Transmission Co. LLC†	7.90%	5/15/2019		300		351,648
Inergy LP/Inergy Finance Corp.	8.25%	3/1/2016		1,500		1,526,250
Inergy LP/Inergy Finance Corp.	8.75%	3/1/2015		250		255,625
MarkWest Energy Partners LP	6.875%	11/1/2014		875		846,562
MarkWest Energy Partners LP	8.75%	4/15/2018		1,100		1,116,500
National Fuel Gas Co.	6.50%	4/15/2018		1,440		1,546,256

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Gas Distribution (continued)
NiSource Finance Corp.	6.15%	3/1/2013	$	400	$	436,470
Northwest Pipeline GP	6.05%	6/15/2018		175		193,826
Northwest Pipeline GP	7.00%	6/15/2016		1,500		1,755,715
Panhandle Eastern Pipeline Co. LP	7.00%	6/15/2018		460		493,863
Panhandle Eastern Pipeline Co. LP	8.125%	6/1/2019		600		672,478
SEMCO Energy, Inc.†	5.15%	4/21/2020		225		241,478
Suburban Propane Partners LP/Suburban Energy Finance Corp.	7.375%	3/15/2020		375		381,563
Tennessee Gas Pipeline Co.	7.50%	4/1/2017		975		1,117,540
Williams Cos., Inc. (The)	7.875%	9/1/2021		741		850,881
Williams Partners LP†	5.25%	3/15/2020		550		563,476
Williams Partners LP	7.25%	2/1/2017		750		852,543
Total						19,135,927
Health Facilities 5.38%
Apria Healthcare Group, Inc.†	11.25%	11/1/2014		625		668,750
Bausch & Lomb, Inc.	9.875%	11/1/2015		2,000		2,065,000
Biomet, Inc.	10.00%	10/15/2017		1,000		1,080,000
Capella Healthcare, Inc.†	9.25%	7/1/2017		225		227,812
Community Health Systems, Inc.	8.875%	7/15/2015		3,000		3,101,250
DaVita, Inc.	7.25%	3/15/2015		1,200		1,206,000
Hanger Orthopedic Group, Inc.	10.25%	6/1/2014		725		761,250
HCA, Inc.	7.875%	2/15/2020		500		516,875
HCA, Inc.	9.125%	11/15/2014		4,500		4,719,375
HCA, Inc.	9.875%	2/15/2017		500		540,000
HealthSouth Corp.	8.125%	2/15/2020		1,350		1,333,125
National Mentor Holdings, Inc.	11.25%	7/1/2014		225		225,563
Omega Healthcare Investors, Inc.†	7.50%	2/15/2020		425		426,062
Select Medical Corp.	7.625%	2/1/2015		1,650		1,559,250
Sun Healthcare Group, Inc.	9.125%	4/15/2015		2,000		2,105,000
Tenet Healthcare Corp.†	8.875%	7/1/2019		1,150		1,224,750
United Surgical Partners International, Inc.	8.875%	5/1/2017		1,500		1,503,750
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.	8.00%	2/1/2018		2,000		1,930,000
VWR Funding, Inc. PIK	10.25%	7/15/2015		792		804,070
Total						25,997,882

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Hotels 0.72%
FelCor Lodging LP	10.00%	10/1/2014	$	375	$	393,750
Host Hotels & Resorts LP	6.375%	3/15/2015		1,500		1,477,500
Hyatt Hotels Corp.†	5.75%	8/15/2015		500		522,241
Starwood Hotels & Resorts Worldwide, Inc.	6.75%	5/15/2018		1,100		1,105,500
Total						3,498,991
Household & Leisure Products 0.41%
ACCO Brands Corp.	10.625%	3/15/2015		275		299,750
Whirlpool Corp.	8.60%	5/1/2014		1,425		1,681,481
Total						1,981,231
Integrated Energy 0.69%
Marathon Oil Corp.	6.50%	2/15/2014		1,113		1,254,222
Petrobras International Finance Co. (Brazil)(b)	5.875%	3/1/2018		2,000		2,068,366
Total						3,322,588
Investments & Miscellaneous Financial Services 0.36%
FMR LLC†	5.35%	11/15/2021		800		836,769
NASDAQ OMX Group, Inc. (The)	4.00%	1/15/2015		200		203,563
Nuveen Investments, Inc.	10.50%	11/15/2015		800		700,000
Total						1,740,332
Leisure 0.86%
Equinox Holdings, Inc.†	9.50%	2/1/2016		575		571,406
MU Finance plc (United Kingdom)†(b)	8.375%	2/1/2017		1,150		1,108,313
Speedway Motorsports, Inc.	8.75%	6/1/2016		1,500		1,582,500
Universal City Development Partners Ltd.†	8.875%	11/15/2015		500		505,000
Universal City Development Partners Ltd.†	10.875%	11/15/2016		400		410,000
Total						4,177,219
Life Insurance 0.22%
MetLife, Inc.	5.00%	6/15/2015		975		1,043,294
Machinery 1.61%
Altra Holdings, Inc.†	8.125%	12/1/2016		1,075		1,070,969
Baldor Electric Co.	8.625%	2/15/2017		3,525		3,666,000
Gardner Denver, Inc.	8.00%	5/1/2013		1,250		1,278,125
Manitowoc Co., Inc. (The)	9.50%	2/15/2018		1,150		1,155,750
Roper Industries, Inc.	6.25%	9/1/2019		550		610,837
Total						7,781,681

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Managed Care 0.36%
Centene Corp.	7.25%	4/1/2014	$	1,350	$	1,356,750
UnitedHealth Group, Inc.	4.875%	4/1/2013		379		405,432
Total						1,762,182
Media: Broadcast 1.44%
Allbritton Communications Co.†	8.00%	5/15/2018		775		771,125
Belo Corp.	8.00%	11/15/2016		500		516,250
CBS Corp.	8.875%	5/15/2019		750		945,113
Discovery Communications LLC	5.625%	8/15/2019		550		596,434
FoxCo Acquisition Sub LLC†	13.375%	7/15/2016		300		295,500
Gray Television, Inc.†	10.50%	6/29/2015		500		487,500
Grupo Televisa SA (Mexico)(b)	6.00%	5/15/2018		200		215,826
LIN Television Corp.	6.50%	5/15/2013		500		490,000
LIN Television Corp.†	8.375%	4/15/2018		500		500,000
Salem Communications Corp.	9.625%	12/15/2016		612		633,420
Sinclair Television Group, Inc.†	9.25%	11/1/2017		650		659,750
Univision Communications, Inc. PIK†	9.75%	3/15/2015		1,000		837,500
Total						6,948,418
Media: Cable 2.24%
CCH II LLC / CCH II Capital Corp.	13.50%	11/30/2016		367		429,026
CCO Holdings LLC/CCO Holdings Capital Corp.†	8.125%	4/30/2020		1,325		1,361,438
CSC Holdings LLC	8.625%	2/15/2019		1,475		1,557,969
DirecTV Holdings LLC/DirecTV Financing Co., Inc.	6.375%	6/15/2015		1,550		1,612,000
DISH DBS Corp.	7.125%	2/1/2016		1,575		1,586,812
Insight Communications†	9.375%	7/15/2018		125		125,000
Mediacom Broadband LLC	8.50%	10/15/2015		625		600,000
Mediacom Communications Corp.	9.125%	8/15/2019		1,975		1,915,750
Virgin Media Finance plc (United Kingdom)(b)	8.375%	10/15/2019		750		763,125
Virgin Media Finance plc (United Kingdom)(b)	9.50%	8/15/2016		800		849,000
Total						10,800,120
Media: Services 1.55%
Affinion Group, Inc.	10.125%	10/15/2013		300		309,000
Affinion Group, Inc.	11.50%	10/15/2015		865		912,575
Interpublic Group of Cos., Inc. (The)	6.25%	11/15/2014		1,610		1,626,100
Interpublic Group of Cos., Inc. (The)	10.00%	7/15/2017		875		969,062
Lamar Media Corp.†	7.875%	4/15/2018		350		350,875

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Value
Media: Services (continued)
Nielsen Finance LLC/Nielsen Finance Co. (12.50% after 8/1/2011)~	Zero Coupon		8/1/2016		$	1,000	$	957,500
WMG Acquisition Corp.	9.50%		6/15/2016			2,200		2,354,000
Total								7,479,112
Medical Products 0.71%
Agilent Technologies, Inc.	5.50%		9/14/2015			725		781,249
Bio-Rad Laboratories, Inc.	6.125%		12/15/2014			1,250		1,262,500
Bio-Rad Laboratories, Inc.	8.00%		9/15/2016			1,000		1,047,500
Life Technologies Corp.	6.00%		3/1/2020			300		325,473
Total								3,416,722
Metals/Mining (Excluding Steel) 3.03%
Aleris International, Inc.(f)	10.00%		12/15/2016			850		9,563
Anglo American Capital plc (United Kingdom)†(b)	9.375%		4/8/2014			300		358,921
Arch Coal, Inc.†	8.75%		8/1/2016			850		890,375
Barrick Gold Corp. (Canada)(b)	6.95%		4/1/2019			300		360,320
Cliffs Natural Resources, Inc.	5.90%		3/15/2020			1,000		1,074,346
CONSOL Energy, Inc.†	8.25%		4/1/2020			1,250		1,309,375
Foundation PA Coal Co.	7.25%		8/1/2014			750		766,875
Freeport-McMoRan Copper & Gold, Inc.	8.375%		4/1/2017			2,025		2,230,394
Murray Energy Corp.†	10.25%		10/15/2015			1,000		1,000,000
Noranda Aluminum Acquisition Corp. PIK	5.373%	#	5/15/2015			717		555,866
Patriot Coal Corp.	8.25%		4/30/2018			1,050		1,015,875
Peabody Energy Corp.	5.875%		4/15/2016			1,000		986,250
Peabody Energy Corp.	7.375%		11/1/2016			200		209,250
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.	8.25%		4/15/2018			800		790,000
Teck Resources Ltd. (Canada)(b)	9.75%		5/15/2014			525		620,963
Teck Resources Ltd. (Canada)(b)	10.75%		5/15/2019			2,000		2,454,290
Total								14,632,663
Multi-Line Insurance 0.54%
AXA SA (France)†(b)	6.379%		–	(e)		550		436,563
HUB International Holdings, Inc.†	9.00%		12/15/2014			475		452,438
USI Holdings Corp.†	4.311%	#	11/15/2014			1,125		925,312
Willis North America, Inc.	7.00%		9/29/2019			600		645,297
ZFS Finance (USA) Trust V†	6.50%	#	5/9/2037			145		131,225
Total								2,590,835

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Non-Food & Drug Retailers 2.60%
Brookstone Co., Inc.	12.00%	10/15/2012	$	675	$	553,500
J.C. Penney Corp., Inc.	7.125%	11/15/2023		300		318,000
J.C. Penney Corp., Inc.	7.95%	4/1/2017		250		278,750
Limited Brands, Inc.	7.00%	5/1/2020		1,000		1,012,500
Limited Brands, Inc.	7.60%	7/15/2037		400		368,000
Limited Brands, Inc.	8.50%	6/15/2019		650		703,625
Macy’s Retail Holdings, Inc.	5.90%	12/1/2016		1,700		1,712,750
Macy’s Retail Holdings, Inc.	6.375%	3/15/2037		945		893,025
Macy’s Retail Holdings, Inc.	8.375%	7/15/2015		850		941,375
Michaels Stores, Inc.	10.00%	11/1/2014		250		259,375
Nordstrom, Inc.	6.25%	1/15/2018		800		911,982
QVC, Inc.†	7.125%	4/15/2017		1,000		985,000
QVC, Inc.†	7.375%	10/15/2020		1,200		1,173,000
Toys “R” Us Property Co. I LLC†	10.75%	7/15/2017		1,150		1,262,125
Toys “R” Us Property Co. II LLC†	8.50%	12/1/2017		1,150		1,184,500
Total						12,557,507
Oil Field Equipment & Services 1.37%
Cameron International Corp.	6.375%	7/15/2018		475		490,934
Complete Production Services, Inc.	8.00%	12/15/2016		1,025		1,007,063
Dresser-Rand Group, Inc.	7.375%	11/1/2014		854		858,270
Hornbeck Offshore Services, Inc.	8.00%	9/1/2017		975		872,625
Hornbeck Offshore Services, Inc. Series B	6.125%	12/1/2014		450		403,875
Key Energy Services, Inc.	8.375%	12/1/2014		875		873,906
National Oilwell Varco, Inc.	6.125%	8/15/2015		1,000		1,033,923
SEACOR Holdings, Inc.	7.375%	10/1/2019		1,000		1,057,840
Total						6,598,436
Oil Refining & Marketing 0.26%
Tesoro Corp.	9.75%	6/1/2019		1,200		1,251,000
Packaging 2.66%
Ball Corp.	6.625%	3/15/2018		1,300		1,306,500
Ball Corp.	7.375%	9/1/2019		1,500		1,567,500
Crown Americas LLC/Crown Americas Capital Corp. II†	7.625%	5/15/2017		1,125		1,170,000
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		1,870		1,711,050
Graham Packaging Co. LP/GPC Capital Corp. I†	8.25%	1/1/2017		600		594,000

See Notes to Financial Statements.

20

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Packaging (continued)
Graphic Packaging International Corp.	9.50%	8/15/2013	$	1,245	$	1,273,013
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†	7.75%	10/15/2016		1,575		1,547,437
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†	8.50%	5/15/2018		725		715,031
Sealed Air Corp.†	7.875%	6/15/2017		1,000		1,046,678
Solo Cup Co.	8.50%	2/15/2014		800		722,000
Solo Cup Co.	10.50%	11/1/2013		500		519,375
Vitro SA de CV (Mexico)(b)(f)	9.125%	2/1/2017		1,500		697,500
Total						12,870,084
Pharmaceuticals 0.47%
Axcan Intermediate Holdings, Inc.	12.75%	3/1/2016		575		585,063
Mylan, Inc.†	7.625%	7/15/2017		300		307,500
Mylan, Inc.†	7.875%	7/15/2020		550		563,750
Novartis Securities Investment Ltd.	5.125%	2/10/2019		725		813,027
Total						2,269,340
Printing & Publishing 0.12%
Deluxe Corp.	7.375%	6/1/2015		600		598,500
Property & Casualty 0.32%
Liberty Mutual Group, Inc.†	10.75%	6/15/2058		1,425		1,553,250
Real Estate Investment Trusts 0.70%
DuPont Fabros Technology LP†	8.50%	12/15/2017		675		695,250
Health Care REIT, Inc.	6.125%	4/15/2020		1,000		1,036,344
ProLogis	5.625%	11/15/2016		500		470,671
ProLogis	6.875%	3/15/2020		1,250		1,183,501
Total						3,385,766
Restaurants 0.74%
Denny’s Corp./Denny’s Holdings, Inc.	10.00%	10/1/2012		1,000		1,007,500
McDonald’s Corp.	5.00%	2/1/2019		1,350		1,506,717
Wendy’s/Arby’s Restaurants LLC	10.00%	7/15/2016		1,000		1,045,000
Total						3,559,217
Software/Services 1.98%
Ceridian Corp.	11.25%	11/15/2015		1,000		907,500
First Data Corp.	9.875%	9/24/2015		2,200		1,683,000

See Notes to Financial Statements.

21

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Software/Services (continued)
Open Solutions, Inc.†	9.75%		2/1/2015	$	600	$	453,000
SERENA Software, Inc.	10.375%		3/15/2016		500		478,750
SunGard Data Systems, Inc.	9.125%		8/15/2013		1,750		1,787,187
SunGard Data Systems, Inc.	10.25%		8/15/2015		2,000		2,075,000
Syniverse Technologies, Inc.	7.75%		8/15/2013		1,450		1,421,000
Vangent, Inc.	9.625%		2/15/2015		800		769,000
Total							9,574,437
Steel Producers/Products 0.95%
AK Steel Corp.	7.625%		5/15/2020		300		292,500
Algoma Acquisition Corp. (Canada)†(b)	9.875%		6/15/2015		1,075		919,125
Allegheny Ludlum Corp.	6.95%		12/15/2025		575		551,879
Allegheny Technologies, Inc.	9.375%		6/1/2019		800		946,098
Essar Steel Algoma, Inc. (Canada)†(b)	9.375%		3/15/2015		650		620,750
Steel Dynamics, Inc.†	7.625%		3/15/2020		750		750,000
United States Steel Corp.	7.375%		4/1/2020		500		496,875
Total							4,577,227
Support: Services 2.33%
ARAMARK Corp.	3.844%	#	2/1/2015		1,100		1,017,500
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.†	9.625%		3/15/2018		550		558,250
Brambles USA, Inc.†	5.35%		4/1/2020		900		936,294
Corrections Corp. of America	7.75%		6/1/2017		1,900		1,980,750
Expedia, Inc.	8.50%		7/1/2016		725		783,000
FTI Consulting, Inc.	7.75%		10/1/2016		750		761,250
Geo Group, Inc. (The)†	7.75%		10/15/2017		725		734,063
Hertz Corp. (The)	8.875%		1/1/2014		1,175		1,195,562
JohnsonDiversey, Inc.†	8.25%		11/15/2019		750		776,250
Live Nation Entertainment, Inc.†	8.125%		5/15/2018		1,250		1,218,750
Travelport LLC	9.875%		9/1/2014		500		503,750
United Rentals (North America), Inc.	10.875%		6/15/2016		750		808,125
Total							11,273,544
Telecommunications: Integrated/Services 2.80%
Angel Lux Common SA (Luxembourg)†(b)	8.875%		5/1/2016		2,000		2,065,000
CenturyLink, Inc.	6.15%		9/15/2019		875		858,212
Cincinnati Bell, Inc.	8.75%		3/15/2018		1,750		1,596,875

See Notes to Financial Statements.

22

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Telecommunications: Integrated/Services (continued)
Equinix, Inc.	8.125%		3/1/2018	$	1,200	$	1,233,000
Hughes Network Systems LLC	9.50%		4/15/2014		1,100		1,119,250
Hughes Network Systems LLC	9.50%		4/15/2014		900		915,750
Intelsat Luxembourg SA (Luxembourg)(b)	11.25%		2/4/2017		1,500		1,526,250
Level 3 Financing, Inc.†	10.00%		2/1/2018		475		422,750
MasTec, Inc.	7.625%		2/1/2017		750		733,125
Qwest Communications International, Inc.†	8.00%		10/1/2015		950		980,875
Telemar Norte Leste SA (Brazil)†(b)	9.50%		4/23/2019		200		240,500
Windstream Corp.	7.00%		3/15/2019		2,000		1,855,000
Total							13,546,587
Telecommunications: Wireless 3.93%
CC Holdings GS V LLC/Crown Castle GS III Corp.†	7.75%		5/1/2017		1,950		2,071,875
Digicel Group Ltd. (Jamaica)†(b)	10.50%		4/15/2018		700		725,375
DigitalGlobe, Inc.	10.50%		5/1/2014		2,600		2,808,000
GeoEye, Inc.†	9.625%		10/1/2015		1,500		1,537,500
Inmarsat Finance plc (United Kingdom)†(b)	7.375%		12/1/2017		500		513,750
iPCS, Inc. PIK	3.594%	#	5/1/2014		518		476,418
MetroPCS Wireless, Inc.	9.25%		11/1/2014		2,000		2,070,000
NII Capital Corp.	8.875%		12/15/2019		925		938,875
NII Capital Corp.	10.00%		8/15/2016		900		951,750
SBA Telecommunications, Inc.†	8.25%		8/15/2019		500		528,750
Sprint Capital Corp.	6.90%		5/1/2019		2,650		2,411,500
Sprint Nextel Corp.	8.375%		8/15/2017		1,725		1,733,625
ViaSat, Inc.	8.875%		9/15/2016		1,000		1,022,500
Wind Acquisition Finance SA (Italy)†(b)	11.75%		7/15/2017		1,150		1,184,500
Total							18,974,418
Theaters & Entertainment 0.32%
Cinemark USA, Inc.	8.625%		6/15/2019		1,100		1,111,000
Regal Cinemas Corp.	8.625%		7/15/2019		425		429,250
Total							1,540,250
Transportation (Excluding Air/Rail) 0.10%
Commercial Barge Line Co.	12.50%		7/15/2017		475		504,094
Total High Yield Corporate Bonds (cost $378,574,522)							388,350,044

See Notes to Financial Statements.

23

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Value
MUNICIPAL BONDS 0.25%
Other Revenue 0.18%
Metro Govt of Nashville & Davidson Cnty TN Convtn Ctr Auth Build America Bds Ser B		6.731%	7/1/2043	$	825		$	872,016
Transportation 0.07%
Chicago IL O’Hare Intl Arpt Build America Bds Ser B		6.395%	1/1/2040		325			347,071
Total Municipal Bonds (cost $1,166,111)								1,219,087
				Shares (000)
NON-CONVERTIBLE PREFERRED STOCKS 0.09%
Agency/Government Related 0.00%
Fannie Mae*					21			6,970
Banking 0.09%
US Bancorp*					–	(c)		439,913
Total Non-Convertible Preferred Stocks (cost $963,804)								446,883
	Exercise Price		Expiration Date
WARRANTS 0.01%
Auto Parts & Equipment 0.01%
Cooper-Standard Holdings, Inc.*	$	27.33	11/27/2017		1			20,140
Cooper-Standard Holdings, Inc.*(a)		27.33	11/27/2017		1			16,168
Total								36,308
Media: Cable 0.00%
Charter Communications, Inc.*		46.86	11/30/2014		3			17,388
Total Warrants (cost $36,246)								53,696
Total Long-Term Investments (cost $453,943,662)								465,378,531

See Notes to Financial Statements.

24

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Principal Amount (000)		Value
SHORT-TERM INVESTMENT 2.73%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $12,810,000 of Federal National Mortgage Assoc. at 3.625% due 8/15/2011; value: $13,434,488; proceeds: $13,170,245 (cost $13,170,245)	$	13,170	$	13,170,245
Total Investments in Securities 99.05% (cost $467,113,907)				478,548,776
Cash and Other Assets in Excess of Liabilities(g) 0.95%				4,580,638
Net Assets 100.00%			$	483,129,414

ADR	American Depositary Receipt.
EUR	Euro dollar.
PIK	Payment-in-kind.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.
~	Deferred interest debentures pay the stated rate, after which they pay a predetermined interest rate.
#	Variable rate security. The interest rate represents the rate in effect at June 30, 2010.
(a)	Restricted securities of Cooper Standard Holdings, Inc. acquired through private placement during the six-month period ended June 30, 2010 are as follows:

Investment Type	Acquisition Date	Acquired Shares	Cost on Acquisition Date		Fair value per share at June 30, 2010
Common Stock	May 24, 2010	19,252	$	424,001	$	30.00
Convertible Preferred Stock	May 24, 2010	658		65,800		140.00
Warrant	May 27, 2010	1,115		–		14.50

(b)	Foreign security traded in U.S. dollars.
(c)	Amount is less than 1,000 shares.
(d)	Investment in non-U.S. dollar denominated security.
(e)	Security is perpetual in nature and has no stated maturity.
(f)	Defaulted security.
(g)	Cash and Other Assets in Excess of Liabilities include net unrealized depreciation on open futures contracts as follows:

Open Futures Contracts at June 30, 2010:

Type	Expiration	Contracts	Position	Market Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	September 2010	50	Short	$	(6,127,344	)	$	(84,917	)

See Notes to Financial Statements.

25

Statements of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $467,113,907)	$	478,548,776
Deposits with brokers for futures collateral		65,000
Cash		26,438
Receivables:
Interest and dividends		7,630,032
Investment securities sold		272,631
Capital shares sold		161,918
From advisor (See Note 3)		13,846
Prepaid expenses and other assets		1,592
Total assets		486,720,233
LIABILITIES:
Payables:
Investment securities purchased		1,125,858
Management fee		199,584
Capital shares reacquired		1,859,825
Directors’ fees		32,781
Fund administration		15,967
Variation margin		781
Accrued expenses and other liabilities		356,023
Total liabilities		3,590,819
NET ASSETS	$	483,129,414
COMPOSITION OF NET ASSETS:
Paid-in capital	$	472,283,957
Undistributed net investment income		13,147,322
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(13,651,767	)
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		11,349,902
Net Assets	$	483,129,414
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		41,671,133
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$11.59

See Notes to Financial Statements.

26

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends	$	453,211
Interest and other		16,448,759
Total investment income		16,901,970
Expenses:
Management fee		1,179,417
Shareholder servicing		836,229
Fund administration		94,353
Reports to shareholders		60,882
Professional		25,091
Directors’ fees		6,779
Custody		5,570
Other		5,448
Gross expenses		2,213,769
Expense reductions (See Note 7)		(102	)
Management fee waived (See Note 3)		(90,717	)
Net expenses		2,122,950
Net investment income		14,779,020
Net realized and unrealized gain (loss):
Net realized gain on investments, futures contracts and foreign currency related transactions		5,113,729
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(7,100,729	)
Net realized and unrealized loss		(1,987,000	)
Net Increase in Net Assets Resulting From Operations	$	12,792,020

See Notes to Financial Statements.

27

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income	$	14,779,020		$	25,580,022
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		5,113,729			(9,485,075	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(7,100,729	)		88,578,369
Net increase in net assets resulting from operations		12,792,020			104,673,316
Distributions to shareholders from:
Net investment income		—			(26,349,492	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		65,895,874			126,606,135
Reinvestment of distributions		—			26,349,492
Cost of shares reacquired		(49,147,080	)		(56,547,115	)
Net increase in net assets resulting from capital share transactions		16,748,794			96,408,512
Net increase in net assets		29,540,814			174,732,336
NET ASSETS:
Beginning of period	$	453,588,600		$	278,856,264
End of period	$	483,129,414		$	453,588,600
Undistributed (distributions in excess of) net investment income	$	13,147,322		$	(1,631,698	)

See Notes to Financial Statements.

28

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$11.28		$8.91		$11.77		$11.84		$11.49		$12.05
Investment operations:
Net investment income(a)	.36		.75		.70		.70		.63		.60
Net realized and unrealized gain (loss)	(.05	)	2.32		(2.79	)	.03		.44		(.44	)
Total from investment operations	.31		3.07		(2.09	)	.73		1.07		.16
Distributions to shareholders from:
Net investment income	–		(.70	)	(.74	)	(.76	)	(.72	)	(.59	)
Net realized gain	–		–		(.03	)	(.04	)	–		(.13	)
Total distributions	–		(.70	)	(.77	)	(.80	)	(.72	)	(.72	)
Net asset value, end of period	$11.59		$11.28		$8.91		$11.77		$11.84		$11.49
Total Return(b)	2.75	%(c)	34.31	%	(17.53	)%	6.19	%	9.33	%	1.31	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions, including management fee waived and expenses reimbursed	.45	%(c)	.86	%	.87	%	.90	%	.91	%	.90	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.45	%(c)	.86	%	.87	%	.90	%	.90	%	.90	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.47	%(c)	.96	%	.94	%	.95	%	.96	%	.94	%
Net investment income	3.11	%(c)	7.11	%	6.32	%	5.67	%	5.31	%	5.00	%
Supplemental Data:
Net assets, end of period (000)	$483,129		$453,589		$278,856		$315,625		$257,180		$212,277
Portfolio turnover rate	18.10	%(c)	51.76	%	34.22	%	34.04	%	37.88	%	47.33	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

29

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Bond-Debenture Portfolio (the “Fund”). The Fund is diversified as defined in the Act.

The investment objective of the Fund is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange-traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

30

Notes to Financial Statements (unaudited)(continued)

(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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

(g) Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for 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 a 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) 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 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 value of the security in determining its net asset value. The Fund,

31

Notes to Financial Statements (unaudited)(continued)

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.

(i) 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 value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(j) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

32

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1			Level 2		Level 3		Total
Common Stocks	$	5,938,681		$	678,444	$	–	$	6,617,125
Convertible Bonds		–			49,716,747		–		49,716,747
Convertible Preferred Stocks		8,979,920			4,211,381		–		13,191,301
Government Sponsored Enterprises Bond		–			5,310,405		–		5,310,405
Foreign Bond		–			473,243		–		473,243
High Yield Corporate Bonds		–			388,350,044		–		388,350,044
Municipal Bonds		–			1,219,087		–		1,219,087
Non-Convertible Preferred Stocks		446,883			–		–		446,883
Warrants		17,388			36,308		–		53,696
Repurchase Agreement		–			13,170,245		–		13,170,245
Total	$	15,382,872		$	463,165,904	$	–	$	478,548,776
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(84,917	)		–		–		(84,917	)
Total	$	(84,917	)	$	–	$	–	$	(84,917	)

* See Schedule of Investments for values in each industry.

(k) Disclosures about Derivative Instruments and Hedging Activities–The Fund entered into U.S. Treasury futures contracts during the six months ended June 30, 2010 (as described in note 2(g)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since these futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2010, the Fund had futures interest rate contracts with a cumulative unrealized depreciation of $84,917, which is included in the Schedule of Investments. Only the current day’s variation margin is included in the Statement of Assets and Liabilities. Amounts of $(269,834) and $(84,917) are included in the Statement of Operations related to futures contracts under the captions Net realized gain on investments, futures contracts and foreign currency related transactions and Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies, respectively. The average number of futures contracts throughout the period was 29.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management agreement with Lord, Abbett & Co. LLC (“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.

33

Notes to Financial Statements (unaudited)(continued)

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

First $1 billion	.50%
Over $1 billion	.45%

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .50% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee, and if necessary, reimburse the Fund’s other expenses, to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of .90%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee, and if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of .90%.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $825,592 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

34

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2010 and fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	—	$	26,349,492
Total distributions paid	$	—	$	26,349,492

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016		2017		Total
$	3,015,546	$	13,304,384	$	16,319,930

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	469,950,391
Gross unrealized gain		22,774,423
Gross unrealized loss		(14,176,038	)
Net unrealized security gain	$	8,598,385

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases		Sales
$	118,089,729	$	82,761,940

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6. DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Outside 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 outside Directors under which outside 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 have been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

35

Notes to Financial Statements (unaudited)(continued)

7. EXPENSE REDUCTIONS

The Company has entered into arrangements 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.

8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9. INVESTMENT RISKS

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

The mortgage-related securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates, 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 payments to occur at a slower-than-expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security. In addition, while securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, they commonly are not guaranteed by the U.S. Government.

The Fund may invest up to 20% of its net assets in equity securities which may subject it to the general risks and considerations associated with investing in equity securities. 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.

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information and other risks.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund’s returns since the Fund may be unable to sell these securities at

36

Notes to Financial Statements (unaudited)(concluded)

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.

These factors can affect the Fund’s performance.

10. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	5,710,167		12,136,685
Reinvestment of distributions	—		2,340,097
Shares reacquired	(4,253,593	)	(5,560,333	)
Increase	1,456,574		8,916,449

11. SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Funds’ financial statements.

37

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

38

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

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

Lord Abbett Series Fund, Inc.

Bond-Debenture Portfolio

LASFBD-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Capital Structure Portfolio*

For the six-month period ended June 30, 2010

* Formerly known as America’s Value Portfolio

Lord Abbett Series Fund — Capital Structure Portfolio (formerly America’s Value Portfolio)

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Capital Structure Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	963.30	$	5.60
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.08	$	5.76

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

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	13.84%
Consumer Staples	8.60%
Energy	10.37%
Financials	13.86%
Health Care	11.29%
Industrials	12.47%
Information Technology	13.12%
Materials	5.52%
Telecommunication Services	5.98%
Utilities	3.43%
Short-Term Investment	1.52%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares (000)		Value
LONG-TERM INVESTMENTS 98.17%
COMMON STOCKS 51.87%
Aerospace & Defense 0.93%
DigitalGlobe, Inc.*	5		$	131,500
Hexcel Corp.*	28			434,280
Moog, Inc. Class A*	14			451,220
Total				1,017,000
Auto Components 0.10%
Cooper-Standard Holdings, Inc.*	—	(a)		16,789
Cooper-Standard Holdings, Inc.*(b)	3			96,270
Total				113,059
Automobiles 0.29%
Honda Motor Co., Ltd. ADR	11			316,250
Beverages 0.70%
PepsiCo, Inc.	13			761,875
Biotechnology 1.89%
Amgen, Inc.*	9			447,100
BioMarin Pharmaceutical, Inc.*	17			322,320
Celgene Corp.*	15			762,300
Genzyme Corp.*	5			253,850
Human Genome Sciences, Inc.*	12			271,920
Total				2,057,490
Capital Markets 0.97%
BlackRock, Inc.	—	(a)		107,550
Franklin Resources, Inc.	4			344,760
Morgan Stanley	8			185,680
State Street Corp.	7			236,740
T. Rowe Price Group, Inc.	4			177,560
Total				1,052,290
Chemicals 1.10%
Dow Chemical Co. (The)	15			355,800
LyondellBasell Industries NV Class A (Netherlands)*(c)	7			107,284
LyondellBasell Industries NV Class B (Netherlands)*(c)	6			96,852
Monsanto Co.	7			300,430

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares (000)	Value
Chemicals (continued)
Rockwood Holdings, Inc.*	15	$	340,350
Total			1,200,716
Commercial Banks 2.75%
Fifth Third Bancorp	32		393,280
PNC Financial Services Group, Inc. (The)	5		282,500
SunTrust Banks, Inc.	11		244,650
U.S. Bancorp	30		670,500
Wells Fargo & Co.	45		1,152,000
Zions Bancorporation	12		258,840
Total			3,001,770
Commercial Services & Supplies 0.23%
R.R. Donnelley & Sons Co.	15		245,550
Communications Equipment 0.87%
JDS Uniphase Corp.*	35		344,400
QUALCOMM, Inc.	19		607,540
Total			951,940
Computers & Peripherals 2.70%
Apple, Inc.*	5		1,131,885
Hewlett-Packard Co.	20		865,600
International Business Machines Corp.	5		617,400
QLogic Corp.*	20		332,400
Total			2,947,285
Consumer Finance 0.55%
Capital One Financial Corp.	15		604,500
Distributors 0.51%
Genuine Parts Co.	14		552,300
Diversified Financial Services 2.53%
Bank of America Corp.	90		1,293,300
JPMorgan Chase & Co.	40		1,464,400
Total			2,757,700
Diversified Telecommunication Services 2.30%
AT&T, Inc.	42		1,015,980
CenturyLink, Inc.	14		466,340

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares (000)	Value
Diversified Telecommunication Services (continued)
Qwest Communications International, Inc.	75	$	393,750
Verizon Communications, Inc.	15		420,300
Windstream Corp.	20		211,200
Total			2,507,570
Electric: Utilities 0.42%
UniSource Energy Corp.	15		452,700
Electrical Equipment 1.32%
Baldor Electric Co.	8		270,600
Cooper Industries plc	5		220,000
Emerson Electric Co.	16		699,040
Rockwell Automation, Inc.	5		245,450
Total			1,435,090
Food & Staples Retailing 1.69%
CVS Caremark Corp.	7		205,240
Ingles Markets, Inc. Class A	32		475,580
Kroger Co. (The)	10		196,900
SUPERVALU, INC.	18		195,120
Wal-Mart Stores, Inc.	16		769,120
Total			1,841,960
Food Products 2.77%
Campbell Soup Co.	14		501,620
H.J. Heinz Co.	27		1,166,940
Kellogg Co.	18		905,400
Kraft Foods, Inc. Class A	16		448,000
Total			3,021,960
Hotels, Restaurants & Leisure 1.45%
Carnival Corp. Unit	9		257,040
Marriott International, Inc. Class A	12		359,280
McDonald’s Corp.	10		658,700
Starwood Hotels & Resorts Worldwide, Inc.	8		310,725
Total			1,585,745
Household Products 0.61%
Procter & Gamble Co. (The)	11		659,780

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares (000)		Value
Industrial Conglomerates 1.08%
3M Co.	7		$	552,930
General Electric Co.	43			620,060
Total				1,172,990
Information Technology Services 0.87%
SAIC, Inc.*	40			669,600
SRA International, Inc. Class A*	14			275,380
Total				944,980
Insurance 0.53%
MetLife, Inc.	15			573,650
Internet Software & Services 0.16%
Sohu.com, Inc. (China)*(c)	4			176,687
Machinery 2.82%
Actuant Corp. Class A	30			564,900
Caterpillar, Inc.	3			180,210
Danaher Corp.	15			556,800
Pall Corp.	10			343,700
Parker Hannifin Corp.	10			526,870
Snap-on, Inc.	22			900,020
Total				3,072,500
Media 1.80%
Belo Corp. Class A*	36			204,840
Charter Communications, Inc. Class A*	1			25,557
Charter Communications, Inc. Class A*(d)	3			120,373
Comcast Corp. Class A	22			382,140
Interpublic Group of Cos., Inc. (The)*	45			320,850
Omnicom Group, Inc.	7			222,950
Time Warner, Inc.	10			289,100
Walt Disney Co. (The)	13			393,750
Total				1,959,560
Metals & Mining 0.46%
Allegheny Technologies, Inc.	6			243,045
Cliffs Natural Resources, Inc.	2			103,752
Freeport-McMoRan Copper & Gold, Inc.	—	(a)		49,019
Titanium Metals Corp.*	6			105,540
Total				501,356

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares (000)		Value
Multi-Line Retail 1.58%
J.C. Penney Co., Inc.	13		$	268,500
Kohl’s Corp.*	10			475,000
Nordstrom, Inc.	4			112,665
Target Corp.	18			860,475
Total				1,716,640
Oil, Gas & Consumable Fuels 6.81%
Chevron Corp.	26			1,771,146
ConocoPhillips	29			1,399,065
Continental Resources, Inc.*	10			446,200
Devon Energy Corp.	5			274,140
EOG Resources, Inc.	10			934,515
Exxon Mobil Corp.	24			1,343,941
Hess Corp.	9			458,094
Marathon Oil Corp.	17			528,530
Petroleo Brasileiro SA ADR	9			268,200
Total				7,423,831
Pharmaceuticals 4.09%
Bristol-Myers Squibb Co.	27			673,380
Johnson & Johnson	19			1,122,140
Merck & Co., Inc.	10			349,700
Mylan, Inc.*	55			937,200
Pfizer, Inc.	62			884,120
Teva Pharmaceutical Industries Ltd. ADR	9			488,706
Total				4,455,246
Real Estate Investment Trusts 0.02%
Simon Property Group, Inc.	—	(a)		21,237
Road & Rail 0.54%
Union Pacific Corp.	9			590,835
Semiconductors & Semiconductor Equipment 0.83%
Intel Corp.	21			408,450
Micron Technology, Inc.*	35			297,150
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	20			196,166
Total				901,766

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments			Shares (000)		Value
Software 2.73%
Adobe Systems, Inc.*				17	$	449,310
Citrix Systems, Inc.*				17		717,910
Microsoft Corp.				57		1,311,570
Oracle Corp.				23		493,580
Total						2,972,370
Specialty Retail 0.47%
Best Buy Co., Inc.				9		287,810
Home Depot, Inc. (The)				8		224,560
Total						512,370
Textiles, Apparel & Luxury Goods 0.40%
NIKE, Inc. Class B				7		439,075
Total Common Stocks (cost $57,017,176)						56,519,623
	Interest Rate	Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 9.31%
Aerospace & Defense 0.55%
L-3 Communications Holdings, Inc.	3.00%	8/1/2035	$	600		603,000
Airlines 0.31%
UAL Corp.	4.50%	6/30/2021		350		339,920
Auto Components 0.32%
TRW Automotive, Inc.†	3.50%	12/1/2015		300		345,375
Automobiles 0.34%
Ford Motor Co.	4.25%	11/15/2016		300		375,375
Beverages 0.35%
Molson Coors Brewing Co.	2.50%	7/30/2013		350		377,125
Biotechnology 0.95%
BioMarin Pharmaceutical, Inc.	2.50%	3/29/2013		200		251,750
Gilead Sciences, Inc.	0.625%	5/1/2013		700		780,500
Total						1,032,250
Commercial Services & Supplies 0.11%
CRA International, Inc.	2.875%	6/15/2034		125		123,125

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Computers & Peripherals 0.64%
NetApp, Inc.	1.75%	6/1/2013	$	400	$	516,000
SanDisk Corp.	1.00%	5/15/2013		200		178,750
Total						694,750
Electrical Equipment 0.65%
General Cable Corp. (2.25% after 11/15/19)~	4.50%	11/15/2029		231		217,717
Roper Industries, Inc.	Zero Coupon	1/15/2034		700		490,000
Total						707,717
Electronic Equipment, Instruments & Components 0.35%
Itron, Inc.	2.50%	8/1/2026		350		386,313
Energy Equipment & Services 0.15%
SunPower Corp.	4.75%	4/15/2014		200		159,500
Health Care Providers & Services 0.47%
Five Star Quality Care, Inc.	3.75%	10/15/2026		575		517,500
Information Technology Services 0.32%
Symantec Corp.	0.75%	6/15/2011		350		348,688
Metals & Mining 0.58%
Newmont Mining Corp.	1.25%	7/15/2014		350		500,500
Newmont Mining Corp.	3.00%	2/15/2012		90		128,025
Total						628,525
Pharmaceuticals 0.79%
Teva Pharmaceutical Finance Co. BV (Israel)(c)	1.75%	2/1/2026		750		862,500
Professional Services 0.27%
FTI Consulting, Inc.	3.75%	7/15/2012		200		294,250
Real Estate Investment Trusts 0.23%
ERP Operating LP	3.85%	8/15/2026		250		253,281
Semiconductors & Semiconductor Equipment 0.44%
Intel Corp.	2.95%	12/15/2035		500		477,500
Software 1.14%
EMC Corp.	1.75%	12/1/2011		400		487,500
Informatica Corp.	3.00%	3/15/2026		600		751,500
Total						1,239,000

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Value
Wireless Telecommunication Services 0.35%
SBA Communications Corp.	4.00%	10/1/2014	$	300		$	384,750
Total Convertible Bonds (cost $10,431,633)							10,150,444
			Shares (000)
CONVERTIBLE PREFERRED STOCKS 6.18%
Auto Components 0.27%
Autoliv, Inc. (Sweden)(c)	8.00%			4			272,000
Cooper-Standard Holdings, Inc.(b)	7.00%			—	(a)		15,400
Total							287,400
Capital Markets 0.62%
AMG Capital Trust I	5.10%			17			674,687
Commercial Banks 0.47%
Wells Fargo & Co.	7.50%			—	(a)		512,050
Diversified Financial Services 1.04%
Bank of America Corp.	7.25%			—	(a)		454,000
Citigroup, Inc.	7.50%			6			678,000
Total							1,132,000
Electric: Utilities 0.50%
NextEra Energy, Inc.	8.375%			11			547,785
Food Products 1.10%
Archer Daniels Midland Co.	6.25%			20			724,200
Bunge Ltd.	4.875%			6			475,500
Total							1,199,700
Insurance 0.43%
Hartford Financial Services Group, Inc. (The)	7.25%			4			92,560
XL Capital Ltd.	10.75%			15			376,950
Total							469,510
Oil, Gas & Consumable Fuels 0.72%
El Paso Corp.	4.99%			—	(a)		782,080
Pharmaceuticals 0.68%
Mylan, Inc.	6.50%			—	(a)		743,050

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Shares (000)			Value
Road & Rail 0.35%
Kansas City Southern	5.125%			—	(a)	$	379,200
Thrifts & Mortgage Finance 0.00%
Fannie Mae	8.75%			6			3,120
Total Convertible Preferred Stocks (cost $6,887,509)							6,730,582
		Maturity Date	Principal Amount (000)
FLOATING RATE LOAN(e) 0.21%
Diversified Financial Services
Nuveen Investments, Inc. 2nd Lien Term Loan (cost $207,952)	12.50%	7/31/2015	$	225			234,450
			Shares (000)
FOREIGN COMMON STOCKS(f) 3.83%
China 0.26%
Metals & Mining
China Zhongwang Holdings Ltd.				442			280,231
France 0.18%
Automobiles
Renault SA*				5			198,199
Germany 0.89%
Construction Materials 0.26%
HeidelbergCement AG				6			283,469
Diversified Telecommunication Services 0.28%
Deutsche Telekom AG Registered Shares				25			299,861
Household Products 0.35%
Henkel KGaA				9			386,728
Total Germany							970,058
Japan 0.29%
Household Durables
Sony Corp.				12			320,076

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments			Shares (000)		Value
Norway 0.33%
Commercial Banks
DnB NOR ASA				37	$	353,950
Switzerland 0.81%
Food Products 0.34%
Nestle SA Registered Shares				8		369,260
Pharmaceuticals 0.47%
Roche Holding Ltd. AG				4		516,018
Total Switzerland						885,278
Taiwan 0.19%
Computers & Peripherals
Wistron Corp.				140		205,148
United Kingdom 0.88%
Industrial Conglomerates 0.29%
Tomkins plc				94		315,095
Metals & Mining 0.23%
Anglo American plc*				7		251,966
Wireless Telecommunication Services 0.36%
Vodafone Group plc				189		388,990
Total United Kingdom						956,051
Total Foreign Common Stocks (cost $4,871,099)						4,168,991
	Interest Rate	Maturity Date	Principal Amount (000)
HIGH YIELD CORPORATE BONDS 26.76%
Aerospace & Defense 0.52%
GeoEye, Inc.†	9.625%	10/1/2015	$	550		563,750
Air Freight & Logistics 0.32%
Park-Ohio Industries, Inc.	8.375%	11/15/2014		375		348,750
Airlines 0.33%
United Air Lines, Inc.†	9.875%	8/1/2013		350		360,500

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Auto Components 0.08%
Goodyear Tire & Rubber Co. (The)	10.50%	5/15/2016	$	75	$	81,938
Automobiles 0.52%
TRW Automotive, Inc.†	8.875%	12/1/2017		550		569,250
Building Products 0.27%
Masco Corp.	7.125%	3/15/2020		300		291,796
Capital Markets 0.46%
Ameriprise Financial, Inc.	5.30%	3/15/2020		200		209,346
Raymond James Financial, Inc.	8.60%	8/15/2019		250		294,924
Total						504,270
Chemicals 0.56%
Dow Chemical Co. (The)	8.55%	5/15/2019		150		183,915
INEOS Group Holdings plc (United Kingdom)†(c)	8.50%	2/15/2016		275		215,875
LBI Escrow Corp.†	8.00%	11/1/2017		200		206,500
Total						606,290
Commercial Banks 0.23%
Zions Bancorporation	7.75%	9/23/2014		250		254,971
Commercial Services & Supplies 0.85%
Aleris International, Inc.(g)	10.00%	12/15/2016		125		1,406
Bunge NA Finance LP	5.90%	4/1/2017		175		187,003
First Data Corp.	9.875%	9/24/2015		500		382,500
International Lease Finance Corp.†	8.625%	9/15/2015		75		71,250
International Lease Finance Corp.†	8.75%	3/15/2017		300		285,000
Total						927,159
Communications Equipment 0.83%
Brocade Communications Systems, Inc.†	6.625%	1/15/2018		500		498,750
Brocade Communications Systems, Inc.†	6.875%	1/15/2020		150		149,625
Hughes Network Systems LLC	9.50%	4/15/2014		250		254,375
Total						902,750
Consumer Finance 0.52%
Ally Financial, Inc.†	8.30%	2/12/2015		150		152,250
American General Finance Corp.	6.90%	12/15/2017		200		160,250
Ford Motor Credit Co. LLC	8.00%	6/1/2014		250		258,229
Total						570,729

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Value
Containers & Packaging 1.18%
Ball Corp.	7.375%	9/1/2019		$	425	$	444,125
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026			350		320,250
Graphic Packaging International Corp.	9.50%	8/15/2013			250		255,625
Sealed Air Corp.†	7.875%	6/15/2017			250		261,669
Total							1,281,669
Diversified Financial Services 1.23%
Capital One Capital VI	8.875%	5/15/2040			400		419,549
New York City Industrial Development Agency†	11.00%	3/1/2029			200		234,614
RBS Global & Rexnord Corp.†	8.50%	5/1/2018			250		243,750
RBS Global & Rexnord Corp.	11.75%	8/1/2016			350		366,625
Wachovia Capital Trust III	5.80%	—	(h)		100		80,500
Total							1,345,038
Diversified Telecommunication Services 1.96%
Cincinnati Bell, Inc.	7.00%	2/15/2015			500		471,250
Intelsat Luxembourg SA (Luxembourg)(c)	11.25%	2/4/2017			250		254,375
SBA Telecommunications, Inc.†	8.25%	8/15/2019			300		317,250
Syniverse Technologies, Inc.	7.75%	8/15/2013			500		490,000
Windstream Corp.	7.00%	3/15/2019			650		602,875
Total							2,135,750
Electric: Utilities 1.04%
Central Illinois Light Co.	8.875%	12/15/2013			300		359,797
Edison Mission Energy	7.75%	6/15/2016			325		227,500
Illinois Power Co.	9.75%	11/15/2018			150		197,233
RRI Energy, Inc.	6.75%	12/15/2014			182		184,730
Texas Competitive Electric Holdings Co. LLC	10.25%	11/1/2015			250		166,250
Total							1,135,510
Electrical Equipment 0.38%
Baldor Electric Co.	8.625%	2/15/2017			400		416,000
Electronic Equipment, Instruments & Components 0.30%
Agilent Technologies, Inc.	5.50%	9/14/2015			300		323,275
Energy Equipment & Services 0.08%
Hornbeck Offshore Services, Inc. Series B	6.125%	12/1/2014			100		89,750

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Food & Staples Retailing 0.23%
Rite Aid Corp.	9.375%	12/15/2015	$	300	$	246,750
Health Care Equipment & Supplies 0.99%
Bausch & Lomb, Inc.	9.875%	11/1/2015		225		232,313
Biomet, Inc.	10.00%	10/15/2017		200		216,000
HCA, Inc.	9.125%	11/15/2014		600		629,250
Total						1,077,563
Health Care Providers & Services 0.83%
Community Health Systems, Inc.	8.875%	7/15/2015		400		413,500
United Surgical Partners International, Inc. PIK	9.25%	5/1/2017		250		251,250
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.	8.00%	2/1/2018		250		241,250
Total						906,000
Hotels, Restaurants & Leisure 1.26%
Hyatt Hotels Corp.†	5.75%	8/15/2015		355		370,791
McDonald’s Corp.	5.00%	2/1/2019		350		390,630
River Rock Entertainment Authority (The)	9.75%	11/1/2011		20		18,675
Starwood Hotels & Resorts Worldwide, Inc.	7.875%	10/15/2014		300		324,000
Station Casinos, Inc.(g)	6.50%	2/1/2014		250		3,125
Wendy’s/Arby’s Restaurants LLC	10.00%	7/15/2016		250		261,250
Total						1,368,471
Household Durables 0.72%
Beazer Homes USA, Inc.	6.50%	11/15/2013		150		139,125
Brookstone Co., Inc.	12.00%	10/15/2012		250		205,000
K. Hovnanian Enterprises, Inc.	10.625%	10/15/2016		150		150,750
Lennar Corp.	12.25%	6/1/2017		250		286,250
Total						781,125
Independent Power Producers & Energy Traders 0.79%
AES Corp. (The)	8.00%	10/15/2017		325		329,875
Mirant Americas Generation LLC	9.125%	5/1/2031		350		323,750
NRG Energy, Inc.	7.25%	2/1/2014		200		203,250
Total						856,875
Information Technology Services 0.71%
SunGard Data Systems, Inc.	10.25%	8/15/2015		750		778,125

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Insurance 0.20%
Liberty Mutual Group, Inc.†	10.75%		6/15/2058	$	200	$	218,000
Leisure Equipment & Products 0.56%
Expedia, Inc.	8.50%		7/1/2016		175		189,000
Speedway Motorsports, Inc.	8.75%		6/1/2016		400		422,000
Total							611,000
Machinery 0.31%
Oshkosh Corp.	8.50%		3/1/2020		325		339,625
Media 1.91%
Affinion Group, Inc.	11.50%		10/15/2015		475		501,125
Barrington Broadcasting Group LLC	10.50%		8/15/2014		275		255,750
CBS Corp.	8.875%		5/15/2019		150		189,023
CCO Holdings LLC/CCO Holdings Capital Corp.†	8.125%		4/30/2020		300		308,250
Gray Television, Inc.†	10.50%		6/29/2015		150		146,250
Mediacom Broadband LLC	8.50%		10/15/2015		500		480,000
Mediacom Communications Corp.	9.125%		8/15/2019		100		97,000
WMG Acquisition Corp.	9.50%		6/15/2016		100		107,000
Total							2,084,398
Metals & Mining 0.89%
Cliffs Natural Resources, Inc.	5.90%		3/15/2020		350		376,021
Freeport-McMoRan Copper & Gold, Inc.	8.375%		4/1/2017		250		275,357
Noranda Aluminum Acquisition Corp. PIK	5.373%	#	5/15/2015		175		135,702
Teck Resources Ltd. (Canada)(c)	9.75%		5/15/2014		150		177,418
Total							964,498
Multi-Line Retail 0.31%
Macy’s Retail Holdings, Inc.	8.375%		7/15/2015		300		332,250
Multi-Utilities 0.67%
Black Hills Corp.	9.00%		5/15/2014		350		409,644
NiSource Finance Corp.	10.75%		3/15/2016		250		320,742
Total							730,386
Oil, Gas & Consumable Fuels 2.58%
CONSOL Energy, Inc.†	8.25%		4/1/2020		400		419,000
Continental Resources, Inc.	8.25%		10/1/2019		750		787,500
El Paso Corp.	7.00%		6/15/2017		500		499,684

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Oil, Gas & Consumable Fuels (continued)
El Paso Corp.	7.25%	6/1/2018	$	250	$	251,924
Forest Oil Corp.	7.25%	6/15/2019		200		194,000
Quicksilver Resources, Inc.	8.25%	8/1/2015		400		397,000
Tennessee Gas Pipeline Co.	7.00%	10/15/2028		250		265,464
Total						2,814,572
Personal Products 0.32%
Elizabeth Arden, Inc.	7.75%	1/15/2014		350		349,125
Pharmaceuticals 0.09%
Mylan, Inc.†	7.625%	7/15/2017		50		51,250
Mylan, Inc.†	7.875%	7/15/2020		50		51,250
Total						102,500
Real Estate Investment Trusts 0.38%
Host Hotels & Resorts LP	6.375%	3/15/2015		175		172,375
ProLogis	6.875%	3/15/2020		250		236,700
Total						409,075
Specialty Retail 0.40%
Limited Brands, Inc.	8.50%	6/15/2019		400		433,000
Textiles, Apparel & Luxury Goods 0.03%
INVISTA†	9.25%	5/1/2012		34		34,595
Thrifts & Mortgage Finance 0.00%
Washington Mutual Bank(g)	6.875%	6/15/2011		275		2,750
Tobacco 0.11%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†	8.50%	5/15/2018		125		123,281
Wireless Telecommunication Services 0.81%
MetroPCS Wireless, Inc.	9.25%	11/1/2014		350		362,250
Sprint Capital Corp.	6.90%	5/1/2019		350		318,500
Wind Acquisition Finance SA (Italy)†(c)	11.75%	7/15/2017		100		103,000
Wind Acquisition Finance SA (Italy)†(c)	12.00%	12/1/2015		100		104,000
Total						887,750
Total High Yield Corporate Bonds (cost $29,130,999)						29,160,859

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Shares (000)			Value
NON-CONVERTIBLE PREFERRED STOCK 0.00%
Thrifts & Mortgage Finance
Fannie Mae* (cost $213,465)	Zero Coupon			9		$	2,890
	Exercise Price	Expiration Date
WARRANTS 0.01%
Auto Components 0.00%
Cooper-Standard Holdings, Inc.*	$27.33	11/27/2017		—	(a)		3,350
Cooper-Standard Holdings, Inc.*(b)	27.33	11/27/2017		—	(a)		2,697
Total							6,047
Media 0.01%
Charter Communications, Inc.	46.86	11/30/2014		1			6,683
Total Warrants (cost $8,559)							12,730
Total Long-Term Investments (cost $108,768,392)							106,980,569
			Principal Amount (000)
SHORT-TERM INVESTMENT 1.52%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $1,680,000 of Federal Home Loan Mortgage Corp. at 2.00% due 4/15/2013; value: $1,688,400; proceeds: $1,652,849 (cost $1,652,849)			$	1,653			1,652,849
Total Investments in Securities 99.69% (cost $110,421,241)							108,633,418
Foreign Cash, Cash and Other Assets in Excess of Liabilities(i) 0.31%							339,284
Net Assets 100.00%						$	108,972,702

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(concluded)

June 30, 2010

ADR	American Depositary Receipt.
PIK	Payment-in-kind.
Unit	More than one class of securities traded together.
*	Non-income producing security.
~	Deferred interest debentures pay the stated rate, after which they pay a predetermined interest rate.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.
#	Variable rate security. The interest rate represents the rate in effect at June 30, 2010.
(a)	Amount is less than 1,000 shares.
(b)	Restricted securities of Cooper Standard Holdings, Inc. acquired through private placement during the six-month period ended June 30, 2010 are as follows:

Investment Type	Acquisition Date	Acquired Shares	Cost on Acquisition Date	Fair value per share at June 30, 2010
Common Stock	May 24, 2010	3,209	$70,676	$	30.00
Convertible Preferred Stock	May 24, 2010	110	11,000		140
Warrant	May 27, 2010	186	—		14.50

(c)	Foreign security traded in U.S. dollars.
(d)	Restricted security. The Fund acquired 3,410 shares in a private placement on June 11, 2009 for a cost of $63,938. The fair value price per share on June 30, 2010 is $35.30.
(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 shown is the rate(s) in effect at June 30, 2010.
(f)	Investment in non-U.S. dollar denominated securities.
(g)	Defaulted security.
(h)	Security is perpetual in nature and has no stated maturity.
(i)	Foreign Cash, Cash and Other Assets in Excess of Liabilities include unrealized depreciation on open futures contracts, as follows:

Open Futures Contracts at June 30, 2010:

Type	Expiration	Contracts	Position	Market Value		Unrealized Depreciation
U.S. 10-Year Treasury Note	September 2010	25	Short	$	(3,063,672)	$	(42,459)

See Notes to Financial Statements.

20

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $110,421,241)	$	108,633,418
Deposits with brokers for futures collateral		32,500
Cash		15,192
Foreign cash, at value (cost $24,656)		24,731
Receivables:
Interest and dividends		779,734
Investment securities sold		502,700
Capital shares sold		8,405
From advisor (See Note 3)		8,329
Other assets		2
Total assets		110,005,011
LIABILITIES:
Payables:
Investment securities purchased		845,501
Management fee		69,849
Capital shares reacquired		30,475
Directors’ fees		6,197
Fund administration		3,725
Variation margin		391
Accrued expenses and other liabilities		76,171
Total liabilities		1,032,309
NET ASSETS	$	108,972,702
COMPOSITION OF NET ASSETS:
Paid-in capital	$	130,692,605
Undistributed net investment income		1,566,764
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(21,457,422	)
Net unrealized depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(1,829,245	)
Net Assets	$	108,972,702
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		9,433,822
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$11.55

See Notes to Financial Statements.

21

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $10,934)	$	945,577
Interest		1,412,663
Total investment income		2,358,240
Expenses:
Management fee		438,711
Shareholder servicing		211,229
Reports to shareholders		27,320
Fund administration		23,398
Professional		20,528
Custody		3,536
Directors’ fees		1,729
Other		1,691
Gross expenses		728,142
Expense reductions (See Note 7)		(25	)
Management fee waived (See Note 3)		(55,427	)
Net expenses		672,690
Net investment income		1,685,550
Net realized and unrealized gain (loss):
Net realized gain on investments, futures contracts and foreign currency related transactions		981,445
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(6,657,314	)
Net realized and unrealized loss		(5,675,869	)
Net Decrease in Net Assets Resulting From Operations	$	(3,990,319	)

See Notes to Financial Statements.

22

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income	$	1,685,550		$	3,530,059
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		981,445			(8,106,514	)
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(6,657,314	)		26,519,676
Net increase (decrease) in net assets resulting from operations		(3,990,319	)		21,943,221
Distributions to shareholders from:
Net investment income		–			(3,660,866	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		6,565,097			18,566,088
Reinvestment of distributions		–			3,660,864
Cost of shares reacquired		(10,366,084	)		(16,323,673	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,800,987	)		5,903,279
Net increase (decrease) in net assets		(7,791,306	)		24,185,634
NET ASSETS:
Beginning of period	$	116,764,008		$	92,578,374
End of period	$	108,972,702		$	116,764,008
Undistributed (distributions in excess of) net investment income	$	1,566,764		$	(118,786	)

See Notes to Financial Statements.

23

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$11.98		$10.02		$14.79		$15.28		$13.93		$13.83
Investment operations:
Net investment income(a)	.17		.38		.49		.47		.39		.39
Net realized and unrealized gain (loss)	(.60	)	1.97		(4.41	)	.02		1.64		.14
Total from investment operations	(.43	)	2.35		(3.92	)	.49		2.03		.53
Distributions to shareholders from:
Net investment income	–		(.39	)	(.53	)	(.48	)	(.37	)	(.30	)
Net realized gain	–		–		(.32	)	(.50	)	(.31	)	(.13	)
Total distributions	–		(.39	)	(.85	)	(.98	)	(.68	)	(.43	)
Net asset value, end of period	$11.55		$11.98		$10.02		$14.79		$15.28		$13.93
Total Return(b)	(3.67	)%(c)	23.41	%	(26.19	)%	3.16	%	14.55	%	3.78	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.57	%(c)	1.15	%	1.14	%	1.15	%	1.15	%	1.15	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.57	%(c)	1.15	%	1.14	%	1.14	%	1.15	%	1.15	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.62	%(c)	1.27	%	1.29	%	1.20	%	1.27	%	1.33	%
Net investment income	1.43	%(c)	3.52	%	3.83	%	2.92	%	2.67	%	2.77	%
Supplemental Data:
Net assets, end of period (000)	$108,973		$116,764		$92,578		$128,675		$97,741		$62,971
Portfolio turnover rate	20.27	%(c)	54.60	%	69.31	%	28.41	%	35.51	%	31.65	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

24

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Capital Structure Portfolio (the “Fund” formerly, America’s Value Portfolio). Effective May 1, 2010, America’s Value Portfolio changed its name to Capital Structure Portfolio. The Fund is diversified as defined in the Act.

The investment objective of the Fund is to seek current income and capital appreciation. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange-traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Floating rate loans are valued at the average of bid and ask quotations from dealers in loans on the basis of prices supplied by independent pricing services. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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

25

Notes to Financial Statements (unaudited)(continued)

using the effective interest method. 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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

(g) Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for 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 a 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 value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

26

Notes to Financial Statements (unaudited)(continued)

(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 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 value of the security in determining its net asset value. 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) 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. A 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, a Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a 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. As of June 30, 2010, the Fund had no unfunded loan commitments.

(k) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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

27

Notes to Financial Statements (unaudited)(continued)

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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1			Level 2		Level 3		Total
Common Stocks	$	56,406,564		$	113,059	$	–	$	56,519,623
Convertible Bonds		–			10,150,444		–		10,150,444
Convertible Preferred Stocks		4,442,745			2,287,837		–		6,730,582
Floating Rate Loan		–			234,450		–		234,450
Foreign Common Stocks		–			4,168,991		–		4,168,991
High Yield Corporate Bonds		–			29,160,859		–		29,160,859
Non-Convertible Preferred Stocks		2,890			–		–		2,890
Warrants		6,683			6,047		–		12,730
Repurchase Agreement		–			1,652,849		–		1,652,849
Total	$	60,858,882		$	47,774,536	$	–	$	108,633,418
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(42,459	)		–		–		(42,459	)
Total	$	(42,459	)	$	–	$	–	$	(42,459	)

* See Schedule of Investments for values in each industry.

(l) Disclosures about Derivative Instruments and Hedging Activities–The Fund entered into U.S. Treasury futures contracts during the six months ended June 30, 2010 (as described in note 2(g)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contract and realize a loss. There is minimal counterparty credit risk to the Fund since these futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

28

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2010, the Fund had a futures interest rate contract with cumulative unrealized depreciation of $42,459, which is included in the Schedule of Investments. Only the current day’s variation margin is included in the Statement of Assets and Liabilities. Amounts of $(107,183) and $(42,459) are included in the Statement of Operations related to futures contracts under the captions Net realized gain on investments, futures contracts and foreign currency related transactions and Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies, respectively. The average number of futures contracts throughout the period was 14.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of 1.15%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of 1.15%.

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. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $204,732 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

29

Notes to Financial Statements (unaudited)(continued)

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	–	$	3,660,866
Total distributions paid	$	–	$	3,660,866

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$11,260,400	$	10,745,726	$	22,006,126

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	110,653,625
Gross unrealized gain		7,244,330
Gross unrealized loss		(9,264,537	)
Net unrealized security loss	$	(2,020,207	)

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

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$24,105,459	$	22,918,844

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

30

Notes to Financial Statements (unaudited)(continued)

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

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

The value of the Fund’s equity security holdings and, consequently, the value of an investment in the Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies involved. With its emphasis on value stocks, the Fund may perform differently than the market as a whole and other types of stocks, such as growth stocks. The market may fail to recognize the intrinsic value of particular value stocks for a long time. The Fund may invest a significant portion of its assets in mid-sized companies that may be less able to weather economic shifts or other adverse developments than larger, more established companies. Because the Fund is not limited to investing in equity securities, the Fund may have smaller gains in a rising stock market than a fund investing solely in equity securities. In addition, if the Fund’s assessment of a company’s value or prospects for market appreciation or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

The value of the Fund’s fixed income holdings, and consequently, the value of an investment in the Fund will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of these holdings are likely to decline. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high yield debt securities (sometimes called “lower-rated debt securities” or “junk bonds”) in which the Fund may invest. Some issuers, particularly of high yield bonds, may default as to principal and/or interest payments after the Fund purchases their securities.

31

Notes to Financial Statements (unaudited)(concluded)

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 mortgage-related securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. The prepayment rate also will affect the price and volatility of a mortgage-related security.

The Fund may invest up to 20% of its assets in foreign securities. The Fund’s exposure to foreign companies (and ADRs) presents increased market, liquidity, currency, political and other risks. The Fund may invest up to 10% of its net assets in 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 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, if Lord Abbett correctly forecasts market movements, changes in foreign exchange and interest rates, and other factors. If Lord Abbett incorrectly forecasts these and other factors, the Fund’s performance could suffer.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	537,586		1,751,146
Reinvestment of distributions	–		304,818
Shares reacquired	(847,031	)	(1,548,265	)
Increase (decrease)	(309,445	)	507,699

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

32

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

33

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

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

Lord Abbett Series Fund, Inc.

Capital Structure Portfolio

SFCS-PORT-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Classic Stock Portfolio*

For the six-month period ended June 30, 2010

* Formerly known as Large Cap Core Portfolio

Lord Abbett Series Fund — Classic Stock Portfolio (formerly Large Cap Core Portfolio)

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Classic Stock Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	911.30	$	4.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	13.43%
Consumer Staples	5.41%
Energy	10.78%
Financials	19.28%
Health Care	11.08%
Industrials	7.74%
Information Technology	21.04%
Materials	6.13%
Telecommunication Services	1.27%
Utilities	0.90%
Short-Term Investment	2.94%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value (000)
COMMON STOCKS 97.24%
Aerospace & Defense 2.51%
Boeing Co. (The)	304	$	19
Goodrich Corp.	2,197		146
Honeywell International, Inc.	3,865		151
Precision Castparts Corp.	1,563		161
United Technologies Corp.	3,192		207
Total			684
Beverages 1.62%
Coca-Cola Co. (The)	5,471		274
PepsiCo, Inc.	2,764		168
Total			442
Biotechnology 3.12%
Amgen, Inc.*	6,594		347
Celgene Corp.*	2,577		131
Gilead Sciences, Inc.*	4,289		147
Human Genome Sciences, Inc.*	5,998		136
Myriad Genetics, Inc.*	1,992		30
Vertex Pharmaceuticals, Inc.*	1,759		58
Total			849
Capital Markets 5.50%
Bank of New York Mellon Corp. (The)	3,123		77
Franklin Resources, Inc.	1,464		126
Goldman Sachs Group, Inc. (The)	3,964		520
Morgan Stanley	14,017		325
State Street Corp.	7,642		258
T. Rowe Price Group, Inc.	4,374		194
Total			1,500
Chemicals 4.83%
Albemarle Corp.	2,992		119
Celanese Corp. Series A	4,710		117
Dow Chemical Co. (The)	13,534		321

Investments	Shares	Value (000)
E.I. du Pont de Nemours & Co.	3,258	$	113
Monsanto Co.	7,783		360
Potash Corp. of Saskatchewan, Inc. (Canada)(a)	3,315		286
Total			1,316
Commercial Banks 5.48%
Fifth Third Bancorp	20,834		256
PNC Financial Services Group, Inc. (The)	5,494		310
Regions Financial Corp.	24,601		162
SunTrust Banks, Inc.	5,531		129
U.S. Bancorp	9,785		219
Wells Fargo & Co.	16,319		418
Total			1,494
Communications Equipment 2.44%
Cisco Systems, Inc.*	18,727		399
QUALCOMM, Inc.	8,116		267
Total			666
Computers & Peripherals 6.91%
Apple, Inc.*	3,800		956
Dell, Inc.*	20,701		250
EMC Corp.*	14,169		259
Hewlett-Packard Co.	9,657		418
Total			1,883
Consumer Finance 1.11%
Capital One Financial Corp.	7,512		303
Diversified Financial Services 4.83%
Bank of America Corp.	49,332		709
JPMorgan Chase & Co.	16,547		606
Total			1,315
Diversified Telecommunication Services 1.27%
AT&T, Inc.	10,558		255
Verizon Communications, Inc.	3,300		92
Total			347

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Electric: Utilities 0.55%
NextEra Energy, Inc.	1,745	$	85
Progress Energy, Inc.	1,665		65
Total			150
Electrical Equipment 0.51%
Emerson Electric Co.	3,204		140
Electronic Equipment, Instruments & Components 0.58%
Corning, Inc.	4,945		80
Dolby Laboratories, Inc. Class A*	1,230		77
Total			157
Energy Equipment & Services 2.51%
Schlumberger Ltd.	7,877		436
Smith International, Inc.	3,999		151
Weatherford International Ltd. (Switzerland)*(a)	7,317		96
Total			683
Food & Staples Retailing 0.92%
CVS Caremark Corp.	5,289		155
Wal-Mart Stores, Inc.	1,989		96
Total			251
Food Products 0.71%
Kellogg Co.	1,465		74
Kraft Foods, Inc. Class A	4,273		120
Total			194
Health Care Equipment & Supplies 0.47%
Baxter International, Inc.	1,452		59
St. Jude Medical, Inc.*	1,921		69
Total			128
Health Care Providers & Services 2.36%
Express Scripts, Inc.*	7,630		359
Medco Health Solutions, Inc.*	3,450		190
Quest Diagnostics, Inc.	1,861		93
Total			642

Investments	Shares	Value (000)
Hotels, Restaurants & Leisure 6.33%
Boyd Gaming Corp.*	5,442	$	46
Carnival Corp. Unit	9,100		275
Darden Restaurants, Inc.	2,424		94
Hyatt Hotels Corp. Class A*	1,425		53
International Game Technology	10,483		165
Marriott International, Inc. Class A	14,996		449
MGM Resorts International*	5,324		51
Royal Caribbean Cruises Ltd.*	2,270		52
Starwood Hotels & Resorts Worldwide, Inc.	5,586		231
Wynn Resorts Ltd.	4,042		308
Total			1,724
Household Products 1.91%
Colgate-Palmolive Co.	1,213		96
Procter & Gamble Co. (The)	7,065		424
Total			520
Industrial Conglomerates 1.16%
General Electric Co.	21,894		316
Information Technology Services 0.29%
MasterCard, Inc. Class A	399		80
Insurance 1.56%
MetLife, Inc.	6,598		249
Prudential Financial, Inc.	3,287		176
Total			425
Internet & Catalog Retail 0.09%
Amazon.com, Inc.*	221		24
Internet Software & Services 1.90%
Google, Inc. Class A*	1,163		517
Machinery 1.36%
Eaton Corp.	2,205		144
Parker Hannifin Corp.	4,084		227
Total			371

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Media 1.65%
DreamWorks Animation SKG, Inc. Class A*	715	$	20
Time Warner, Inc.	5,850		169
Walt Disney Co. (The)	8,271		261
Total			450
Metals & Mining 1.31%
Freeport-McMoRan Copper & Gold, Inc.	2,944		174
United States Steel Corp.	4,744		183
Total			357
Multi-Line Retail 2.73%
J.C. Penney Co., Inc.	5,813		125
Kohl’s Corp.*	3,469		165
Macy’s, Inc.	2,775		50
Target Corp.	8,199		403
Total			743
Multi-Utilities 0.35%
Dominion Resources, Inc.	2,465		95
Oil, Gas & Consumable Fuels 8.29%
Apache Corp.	2,198		185
BP plc ADR	1,105		32
Chevron Corp.	3,599		244
Continental Resources, Inc.*	2,331		104
Devon Energy Corp.	2,054		125
EOG Resources, Inc.	1,728		170
Exxon Mobil Corp.	7,407		423
Hess Corp.	6,148		309
Marathon Oil Corp.	986		31
Occidental Petroleum Corp.	2,437		188
Petrohawk Energy Corp.*	2,317		39
Range Resources Corp.	1,079		43
Southwestern Energy Co.*	2,428		94
Suncor Energy, Inc. (Canada)(a)	9,284		273
Total			2,260

Investments	Shares	Value (000)
Pharmaceuticals 5.16%
Abbott Laboratories	5,707	$	267
Johnson & Johnson	6,789		401
Merck & Co., Inc.	10,824		379
Pfizer, Inc.	25,241		360
Total			1,407
Professional Services 0.68%
Monster Worldwide, Inc.*	15,980		186
Real Estate Investment Trusts 0.82%
Host Hotels & Resorts, Inc.	16,653		224
Road & Rail 1.53%
Union Pacific Corp.	5,994		417
Semiconductors & Semiconductor Equipment 3.05%
Broadcom Corp. Class A	3,333		110
Intel Corp.	20,552		400
Micron Technology, Inc.*	24,891		211
Texas Instruments, Inc.	4,735		110
Total			831
Software 5.91%
Activision Blizzard, Inc.	30,288		318
Adobe Systems, Inc.*	12,334		326
Microsoft Corp.	22,488		517
Oracle Corp.	8,735		187
VMware, Inc. Class A*	4,188		262
Total			1,610
Specialty Retail 2.20%
Best Buy Co., Inc.	4,896		166
Dick’s Sporting Goods, Inc.*	14,075		350
Home Depot, Inc. (The)	2,984		84
Total			600
Textiles, Apparel & Luxury Goods 0.47%
Coach, Inc.	3,466		127

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares		Value (000)
Tobacco 0.26%
Altria Group, Inc.		3,566	$	71
Total Common Stocks (cost $26,171,192)				26,499
	Principal Amount (000)
SHORT-TERM INVESTMENT 2.94%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $715,000 of Federal Home Loan Mortgage Corp. at 4.75% due 1/19/2016; value: $821,356; proceeds: $801,641 (cost $801,641)	$	802		802
Total Investments in Securities 100.18% (cost $26,972,833)				27,301
Liabilities in Excess of Other Assets (0.18%)				(49	)
Net Assets 100.00%			$	27,252

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

See Notes to Financial Statements.

7

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $26,972,833)	$	27,301,130
Receivables:
Dividends		23,267
From advisor (See Note 3)		9,080
Capital shares sold		1,422
Other assets		35
Total assets		27,334,934
LIABILITIES:
Payables:
Management fee		16,862
Directors’ fees		1,118
Fund administration		963
Capital shares reacquired		555
Accrued expenses and other liabilities		63,558
Total liabilities		83,056
NET ASSETS	$	27,251,878
COMPOSITION OF NET ASSETS:
Paid-in capital	$	30,277,535
Undistributed net investment income		43,214
Accumulated net realized loss on investments and foreign currency related transactions		(3,397,168	)
Net unrealized appreciation on investments		328,297
Net Assets	$	27,251,878
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		2,763,276
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$9.86

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $365)	$	186,560
Interest		62
Total investment income		186,622
Expenses:
Management fee		105,247
Shareholder servicing		56,012
Professional		17,088
Reports to shareholders		14,944
Fund administration		6,014
Custody		2,092
Directors’ fees		441
Other		488
Gross expenses		202,326
Expense reductions (See Note 7)		(7	)
Management fee waived (See Note 3)		(59,484	)
Net expenses		142,835
Net investment income		43,787
Net realized and unrealized gain (loss):
Net realized gain on investments and foreign currency related transactions		132,248
Net change in unrealized appreciation/depreciation on investments		(2,870,431	)
Net realized and unrealized loss		(2,738,183	)
Net Decrease in Net Assets Resulting From Operations	$	(2,694,396	)

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income	$	43,787		$	199,064
Net realized gain (loss) on investments and foreign currency related transactions		132,248			(2,347,935	)
Net change in unrealized appreciation/depreciation on investments		(2,870,431	)		8,189,095
Net increase (decrease) in net assets resulting from operations		(2,694,396	)		6,040,224
Distributions to shareholders from:
Net investment income		—			(199,870	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		3,708,718			9,806,047
Reinvestment of distributions		—			199,870
Cost of shares reacquired		(3,035,649	)		(6,044,020	)
Net increase in net assets resulting from capital share transactions		673,069			3,961,897
Net increase (decrease) in net assets		(2,021,327	)		9,802,251
NET ASSETS:
Beginning of period	$	29,273,205		$	19,470,954
End of period	$	27,251,878		$	29,273,205
Undistributed (distributions in excess of) net investment income	$	43,214		$	(573	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31								4/29/2005(a) to 12/31/2005
			2009		2008		2007		2006
Per Share Operating Performance
Net asset value, beginning of period	$10.82		$  8.68		$12.89		$12.14		$10.86		$10.00
Investment operations:
Net investment income(b)	.02		.08		.12		.09		.10		.06
Net realized and unrealized gain (loss)	(.98	)	2.13		(4.16	)	1.21		1.30		.83
Total from investment operations	(.96	)	2.21		(4.04	)	1.30		1.40		.89
Distributions to shareholders from:
Net investment income	–		(.07	)	(.10	)	(.08	)	(.07	)	(.03	)
Net realized gain	–		–		(.07	)	(.47	)	(.05	)	–
Total distributions	–		(.07	)	(.17	)	(.55	)	(.12	)	(.03	)
Net asset value, end of period	$  9.86		$10.82		$  8.68		$12.89		$12.14		$10.86
Total Return(c)	(8.87	)%(d)	25.50	%	(31.28	)%	10.68	%	12.91	%	8.87	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.47	%(d)	.99	%	1.10	%	1.10	%	1.10	%	1.10	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.47	%(d)	.99	%	1.10	%	1.10	%	1.10	%	.74	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.67	%(d)	1.49	%	1.49	%	1.45	%	1.91	%	7.79	%(e)
Net investment income	.14	%(d)	.82	%	1.08	%	.72	%	.89	%	1.41	%(e)
Supplemental Data:
Net assets, end of period (000)	$27,252		$29,273		$19,471		$21,199		$13,743		$4,992
Portfolio turnover rate	7.35	%(d)	54.63	%	40.08	%	42.46	%	34.27	%	24.42	%

^(a) Commencement of operations.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

^(e) Annualized.

See Notes to Financial Statements.

11

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Classic Stock Portfolio (the “Fund”, formerly, Large-Cap Core Portfolio). Effective May 1, 2010, Large-Cap Core Portfolio changed its name to Classic Stock Portfolio. The Fund is diversified as defined in the Act.

The investment objective of the Fund is growth of capital and growth of income consistent with reasonable risk. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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 U.S. federal tax returns

12

Notes to Financial Statements (unaudited)(continued)

remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

(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 value of these securities has declined, a 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 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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).

13

Notes to Financial Statements (unaudited)(continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	26,499	$	—	$	—	$	26,499
Repurchase Agreement		—		802		—		802
Total	$	26,499	$	802	$	—	$	27,301

* See Schedule of Investments for values in each industry.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.70%
Next $1 billion	.65%
Over $2 billion	.60%

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .70% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of .95%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of .95%.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $52,623 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

14

Notes to Financial Statements (unaudited)(continued)

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	—	$	199,870
Total distributions paid	$	—	$	199,870

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$590,022	$	1,924,843	$	2,514,865

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	27,675,428
Gross unrealized gain		1,981,701
Gross unrealized loss		(2,355,999	)
Net unrealized security loss	$	(374,298	)

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

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$2,732,773	$	2,132,389

15

Notes to Financial Statements (unaudited)(continued)

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and growth stocks. This means the value of your investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Large-cap value and growth stocks may perform differently than the market as a whole and differently than each other and other types of stocks, such as small company stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. Growth stocks may be more volatile than other stocks. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund’s performance.

16

Notes to Financial Statements (unaudited)(concluded)

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	334,203		1,063,360
Reinvestment of distributions	—		18,387
Shares reacquired	(276,735	)	(618,425	)
Increase	57,468		463,322

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

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

Lord Abbett Series Fund, Inc.

Classic Stock Portfolio

SFCLASS-PORT-3-0610

(8/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Developing Growth Portfolio

For the period ended June 30, 2010

Lord Abbett Series Fund — Developing Growth Portfolio

Semiannual Report

For the period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Developing Growth Portfolio for the period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 26, 2010, commencement of investment operations, through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 4/26/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	4/26/10		6/30/10		4/26/10 – 6/30/10
Class VC
Actual	$	1,000.00	$	868.80	$	1.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,007.41	$	1.63

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 66/365 (to reflect the period April 26, 2010, commencement of investment operations, to June 30, 2010).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	21.54%
Energy	2.20%
Financials	7.99%
Health Care	18.44%
Industrials	14.81%
Information Technology	32.75%
Materials	2.27%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value
COMMON STOCKS 98.97%
Aerospace & Defense 3.35%
BE Aerospace, Inc.*	64	$	1,628
DigitalGlobe, Inc.*	59		1,552
HEICO Corp.	33		1,185
Hexcel Corp.*	94		1,458
Total			5,823
Airlines 0.79%
Copa Holdings SA Class A (Panama)(a)	31		1,371
Auto Components 0.98%
Westport Innovations, Inc. (Canada)*(a)	109		1,710
Biotechnology 3.97%
Acorda Therapeutics, Inc.*	61		1,898
Allos Therapeutics, Inc.*	58		356
BioMarin Pharmaceutical, Inc.*	32		607
Cepheid, Inc.*	100		1,602
Human Genome Sciences, Inc.*	54		1,224
Incyte Corp. Ltd.*	111		1,229
Total			6,916
Capital Markets 1.76%
Affiliated Managers Group, Inc.*	18		1,094
Financial Engines, Inc.*	145		1,972
Total			3,066
Chemicals 1.93%
ChemSpec International Ltd. ADR	65		469
Rockwood Holdings, Inc.*	50		1,134
STR Holdings, Inc.*	93		1,748
Total			3,351
Commercial Banks 3.16%
Signature Bank*	51		1,939

Investments	Shares	Value
SVB Financial Group*	51	$	2,103
Western Alliance Bancorp*	202		1,448
Total			5,490
Commercial Services & Supplies 3.58%
Clean Harbors, Inc.*	36		2,391
Corporate Executive Board Co. (The)	30		788
EnerNOC, Inc.*	51		1,603
Higher One Holdings, Inc.*	100		1,450
Total			6,232
Communications Equipment 5.52%
Acme Packet, Inc.*	84		2,258
Aruba Networks, Inc.*	253		3,603
DG FastChannel, Inc.*	54		1,759
Riverbed Technology, Inc.*	72		1,989
Total			9,609
Computers & Peripherals 2.78%
Fortinet, Inc.*	53		871
Netezza Corp.*	218		2,982
Stratasys, Inc.*	40		982
Total			4,835
Construction & Engineering 0.09%
Orion Marine Group, Inc.*	11		156
Diversified Consumer Services 3.13%
American Public Education, Inc.*	37		1,617
Capella Education Co.*	16		1,302
K12, Inc.*	58		1,286
Strayer Education, Inc.	6		1,247
Total			5,452
Diversified Financial Services 1.38%
Portfolio Recovery Associates, Inc.*	36		2,404
Electrical Equipment 3.32%
American Superconductor Corp.*	63		1,681

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value
Electrical Equipment (continued)
Harbin Electric, Inc. (China)*(a)	123	$	2,048
Polypore International, Inc.*	90		2,047
Total			5,776
Electronic Equipment, Instruments & Components 2.34%
FARO Technologies, Inc.*	54		1,010
Hollysys Automation Technologies Ltd. (China)*(a)	60		541
IPG Photonics Corp.*	114		1,736
Maxwell Technologies, Inc.*	69		787
Total			4,074
Energy Equipment & Services 1.40%
CARBO Ceramics, Inc.	22		1,588
ION Geophysical Corp.*	244		849
Total			2,437
Health Care Equipment & Supplies 8.64%
Align Technology, Inc.*	85		1,264
DexCom, Inc.*	205		2,370
DynaVox, Inc. Class A*	48		768
Endologix, Inc.*	244		1,105
Insulet Corp.*	109		1,640
NuVasive, Inc.*	26		922
NxStage Medical, Inc.*	138		2,048
Thoratec Corp.*	79		3,376
Volcano Corp.*	71		1,549
Total			15,042
Health Care Providers & Services 1.03%
Accretive Health, Inc.*	100		1,323
Bio-Reference Laboratories, Inc.*	21		466
Total			1,789
Health Care Technology 1.26%
SXC Health Solutions Corp.*	30		2,197

Investments	Shares	Value
Hotels, Restaurants & Leisure 3.50%
BJ’s Restaurants, Inc.*	57	$	1,345
Chipotle Mexican Grill, Inc.*	15		2,052
Home Inns & Hotels Management, Inc. ADR*	35		1,366
WMS Industries, Inc.*	34		1,335
Total			6,098
Household Durables 0.88%
Tempur-Pedic International, Inc.*	50		1,537
Information Technology Services 1.37%
hiSoft Technology International Ltd. ADR*	104		1,082
VeriFone Holdings, Inc.*	69		1,306
Total			2,388
Insurance 0.64%
CNinsure, Inc. ADR	43		1,115
Internet & Catalog Retail 2.28%
Netflix, Inc.*	23		2,499
Overstock.com, Inc.*	81		1,464
Total			3,963
Internet Software & Services 6.53%
Ancestry.com, Inc.*	57		1,004
Constant Contact, Inc.*	108		2,304
GSI Commerce, Inc.*	29		835
LogMeIn, Inc.*	83		2,177
MercadoLibre, Inc. (Argentina)*(a)	16		841
OpenTable, Inc.*	79		3,276
QuinStreet, Inc.*	80		921
Total			11,358
Life Sciences Tools & Services 0.82%
PAREXEL International Corp.*	66		1,431
Machinery 2.90%
Chart Industries, Inc.*	68		1,059

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	Value
Machinery (continued)
China Valves Technology, Inc. (China)*(a)	153	$	1,427
Middleby Corp. (The)*	24		1,277
RBC Bearings, Inc.*	44		1,276
Total			5,039
Media 0.92%
IMAX Corp. (Canada)*(a)	110		1,606
Metals & Mining 0.32%
Gulf Resources, Inc. (China)*(a)	65		558
Oil, Gas & Consumable Fuels 0.77%
Clean Energy Fuels Corp.*	90		1,345
Pharmaceuticals 2.52%
Auxilium Pharmaceuticals, Inc.*	18		423
Impax Laboratories, Inc.*	81		1,544
Salix Pharmaceuticals, Ltd.*	62		2,420
Total			4,387
Professional Services 0.65%
Kforce, Inc.*	88		1,122
Real Estate Management & Development 0.97%
Altisource Portfolio Solutions SA (Luxembourg)*(a)	68		1,682
Semiconductors & Semiconductor Equipment 7.60%
Atheros Communications, Inc.*	66		1,818
Cavium Networks, Inc.*	103		2,698
MaxLinear, Inc. Class A*	28		391
NetLogic Microsystems, Inc.*	114		3,101
Renesola Ltd. ADR*	228		1,361
Rubicon Technology, Inc.*	37		1,102
Silicon Laboratories, Inc.*	36		1,460
Veeco Instruments, Inc.*	38		1,303
Total			13,234

Investments	Shares	Value
Software 6.27%
Concur Technologies, Inc.*	33	$	1,408
SS&C Technologies Holdings, Inc.*	87		1,395
SuccessFactors, Inc.*	147		3,056
Synchronoss Technologies, Inc.*	111		2,106
Taleo Corp. Class A*	38		923
VanceInfo Technologies, Inc. ADR*	87		2,025
Total			10,913
Specialty Retail 5.33%
Citi Trends, Inc.*	39		1,285
Dick’s Sporting Goods, Inc.*	48		1,195
DSW, Inc. Class A*	30		674
Lumber Liquidators Holdings, Inc.*	50		1,166
Rue21, Inc.*	47		1,426
Ulta Salon, Cosmetics & Fragrance, Inc.*	63		1,491
Vitamin Shoppe, Inc.*	51		1,308
Zumiez, Inc.*	45		725
Total			9,270
Textiles, Apparel & Luxury Goods 4.29%
Deckers Outdoor Corp.*	15		2,143
Fossil, Inc.*	22		763
lululemon athletica, Inc. (Canada)*(a)	54		2,010
Steven Madden Ltd.*	38		1,198
Under Armour, Inc. Class A*	41		1,358
Total			7,472
Total Investments in Common Stocks 98.97% (cost $191,773)			172,248
Cash and Other Assets in Excess of Liabilities 1.03%			1,795
Net Assets 100.00%		$	174,043

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

See Notes to Financial Statements.

6

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $191,773)	$	172,248
Cash		9,178
Receivables:
From advisor (See Note 3)		7,640
Investment securities sold		2,335
Prepaid expenses		7,476
Total assets		198,877
LIABILITIES:
Payables:
Investment securities purchased		8,288
Offering costs		3,094
Management fee		112
Fund administration		6
Directors’ fees		1
Accrued expenses and other liabilities		13,333
Total liabilities		24,834
NET ASSETS	$	174,043
COMPOSITION OF NET ASSETS:
Paid-in capital	$	200,031
Accumulated net investment loss		(240	)
Accumulated net realized loss on investments		(6,223	)
Net unrealized depreciation on investments		(19,525	)
Net Assets	$	174,043
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		13,335
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.05

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Period Ended June 30, 2010*

Investment income:
Dividends	$	62
Total investment income		62
Expenses:
Management fee		251
Shareholder servicing		543
Professional		9,874
Reports to shareholders		3,696
Offering costs		1,651
Custody		434
Fund administration		13
Directors’ fees		1
Other		393
Gross expenses		16,856
Management fee waived and expenses reimbursed (See Note 3)		(16,554	)
Net expenses		302
Net investment loss		(240	)
Net realized and unrealized loss:
Net realized loss on investments		(6,223	)
Net change in unrealized depreciation on investments		(19,525	)
Net realized and unrealized loss		(25,748	)
Net Decrease in Net Assets Resulting From Operations	$	(25,988	)

* For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

8

Statement of Changes in Net Assets

INCREASE IN NET ASSETS	For the Period April 26, 2010 to June 30, 2010* (unaudited)
Operations:
Net investment loss	$	(240	)
Net realized loss on investments		(6,223	)
Net change in unrealized depreciation on investments		(19,525	)
Net decrease in net assets resulting from operations		(25,988	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		200,031
Net increase in net assets resulting from capital share transactions		200,031
Net increase in net assets		174,043
NET ASSETS:
Beginning of period	$	–
End of period	$	174,043
Accumulated net investment loss	$	(240	)

* For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

9

Financial Highlights

	4/26/2010(a) to 6/30/2010 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$15.00
Investment operations:
Net investment loss(b)	(.02	)
Net realized and unrealized loss	(1.93	)
Total from investment operations	(1.95	)
Net asset value, end of period	$13.05
Total Return(c)	(13.12	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.16	%(d)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.16	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	9.14	%(d)
Net investment loss	(.13	)%(d)
Supplemental Data:
Net assets, end of period (000)	$174
Portfolio turnover rate	28.61	%(d)

^(a) Commencement of investment operations was 4/26/2010, SEC effective date and date shares first became available to the public was 5/1/2010.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

10

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Developing Growth Portfolio (the “Fund”). The Fund commenced investment operations on April 26, 2010. The Fund became effective with the SEC and shares first became available to the public on May 1, 2010. The Fund is diversified as defined in the Act.

The investment objective of the Fund is long-term growth of capital. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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.

(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.

11

Notes to Financial Statements (unaudited)(continued)

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

(g) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	172,248	$	–	$	–	$	172,248
Total	$	172,248	$	–	$	–	$	172,248

* See Schedule of Investments for values in each industry.

12

Notes to Financial Statements (unaudited)(continued)

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $100 million	.75%
Over $100 million	.50%

For the period ended June 30, 2010, the effective management fee, before waivers and expenses reimbursed was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed and annual rate of 0.90%. For the period April 26, 2010 to April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses based on the same terms above. The contractual agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, may enter 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. 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. For the period ended June 30, 2010, the Fund did not incur expenses for such services arrangements.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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;

13

Notes to Financial Statements (unaudited)(continued)

temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	191,773
Gross unrealized gain		3,369
Gross unrealized loss		(22,894	)
Net unrealized security loss	$	(19,525	)

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the period ended June 30, 2010 were as follows:

Purchases	Sales
$249,346	$	51,349

There were no purchases or sales of U.S. Government securities for the period ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

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

14

Notes to Financial Statements (unaudited)(concluded)

The Fund has particular risks associated with growth stocks. Different types of stocks shift in and out of favor depending on market and economic conditions. Growth stocks tend to be more volatile than other stocks. In addition, if the Fund’s assessment of a company’s potential for growth or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a rising market. The Fund invests primarily in small-cap growth company stocks, which tend to be more volatile and can be less liquid than other types of stocks. Small-cap companies may also have more limited product lines, markets or financial resources, and typically experience a higher risk of failure than large-cap companies. Because the Fund may invest a portion of its assets in foreign securities and ADRs, it may experience increased market, liquidity, currency, political, information and other risks.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Period Ended June 30,  2010† (unaudited)
Shares sold	13,335
Increase	13,335

^† For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

15

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

16

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

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

Lord Abbett Series Fund, Inc.

Developing Growth Portfolio

SFDG-PORT-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Fundamental Equity Portfolio*

For the six-month period ended June 30, 2010

* Formerly known as All Value Portfolio

Lord Abbett Series Fund — Fundamental Equity Portfolio (formerly All Value Portfolio)

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Fundamental Equity Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/2010		1/1/10 - 6/30/2010
Class VC
Actual	$	1,000.00	$	952.30	$	5.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.09	$	5.76

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

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	9.77%
Consumer Staples	1.34%
Energy	12.26%
Financials	18.56%
Health Care	16.58%
Industrials	12.25%
Information Technology	15.30%
Materials	8.54%
Utilities	2.01%
Short-Term Investment	3.39%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value (000)
COMMON STOCKS 96.86%
Aerospace & Defense 2.90%
Curtiss-Wright Corp.	8,700	$	253
Hexcel Corp.*	54,500		845
Honeywell International, Inc.	13,100		511
Kaman Corp.	2,700		60
United Technologies Corp.	23,034		1,495
Total			3,164
Auto Components 0.20%
Tenneco, Inc.*	10,500		221
Automobiles 1.65%
Ford Motor Co.*	178,600		1,800
Biotechnology 3.14%
Amgen, Inc.*	55,800		2,935
Human Genome Sciences, Inc.*	9,500		215
Onyx Pharmaceuticals, Inc.*	12,600		272
Total			3,422
Building Products 0.10%
Quanex Building Products Corp.	350		6
Trex Co., Inc.*	5,300		106
Total			112
Capital Markets 5.55%
Affiliated Managers Group, Inc.*	10,300		626
Charles Schwab Corp. (The)	75,600		1,072
Franklin Resources, Inc.	7,000		603
Invesco Ltd.	17,900		301
Lazard Ltd. Class A	49,200		1,314
Morgan Stanley	18,600		432
Raymond James Financial, Inc.	17,200		425
State Street Corp.	37,900		1,282
Total			6,055

Investments	Shares	Value (000)
Chemicals 1.61%
Air Products & Chemicals, Inc.	27,100	$	1,756
Commercial Banks 7.32%
City National Corp.	23,500		1,204
Comerica, Inc.	9,100		335
Commerce Bancshares, Inc.	20,960		754
Cullen/Frost Bankers, Inc.	25,900		1,331
KeyCorp	155,600		1,197
SunTrust Banks, Inc.	30,900		720
TCF Financial Corp.	35,569		591
Wells Fargo & Co.	44,400		1,137
Zions Bancorporation	33,200		716
Total			7,985
Computers & Peripherals 3.04%
EMC Corp.*	53,431		978
Hewlett-Packard Co.	54,000		2,337
Total			3,315
Consumer Finance 0.69%
Capital One Financial Corp.	18,552		748
Containers & Packaging 0.24%
Owens-Illinois, Inc.*	9,900		262
Diversified Financial Services 3.02%
Bank of America Corp.	151,500		2,177
JPMorgan Chase & Co.	30,400		1,113
Total			3,290
Electric: Utilities 1.10%
NextEra Energy, Inc.	14,900		726
PPL Corp.	19,100		477
Total			1,203
Electrical Equipment 0.11%
AMETEK, Inc.	3,000		120

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Energy Equipment & Services 1.99%
Halliburton Co.	59,700	$	1,466
Weatherford International Ltd. (Switzerland)*(a)	54,000		710
Total			2,176
Food Products 1.35%
Archer Daniels Midland Co.	57,000		1,472
Gas Utilities 0.91%
EQT Corp.	21,300		770
Questar Corp.	4,900		223
Total			993
Health Care Equipment & Supplies 3.12%
Cooper Cos., Inc. (The)	32,500		1,293
Kinetic Concepts, Inc.*	6,900		252
Stryker Corp.	15,800		791
Wright Medical Group, Inc.*	20,700		344
Zimmer Holdings, Inc.*	13,500		730
Total			3,410
Health Care Providers & Services 5.83%
AmerisourceBergen Corp.	34,700		1,102
DaVita, Inc.*	13,300		830
Humana, Inc.*	14,705		672
McKesson Corp.	16,400		1,101
Patterson Cos., Inc.	32,100		916
Pharmaceutical Product Development, Inc.	17,500		445
UnitedHealth Group, Inc.	22,300		633
Universal Health Services, Inc. Class B	17,400		664
Total			6,363
Hotels, Restaurants & Leisure 1.03%
Carnival Corp. Unit	24,500		741
Marriott International, Inc. Class A	12,839		384
Total			1,125

Investments	Shares	Value (000)
Household Durables 0.86%
Fortune Brands, Inc.	23,900	$	936
Information Technology Services 4.23%
Accenture plc Class A (Ireland)(a)	36,379		1,406
MasterCard, Inc. Class A	4,496		897
VeriFone Holdings, Inc.*	94,200		1,783
Western Union Co. (The)	35,462		529
Total			4,615
Insurance 2.03%
Berkshire Hathaway, Inc. Class B*	16,300		1,299
Chubb Corp. (The)	12,300		615
Markel Corp.*	900		306
Total			2,220
Internet & Catalog Retail 0.65%
NutriSystem, Inc.	31,100		713
Life Sciences Tools & Services 1.01%
Affymetrix, Inc.*	76,235		449
PAREXEL International Corp.*	30,300		657
Total			1,106
Machinery 7.42%
Eaton Corp.	24,370		1,595
EnPro Industries, Inc.*	17,500		493
Kaydon Corp.	6,000		197
Kennametal, Inc.	22,600		575
Pall Corp.	26,500		911
Parker Hannifin Corp.	18,413		1,021
RBC Bearings, Inc.*	11,000		319
Robbins & Myers, Inc.	31,500		685
Tennant Co.	4,400		149
WABCO Holdings, Inc.*	68,200		2,147
Total			8,092

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Media 4.12%
Interpublic Group of Cos., Inc. (The)*	159,200	$	1,135
Omnicom Group, Inc.	65,400		2,243
Viacom, Inc. Class B	11,900		373
Walt Disney Co. (The)	23,600		743
Total			4,494
Metals & Mining 6.71%
Agnico-Eagle Mines Ltd. (Canada)(a)	11,800		717
Barrick Gold Corp. (Canada)(a)	58,772		2,669
Newmont Mining Corp.	24,100		1,488
Nucor Corp.	19,200		735
Reliance Steel & Aluminum Co.	25,000		904
United States Steel Corp.	21,000		810
Total			7,323
Multi-Line Retail 0.42%
J.C. Penney Co., Inc.	19,900		427
Nordstrom, Inc.	800		26
Total			453
Oil, Gas & Consumable Fuels 10.30%
Apache Corp.	4,300		362
Chevron Corp.	13,500		916
El Paso Corp.	172,100		1,912
Exxon Mobil Corp.	86,810		4,954
Forest Oil Corp.*	5,100		140
Southwestern Energy Co.*	28,600		1,105
Williams Cos., Inc. (The)	101,100		1,848
Total			11,237
Pharmaceuticals 3.52%
Abbott Laboratories	23,070		1,079
Teva Pharmaceutical Industries Ltd. ADR	5,500		286
Warner Chilcott plc Class A (Ireland)*(a)	58,700		1,341

Investments	Shares	Value (000)
Watson Pharmaceuticals, Inc.*	27,848	$	1,130
Total			3,836
Professional Services 0.41%
FTI Consulting, Inc.*	10,200		445
Road & Rail 1.34%
Heartland Express, Inc.	29,300		425
Kansas City Southern*	28,600		1,040
Total			1,465
Semiconductors & Semiconductor Equipment 4.07%
Broadcom Corp. Class A	18,100		597
Intel Corp.	91,800		1,785
Micron Technology, Inc.*	98,200		834
National Semiconductor Corp.	58,300		785
Xilinx, Inc.	17,486		441
Total			4,442
Software 4.00%
Adobe Systems, Inc.*	47,800		1,263
Intuit, Inc.*	36,000		1,252
McAfee, Inc.*	15,000		461
Microsoft Corp.	60,300		1,388
Total			4,364
Specialty Retail 0.54%
American Eagle Outfitters, Inc.	4,900		58
Best Buy Co., Inc.	13,885		470
Lowe’s Cos., Inc.	2,900		59
Total			587
Textiles, Apparel & Luxury Goods 0.33%
VF Corp.	5,000		356
Total Common Stocks (cost $105,634,291)			105,676

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 3.40%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $3,780,000 of Federal Home Loan Bank at 0.58% due 6/1/2011; value: $3,784,725; proceeds: $3,705,680 (cost $3,705,680)	$	3,706	$	3,706
Total Investments in Securities 100.26% (cost $109,339,971)				109,382
Liabilities in Excess of Cash and Other Assets (0.26%)				(280	)
Net Assets 100.00%			$	109,102

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

See Notes to Financial Statements.

7

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $109,339,971)	$	109,381,740
Cash		21
Receivables:
Investment securities sold		545,585
Capital shares sold		116,221
Dividends		66,575
From advisor (See Note 3)		9,174
Total assets		110,119,316
LIABILITIES:
Payables:
Investment securities purchased		794,197
Management fee		70,221
Capital shares reacquired		28,621
Directors’ fees		4,252
Fund administration		3,745
Accrued expenses and other liabilities		116,400
Total liabilities		1,017,436
NET ASSETS	$	109,101,880
COMPOSITION OF NET ASSETS:
Paid-in capital	$	115,473,935
Distributions in excess of net investment income		(39,035	)
Accumulated net realized loss on investments and foreign currency related transactions		(6,374,789	)
Net unrealized appreciation on investments		41,769
Net Assets	$	109,101,880
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		7,701,337
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.17

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $3,228)	$	589,617
Interest		242
Total investment income		589,859
Expenses:
Management fee		427,760
Shareholder servicing		205,668
Fund administration		22,814
Reports to shareholders		19,221
Professional		19,019
Custody		9,359
Directors’ fees		1,647
Other		1,398
Gross expenses		706,886
Expense reductions (See Note 7)		(25	)
Management fee waived (See Note 3)		(50,963	)
Net expenses		655,898
Net investment loss		(66,039	)
Net realized and unrealized gain (loss):
Net realized gain on investments and foreign currency related transactions		6,654,114
Net change in unrealized appreciation/depreciation on investments		(12,388,980	)
Net realized and unrealized loss		(5,734,866	)
Net Decrease in Net Assets Resulting From Operations	$	(5,800,905	)

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income (loss)	$	(66,039	)	$	195,652
Net realized gain (loss) on investments and foreign currency related transactions		6,654,114			(5,385,837	)
Net change in unrealized appreciation/depreciation on investments		(12,388,980	)		27,388,821
Net increase (decrease) in net assets resulting from operations		(5,800,905	)		22,198,636
Distributions to shareholders from:
Net investment income		–			(165,971	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		20,186,662			25,661,346
Reinvestment of distributions		–			165,971
Cost of shares reacquired		(13,052,682	)		(16,975,453	)
Net increase in net assets resulting from capital share transactions		7,133,980			8,851,864
Net increase in net assets		1,333,075			30,884,529
NET ASSETS:
Beginning of period	$	107,768,805		$	76,884,276
End of period	$	109,101,880		$	107,768,805
Undistributed (distributions in excess of) net investment income	$	(39,035	)	$	27,004

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$14.88		$11.83		$16.84		$16.48		$14.82		$13.95
Investment operations:
Net investment income (loss)(a)	(.01	)	.03		.08		.10		.11		.09
Net realized and unrealized gain (loss)	(.70	)	3.04		(4.92	)	1.01		2.06		.88
Total from investment operations	(.71	)	3.07		(4.84	)	1.11		2.17		.97
Distributions to shareholders from:
Net investment income	–		(.02	)	(.08	)	(.09	)	(.09	)	(.05	)
Net realized gain	–		–		(.09	)	(.66	)	(.42	)	(.05	)
Total distributions	–		(.02	)	(.17	)	(.75	)	(.51	)	(.10	)
Net asset value, end of period	$14.17		$14.88		$11.83		$16.84		$16.48		$14.82
Total Return(b)	(4.77	)%(c)	25.97	%	(28.67	)%	6.72	%	14.64	%	6.95	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.57	%(c)	1.15	%	1.15	%	1.15	%	1.15	%	1.14	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.57	%(c)	1.15	%	1.15	%	1.15	%	1.15	%	1.14	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.62	%(c)	1.26	%	1.27	%	1.24	%	1.30	%	1.75	%
Net investment income (loss)	(.06	)%(c)	.22	%	.56	%	.55	%	.69	%	.66	%
Supplemental Data:
Net assets, end of period (000)	$109,102		$107,769		$76,884		$101,747		$75,940		$34,277
Portfolio turnover rate	41.27	%(c)	85.09	%	81.82	%	62.96	%	59.92	%	34.89	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

11

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Fundamental Equity Portfolio (the “Fund,” formerly, All Value Portfolio). Effective May 1, 2010, All Value Portfolio changed its name to Fundamental Equity Portfolio. The Fund is diversified as defined in the Act.

The investment objective of the Fund is long-term growth of capital and income without excessive fluctuations in market value. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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.

12

Notes to Financial Statements (unaudited)(continued)

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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

(g) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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

13

Notes to Financial Statements (unaudited)(continued)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	105,676	$	–	$	–	$	105,676
Repurchase Agreement		–		3,706		–		3,706
Total	$	105,676	$	3,706	$	–	$	109,382

* See Schedule of Investments for values in each industry.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of 1.15%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of 1.15%.

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. The Fund may also compensate certain insurance companies, third-party administrators

14

Notes to Financial Statements (unaudited)(continued)

and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. For the six months ended June 30, 2010, the Fund incurred expenses of $199,621 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	–	$	165,971
Total distributions paid	$	–	$	165,971

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$3,313,767	$	9,162,286	$	12,476,053

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	109,589,181
Gross unrealized gain		7,304,341
Gross unrealized loss		(7,511,782	)
Net unrealized security loss	$	(207,441	)

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

15

Notes to Financial Statements (unaudited)(continued)

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$50,328,848	$	45,293,778

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in equity securities as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Large value stocks, in which the Fund invests a significant portion of its assets, may perform differently than the market as a whole and other types of stocks, such as mid-sized or small-company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. Mid-cap and small-cap company stocks in which the Fund may invest may be more volatile and less liquid than large-cap stocks. The market may fail to recognize the intrinsic value of a particular value stock for a long time. In addition, if the Fund’s assessment of a company’s value 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.

16

Notes to Financial Statements (unaudited)(concluded)

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	1,304,652		2,046,125
Reinvestment of distributions	–		11,057
Shares reacquired	(843,680	)	(1,314,208	)
Increase	460,972		742,974

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements through this date.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

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

Lord Abbett Series Fund, Inc.

Fundamental Equity Portfolio

SFFE-PORT-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Growth and Income Portfolio

For the six-month period ended June 30, 2010

Lord Abbett Series Fund — Growth and Income Portfolio

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Growth and Income Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	946.90	$	4.49
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.18	$	4.66

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

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	12.92%
Consumer Staples	5.46%
Energy	17.08%
Financials	29.48%
Health Care	9.07%
Industrials	9.39%
Information Technology	2.51%
Materials	6.73%
Telecommunication Services	2.80%
Utilities	3.32%
Short-Term Investment	1.24%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value (000)
COMMON STOCKS 98.89%
Aerospace & Defense 0.99%
Honeywell International, Inc.	8,200	$	320
Lockheed Martin Corp.	83,800		6,243
Raytheon Co.	68,800		3,329
Total			9,892
Airlines 2.54%
AMR Corp.*	625,600		4,242
Delta Air Lines, Inc.*	1,796,647		21,111
Total			25,353
Automobiles 1.48%
Ford Motor Co.*	1,464,500		14,762
Beverages 0.68%
PepsiCo, Inc.	110,600		6,741
Biotechnology 1.89%
Amgen, Inc.*	286,396		15,064
Gilead Sciences, Inc.*	109,700		3,761
Total			18,825
Capital Markets 7.69%
Bank of New York Mellon Corp. (The)	910,848		22,489
Charles Schwab Corp. (The)	861,748		12,220
Franklin Resources, Inc.	70,993		6,119
Goldman Sachs Group, Inc. (The)	113,372		14,882
Morgan Stanley	520,100		12,072
State Street Corp.	261,300		8,837
Total			76,619
Chemicals 2.15%
Dow Chemical Co. (The)	439,500		10,425
Mosaic Co. (The)	222,200		8,661

Investments	Shares	Value (000)
Potash Corp. of Saskatchewan, Inc. (Canada)(a)	26,900	$	2,320
Total			21,406
Commercial Banks 12.55%
BB&T Corp.	222,117		5,844
KeyCorp	1,352,828		10,403
M&T Bank Corp.	108,779		9,241
PNC Financial Services Group, Inc. (The)	285,469		16,129
Regions Financial Corp.	803,100		5,284
SunTrust Banks, Inc.	925,000		21,553
Wells Fargo & Co.	1,666,501		42,662
Zions Bancorporation	645,691		13,928
Total			125,044
Computers & Peripherals 1.34%
EMC Corp.*	308,200		5,640
Hewlett-Packard Co.	179,385		7,764
Total			13,404
Construction & Engineering 0.25%
Fluor Corp.	59,100		2,512
Diversified Financial Services 7.46%
Bank of America Corp.	1,455,893		20,921
CBOE Holdings, Inc.*	46,900		1,527
Citigroup, Inc.*	4,464,100		16,785
JPMorgan Chase & Co.	957,738		35,063
Total			74,296
Diversified Telecommunication Services 2.80%
AT&T, Inc.	768,047		18,579
Verizon Communications, Inc.	334,500		9,373
Total			27,952
Electric: Utilities 1.97%
NextEra Energy, Inc.	77,100		3,759
PPL Corp.	218,100		5,442

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Electric: Utilities (continued)
Progress Energy, Inc.	160,800	$	6,307
Southern Co.	123,795		4,120
Total			19,628
Electrical Equipment 0.63%
Emerson Electric Co.	143,800		6,283
Energy Equipment & Services 3.53%
Halliburton Co.	542,900		13,328
Schlumberger Ltd.	394,692		21,842
Total			35,170
Food & Staples Retailing 2.22%
Kroger Co. (The)	1,122,411		22,100
Food Products 1.59%
Archer Daniels Midland Co.	496,900		12,830
Kraft Foods, Inc. Class A	107,997		3,024
Total			15,854
Health Care Equipment & Supplies 0.97%
Covidien plc (Ireland)(a)	241,271		9,694
Health Care Providers & Services 1.67%
CIGNA Corp.	31,000		963
UnitedHealth Group, Inc.	550,726		15,641
Total			16,604
Hotels, Restaurants & Leisure 3.07%
Carnival Corp. Unit	289,250		8,747
Hyatt Hotels Corp. Class A*	295,400		10,956
Marriott International, Inc. Class A	364,874		10,924
Total			30,627
Household Durables 0.55%
Pulte Homes, Inc.*	662,700		5,487

Investments	Shares	Value (000)
Household Products 0.99%
Colgate-Palmolive Co.	124,700	$	9,821
Insurance 1.55%
Berkshire Hathaway, Inc. Class B*	118,800		9,467
MetLife, Inc.	158,249		5,976
Total			15,443
Internet & Catalog Retail 1.83%
HSN, Inc.*	758,809		18,211
Machinery 3.25%
Caterpillar, Inc.	204,900		12,308
Eaton Corp.	306,080		20,030
Total			32,338
Media 2.75%
Comcast Corp. Class A	809,802		14,066
Omnicom Group, Inc.	91,500		3,139
Time Warner Cable, Inc.	128,051		6,669
Time Warner, Inc.	122,666		3,546
Total			27,420
Metals & Mining 4.59%
Barrick Gold Corp. (Canada)(a)	366,100		16,625
Cliffs Natural Resources, Inc.	159,300		7,513
Newmont Mining Corp.	247,200		15,262
United States Steel Corp.	165,600		6,384
Total			45,784
Multi-Line Retail 2.77%
J.C. Penney Co., Inc.	141,500		3,039
Kohl’s Corp.*	133,900		6,360
Target Corp.	369,700		18,178
Total			27,577
Multi-Utilities 1.36%
PG&E Corp.	232,500		9,556

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	Value (000)
Multi-Utilities (continued)
Public Service Enterprise Group, Inc.	127,400	$	3,991
Total			13,547
Office Electronics 0.10%
Xerox Corp.	120,200		966
Oil, Gas & Consumable Fuels 13.58%
Anadarko Petroleum Corp.	163,200		5,890
Apache Corp.	41,500		3,494
Chevron Corp.	465,525		31,591
El Paso Corp.	881,570		9,794
EOG Resources, Inc.	65,464		6,440
Exxon Mobil Corp.	774,911		44,224
Hess Corp.	111,400		5,608
Marathon Oil Corp.	356,100		11,071
Petroleo Brasileiro SA ADR	134,800		4,626
Suncor Energy, Inc. (Canada)(a)	195,521		5,756
Valero Energy Corp.	377,400		6,786
Total			135,280
Pharmaceuticals 4.55%
Abbott Laboratories	274,164		12,825
Johnson & Johnson	195,200		11,529
Merck & Co., Inc.	195,200		6,826
Pfizer, Inc.	277,200		3,953
Teva Pharmaceutical Industries Ltd. ADR	196,467		10,214
Total			45,347
Real Estate Investment Trusts 0.27%
Annaly Capital Management, Inc.	158,300		2,715
Road & Rail 1.73%
Hertz Global Holdings, Inc.*	1,826,120		17,275

Investments	Shares		Value (000)
Semiconductors & Semiconductor Equipment 1.07%
Applied Materials, Inc.		412,600	$	4,959
Intel Corp.		293,100		5,701
Total				10,660
Specialty Retail 0.48%
Home Depot, Inc. (The)		19,000		533
J. Crew Group, Inc.*		115,129		4,238
Total				4,771
Total Common Stocks (cost $939,269,045)				985,408
	Principal Amount (000)
SHORT-TERM INVESTMENT 1.24%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $4,155,000 of Federal Home Loan Bank at 3.125% due 6/10/2011 and $8,340,000 of Federal Home Loan Bank at 0.58% due 6/1/2011; value: $12,604,106; proceeds: $12,353,122 (cost $12,353,122)	$	12,353		12,353
Total Investments in Securities 100.13% (cost $951,622,167)				997,761
Liabilities in Excess of Cash and Other Assets (0.13%)				(1,268	)
Net Assets 100.00%			$	996,493

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

See Notes to Financial Statements.

6

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $951,622,167)	$	997,760,648
Cash		57
Receivables:
Investment securities sold		13,194,776
Capital shares sold		5,026,574
Interest and dividends		569,693
Other assets		786
Total assets		1,016,552,534
LIABILITIES:
Payables:
Investment securities purchased		18,048,192
Capital shares reacquired		599,114
Management fee		431,404
Directors’ fees		145,309
Fund administration		34,694
Accrued expenses and other liabilities		800,959
Total liabilities		20,059,672
NET ASSETS	$	996,492,862
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,551,987,679
Undistributed net investment income		2,530,666
Accumulated net realized loss on investments and foreign currency related transactions		(604,163,964	)
Net unrealized appreciation on investments		46,138,481
Net Assets	$	996,492,862
Outstanding shares (250 million shares of common stock authorized, $.001 par value)		51,720,906
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$19.27

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $40,477)	$	7,804,878
Interest		3,463
Total investment income		7,808,341
Expenses:
Management fee		2,760,198
Shareholder servicing		1,975,213
Fund administration		223,312
Reports to shareholders		49,859
Professional		28,856
Directors’ fees		16,563
Custody		12,911
Other		116,139
Gross expenses		5,183,051
Expense reductions (See Note 8)		(484	)
Net expenses		5,182,567
Net investment income		2,625,774
Net realized and unrealized gain (loss):
Net realized gain on investments and foreign currency related transactions		31,364,267
Net change in unrealized appreciation/depreciation on investments		(87,771,600	)
Net realized and unrealized loss		(56,407,333	)
Net Decrease in Net Assets Resulting From Operations	$	(53,781,559	)

See Notes to Financial Statements.

8

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income	$	2,625,774		$	9,978,487
Net realized gain (loss) on investments and foreign currency related transactions		31,364,267			(318,850,895	)
Net realized loss on redemptions in-kind (See Note 6)		—			(181,621,468	)
Net change in unrealized appreciation/depreciation on investments		(87,771,600	)		563,092,280
Net increase (decrease) in net assets resulting from operations		(53,781,559	)		72,598,404
Distributions to shareholders from:
Net investment income		—			(9,940,508	)
Capital share transactions (See Note 11):
Proceeds from sales of shares		26,049,371			40,142,340
Reinvestment of distributions		—			9,940,508
Cost of shares reacquired		(82,731,687	)		(153,818,111	)
Redemptions in-kind (See Note 6)		—			(342,061,308	)
Net decrease in net assets resulting from capital share transactions		(56,682,316	)		(445,796,571	)
Net decrease in net assets		(110,463,875	)		(383,138,675	)
NET ASSETS:
Beginning of period	$	1,106,956,737		$	1,490,095,412
End of period	$	996,492,862		$	1,106,956,737
Undistributed (distributions in excess of) net investment income	$	2,530,666		$	(95,108	)

See Notes to Financial Statements.

9

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$20.35		$17.27		$27.91		$29.34		$26.16		$27.18
Investment operations:
Net investment income(a)	.05		.17		.35		.39		.39		.29
Net realized and unrealized gain (loss)	(1.13	)	3.10		(10.55	)	.64		4.12		.60
Total from investment operations	(1.08	)	3.27		(10.20	)	1.03		4.51		.89
Distributions to shareholders from:
Net investment income	–		(.19	)	(.36	)	(.38	)	(.36	)	(.27	)
Net realized gain	–		–		(.08	)	(2.08	)	(.97	)	(1.64	)
Total distributions	–		(.19	)	(.44	)	(2.46	)	(1.33	)	(1.91	)
Net asset value, end of period	$19.27		$20.35		$17.27		$27.91		$29.34		$26.16
Total Return(b)	(5.31	)%(c)	18.90	%	(36.42	)%	3.44	%	17.27	%	3.25	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.46	%(c)	.93	%	.90	%	.88	%	.87	%	.91	%
Expenses, excluding expense reductions	.46	%(c)	.93	%	.90	%	.88	%	.87	%	.91	%
Net investment income	.23	%(c)	.95	%	1.51	%	1.27	%	1.38	%	1.11	%
Supplemental Data:
Net assets, end of period (000)	$996,493		$1,106,957		$1,490,095		$2,407,662		$2,153,380		$1,592,826
Portfolio turnover rate	23.45	%(c)	71.71	%(d)	113.29	%	91.72	%(d)	51.65	%(d)	46.71	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

^(d) Includes portfolio securities delivered as a result of redemptions in-kind transactions.

See Notes to Financial Statements.

10

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Growth and Income Portfolio (the “Fund”). The Fund is diversified as defined in the Act.

The investment objective of the Fund is long-term growth of capital and income without excessive fluctuations in market value. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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.

11

Notes to Financial Statements (unaudited)(continued)

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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

(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 value of these securities has declined, a 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 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 of inputs is summarized in the three broad Levels listed below:

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

12

Notes to Financial Statements (unaudited)(continued)

• 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	985,408	$	–	$	–	$	985,408
Repurchase Agreement		–		12,353		–		12,353
Total	$	985,408	$	12,353	$	–	$	997,761

* See Schedule of Investments for values in each industry.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.50%
Over $1 billion	.45%

For six months ended June 30, 2010, the effective management fee paid to Lord Abbett was at an annualized rate of .50% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $1,953,976 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

13

Notes to Financial Statements (unaudited)(continued)

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	–	$	9,940,508
Total distributions paid	$	–	$	9,940,508

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$174,242,085	$	382,145,608	$	556,387,693

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,030,762,705
Gross unrealized gain		24,890,734
Gross unrealized loss		(57,892,791	)
Net unrealized security loss	$	(33,002,057	)

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

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$247,835,662	$	259,255,671

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

14

Notes to Financial Statements (unaudited)(continued)

6.    REDEMPTIONS IN-KIND

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payments for a redemption of Fund shares (“redemptions in-kind”). For financial reporting purposes, the Fund recognizes a gain on redemptions in-kind to the extent the value of the distributed securities exceeds their costs; the Fund recognizes a loss if the cost exceeds value. During the fiscal year ended December 31, 2009, shareholders of the Fund redeemed Fund shares in exchange for Fund portfolio securities, causing the Fund to realize a net loss of $181,621,468, which is included on the Statements of Changes in Net Assets.

7.    DIRECTORS’ REMUNERATION

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

8.    EXPENSE REDUCTIONS

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

9.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

10.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to its investments in multinational companies, foreign companies and ADR’s, the Fund may experience increased market, liquidity, currency, political, information and other risks.

These factors can affect the Fund’s performance.

15

Notes to Financial Statements (unaudited)(concluded)

11.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	1,238,701		2,356,631
Reinvestment of distributions	–		485,376
Shares reacquired	(3,904,744	)	(9,252,869	)
Redemptions in-kind	–		(25,488,920	)
Decrease	(2,666,043	)	(31,899,782	)

12.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

16

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

17

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

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

Lord Abbett Series Fund, Inc.

Growth and Income Portfolio

LASFGI-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the six-month period ended June 30, 2010

Lord Abbett Series Fund — Growth Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Growth Opportunities Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	918.60	$	5.71
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.83	$	6.01

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

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	21.33%
Consumer Staples	1.21%
Energy	4.71%
Financials	13.37%
Health Care	13.95%
Industrials	10.59%
Information Technology	27.16%
Materials	7.27%
Short-Term Investment	0.41%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value (000)
COMMON STOCKS 99.16%
Aerospace & Defense 1.77%
Goodrich Corp.	6,169	$	409
Precision Castparts Corp.	5,943		612
Rockwell Collins, Inc.	10,693		568
Total			1,589
Airlines 0.51%
AMR Corp.*	67,383		457
Auto Components 1.29%
Gentex Corp.	36,875		663
Lear Corp.*	7,486		496
Total			1,159
Biotechnology 2.72%
Alexion Pharmaceuticals, Inc.*	12,492		639
Dendreon Corp.*	6,738		218
Human Genome Sciences, Inc.*	28,238		640
Onyx Pharmaceuticals, Inc.*	11,468		248
Vertex Pharmaceuticals, Inc.*	20,840		686
Total			2,431
Capital Markets 4.77%
Affiliated Managers Group, Inc.*	10,289		625
BlackRock, Inc.	3,030		434
Invesco Ltd.	33,679		567
Jefferies Group, Inc.	26,088		550
Lazard Ltd. Class A	14,960		400
T. Rowe Price Group, Inc.	30,246		1,343
TD Ameritrade Holding Corp.*	23,184		355
Total			4,274
Chemicals 3.39%
Albemarle Corp.	27,875		1,107
Celanese Corp. Series A	22,613		563
FMC Corp.	13,155		755
Olin Corp.	33,536		607
Total			3,032

Investments	Shares	Value (000)
Commercial Banks 4.63%
City National Corp.	14,741	$	755
Comerica, Inc.	14,559		536
Fifth Third Bancorp	57,988		713
KeyCorp	94,061		723
Regions Financial Corp.	105,823		696
SunTrust Banks, Inc.	30,836		718
Total			4,141
Communications Equipment 1.48%
F5 Networks, Inc.*	13,322		913
Juniper Networks, Inc.*	17,914		409
Total			1,322
Computers & Peripherals 3.15%
NetApp, Inc.*	43,001		1,604
SanDisk Corp.*	14,862		625
Western Digital Corp.*	19,556		590
Total			2,819
Consumer Finance 0.73%
Capital One Financial Corp.	16,199		653
Containers & Packaging 0.99%
Owens-Illinois, Inc.*	33,701		891
Diversified Consumer Services 1.12%
Apollo Group, Inc. Class A*	13,715		582
DeVry, Inc.	8,031		422
Total			1,004
Diversified Financial Services 1.44%
CBOE Holdings, Inc.*	13,079		426
Moody’s Corp.	43,282		862
Total			1,288
Electrical Equipment 1.41%
Cooper Industries plc	11,446		504
Rockwell Automation, Inc.	15,413		757
Total			1,261

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Electronic Equipment, Instruments & Components 2.45%
Agilent Technologies, Inc.*	15,468	$	440
Amphenol Corp. Class A	17,726		696
Avnet, Inc.*	18,115		437
Itron, Inc.*	10,012		619
Total			2,192
Energy Equipment & Services 1.54%
Cameron International Corp.*	5,766		187
FMC Technologies, Inc.*	13,469		709
Key Energy Services, Inc.*	52,531		482
Total			1,378
Food Products 0.72%
Green Mountain Coffee Roasters, Inc.*	25,262		649
Health Care Equipment & Supplies 3.10%
Edwards Lifesciences Corp.*	7,404		415
Intuitive Surgical, Inc.*	3,432		1,083
ResMed, Inc.*	12,516		761
Thoratec Corp.*	12,022		514
Total			2,773
Health Care Providers & Services 3.79%
AmerisourceBergen Corp.	24,269		771
CIGNA Corp.	13,418		417
Express Scripts, Inc.*	9,595		451
Humana, Inc.*	8,992		411
Pharmaceutical Product Development, Inc.	16,218		412
Universal Health Services, Inc. Class B	24,359		929
Total			3,391
Health Care Technology 0.60%
Cerner Corp.*	7,027		533
Hotels, Restaurants & Leisure 4.89%
Gaylord Entertainment Co.*	12,974		287
International Game Technology	38,924		611

Investments	Shares	Value (000)
Marriott International, Inc. Class A	35,062	$	1,050
MGM Resorts International*	43,515		419
Panera Bread Co. Class A*	9,506		716
Royal Caribbean Cruises Ltd.*	16,513		376
Starwood Hotels & Resorts Worldwide, Inc.	22,251		922
Total			4,381
Information Technology Services 2.20%
Alliance Data Systems Corp.*	13,520		805
Cognizant Technology Solutions Corp. Class A*	15,149		758
Global Payments, Inc.	11,201		409
Total			1,972
Insurance 0.80%
Principal Financial Group, Inc.	30,395		712
Internet & Catalog Retail 1.05%
Netflix, Inc.*	3,528		383
priceline.com, Inc.*	3,152		556
Total			939
Internet Software & Services 2.69%
Akamai Technologies, Inc.*	28,359		1,151
Baidu, Inc. ADR*	5,615		382
Equinix, Inc.*	10,814		878
Total			2,411
Life Sciences Tools & Services 1.79%
Affymetrix, Inc.*	75,872		448
Life Technologies Corp.*	8,077		382
PAREXEL International Corp.*	35,567		771
Total			1,601
Machinery 2.44%
Deere & Co.	9,676		539
Kennametal, Inc.	22,009		560

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Machinery (continued)
Pall Corp.	15,780	$	542
Parker Hannifin Corp.	9,749		541
Total			2,182
Media 0.69%
Lamar Advertising Co. Class A*	25,213		618
Metals & Mining 2.86%
Cliffs Natural Resources, Inc.	12,847		606
Compass Minerals International, Inc.	8,194		576
United States Steel Corp.	16,667		643
Walter Energy, Inc.	12,092		736
Total			2,561
Multi-Line Retail 1.89%
J.C. Penney Co., Inc.	21,598		464
Nordstrom, Inc.	38,064		1,225
Total			1,689
Oil, Gas & Consumable Fuels 3.15%
Concho Resources, Inc.*	7,795		431
Continental Resources, Inc.*	21,324		951
Pioneer Natural Resources Co.	8,117		483
Range Resources Corp.	14,877		597
Southwestern Energy Co.*	9,358		362
Total			2,824
Personal Products 0.48%
Estee Lauder Cos., Inc. (The) Class A	7,677		428
Pharmaceuticals 1.90%
Amylin Pharmaceuticals, Inc.*	16,604		312
Warner Chilcott plc Class A (Ireland)*(a)	25,353		579
Watson Pharmaceuticals, Inc.*	20,010		812
Total			1,703

Investments	Shares	Value (000)
Professional Services 1.69%
Monster Worldwide, Inc.*	60,756	$	708
Robert Half International, Inc.	34,296		808
Total			1,516
Real Estate Management & Development 0.95%
CB Richard Ellis Group, Inc. Class A*	62,406		849
Road & Rail 2.72%
Con-way, Inc.	14,847		446
J.B. Hunt Transport Services, Inc.	21,862		714
Kansas City Southern*	35,050		1,274
Total			2,434
Semiconductors & Semiconductor Equipment 9.36%
Altera Corp.	46,139		1,145
Analog Devices, Inc.	41,713		1,162
Atheros Communications, Inc.*	16,570		456
Broadcom Corp. Class A	12,978		428
Cree, Inc.*	14,971		899
Cypress Semiconductor Corp.*	73,636		739
Lam Research Corp.*	28,993		1,103
Marvell Technology Group Ltd.*	57,173		901
NVIDIA Corp.*	56,151		573
ON Semiconductor Corp.*	80,045		511
Silicon Laboratories, Inc.*	11,346		460
Total			8,377
Software 5.71%
ANSYS, Inc.*	18,491		750
Citrix Systems, Inc.*	14,619		617
Intuit, Inc.*	11,196		389
Nuance Communications, Inc.*	39,188		586
Rovi Corp.*	18,757		711
salesforce.com, Inc.*	7,280		625
SuccessFactors, Inc.*	27,377		569
VMware, Inc. Class A*	13,769		862
Total			5,109

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	Value (000)
Specialty Retail 7.12%
Abercrombie & Fitch Co. Class A	20,613	$	633
American Eagle Outfitters, Inc.	56,223		661
Bed Bath & Beyond, Inc.*	23,110		857
Dick’s Sporting Goods, Inc.*	22,722		566
Dress Barn, Inc. (The)*	17,618		419
Limited Brands, Inc.	68,213		1,505
O’Reilly Automotive, Inc.*	12,296		585
Tiffany & Co.	11,389		432
Urban Outfitters, Inc.*	20,871		718
Total			6,376
Textiles, Apparel & Luxury Goods 3.18%
Carter’s, Inc.*	18,205		478
Coach, Inc.	29,848		1,091
Phillips-Van Heusen Corp.	14,983		693
Skechers U.S.A., Inc. Class A*	15,971		583
Total			2,845
Total Common Stocks (cost $80,424,503)			88,764

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 0.41%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $330,000 of Federal Home Loan Mortgage Corp. at 4.75% due 11/17/2015; value: $373,725; proceeds: $364,674 (cost $364,674)	$	365	$	365
Total Investments in Securities 99.57% (cost $80,789,177)				89,129
Cash and Other Assets in Excess of Liabilities 0.43%				389
Net Assets 100.00%			$	89,518

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

See Notes to Financial Statements.

7

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $80,789,177)	$	89,128,929
Cash		187,122
Receivables:
Investment securities sold		598,211
Capital shares sold		428,721
Dividends		34,715
From advisor (See Note 3)		6,385
Total assets		90,384,083
LIABILITIES:
Payables:
Investment securities purchased		574,154
Management fee		63,985
Capital shares reacquired		59,178
Directors’ fees		6,662
Fund administration		3,199
Accrued expenses and other liabilities		158,548
Total liabilities		865,726
NET ASSETS	$	89,518,357
COMPOSITION OF NET ASSETS:
Paid-in capital	$	88,498,743
Distributions in excess of net investment income		(237,006	)
Accumulated net realized loss on investments		(7,083,132	)
Net unrealized appreciation on investments		8,339,752
Net Assets	$	89,518,357
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		6,782,385
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.20

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends	$	394,716
Interest		34
Total investment income		394,750
Expenses:
Management fee		417,052
Shareholder servicing		188,008
Fund administration		20,853
Professional		18,999
Reports to shareholders		6,867
Custody		3,535
Directors’ fees		1,553
Other		1,361
Gross expenses		658,228
Expense reductions (See Note 7)		(22	)
Management fee waived (See Note 3)		(32,627	)
Net expenses		625,579
Net investment loss		(230,829	)
Net realized and unrealized gain (loss):
Net realized gain on investments		6,993,968
Net change in unrealized appreciation/depreciation on investments		(14,368,463	)
Net realized and unrealized loss		(7,374,495	)
Net Decrease in Net Assets Resulting From Operations	$	(7,605,324	)

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment loss	$	(230,829	)	$	(259,157	)
Net realized gain (loss) on investments		6,993,968			(9,276,289	)
Net change in unrealized appreciation/depreciation on investments		(14,368,463	)		42,836,725
Net increase (decrease) in net assets resulting from operations		(7,605,324	)		33,301,279
Capital share transactions (See Note 10):
Proceeds from sales of shares		3,431,656			18,092,168
Cost of shares reacquired		(13,406,377	)		(19,206,893	)
Net decrease in net assets resulting from capital share transactions		(9,974,721	)		(1,114,725	)
Net increase (decrease) in net assets		(17,580,045	)		32,186,554
NET ASSETS:
Beginning of period	$	107,098,402		$	74,911,848
End of period	$	89,518,357		$	107,098,402
Distributions in excess of net investment income	$	(237,006	)	$	(6,177	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$14.38		$  9.88		$16.34		$14.67		$13.73		$13.30
Investment operations:
Net investment loss(a)	(.03	)	(.03	)	(.06	)	(.09	)	(.04	)	(.06	)
Net realized and unrealized gain (loss)	(1.15	)	4.53		(6.20	)	3.22		1.12		.68
Total from investment operations	(1.18	)	4.50		(6.26	)	3.13		1.08		.62
Distributions to shareholders from:
Net realized gain	–		–		(.20	)	(1.46	)	(.14	)	(.19	)
Net asset value, end of period	$13.20		$14.38		$9.88		$16.34		$14.67		$13.73
Total Return(b)	(8.14	)%(c)	45.55	%	(38.24	)%	21.28	%	7.89	%	4.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.60	%(c)	1.20	%	1.20	%	1.20	%	1.20	%	1.20	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.60	%(c)	1.20	%	1.20	%	1.20	%	1.20	%	1.20	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.63	%(c)	1.33	%	1.35	%	1.31	%	1.36	%	1.42	%
Net investment loss	(.22	)%(c)	(.30	)%	(.43	)%	(.55	)%	(.25	)%	(.49	)%
Supplemental Data:
Net assets, end of period (000)	$89,518		$107,098		$74,912		$126,418		$98,888		$52,890
Portfolio turnover rate	42.79	%(c)	83.55	%	125.21	%	118.74	%	153.71	%	108.55	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

11

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Growth Opportunities Portfolio (the “Fund”). The Fund is diversified as defined in the Act.

The investment objective of the Fund is capital appreciation. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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 U.S. federal tax returns

12

Notes to Financial Statements (unaudited)(continued)

remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

(f) 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 value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(g) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 -  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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

13

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	88,764	$	—	$	—	$	88,764
Repurchase Agreement		—		365		—		365
Total	$	88,764	$	365	$	—	$	89,129

* See Schedule of Investments for values in each industry.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.80%
Next $1 billion	.75%
Next $1 billion	.70%
Over $3 billion	.65%

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .80% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

Effective May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of 1.20%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30, 2010, Lord Abbett voluntarily waived a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of 1.20%.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $182,460 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

14

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$2,929,794	$	10,598,134	$	13,527,928

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	81,338,122
Gross unrealized gain		12,399,624
Gross unrealized loss		(4,608,817	)
Net unrealized security gain	$	7,790,807

The difference between book-basis and tax-basis unrealized gains (losses) is primarily 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 six months ended June 30, 2010 were as follows:

Purchases	Sales
$43,713,959	$	53,111,541

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6. DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Outside 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 outside Directors under which outside 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

15

Notes to Financial Statements (unaudited)(concluded)

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.

7. 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.

8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9. INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, and to the changing prospects of individual companies in which the Fund invests. The Fund has particular risks associated with growth stocks. Growth companies may grow faster than other companies, which may result in more volatility in their stock prices. In addition, if the Fund’s assessment of a company’s potential for growth or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a rising market. The Fund invests largely in mid-sized company stocks, which may be less able to weather economic shifts or other adverse developments than larger, more established companies.

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund’s performance.

10. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	236,022		1,566,936
Shares reacquired	(900,597	)	(1,702,998	)
Decrease	(664,575	)	(136,062	)

11. SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

16

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

17

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

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

Lord Abbett Series Fund, Inc.

Growth Opportunities Portfolio

LASFGO-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—International

Core Equity Portfolio

For the period ended June 30, 2010

Lord Abbett Series Fund — International Core Equity Portfolio

Semiannual Report

For the period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — International Core Equity Portfolio for the period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 19, 2010, commencement of investment operations, through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 4/19/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	4/19/10		6/30/10		4/19/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	850.10	$	1.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,008.26	$	1.75

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.87%, multiplied by the average account value over the period, multiplied by 73/365 (to reflect the period April 19, 2010, commencement of investment operations, to June 30, 2010).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	13.26%
Consumer Staples	11.59%
Energy	8.31%
Financials	19.00%
Health Care	9.24%
Industrials	12.93%
Information Technology	6.79%
Materials	6.40%
Telecommunication Services	6.68%
Utilities	5.80%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	U.S. $ Value
COMMON STOCKS 88.05%
Australia 1.68%
Chemicals 0.76%
Incitec Pivot Ltd.	665	$	1,504
Multi-Line Retail 0.92%
Myer Holdings Ltd.	690		1,821
Total Australia			3,325
Austria 0.53%
Real Estate Management & Development
IMMOFINANZ AG*	410		1,053
Belgium 1.34%
Beverages
Anheuser-Busch InBev NV	55		2,644
Brazil 2.16%
Household Durables 1.01%
PDG Realty SA Empreendimentos e Participacoes	237		2,001
Water Utilities 1.15%
Companhia de Saneamento Basico do Estado de Sao Paulo ADR*	55		2,274
Total Brazil			4,275
Canada 3.13%
Metals & Mining 0.38%
First Quantum Minerals Ltd.	15		754
Oil, Gas & Consumable Fuels 2.75%
Bankers Petroleum Ltd.*	190		1,253
Pembina Pipeline Income Fund Unit	145		2,433
PetroBakken Energy Ltd. A Shares	45		895

Investments	Shares	U.S. $ Value
Questerre Energy Corp.*	315	$	838
			5,419
Total Canada			6,173
China 1.73%
Health Care Equipment & Supplies 0.56%
Mindray Medical International Ltd. ADR	35		1,100
Internet Software & Services 0.52%
Sohu.com, Inc.*	25		1,027
Machinery 0.65%
Weichai Power Co., Ltd. H Shares	200		1,289
Total China			3,416
France 6.24%
Aerospace & Defense 1.41%
Safran SA	100		2,790
Construction & Engineering 1.05%
Vinci SA	50		2,076
Electrical Equipment 0.69%
Alstom SA	30		1,358
Food & Staples Retailing 0.80%
Carrefour SA	40		1,587
Insurance 0.70%
AXA SA	90		1,375
Multi-Line Retail 0.75%
PPR	12		1,491
Pharmaceuticals 0.84%
Sanofi-Aventis SA ADR	55		1,653
Total France			12,330

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value
Germany 9.63%
Air Freight & Logistics 0.74%
Deutsche Post AG Registered Shares	100	$	1,458
Airlines 0.94%
Deutsche Lufthansa AG Registered Shares*	135		1,866
Automobiles 1.41%
Daimler AG Registered Shares*	55		2,780
Construction Materials 0.72%
HeidelbergCement AG	30		1,418
Diversified Telecommunication Services 1.07%
Deutsche Telekom AG Registered Shares	180		2,125
Electric: Utilities 0.54%
E. On AG	40		1,076
Household Products 0.83%
Henkel KGaA	40		1,637
Industrial Conglomerates 1.13%
Siemens AG Registered Shares	25		2,236
Machinery 1.01%
GEA Group AG	100		1,990
Software 1.24%
SAP AG	55		2,446
Total Germany			19,032
Hong Kong 3.03%
Chemicals 1.28%
Huabao International Holdings Ltd.	1,980		2,531

Investments	Shares	U.S. $ Value
Independent Power Producers & Energy Traders 0.96%
China Resources Power Holdings Co., Ltd.	840	$	1,904
Water Utilities 0.79%
Guangdong Investment Ltd.	3,300		1,553
Total Hong Kong			5,988
Indonesia 2.56%
Commercial Banks 0.79%
PT Bank Negara Indonesia (Persero) Tbk	6,050		1,555
Diversified Telecommunication Services 1.03%
PT Telekomunikasi Indonesia Tbk	2,400		2,034
Oil, Gas & Consumable Fuels 0.74%
PT Bumi Resources Tbk	7,200		1,470
Total Indonesia			5,059
Ireland 0.35%
Insurance
Irish Life & Permanent Group Holdings plc*	376		695
Israel 2.18%
Pharmaceuticals 1.71%
Teva Pharmaceutical Industries Ltd. ADR	65		3,379
Wireless Telecommunication Services 0.47%
Partner Communications Co., Ltd.	60		921
Total Israel			4,300
Italy 1.77%
Commercial Banks 1.08%
Intesa Sanpaolo SpA	250		659

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value
Italy (continued)
Commercial Banks (continued)
UniCredit SpA	665	$	1,471
			2,130
Multi-Utilities 0.69%
A2A SpA	1,000		1,365
Total Italy			3,495
Japan 13.76%
Auto Components 1.44%
Bridgestone Corp.	180		2,846
Automobiles 0.56%
Nissan Motor Co., Ltd.*	160		1,115
Chemicals 1.30%
Asahi Kasei Corp.	490		2,560
Commercial Banks 1.34%
Bank of Yokohama Ltd. (The)	580		2,653
Consumer Finance 0.37%
ORIX Corp.	10		725
Electronic Equipment, Instruments & Components 1.28%
Nippon Electric Glass Co., Ltd.	220		2,520
Household Durables 1.08%
Sony Corp.	80		2,134
Machinery 1.12%
NSK Ltd.	320		2,222
Media 0.73%
Fuji Media Holdings, Inc.	1		1,436
Real Estate Investment Trusts (REITs) 1.07%
Japan Prime Realty Investment Corp.	1		2,107

Investments	Shares	U.S. $ Value
Tobacco 1.57%
Japan Tobacco, Inc.	1	$	3,111
Trading Companies & Distributors 1.90%
Mitsui & Co., Ltd.	150		1,750
Sumitomo Corp.	200		1,997
			3,747
Total Japan			27,176
Luxembourg 0.41%
Metals & Mining
ArcelorMittal	30		805
Netherlands 2.03%
Diversified Financial Services 1.12%
ING Groep NV CVA*	300		2,220
Food & Staples Retailing 0.91%
Koninklijke Ahold NV	145		1,794
Total Netherlands			4,014
Norway 1.83%
Commercial Banks
DnB NOR ASA	375		3,607
Poland 0.54%
Beverages
Central European Distribution Corp.*	50		1,069
Singapore 1.47%
Commercial Banks
DBS Group Holdings Ltd.	300		2,911
South Korea 4.03%
Auto Components 1.27%
Hyundai Mobis	15		2,516

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value
South Korea (continued)
Diversified Telecommunication Services 1.31%
KT Corp.	70	$	2,585
Electronic Equipment, Instruments & Components 0.50%
LG Display Co., Ltd.	30		987
Semiconductors & Semiconductor Equipment 0.95%
Samsung Electronics Co., Ltd.	3		1,881
Total South Korea			7,969
Sweden 0.56%
Communications Equipment
Telefonaktiebolaget LM Ericsson ADR	100		1,102
Switzerland 5.60%
Biotechnology 0.95%
Actelion Ltd. Registered Shares*	50		1,872
Energy Equipment & Services 0.35%
Transocean Ltd.*	15		695
Food Products 1.59%
Nestle SA Registered Shares	65		3,134
Insurance 1.11%
Zurich Financial Services AG	10		2,204
Pharmaceuticals 1.60%
Roche Holding Ltd. AG	23		3,166
Total Switzerland			11,071
Taiwan 1.04%
Computers & Peripherals
Wistron Corp.	1,400		2,051

Investments	Shares	U.S. $ Value
Thailand 0.89%
Commercial Banks
Bangkok Bank Public Co., Ltd.	450	$	1,760
Turkey 1.15%
Automobiles 0.66%
Ford Otomotiv Sanayi AS	203		1,310
Diversified Telecommunication Services 0.49%
Turk Telekomunikasyon AS	300		958
Total Turkey			2,268
United Kingdom 18.41%
Commercial Banks 2.78%
Barclays plc	635		2,535
HSBC Holdings plc ADR	65		2,963
			5,498
Food & Staples Retailing 1.03%
Tesco plc	360		2,031
Industrial Conglomerates 0.94%
Tomkins plc	550		1,847
Insurance 1.58%
Aviva plc	314		1,459
Prudential plc	220		1,659
			3,118
Media 1.91%
Reed Elsevier plc	254		1,883
WPP plc	201		1,894
			3,777
Metals & Mining 0.88%
Anglo American plc*	50		1,742
Multi-Utilities 1.05%
National Grid plc	285		2,081

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	U.S. $ Value
United Kingdom (continued)
Oil, Gas & Consumable Fuels 3.61%
BG Group plc	80	$	1,190
BP plc ADR	18		520
Cairn Energy plc*	300		1,843
Tullow Oil plc	240		3,570
			7,123
Pharmaceuticals 1.12%
GlaxoSmithKline plc ADR	65		2,211
Specialty Retail 0.12%
DSG International plc*	638		234
Tobacco 1.77%
British American Tobacco plc	40		1,270
Imperial Tobacco Group plc	80		2,235
			3,505
Wireless Telecommunication Services 1.62%
Vodafone Group plc	1,550		3,194
Total United Kingdom			36,361
Total Common Stocks (cost $200,308)			173,949
PREFERRED STOCK 1.51%
Germany
Health Care Equipment & Supplies
Fresenius SE (cost $3,305)	45		2,972
Total Investments in Securities 89.56% (cost $203,613)			176,921
Cash, Foreign Cash and Other Assets in Excess of Liabilities 10.44%			20,626
Net Assets 100.00%		$	197,547

ADR	American Depositary Receipt.
Unit	More than one class of securities traded together.
*	Non-income producing security.

See Notes to Financial Statements.

8

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $203,613)	$	176,921
Cash		22,004
Foreign cash, at value (cost $2,901)		2,893
Receivables:
From advisor (See Note 3)		9,242
Capital shares sold		5,859
Investment securities sold		3,285
Interest and dividends		465
Prepaid expenses		8,441
Total assets		229,110
LIABILITIES:
Payables:
Investment securities purchased		10,539
Offering costs		4,518
Management fee		111
Fund administration		6
Directors’ fees		1
Accrued expenses and other liabilities		16,388
Total liabilities		31,563
NET ASSETS	$	197,547
COMPOSITION OF NET ASSETS:
Paid-in capital	$	228,222
Undistributed net investment income		1,157
Accumulated net realized loss on investments and foreign currency related transactions		(5,154	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(26,678	)
Net Assets	$	197,547
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		15,484
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.76

See Notes to Financial Statements.

9

Statement of Operations (unaudited)

For the Period Ended June 30, 2010*

Investment income:
Dividends (net of foreign withholding taxes of $148)	$	1,475
Total investment income		1,475
Expenses:
Management fee		275
Shareholder servicing		600
Professional		11,904
Reports to shareholders		3,976
Offering costs		2,110
Custody		1,789
Fund administration		15
Directors’ fees		1
Other		1,832
Gross expenses		22,502
Management fee waived and expenses reimbursed (See Note 3)		(22,184	)
Net expenses		318
Net investment income		1,157
Net realized and unrealized loss:
Net realized loss on investments and foreign currency related transactions		(5,154	)
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(26,678	)
Net realized and unrealized loss		(31,832	)
Net Decrease in Net Assets Resulting From Operations	$	(30,675	)

* For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

10

Statement of Changes in Net Assets

INCREASE IN NET ASSETS	For the Period April 19, 2010 to June 30, 2010* (unaudited)
Operations:
Net investment income	$	1,157
Net realized loss on investments and foreign currency related transactions		(5,154	)
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(26,678	)
Net decrease in net assets resulting from operations		(30,675	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		228,240
Cost of shares reacquired		(18	)
Net increase in net assets resulting from capital share transactions		228,222
Net increase in net assets		197,547
NET ASSETS:
Beginning of period	$	–
End of period	$	197,547
Undistributed net investment income	$	1,157

* For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

11

Financial Highlights

	4/19/2010(a) to 6/30/2010 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$15.00
Investment operations:
Net investment income(b)	.09
Net realized and unrealized loss	(2.33	)
Total from investment operations	(2.24	)
Net asset value, end of period	$12.76
Total Return(c)	(14.99	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.17	%(d)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.17	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	12.33	%(d)
Net investment income	.63	%(d)
Supplemental Data:
Net assets, end of period (000)	$198
Portfolio turnover rate	17.41	%(d)

^(a) Commencement of investment operations was 4/19/2010, SEC effective date and date shares first became available to the public was 5/1/2010.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

12

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers International Core Equity Portfolio (the “Fund”). The Fund commenced investment operations on April 19, 2010. The Fund became effective with the SEC and shares first became available to the public on May 1, 2010. The Fund is diversified as defined in the Act.

The investment objective of the Fund is to seek long-term capital appreciation. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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.

13

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination.

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

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

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

(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 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 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 of inputs is summarized in the three broad Levels listed below:

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

14

Notes to Financial Statements (unaudited)(continued)

• 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,774	$	151,175	$	–	$	173,949
Preferred Stock		–		2,972		–		2,972
Total	$	22,774	$	154,147	$	–	$	176,921

* See Schedule of Investments for values in each industry.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the period ended June 30, 2010, the effective management fee, before waivers and expenses reimbursed, paid was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of .87%. For the period April 19, 2010 to April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses based on the same terms above. The contractual agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, may enter 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. The Fund may also compensate certain insurance companies, third-party administrators

15

Notes to Financial Statements (unaudited)(continued)

and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. For the period ended June 30, 2010, the Fund did not incur expenses for such services arrangements.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	203,613
Gross unrealized gain		732
Gross unrealized loss		(27,424	)
Net unrealized security loss	$	(26,692	)

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the period ended June 30, 2010 were as follows:

Purchases	Sales
$238,592	$	30,066

There were no purchases or sales of U.S. Government securities for the period ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

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

16

Notes to Financial Statements (unaudited)(concluded)

7.    EXPENSE REDUCTIONS

The Company has entered into arrangements 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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

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

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

The Fund is subject to the risks of investing in foreign securities, the securities of large foreign companies, and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market countries.

The Fund is also subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Period Ended June 30,  2010† (unaudited)
Shares sold	15,485
Shares reacquired	(1	)
Increase	15,484

^† For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

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

Lord Abbett Series Fund, Inc.

International Core Equity Portfolio

SFICE-PORT-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—International Opportunities Portfolio*

For the six-month period ended June 30, 2010

* Formerly known as International Portfolio

Lord Abbett Series Fund — International Opportunities Portfolio (formerly International Portfolio)

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — International Opportunities Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	925.80	$	5.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01

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

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	21.69%
Consumer Staples	9.87%
Energy	4.07%
Financials	13.47%
Health Care	5.69%
Industrials	18.53%
Information Technology	10.75%
Materials	7.94%
Telecommunication Services	0.64%
Utilities	5.79%
Short-Term Investment	1.56%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	U.S. $ Value (000)
LONG-TERM INVESTMENTS 97.46%
COMMON STOCKS 95.71%
Australia 3.02%
Chemicals 0.96%
Incitec Pivot Ltd.	172,592	$	390
Metals & Mining 0.41%
Coal of Africa Ltd.*	110,803		166
Southern Australian Coal Ltd.	13,027		1
			167
Multi-Line Retail 0.52%
Myer Holdings Ltd.	79,411		210
Multi-Utilities 1.13%
DUET Group	342,170		462
Total Australia			1,229
Austria 1.27%
Hotels, Restaurants & Leisure
bwin Interactive Entertainment AG	11,714		517
Brazil 3.53%
Household Durables 1.05%
PDG Realty SA Empreendimentos e Participacoes	50,682		428
Software 0.75%
Totvs SA	4,100		304
Textiles, Apparel & Luxury Goods 0.18%
Restoque Comercio e Confeccoes de Roupas SA	17,995		75
Water Utilities 1.55%
Companhia de Saneamento Basico do Estado de Sao Paulo ADR*	15,300		632
Total Brazil			1,439

Investments	Shares	U.S. $ Value (000)
Canada 1.88%
Airlines 0.34%
Westjet Airlines Ltd.*	12,988	$	140
Metals & Mining 1.22%
Equinox Minerals Ltd.*	141,600		496
Oil, Gas & Consumable Fuels 0.32%
Questerre Energy Corp.*	48,270		129
Total Canada			765
China 0.86%
Food Products 0.49%
Zhongpin, Inc.*	16,851		198
Internet Software & Services 0.37%
Sohu.com, Inc.*	3,731		153
Total China			351
Egypt 1.58%
Automobiles 0.80%
Ghabbour Auto	47,425		324
Capital Markets 0.78%
EFG-Hermes Holding SAE	63,217		319
Total Egypt			643
France 4.19%
Beverages 1.01%
Remy Cointreau SA	7,742		412
Computers & Peripherals 1.32%
Gemalto NV	14,297		538
Distributors 0.35%
CFAO SA	5,245		141
Media 1.51%
Ipsos SA	11,665		392

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value (000)
France (continued)
Media (continued)
Publicis Groupe	5,624	$	224
			616
Total France			1,707
Germany 8.01%
Aerospace & Defense 1.32%
MTU Aero Engines Holding AG	9,649		536
Chemicals 1.31%
Symrise GmbH & Co. AG	25,754		532
Electrical Equipment 0.44%
Tognum AG	9,473		177
Industrial Conglomerates 1.65%
Rheinmetall AG	11,794		674
Life Sciences Tools & Services 1.41%
Gerresheimer AG*	17,949		574
Semiconductors & Semiconductor Equipment 0.55%
Dialog Semiconductor plc*	19,045		226
Trading Companies & Distributors 0.75%
Kloeckner & Co. SE*	17,492		307
Transportation Infrastructure 0.58%
Hamburger Hafen und Logistik AG	7,365		236
Total Germany			3,262
Greece 0.50%
Hotels, Restaurants & Leisure
Intralot SA-Integrated Lottery Systems & Services	64,569		206
Hong Kong 4.95%
Auto Components 1.18%
Minth Group Ltd.	406,000		480

Investments	Shares	U.S. $ Value (000)
Communications Equipment 1.21%
VTech Holdings Ltd.	46,000	$	492
Hotels, Restaurants & Leisure 0.49%
REXLot Holdings Ltd.	2,175,000		199
Specialty Retail 1.09%
Hengdeli Holdings Ltd.	1,028,000		443
Textiles, Apparel & Luxury Goods 0.98%
Daphne International Holdings Ltd.	396,000		401
Total Hong Kong			2,015
Indonesia 1.70%
Commercial Banks 1.45%
PT Bank Negara Indonesia (Persero) Tbk	2,290,500		589
Real Estate Management & Development 0.25%
PT Bakrieland Development Tbk	6,531,000		102
Total Indonesia			691
Ireland 2.15%
Beverages 0.98%
C&C Group plc	100,350		396
Health Care Providers & Services 0.44%
United Drug plc	64,376		180
Machinery 0.73%
Charter International plc	31,920		299
Total Ireland			875
Italy 7.86%
Beverages 1.02%
Davide Campari-Milano SpA	84,827		416
Capital Markets 1.36%
Azimut Holding SpA	67,499		557

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value (000)
Italy (continued)
Electric: Utilities 2.00%
Iren SpA	256,403	$	383
Terna-Rete Elettrica Nationale SpA	120,150		432
			815
Electrical Equipment 0.66%
Prysmian SpA	18,645		268
Food Products 1.23%
Parmalat SpA	215,097		500
Textiles, Apparel & Luxury Goods 0.59%
Safilo Group SpA*	26,108		241
Transportation Infrastructure 1.00%
Ansaldo STS SpA	25,282		406
Total Italy			3,203
Japan 21.83%
Auto Components 1.24%
Keihin Corp.	16,100		278
Nifco, Inc.	11,100		229
			507
Chemicals 2.32%
JSR Corp.	28,700		482
ZEON Corp.	79,000		463
			945
Communications Equipment 0.96%
Hitachi Kokusai Electric, Inc.	49,000		390
Containers & Packaging 1.65%
FP Corp.	12,900		672
Diversified Consumer Services 1.27%
Benesse Holdings, Inc.	11,400		519
Electronic Equipment, Instruments & Components 1.88%
IBIDEN Co., Ltd.	10,100		272

Investments	Shares	U.S. $ Value (000)
Nippon Electric Glass Co., Ltd.	43,000	$	493
			765
Health Care Equipment & Supplies 1.32%
Hogy Medical Co., Ltd.	11,100		539
Hotels, Restaurants & Leisure 0.76%
PGM Holdings KK	507		310
Household Durables 0.74%
Makita Corp.	11,300		302
Information Technology Services 1.55%
OBIC Co., Ltd.	3,270		631
Machinery 1.56%
Sumitomo Heavy Industries Ltd.	108,000		634
Multi-Line Retail 1.09%
Isetan Mitsukoshi Holdings Ltd.	45,492		443
Pharmaceuticals 1.85%
Rohto Pharmaceutical Co., Ltd.	21,000		257
Sawai Pharmaceutical Co., Ltd.	5,200		498
			755
Real Estate Investment Trusts 1.39%
Japan Prime Realty Investment Corp.	129		272
United Urban Investment Corp.	49		292
			564
Semiconductors & Semiconductor Equipment 0.49%
Axell Corp.	6,000		200
Specialty Retail 1.13%
Nitori Co., Ltd.	5,350		461

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	U.S. $ Value (000)
Japan (continued)
Wireless Telecommunication Services 0.63%
Okinawa Cellular Telephone Co.	130	$	257
Total Japan			8,894
Kazakhstan 0.43%
Oil, Gas & Consumable Fuels
KazMunaiGas Exploration Production GDR	9,500		175
Netherlands 0.71%
Electrical Equipment
Draka Holding NV*	20,825		289
Philippines 3.26%
Commercial Banks 1.66%
Metropolitan Bank & Trust Co.	512,400		678
Real Estate Management & Development 1.60%
Megaworld Corp.	22,252,000		650
Total Philippines			1,328
Poland 0.18%
Beverages
Central European Distribution Corp.*	3,447		74
Spain 3.76%
Commercial Services & Supplies 1.51%
Prosegur Compania de Seguridad SA Registered Shares	14,520		616
Food Products 2.25%
Ebro Puleva SA	20,840		352
Viscofan SA	20,909		564
			916
Total Spain			1,532

Investments	Shares	U.S. $ Value (000)
Sweden 1.30%
Food & Staples Retailing
Axfood AB	20,189	$	529
Switzerland 3.60%
Capital Markets 1.16%
EFG International AG	39,348		470
Hotels, Restaurants & Leisure 0.70%
Orascom Development Holding AG EDR*	105,520		286
Life Sciences Tools & Services 0.60%
Lonza Group AG Registered Shares	3,685		245
Specialty Retail 1.14%
Dufry Group*	6,222		465
Total Switzerland			1,466
Taiwan 1.11%
Computers & Peripherals 1.11%
Wistron Corp.	308,000		451
Diversified Financial Services 0.00%
iShares MSCI Taiwan Index Fund ETF	54		1
Total Taiwan			452
United Kingdom 18.03%
Aerospace & Defense 0.72%
Cobham plc	92,690		294
Airlines 0.77%
easyJet plc*	53,541		316
Beverages 1.33%
Britvic plc	76,322		541
Capital Markets 1.42%
Schroders plc	32,175		579

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	U.S. $ Value (000)
United Kingdom (continued)
Commercial Services & Supplies 1.65%
Babcock International Group plc	75,407	$	670
Electrical Equipment 0.14%
Ceres Power Holdings plc*	51,000		57
Hotels, Restaurants & Leisure 2.38%
PartyGaming plc*	114,157		367
Sportingbet plc	320,812		261
TUI Travel plc	110,032		342
			970
Household Durables 0.50%
Bellway plc	22,184		203
Industrial Conglomerates 0.93%
Tomkins plc	113,200		380
Insurance 2.27%
Amlin plc	80,734		465
Catlin Group Ltd.	87,578		458
			923
Oil, Gas & Consumable Fuels 3.28%
Dana Petroleum plc*	24,015		404
Dragon Oil plc*	74,499		452
Premier Oil plc*	26,075		481
			1,337
Professional Services 2.19%
Intertek Group plc	27,297		585
Michael Page International plc	55,011		305
			890
Software 0.45%
Micro Focus International plc	29,308		184
Total United Kingdom			7,344
Total Common Stocks (cost $38,282,978)			38,986

Investments	Shares		U.S. $ Value (000)
PREFERRED STOCKS 1.75%
Brazil 1.75%
Electric: Utilities 1.05%
Companhia de Transmissao de Energia Eletrica Paulista		16,545	$	426
Machinery 0.70%
Marcopolo SA		54,597		287
Total Preferred Stocks (cost $652,498)				713
Total Long-Term Investments (cost $38,935,476)				39,699
	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 1.54%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $630,000 of Federal Home Loan Bank at 3.125% due 6/10/2011; value: $644,963; proceeds: $627,629 (cost $627,629)	$	628		628
Total Investments in Securities 99.00% (cost $39,563,105)				40,327
Foreign Cash and Other Assets in Excess of Liabilities 1.00%				407
Net Assets 100.00%			$	40,734

ADR	American Depositary Receipt.
EDR	Egyptian Depositary Receipt.
ETF	Exchange Traded Fund.
GDR	Global Depositary Receipt.
*	Non-income producing security.

See Notes to Financial Statements.

8

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $39,563,105)	$	40,327,143
Foreign cash, at value (cost $591,217)		570,877
Receivables:
Investment securities sold		459,713
Interest and dividends		123,784
From advisor (See Note 3)		7,868
Capital shares sold		6,465
Other assets		8
Total assets		41,495,858
LIABILITIES:
Payables:
Investment securities purchased		612,130
Management fee		25,764
Capital shares reacquired		20,494
Directors’ fees		2,508
Fund administration		1,374
Accrued expenses and other liabilities		99,882
Total liabilities		762,152
NET ASSETS	$	40,733,706
COMPOSITION OF NET ASSETS:
Paid-in capital	$	48,350,937
Distributions in excess of net investment income		(24,600	)
Accumulated net realized loss on investments and foreign currency related transactions		(8,336,743	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		744,112
Net Assets	$	40,733,706
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		6,040,761
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$6.74

See Notes to Financial Statements.

9

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $47,071)	$	540,655
Interest		1,833
Total investment income		542,488
Expenses:
Management fee		164,133
Shareholder servicing		64,642
Custody		38,209
Professional		20,921
Reports to shareholders		13,683
Fund administration		8,754
Directors’ fees		652
Other		953
Gross expenses		311,947
Expense reductions (See Note 7)		(9	)
Management fee waived (See Note 3)		(49,325	)
Net expenses		262,613
Net investment income		279,875
Net realized and unrealized gain (loss):
Net realized gain on investments and foreign currency related transactions (net of foreign capital gains tax)		2,753,626
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(6,344,571	)
Net realized and unrealized loss		(3,590,945	)
Net Decrease in Net Assets Resulting From Operations	$	(3,311,070	)

See Notes to Financial Statements.

10

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income	$	279,875		$	340,065
Net realized gain (loss) on investments and foreign currency related transactions (net of foreign capital gains tax)		2,753,626			(501,558	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(6,344,571	)		13,499,072
Net increase (decrease) in net assets resulting from operations		(3,311,070	)		13,337,579
Distributions to shareholders from:
Net investment income		—			(580,563	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		6,401,061			18,840,756
Reinvestment of distributions		—			580,563
Cost of shares reacquired		(6,366,571	)		(9,762,520	)
Net increase in net assets resulting from capital share transactions		34,490			9,658,799
Net increase (decrease) in net assets		(3,276,580	)		22,415,815
NET ASSETS:
Beginning of period	$	44,010,286		$	21,594,471
End of period	$	40,733,706		$	44,010,286
Distributions in excess of net investment income	$	(24,600	)	$	(304,475	)

See Notes to Financial Statements.

11

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$7.28		$4.99		$10.83		$11.89		$10.43		$  8.56
Investment operations:
Net investment income(a)	.05		.06		.10		.08		.10		.01
Net realized and unrealized gain (loss)	(.59	)	2.33		(5.69	)	.44		2.91		2.26
Total from investment operations	(.54	)	2.39		(5.59	)	.52		3.01		2.27
Distributions to shareholders from:
Net investment income	–		(.10	)	(.05	)	(.11	)	(.05	)	–
Net realized gain	–		–		(.20	)	(1.47	)	(1.50	)	(.40	)
Total distributions	–		(.10	)	(.25	)	(1.58	)	(1.55	)	(.40	)
Net asset value, end of period	$6.74		$7.28		$  4.99		$10.83		$11.89		$10.43
Total Return(b)	(7.42	)%(c)	47.87	%	(51.53	)%	4.73	%	29.08	%	26.63	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.60	%(c)	1.15	%	1.06	%	1.15	%	1.15	%	1.40	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.60	%(c)	1.15	%	1.06	%	1.15	%	1.15	%	1.40	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.71	%(c)	1.58	%	1.53	%	1.36	%	1.65	%	2.41	%
Net investment income	.63	%(c)	1.04	%	1.31	%	.67	%	.87	%	.14	%
Supplemental Data:
Net assets, end of period (000)	$40,734		$44,010		$21,594		$33,963		$28,093		$12,571
Portfolio turnover rate	42.20	%(c)	104.65	%	123.71	%	106.30	%	98.50	%	70.54	%

^(a) Calculated using average shares outstanding during the period.

^(b) Total return does not assume the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.

12

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers International Opportunities Portfolio (the “Fund”, formerly, International Portfolio). Effective May 1, 2010, International Portfolio changed its name to International Opportunities Portfolio. The Fund is diversified as defined in the Act.

The investment objective of the Fund is long-term capital appreciation. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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.

13

Notes to Financial Statements (unaudited)(continued)

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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

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

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

(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 value of these securities has declined, a 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 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

14

Notes to Financial Statements (unaudited)(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 of inputs is summarized in the three broad Levels listed below:

• Level 1 - 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	2,785	$	36,200	$	1	$	38,986
Preferred Stocks		713		–		–		713
Repurchase Agreement		–		628		–		628
Total	$	3,498	$	36,828	$	1	$	40,327

* See Schedule of Investments for values in each industry.

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

Investment Type

Balance as of January 1, 2010 (000)

Accrued Discounts/ Premiums (000)

Realized Gain (Loss) (000)

Change in Unrealized Appreciation/ Depreciation (000)

Net Purchase (Sales) (000)

Net Transfers In or Out of Level 3 (000)

Balance as of June 30, 2010 (000)

Common Stock

$

1

$

–

$

–

$

–

*

$

–

$

–

$

1

* Amount is less than $1,000.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

15

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2010, the effective management fee, before waivers, was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of 1.20%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

For the period January 1, 2010 through April 30 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses to the extent necessary so that total annual operating expenses did not exceed an annual rate of 1.20%.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $56,900 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	–	$	580,563
Total distributions paid	$	–	$	580,563

16

Notes to Financial Statements (unaudited)(continued)

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$6,556,266	$	2,850,200	$	9,406,466

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	41,193,552
Gross unrealized gain		2,395,486
Gross unrealized loss		(3,261,895	)
Net unrealized security loss	$	(866,409	)

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

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$18,532,373	$	17,715,760

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

17

Notes to Financial Statements (unaudited)(concluded)

9.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. These include the risks of investing in equity markets in foreign countries, the risk of investing in derivatives, liquidity risk, and the risks from leverage. The value of an investment will fluctuate in response to movements in the stock market in general, and to the changing prospects of individual companies in which the Fund invests. The Fund is subject to the risks of investing in foreign securities and in the securities of small companies. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market countries. Investing in small companies generally involves greater risks than investing in the stocks of larger companies, including more volatility and less liquidity.

The Fund is also subject to the risks associated with derivatives, which may be different and greater than the risks associated with investing directly in securities and other instruments.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	881,807		3,267,315
Reinvestment of distributions	–		80,971
Shares reacquired	(888,755	)	(1,624,786	)
Increase (decrease)	(6,948	)	1,723,500

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

18

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

19

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

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

Lord Abbett Series Fund, Inc.

International Opportunities Portfolio

SFIO-PORT-3-0610 (08/10)

2010

LORD ABBETT

SEMIANNUAL REPORT    

Lord Abbett

Series Fund—Mid Cap Value Portfolio

For the six-month period ended June 30, 2010

Lord Abbett Series Fund — Mid Cap Value Portfolio

Semiannual Report

For the six-month period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Mid Cap Value Portfolio for the six-month period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 1/1/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	1/1/10		6/30/10		1/1/10 – 6/30/10
Class VC
Actual	$	1,000.00	$	973.60	$	6.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.69	$	6.16

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.23%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	13.63%
Energy	7.70%
Financials	19.92%
Health Care	13.31%
Industrials	13.39%
Information Technology	14.19%
Materials	9.90%
Telecommunication Services	1.31%
Utilities	5.38%
Short-Term Investment	1.27%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value (000)
COMMON STOCKS 97.95%
Aerospace & Defense 0.27%
Curtiss-Wright Corp.	38,900	$	1,130
Auto Components 0.76%
Lear Corp.*	48,800		3,231
Building Products 0.60%
Simpson Manufacturing Co., Inc.	63,100		1,549
Universal Forest Products, Inc.	31,900		967
Total			2,516
Capital Markets 2.95%
Invesco Ltd.	121,200		2,040
Jefferies Group, Inc.	66,297		1,398
Lazard Ltd. Class A	284,700		7,604
Raymond James Financial, Inc.	58,000		1,432
Total			12,474
Chemicals 1.92%
Air Products & Chemicals, Inc.	48,000		3,111
Celanese Corp. Series A	41,988		1,046
Olin Corp.	217,700		3,938
Total			8,095
Commercial Banks 12.22%
City National Corp.	160,900		8,243
Comerica, Inc.	219,600		8,088
Commerce Bancshares, Inc.	103,985		3,742
Cullen/Frost Bankers, Inc.	103,200		5,304
KeyCorp	1,015,400		7,808
M&T Bank Corp.	50,037		4,251
Signature Bank*	25,700		977
SunTrust Banks, Inc.	140,800		3,281
TCF Financial Corp.	280,395		4,657
UMB Financial Corp.	52,800		1,878
Zions Bancorporation	157,953		3,407
Total			51,636

Investments	Shares	Value (000)
Commercial Services & Supplies 0.87%
Republic Services, Inc.	110,862	$	3,296
Tetra Tech, Inc.*	20,091		394
Total			3,690
Computers & Peripherals 1.37%
Diebold, Inc.	119,400		3,254
QLogic Corp.*	151,300		2,515
Total			5,769
Containers & Packaging 2.71%
Ball Corp.	85,665		4,526
Greif, Inc. Class A	66,700		3,704
Owens-Illinois, Inc.*	121,924		3,225
Total			11,455
Diversified Financial Services 0.38%
CIT Group, Inc.*	46,900		1,588
Diversified Telecommunication Services 1.30%
CenturyLink, Inc.	165,419		5,510
Electric: Utilities 1.25%
Northeast Utilities	97,463		2,483
PPL Corp.	112,400		2,804
Total			5,287
Electrical Equipment 0.93%
AMETEK, Inc.	98,100		3,939
Electronic Equipment, Instruments & Components 1.10%
Trimble Navigation Ltd.*	78,944		2,210
Tyco Electronics Ltd. (Switzerland)(a)	96,000		2,436
Total			4,646
Energy Equipment & Services 2.21%
Halliburton Co.	201,060		4,936
Helmerich & Payne, Inc.	33,200		1,212
Weatherford International Ltd. (Switzerland)*(a)	242,900		3,192
Total			9,340

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Gas Utilities 2.73%
EQT Corp.	172,400	$	6,231
Questar Corp.	117,000		5,322
Total			11,553
Health Care Equipment & Supplies 3.43%
Cooper Cos., Inc. (The)	166,400		6,621
DENTSPLY International, Inc.	32,900		984
Kinetic Concepts, Inc.*	113,400		4,140
Zimmer Holdings, Inc.*	50,700		2,740
Total			14,485
Health Care Providers & Services 5.94%
AmerisourceBergen Corp.	141,385		4,489
DaVita, Inc.*	54,300		3,390
HealthSouth Corp.*	169,735		3,176
McKesson Corp.	59,800		4,016
Patterson Cos., Inc.	218,700		6,240
Pharmaceutical Product Development, Inc.	61,600		1,565
Universal Health Services, Inc. Class B	57,700		2,201
Total			25,077
Hotels, Restaurants & Leisure 0.83%
Marriott International, Inc. Class A	61,180		1,832
Penn National Gaming, Inc.*	72,300		1,670
Total			3,502
Household Durables 1.43%
Fortune Brands, Inc.	153,800		6,026
Industrial Conglomerates 1.54%
Tyco International Ltd. (Switzerland)(a)	184,230		6,490
Information Technology Services 3.99%
Fiserv, Inc.*	112,300		5,128
VeriFone Holdings, Inc.*	486,909		9,217
Western Union Co. (The)	168,800		2,517
Total			16,862

Investments	Shares	Value (000)
Insurance 3.02%
ACE Ltd. (Switzerland)(a)	44,519	$	2,292
Aon Corp.	61,000		2,264
Markel Corp.*	6,503		2,211
PartnerRe Ltd.	66,190		4,643
W.R. Berkley Corp.	50,400		1,334
Total			12,744
Internet & Catalog Retail 1.29%
NutriSystem, Inc.	238,300		5,467
Machinery 6.58%
Actuant Corp. Class A	13,200		249
Eaton Corp.	98,512		6,447
Kennametal, Inc.	116,600		2,965
Pall Corp.	80,911		2,781
Parker Hannifin Corp.	73,200		4,060
Pentair, Inc.	47,500		1,529
WABCO Holdings, Inc.*	310,800		9,784
Total			27,815
Media 4.80%
Interpublic Group of Cos., Inc. (The)*	1,245,000		8,877
Meredith Corp.	100,000		3,113
Omnicom Group, Inc.	242,000		8,301
Total			20,291
Metals & Mining 5.19%
Agnico-Eagle Mines Ltd. (Canada)(a)	84,095		5,111
IAMGOLD Corp. (Canada)(a)	253,900		4,489
Reliance Steel & Aluminum Co.	118,400		4,280
Royal Gold, Inc.	21,500		1,032
Steel Dynamics, Inc.	254,700		3,359
United States Steel Corp.	95,300		3,674
Total			21,945

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value (000)
Multi-Line Retail 1.39%
Big Lots, Inc.*	60,900	$	1,954
J.C. Penney Co., Inc.	123,300		2,648
Nordstrom, Inc.	39,908		1,285
Total			5,887
Multi-Utilities 1.18%
CMS Energy Corp.	341,618		5,005
Oil, Gas & Consumable Fuels 5.43%
Cabot Oil & Gas Corp.	65,300		2,045
El Paso Corp.	747,700		8,307
EOG Resources, Inc.	22,395		2,203
Forest Oil Corp.*	37,474		1,025
Range Resources Corp.	55,100		2,212
Williams Cos., Inc. (The)	390,500		7,138
Total			22,930
Pharmaceuticals 3.85%
Mylan, Inc.*	362,811		6,182
Par Pharmaceutical Cos., Inc.*	57,800		1,500
Warner Chilcott plc Class A (Ireland)*(a)	254,000		5,804
Watson Pharmaceuticals, Inc.*	68,000		2,759
Total			16,245
Professional Services 0.89%
FTI Consulting, Inc.*	86,000		3,749
Real Estate Investment Trusts 1.20%
Alexandria Real Estate Equities, Inc.	54,100		3,428
Duke Realty Corp.	144,000		1,634
Total			5,062
Road & Rail 1.61%
Heartland Express, Inc.	129,793		1,885
Kansas City Southern*	134,817		4,901
Total			6,786

Investments	Shares	Value (000)
Semiconductors & Semiconductor Equipment 3.97%
Analog Devices, Inc.	82,600	$	2,301
Micron Technology, Inc.*	588,223		4,994
National Semiconductor Corp.	341,900		4,602
Xilinx, Inc.	192,500		4,863
Total			16,760
Software 3.66%
Adobe Systems, Inc.*	155,180		4,101
Autodesk, Inc.*	77,491		1,888
Intuit, Inc.*	197,400		6,864
McAfee, Inc.*	84,306		2,590
Total			15,443
Specialty Retail 2.39%
American Eagle Outfitters, Inc.	55,340		650
Guess?, Inc.	24,200		756
PetSmart, Inc.	151,300		4,565
Pier 1 Imports, Inc.*	192,300		1,233
Regis Corp.	186,800		2,908
Total			10,112
Textiles, Apparel & Luxury Goods 0.61%
V.F. Corp.	36,500		2,598
Water Utilities 0.16%
Aqua America, Inc.	39,200		693
Total Common Stocks (cost $384,537,643)			413,833

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 1.26%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $4,715,000 of Federal Home Loan Bank at 3.125% due 6/10/2011 and $585,000 of Federal Home Loan Bank at 3.375% due 6/24/2011; value: $5,427,338; proceeds: $5,316,570 (cost $5,316,570)	$	5,317	$	5,317
Total Investments in Securities 99.21% (cost $389,854,213)				419,150
Other Assets in Excess of Liabilities 0.79%				3,335
Net Assets 100.00%			$	422,485

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

See Notes to Financial Statements.

7

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $389,854,213)	$	419,149,624
Receivables:
Investment securities sold		6,536,434
Dividends		276,420
Capital shares sold		179,266
Other assets		363
Total assets		426,142,107
LIABILITIES:
Payables:
Investment securities purchased		2,502,303
Capital shares reacquired		438,930
Management fee		277,896
Directors’ fees		85,629
Fund administration		14,821
Accrued expenses and other liabilities		337,891
Total liabilities		3,657,470
NET ASSETS	$	422,484,637
COMPOSITION OF NET ASSETS:
Paid-in capital	$	675,162,594
Distributions in excess of net investment income		(139,324	)
Accumulated net realized loss on investments		(281,834,044	)
Net unrealized appreciation on investments		29,295,411
Net Assets	$	422,484,637
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		32,747,946
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.90

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2010

Investment income:
Dividends (net of foreign withholding taxes of $2,117)	$	2,803,430
Interest		856
Total investment income		2,804,286
Expenses:
Management fee		1,762,669
Shareholder servicing		839,778
Fund administration		94,009
Reports to shareholders		37,607
Professional		24,897
Custody		15,128
Directors’ fees		6,951
Other		106,313
Gross expenses		2,887,352
Expense reductions (See Note 8)		(102	)
Net expenses		2,887,250
Net investment loss		(82,964	)
Net realized and unrealized gain (loss):
Net realized gain on investments		42,148,320
Net change in unrealized appreciation/depreciation on investments		(52,074,173	)
Net realized and unrealized loss		(9,925,853	)
Net Decrease in Net Assets Resulting From Operations	$	(10,008,817	)

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Six Months Ended June 30, 2010 (unaudited)			For the Year Ended December 31, 2009
Operations:
Net investment income (loss)	$	(82,964	)	$	2,077,676
Net realized gain (loss) on investments		42,148,320			(227,883,923	)
Net realized loss on redemptions in-kind (See Note 6)		—			(31,304,963	)
Net change in unrealized appreciation/depreciation on investments		(52,074,173	)		341,935,651
Net increase (decrease) in net assets resulting from operations		(10,008,817	)		84,824,441
Distributions to shareholders from:
Net investment income		—			(2,048,588	)
Capital share transactions (See Note 11):
Proceeds from sales of shares		11,435,445			28,129,424
Reinvestment of distributions		—			2,048,588
Cost of shares reacquired		(49,568,527	)		(93,415,185	)
Redemptions in-kind (See Note 6)		—			(86,276,287	)
Net decrease in net assets resulting from capital share transactions		(38,133,082	)		(149,513,460	)
Net decrease in net assets		(48,141,899	)		(66,737,607	)
NET ASSETS:
Beginning of period	$	470,626,536		$	537,364,143
End of period	$	422,484,637		$	470,626,536
Distributions in excess of net investment income	$	(139,324	)	$	(56,360	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31
			2009		2008		2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$13.26		$10.51		$18.90		$21.78		$21.09		$20.79
Investment operations:
Net investment income (loss)(a)	–	(b)	.05		.19		.09		.10		.11
Net realized and unrealized gain (loss)	(.36	)	2.76		(7.68	)	.07		2.47		1.60
Total from investment operations	(.36	)	2.81		(7.49	)	.16		2.57		1.71
Distributions to shareholders from:
Net investment income	–		(.06	)	(.21	)	(.10	)	(.11	)	(.10	)
Net realized gain	–		–		(.69	)	(2.94	)	(1.77	)	(1.31	)
Total distributions	–		(.06	)	(.90	)	(3.04	)	(1.88	)	(1.41	)
Net asset value, end of period	$12.90		$13.26		$10.51		$18.90		$21.78		$21.09
Total Return(c)	(2.64	)%(d)	26.62	%	(39.36	)%	.58	%	12.23	%	8.22	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.61	%(d)	1.22	%	1.15	%	1.12	%	1.12	%	1.13	%
Expenses, excluding expense reductions	.61	%(d)	1.22	%	1.15	%	1.12	%	1.12	%	1.13	%
Net investment income (loss)	(.02	)%(d)	.48	%	1.21	%	.40	%	.48	%	.51	%
Supplemental Data:
Net assets, end of period (000)	$422,485		$470,627		$537,364		$1,052,158		$1,226,358		$1,197,020
Portfolio turnover rate	37.82	%(d)	112.51	%(e)	30.43	%	35.39	%(e)	27.96	%(e)	24.67	%

^(a) Calculated using average shares outstanding during the period.

^(b) Amount is less than $.01.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

^(e) Includes portfolio securities delivered as a result of redemptions in-kind transactions.

See Notes to Financial Statements.

11

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers the Mid-Cap Value Portfolio (the “Fund”). The Fund is diversified as defined in the Act.

The investment objective of the Fund is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. 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 U.S. federal tax returns remains open for the fiscal years ended December 31, 2006 through December 31, 2009. The

12

Notes to Financial Statements (unaudited)(continued)

statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

(f) 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 value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(g) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 - 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	413,833	$	–	$	–	$	413,833
Repurchase Agreement		–		5,317		–		5,317
Total	$	413,833	$	5,317	$	–	$	419,150

* See Schedule of Investments for values in each industry.

13

Notes to Financial Statements (unaudited)(continued)

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the six months ended June 30, 2010, the effective management fee paid to Lord Abbett was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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. For the six months ended June 30, 2010, the Fund incurred expenses of $822,579 for such services arrangements, which have been included in Shareholder servicing expense on the Statement of Operations.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

14

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2010 and the fiscal year ended December 31, 2009 was as follows:

	Six Months Ended 6/30/2010 (unaudited)		Year Ended 12/31/2009
Distributions paid from:
Ordinary income	$	-	$	2,048,588
Total distributions paid	$	-	$	2,048,588

As of December 31, 2009, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$59,666,300	$	258,932,538	$	318,598,838

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	394,182,062
Gross unrealized gain		43,446,847
Gross unrealized loss		(18,479,285	)
Net unrealized security gain	$	24,967,562

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

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2010 were as follows:

Purchases	Sales
$171,262,611	$	210,027,070

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2010.

6.    REDEMPTIONS IN-KIND

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payments for a redemption of Fund shares (“redemptions in-kind”). For financial reporting purposes, the Fund recognizes a gain on redemptions in-kind to the extent the value of the distributed securities exceeds their costs; the Fund recognizes a loss if the cost exceeds value. During the fiscal year ended December 31, 2009, shareholders of the Fund redeemed Fund shares in exchange for Fund portfolio securities, causing the Fund to realize a net loss of $31,304,963, which is included on the Statement of Changes in Net Assets.

7.    DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Outside Directors’ fees are

15

Notes to Financial Statements (unaudited)(continued)

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

8.    EXPENSE REDUCTIONS

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

9.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

10.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund’s performance.

11.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2010 (unaudited)		Year Ended December 31, 2009
Shares sold	817,711		2,622,913
Reinvestment of distributions	–		153,108
Shares reacquired	(3,572,197	)	(8,819,233	)
Redemptions in-kind	–		(9,596,917	)
Decrease	(2,754,486	)	(15,640,129	)

16

Notes to Financial Statements (unaudited)(concluded)

12.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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 Value Portfolio

LASFMCV-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Total Return Portfolio

For the period ended June 30, 2010

Lord Abbett Series Fund — Total Return Portfolio

Semiannual Report

For the period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Total Return Portfolio for the period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 19, 2010, commencement of investment operations, through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 4/19/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	4/19/10		6/30/10		4/19/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	1,031.40	$	1.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,008.72	$	1.29

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 73/365 (to reflect the period April 19, 2010, commencement of investment operations, to June 30, 2010).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Auto	0.16%
Basic Industry	0.50%
Consumer Cyclical	1.64%
Consumer Discretionary	0.33%
Consumer Services	1.11%
Consumer Staples	0.89%
Energy	2.71%
Financial Services	28.31%
Government	35.40%
Health Care	1.64%
Integrated Oils	0.63%
Materials & Processing	3.84%
Municipal	1.96%
Other	0.48%
Producer Durables	1.47%
Technology	1.45%
Telecommunications	0.60%
Transportation	0.97%
Utilities	2.93%
Short-Term Investment	12.98%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
LONG-TERM INVESTMENTS 94.31%
ASSET-BACKED SECURITIES 7.85%
Automobiles 4.65%
Bank of America Auto Trust 2010-2 A2	0.91%		10/15/2012	$	5	$	5,004
BMW Vehicle Lease Trust 2009-1 A3	2.91%		3/15/2012		5		5,064
Capital Auto Receivables Asset Trust 2006-2 A3B	0.41%	#	5/15/2011		1		1,456
Capital Auto Receivables Asset Trust 2007-4A A3B	1.05%	#	12/15/2011		2		1,950
Capital Auto Receivables Asset Trust 2008-1 A3B	1.35%	#	8/15/2012		3		2,863
Capital One Prime Auto Receivables Trust 2007-2 A3	4.89%		1/15/2012		7		7,321
Ford Credit Auto Owner Trust 2009-A A2B	2.35%	#	8/15/2011		4		3,679
Honda Auto Receivables Owner Trust 2009-2 A2	2.22%		8/15/2011		7		6,542
Hyundai Auto Receivables Trust 2009-A A2	1.11%		2/15/2012		5		4,822
Hyundai Auto Receivables Trust 2010-A A2	0.86%		11/15/2012		5		5,002
USAA Auto Owner Trust 2007-2 A3	4.90%		2/15/2012		4		3,929
Volkswagen Auto Loan Enhanced Trust 2010-1 A2	0.66%		5/21/2012		5		4,997
Total							52,629
Credit Cards 2.21%
American Express Credit Account Master Trust 2005-5 A	0.39%	#	2/15/2013		5		5,000
Bank of America Credit Card Trust 2007-A12	0.55%	#	1/15/2013		5		5,000
Bank of America Credit Card Trust 2007-A2	0.37%	#	6/17/2013		5		4,996
Discover Card Master Trust I 2006-1 A2	0.40%	#	8/16/2013		5		4,994
MBNA Credit Card Master Note Trust 2003-A8	0.54%	#	12/17/2012		5		5,000
Total							24,990
Other 0.99%
SLM Student Loan Trust 2007-3 A1	0.306%	#	10/27/2014		11		11,279
Total Asset-Backed Securities (cost $88,775)							88,898
CORPORATE BONDS 33.31%
Air Transportation 0.89%
Southwest Airlines Co.†	10.50%		12/15/2011		9		10,044
Apparel 0.19%
Phillips-Van Heusen Corp.	7.75%		11/15/2023		2		2,188
Auto Parts: Original Equipment 0.09%
Cooper-Standard Automotive, Inc.†	8.50%		5/1/2018		1		1,013

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Banks: Diversified 4.64%
Ally Financial, Inc.	1.75%	10/30/2012	$	5	$	5,090
Bank of America Corp.	2.10%	4/30/2012		10		10,245
Bank of America Corp.	5.625%	7/1/2020		5		5,049
Bank of America Corp.	7.375%	5/15/2014		5		5,609
CIT Group, Inc.	7.00%	5/1/2017		2		1,810
Citigroup, Inc.	8.50%	5/22/2019		2		2,388
Goldman Sachs Group, Inc. (The)	5.375%	3/15/2020		4		3,960
Goldman Sachs Group, Inc. (The)	6.125%	2/15/2033		3		2,946
JPMorgan Chase & Co.	6.00%	1/15/2018		3		3,318
JPMorgan Chase & Co	6.30%	4/23/2019		4		4,526
Kreditanstalt fuer Wiederaufbau (Germany)(a)	3.50%	3/10/2014		5		5,284
Morgan Stanley	7.25%	4/1/2032		2		2,255
Total						52,480
Banks: Money Center 0.44%
Asian Development Bank (Philippines)(a)	1.625%	7/15/2013		5		5,040
Biotechnology Research & Production 0.59%
Amgen, Inc.	5.70%	2/1/2019		4		4,655
Bio-Rad Laboratories, Inc.	7.50%	8/15/2013		2		2,032
Total						6,687
Broadcasting 0.65%
Allbritton Communications Co.†	8.00%	5/15/2018		2		1,990
Cox Communications, Inc.	4.625%	6/1/2013		5		5,335
Total						7,325
Brokers 0.42%
Raymond James Financial, Inc.	8.60%	8/15/2019		4		4,719
Building Materials 0.18%
Building Materials Corp. of America†	7.00%	2/15/2020		2		1,990
Cable Services 0.72%
Time Warner Cable, Inc.	7.50%	4/1/2014		7		8,140
Chemicals 1.20%
Airgas, Inc.†	7.125%	10/1/2018		3		3,225
CF Industries, Inc.	7.125%	5/1/2020		1		1,028

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Chemicals (continued)
Methanex Corp. (Canada)(a)	6.00%	8/15/2015	$	2	$	1,947
Mosaic Co. (The)†	7.375%	12/1/2014		2		2,094
Mosaic Co. (The)†	7.625%	12/1/2016		3		3,241
Phibro Animal Health Corp.†	9.25%	7/1/2018		2		2,000
Total						13,535
Coal 0.17%
Drummond Co., Inc.	7.375%	2/15/2016		2		1,890
Computer Software 0.62%
BMC Software, Inc.	7.25%	6/1/2018		4		4,787
Intuit, Inc.	5.75%	3/15/2017		2		2,200
Total						6,987
Containers 0.62%
Crown Americas LLC/Crown Americas Capital Corp.	7.625%	11/15/2013		3		3,098
Pactiv Corp.	7.95%	12/15/2025		1		935
Rock-Tenn Co.	5.625%	3/15/2013		3		3,030
Total						7,063
Copper 0.39%
Freeport-McMoRan Copper & Gold, Inc.	8.375%	4/1/2017		4		4,406
Diversified 0.52%
BHP Billiton Finance USA Ltd. (Australia)(a)	6.50%	4/1/2019		4		4,805
Tyco Electronics Group SA (Switzerland)(a)	7.125%	10/1/2037		1		1,135
Total						5,940
Drugs 0.43%
Pfizer, Inc.	7.20%	3/15/2039		2		2,638
Valeant Pharmaceuticals International	8.375%	6/15/2016		2		2,270
Total						4,908
Electric: Power 2.38%
Bruce Mansfield Unit	6.85%	6/1/2034		2		2,055
Cleco Power LLC	6.50%	12/1/2035		1		1,081
KCP&L Greater Missouri Operations Co.	11.875%	7/1/2012		3		3,455
NiSource Finance Corp.	7.875%	11/15/2010		5		5,110
NiSource Finance Corp.	10.75%	3/15/2016		3		3,849

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Electric: Power (continued)
North American Energy Alliance LLC/North American Energy Alliance Finance Corp.†	10.875%	6/1/2016	$	2	$	2,070
NV Energy, Inc.	8.625%	3/15/2014		2		2,065
Texas-New Mexico Power Co.†	9.50%	4/1/2019		4		5,073
Wisconsin Electric Power Co.	5.625%	5/15/2033		2		2,172
Total						26,930
Electronics 0.17%
Sensus USA, Inc.	8.625%	12/15/2013		2		1,960
Electronics: Semi-conductors/Components 0.59%
Agilent Technologies, Inc.	6.50%	11/1/2017		2		2,212
KLA-Tencor Corp.	6.90%	5/1/2018		4		4,482
Total						6,694
Energy Equipment & Services 0.47%
Cameron International Corp.	6.375%	7/15/2018		3		3,101
EQT Corp.	6.50%	4/1/2018		2		2,180
Total						5,281
Financial Services 3.42%
Ameriprise Financial, Inc.	5.30%	3/15/2020		2		2,093
AngloGold Ashanti Holdings plc (United Kingdom)(a)	6.50%	4/15/2040		1		1,035
Citigroup Funding, Inc.	1.875%	10/22/2012		5		5,108
Citigroup Funding, Inc.	2.25%	12/10/2012		5		5,150
General Electric Capital Corp.	2.00%	9/28/2012		10		10,244
General Electric Capital Corp.	6.875%	1/10/2039		8		8,862
Nomura Holdings, Inc. (Japan)(a)	6.70%	3/4/2020		1		1,060
Prudential Financial, Inc.	6.625%	6/21/2040		1		1,021
TD Ameritrade Holding Corp.	5.60%	12/1/2019		2		2,111
Western Union Co. (The)	6.20%	6/21/2040		2		2,077
Total						38,761
Financial: Miscellaneous 0.36%
NASDAQ OMX Group, Inc. (The)	4.00%	1/15/2015		2		2,036
Sally Holdings LLC/Sally Capital, Inc.	9.25%	11/15/2014		2		2,085
Total						4,121

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Food 0.62%
Kraft Foods, Inc.	0.928%	#	8/11/2010	$	7	$	7,000
Gaming 0.20%
International Game Technology	7.50%		6/15/2019		2		2,326
Health Care Products 0.39%
Biogen Idec, Inc.	6.875%		3/1/2018		2		2,282
Biomet, Inc.	11.625%		10/15/2017		2		2,175
Total							4,457
Health Care Services 0.35%
DaVita, Inc.	6.625%		3/15/2013		3		3,019
Omega Healthcare Investors, Inc.†	7.50%		2/15/2020		1		1,002
Total							4,021
Household Furnishings 0.18%
ALH Finance LLC/ALH Finance Corp.	8.50%		1/15/2013		2		2,010
Industrial Products 0.37%
Vale Overseas Ltd. (Brazil)(a)	5.625%		9/15/2019		2		2,120
Vale Overseas Ltd. (Brazil)(a)	6.875%		11/21/2036		2		2,090
Total							4,210
Insurance 0.37%
Fidelity National Financial, Inc.	6.60%		5/15/2017		2		1,997
Willis North America, Inc.	7.00%		9/29/2019		2		2,151
Total							4,148
Investment Management Companies 0.30%
BlackRock, Inc.	6.25%		9/15/2017		3		3,444
Leasing 0.17%
International Lease Finance Corp.†	8.625%		9/15/2015		2		1,900
Leisure 0.44%
Seneca Gaming Corp.	7.25%		5/1/2012		2		1,965
Speedway Motorsports, Inc.	6.75%		6/1/2013		3		3,007
Total							4,972

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Machinery: Agricultural 0.38%
Lorillard Tobacco Co.	8.125%	6/23/2019	$	2	$	2,222
Lorillard Tobacco Co.	8.125%	5/1/2040		2		2,066
Total						4,288
Machinery: Industrial/Specialty 0.19%
CPM Holdings, Inc.†	10.625%	9/1/2014		2		2,123
Machinery: Oil Well Equipment & Services 0.18%
Pride International, Inc.	7.375%	7/15/2014		2		2,003
Manufacturing 0.27%
Wabtec Corp.	6.875%	7/31/2013		3		3,049
Materials & Commodities 0.09%
RBS Global, Inc./Rexnord LLC†	8.50%	5/1/2018		1		975
Media 0.38%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.	7.625%	5/15/2016		2		2,175
Rainbow National Services LLC†	10.375%	9/1/2014		2		2,093
Total						4,268
Metals & Minerals: Miscellaneous 1.38%
Cliffs Natural Resources, Inc.	5.90%	3/15/2020		2		2,149
Compass Minerals International, Inc.	8.00%	6/1/2019		2		2,054
Newmont Mining Corp.	6.25%	10/1/2039		2		2,190
Rio Tinto Finance USA Ltd. (Australia)(a)	8.95%	5/1/2014		4		4,856
Teck Resources Ltd. (Canada)(a)	6.125%	10/1/2035		2		1,996
Teck Resources Ltd. (Canada)(a)	10.25%	5/15/2016		2		2,363
Total						15,608
Natural Gas 0.21%
Florida Gas Transmission Co. LLC†	7.90%	5/15/2019		2		2,344
Oil 1.35%
Continental Resources, Inc.†	7.375%	10/1/2020		1		987
Halliburton Co	6.15%	9/15/2019		2		2,195
Halliburton Co.	6.70%	9/15/2038		2		2,193
Panhandle Eastern Pipeline Co. LP	7.00%	6/15/2018		1		1,074
Shell International Finance BV (Netherland)(a)	5.50%	3/25/2040		2		2,138
Whiting Petroleum Corp.	7.00%	2/1/2014		1		1,025

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Value
Oil (continued)
Woodside Finance Ltd. (Australia)†(a)	8.125%	3/1/2014	$	5	$	5,700
Total						15,312
Oil: Crude Producers 0.76%
NGPL PipeCo LLC†	6.514%	12/15/2012		2		1,993
NGPL PipeCo LLC†	7.119%	12/15/2017		1		955
Southeast Supply Header LLC†	4.85%	8/15/2014		2		2,101
XTO Energy, Inc.	6.10%	4/1/2036		3		3,565
Total						8,614
Oil: Integrated Domestic 0.60%
National Fuel Gas Co.	8.75%	5/1/2019		3		3,657
Pacific Energy Partners LP/PAA Finance Corp.	6.25%	9/15/2015		3		3,121
Total						6,778
Oil: Integrated International 0.08%
Transocean Ltd. (Switzerland)(a)	6.80%	3/15/2038		1		904
Real Estate Investment Trusts 0.66%
Federal Realty Investment Trust	5.40%	12/1/2013		3		3,234
Federal Realty Investment Trust	5.90%	4/1/2020		1		1,059
Simon Property Group LP	5.65%	2/1/2020		3		3,183
Total						7,476
Retail 0.21%
Wal-Mart Stores, Inc.	6.50%	8/15/2037		2		2,431
Services 0.18%
Iron Mountain, Inc.	7.75%	1/15/2015		2		2,025
Steel 0.93%
Allegheny Technologies, Inc.	9.375%	6/1/2019		4		4,730
ArcelorMittal (Luxembourg)(a)	9.85%	6/1/2019		3		3,755
Valmont Industries, Inc.	6.625%	4/20/2020		2		2,053
Total						10,538
Storage Facilities 0.18%
Niska Gas Storage US LLC/Niska Gas Storage Canada ULC†	8.875%	3/15/2018		2		2,040

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
Telecommunications 0.65%
Atlantic Broadband Finance LLC	9.375%		1/15/2014	$	2	$	2,025
CC Holdings GS V LLC/Crown Castle GS III Corp.†	7.75%		5/1/2017		2		2,125
Digitalglobe, Inc.	10.50%		5/1/2014		2		2,160
Millicom International Cellular SA (Luxembourg)(a)	10.00%		12/1/2013		1		1,035
Total							7,345
Telecommunications Equipment 0.39%
Cisco Systems, Inc.	4.95%		2/15/2019		4		4,404
Tobacco 0.35%
Altria Group, Inc.	9.95%		11/10/2038		3		3,952
Utilities: Electrical 0.35%
Calpine Corp.†	7.25%		10/15/2017		2		1,930
Otter Tail Corp.	9.00%		12/15/2016		2		2,085
Total							4,015
Total Corporate Bonds (cost $373,587)							377,082
GOVERNMENT SPONSORED ENTERPRISES BOND 0.51%
Federal National Mortgage Assoc. (cost $5,534)	5.25%		9/15/2016		5		5,757
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.30%
Federal Home Loan Mortgage Corp. K004 A2	4.186%		8/25/2019		10		10,386
Federal Home Loan Mortgage Corp. K005 A2	4.317%		11/25/2019		10		10,476
Federal Home Loan Mortgage Corp. K007 A1	3.342%		12/25/2019		5		5,119
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $25,213)							25,981
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 14.35%
Federal Home Loan Mortgage Corp.(b)	4.50%		TBA		10		10,357
Federal Home Loan Mortgage Corp.(b)	5.00%		TBA		15		15,991
Federal Home Loan Mortgage Corp.	5.088%	#	12/1/2035		10		10,306
Federal National Mortgage Assoc.(b)	5.00%		TBA		40		42,325
Federal National Mortgage Assoc.	5.229%	#	10/1/2035		11		12,091
Federal National Mortgage Assoc.	5.50%		11/1/2034 - 5/1/2036		66		71,392
Total Government Sponsored Enterprises Pass-Throughs (cost $161,098)							162,462

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
MUNICIPAL BONDS 2.58%
General Obligation 0.45%
San Antonio TX Build Amer Bds Ser B(c)	6.038%		8/1/2040	$	5	$	5,124
Housing 0.47%
Indianapolis IN Loc Pub Impt Bd Bk Build America Bds Ser B2	6.116%		1/15/2040		5		5,325
Sales Tax 0.46%
New York City NY Transnl Fin Auth Build America Bds	5.767%		8/1/2036		5		5,148
Transportation 0.75%
Bay Area Toll Auth CA Build Amer Bds Ser S1	6.918%		4/1/2040		3		2,999
UT Transit Auth Sales Tax Rev Build America Bds Ser B	5.937%		6/15/2039		5		5,483
Total							8,482
Utilities 0.45%
East Baton Rouge LA Swr Commn Build America Bds	6.087%		2/1/2045		5		5,060
Total Municipal Bonds (cost $28,811)							29,139
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.84%
Banc of America Commercial Mortgage, Inc. 2005-2 A5	4.857%		7/10/2043		10		10,550
Banc of America Commercial Mortgage, Inc. 2005-6 A1	5.001%		9/10/2047		2		2,199
Banc of America Commercial Mortgage, Inc. 2005-6 ASB	5.35%	#	9/10/2047		10		10,632
Citigroup/Deutsche Bank Commercial Mortgage Trust 2005-CD1 A1	5.047%		7/15/2044		3		2,583
Credit Suisse Mortgage Capital 2006-C1 A2	5.512%		2/15/2039		10		10,303
GS Mortgage Securities Corp. II 2005-GG4 AABA	4.68%		7/10/2039		9		9,554
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C1 A3	5.376%		7/12/2037		10		10,477
JPMorgan Chase Commercial Mortgage Securities Corp. 2005-LDP2 A2	4.575%		7/15/2042		5		4,748
LB-UBS Commercial Mortgage Trust 2005-C1 A2	4.31%		2/15/2030		2		1,736
LB-UBS Commercial Mortgage Trust 2005-C3 A2	4.553%		7/15/2030		5		4,852
LB-UBS Commercial Mortgage Trust 2005-C3 A5	4.739%		7/15/2030		10		10,442
LB-UBS Commercial Mortgage Trust 2005-C5 A4	4.954%		9/15/2030		10		10,572
Merrill Lynch Mortgage Trust 2005-CKI1 A6	5.405%	#	11/12/2037		10		10,717

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Trust 2005-MCP1 A2	4.556%		6/12/2043	$	3	$	2,819
Morgan Stanley Capital I 2003-IQ6 A2	4.17%		12/15/2041		3		3,092
Morgan Stanley Dean Witter Capital I 2003-TOP9 A1	3.98%		11/13/2036		5		4,839
Wachovia Bank Commercial Mortgage Trust 2005-C19 A2	4.516%		5/15/2044		2		1,884
Wachovia Bank Commercial Mortgage Trust 2005-C21 A4	5.382%	#	10/15/2044		10		10,712
Total Non-Agency Commercial Mortgage-Backed Securities (cost $121,446)							122,711
PASS-THROUGH AGENCY 0.94%
Government National Mortgage Assoc.(b) (cost $10,642)	5.00%		TBA		10		10,653
U.S. TREASURY OBLIGATIONS 21.63%
U.S. Treasury Bond	4.625%		2/15/2040		1		1,124
U.S. Treasury Note	1.125%		6/15/2013		15		15,062
U.S. Treasury Note	1.375%		5/15/2013		14		14,173
U.S. Treasury Note	1.875%		6/30/2015		19		19,076
U.S. Treasury Note	2.125%		5/31/2015		105		106,821
U.S. Treasury Note	2.375%		10/31/2014		41		42,307
U.S. Treasury Note	3.50%		5/15/2020		23		24,075
U.S. Treasury Strips	Zero Coupon		11/15/2022		15		9,575
U.S. Treasury Strips	Zero Coupon		11/15/2027		25		12,646
Total U.S. Treasury Obligations (cost $239,866)							244,859
Total Long-Term Investments (cost $1,054,972)							1,067,542
SHORT-TERM INVESTMENT 14.06%
Repurchase Agreement
Repurchase Agreement dated 6/30/2010, Zero Coupon due 7/1/2010 with Fixed Income Clearing Corp. collateralized by $160,000 of Federal Home Loan Bank at 4.375% due 9/17/2010; value: $163,408; proceeds: $159,198 (cost $159,198)					159		159,198
Total Investments in Securities 108.37% (cost $1,214,170)							1,226,740
Liabilities in Excess of Other Assets (8.37%)							(94,755	)
Net Assets 100.00%						$	1,131,985

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(concluded)

June 30, 2010

#	Variable rate security. The interest rate represents the rate in effect at June 30, 2010.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.
(a)	Foreign security traded in U.S. dollars.
(b)	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.
(c)	Security purchased on a when-issued basis (See Note 2(g)).

See Notes to Financial Statements.

14

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at cost	$	1,214,170
Investments in securities, at value	$	1,067,542
Repurchase agreement, at value		159,198
Receivables:
Capital shares sold		28,977
Investment securities sold		21,149
From advisor (See Note 3)		8,468
Interest and dividends		6,948
Prepaid expenses		8,441
Total assets		1,300,723
LIABILITIES:
Payables:
Investment securities purchased		146,912
Offering costs		4,518
Management fee		383
Fund administration		34
Directors’ fees		4
Accrued expenses and other liabilities		16,887
Total liabilities		168,738
NET ASSETS	$	1,131,985
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,102,424
Undistributed net investment income		4,313
Accumulated net realized gain on investments		12,678
Net unrealized appreciation on investments		12,570
Net Assets	$	1,131,985
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		73,334
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$15.44

See Notes to Financial Statements.

15

Statement of Operations (unaudited)

For the Period Ended June 30, 2010*

Investment income:
Interest	$	5,618
Total investment income		5,618
Expenses:
Management fee		918
Shareholder servicing		600
Professional		13,040
Reports to shareholders		3,976
Offering costs		2,110
Custody		467
Fund administration		82
Directors’ fees		6
Other		412
Gross expenses		21,611
Management fee waived and expenses reimbursed (See Note 3)		(20,306	)
Net expenses		1,305
Net investment income		4,313
Net realized and unrealized gain:
Net realized gain on investments		12,678
Net change in unrealized appreciation on investments		12,570
Net realized and unrealized gain		25,248
Net Increase in Net Assets Resulting From Operations	$	29,561

* For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

16

Statement of Changes in Net Assets

INCREASE IN NET ASSETS	For the Period April 19, 2010 to June 30, 2010* (unaudited)
Operations:
Net investment income	$	4,313
Net realized gain on investments		12,678
Net change in unrealized appreciation on investments		12,570
Net increase in net assets resulting from operations		29,561
Capital share transactions (See Note 10):
Proceeds from sales of shares		1,102,428
Cost of shares reacquired		(4	)
Net increase in net assets resulting from capital share transactions		1,102,424
Net increase in net assets		1,131,985
NET ASSETS:
Beginning of period	$	–
End of period	$	1,131,985
Undistributed net investment income	$	4,313

* For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

17

Financial Highlights

	4/19/2010(a) to 6/30/2010 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$15.00
Investment operations:
Net investment income(b)	.06
Net realized and unrealized gain	.38
Total from investment operations	.44
Net asset value, end of period	$15.44
Total Return(c)	3.14	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.13	%(d)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.13	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	2.12	%(d)
Net investment income	.42	%(d)
Supplemental Data:
Net assets, end of period (000)	$1,132
Portfolio turnover rate	168.70	%(d)

^(a) Commencement of investment operations was 4/19/2010, SEC effective date and date shares first became available to the public was 5/1/2010.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

18

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Total Return Portfolio (the “Fund”). The Fund commenced investment operations on April 19, 2010. The Fund became effective with the SEC and shares first became available to the public on May 1, 2010. The Fund is diversified as defined in the Act.

The investment objective of the Fund is to seek income and capital appreciation to produce a high total return. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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.

19

Notes to Financial Statements (unaudited)(continued)

(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.

(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. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments and on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

(g) 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 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 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.

(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 value of these securities has declined, a 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 in an orderly transaction to an independent buyer in the principal

20

Notes to Financial Statements (unaudited)(continued)

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 of inputs is summarized in the three broad Levels listed below:

• Level 1 - 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	–	$	88,898	$	–	$	88,898
Corporate Bonds		–		377,082		–		377,082
Government Sponsored Enterprises Bond		–		5,757		–		5,757
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		25,981		–		25,981
Government Sponsored Enterprises Pass-Throughs		–		162,462		–		162,462
Municipal Bonds		–		29,139		–		29,139
Non-Agency Commercial Mortgage-Backed Securities		–		122,711		–		122,711
Pass-Through Agency		–		10,653		–		10,653
U.S. Treasury Obligations		–		244,859		–		244,859
Repurchase Agreement		–		159,198		–		159,198
Total	$	–	$	1,226,740	$	–	$	1,226,740

* See Schedule of Investments for values in each industry.

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management agreement with Lord, Abbett & Co. LLC (“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.

21

Notes to Financial Statements (unaudited)(continued)

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

First $1 billion	.45%
Next $1 billion	.40%
Over $2 billion	.35%

For the period ended May 31, 2010, the effective management fee, before waivers and expenses reimbursed, was at an annualized rate of .45% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of .64%. For the period April 19, 2010 to April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses based on the same terms above. The contractual agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, may enter 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. 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. For the period ended June 30, 2010, the Fund did not incur expenses for such services arrangements.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. 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, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

22

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,214,170
Gross unrealized gain		13,791
Gross unrealized loss		(1,221	)
Net unrealized security gain	$	12,570

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the period ended June 30, 2010 were as follows:

U.S. Government Purchases*	Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$1,870,537	$	906,323	$	1,603,893	$	92,723

* Includes U.S. Government sponsored enterprises securities.

6.    DIRECTORS’ REMUNERATION

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

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

9.    INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when rates fall, such prices tend to rise.

23

Notes to Financial Statements (unaudited)(continued)

The Fund may invest a significant portion of its assets in asset backed securities and mortgage related securities, including those of such government sponsored enterprises as Federal Home Loan Mortgage Corporation and Federal National Mortgage Association. 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 a 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 in which the Fund may invest are subject to greater price fluctuations, as well as additional risks.

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

The Fund’s investment exposure to foreign companies presents increased market, liquidity, currency, political, information and other risks. The cost to a 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 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 of 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.

These factors can affect the Fund’s performance.

24

Notes to Financial Statements (unaudited)(concluded)

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Period Ended June 30,  2010† (unaudited)
Shares sold	73,334
Shares reacquired	—	(a)
Increase	73,334

^† For the period April 19, 2010 (commencement of investment operations) to June 30, 2010.

^(a) Amount is less than 1 share.

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

25

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

26

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

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

Lord Abbett Series Fund, Inc.

Total Return Portfolio

SFTR-PORT-3-0610

(08/10)

2010

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Value Opportunities Portfolio

For the period ended June 30, 2010

Lord Abbett Series Fund — Value Opportunities Portfolio Semiannual Report

For the period ended June 30, 2010

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — Value Opportunities Portfolio for the period ended June 30, 2010. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 26, 2010, commencement of investment operations, through June 30, 2010).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period 4/26/10 – 6/30/10” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

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

	Beginning Account Value		Ending Account Value		Expenses Paid  During Period†
	4/26/10		6/30/10		4/26/10 - 6/30/10
Class VC
Actual	$	1,000.00	$	833.70	$	1.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,007.04	$	2.00

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.10%, multiplied by the average account value over the period, multiplied by 66/365 (to reflect the period April 26, 2010, commencement of investment operations, to June 30, 2010).

Portfolio Holdings Presented by Sector

June 30, 2010

Sector*	%**
Consumer Discretionary	11.10%
Energy	6.61%
Financials	18.81%
Health Care	10.60%
Industrials	23.91%
Information Technology	16.87%
Materials	9.48%
Utilities	2.62%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2010

Investments	Shares	Value
COMMON STOCKS 95.52%
Aerospace & Defense 1.81%
Curtiss-Wright Corp.	38	$	1,104
Hexcel Corp.*	124		1,923
Total			3,027
Air Freight & Logistics 2.08%
Atlas Air Worldwide Holdings, Inc.*	38		1,805
C.H. Robinson Worldwide, Inc.	30		1,670
Total			3,475
Auto Components 0.57%
Gentex Corp.	53		953
Automobiles 0.49%
Harley-Davidson, Inc.	37		823
Building Products 0.53%
Trex Co., Inc.*	44		884
Capital Markets 0.98%
Lazard Ltd. Class A	61		1,629
Chemicals 3.45%
Albemarle Corp.	79		3,137
Olin Corp.	145		2,623
Total			5,760
Commercial Banks 11.39%
Comerica, Inc.	123		4,530
Commerce Bancshares, Inc.	60		2,159
East West Bancorp, Inc.	71		1,083
Fifth Third Bancorp	128		1,573
First Financial Bancorp	170		2,541
Huntington Bancshares, Inc.	101		560
KeyCorp	326		2,507
Popular, Inc.*	279		748
Texas Capital Bancshares, Inc.*	92		1,509
Webster Financial Corp.	101		1,812
Total			19,022

Investments	Shares	Value
Commercial Services & Supplies 2.26%
Tetra Tech, Inc.*	82	$	1,608
Waste Connections, Inc.*	62		2,163
Total			3,771
Computers & Peripherals 1.88%
Diebold, Inc.	48		1,308
QLogic Corp.*	110		1,828
Total			3,136
Construction & Engineering 2.46%
Chicago Bridge & Iron Co. NV (Netherlands)*(a)	68		1,279
EMCOR Group, Inc.*	56		1,298
Jacobs Engineering Group, Inc.*	42		1,530
Total			4,107
Diversified Financial Services 1.03%
CIT Group, Inc.*	51		1,727
Electric: Utilities 1.44%
Cleco Corp.	91		2,403
Electrical Equipment 3.48%
AMETEK, Inc.	52		2,088
EnerSys*	98		2,094
Roper Industries, Inc.	29		1,623
Total			5,805
Electronic Equipment, Instruments & Components 1.79%
Amphenol Corp. Class A	34		1,336
Plexus Corp.*	62		1,658
Total			2,994
Energy Equipment & Services 3.66%
Bristow Group, Inc.*	46		1,352
Key Energy Services, Inc.*	168		1,542
Oceaneering International, Inc.*	24		1,078
Superior Energy Services, Inc.*	71		1,326

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2010

Investments	Shares	Value
Energy Equipment & Services (continued)
Weatherford International Ltd. (Switzerland)*(a)	62	$	815
Total			6,113
Health Care Equipment & Supplies 2.72%
Integra LifeSciences Holdings*	38		1,406
Kinetic Concepts, Inc.*	40		1,460
Teleflex, Inc.	31		1,683
Total			4,549
Health Care Providers & Services 3.27%
AmerisourceBergen Corp.	28		889
DaVita, Inc.*	19		1,186
LifePoint Hospitals, Inc.*	61		1,915
McKesson Corp.	22		1,478
Total			5,468
Hotels, Restaurants & Leisure 1.25%
Darden Restaurants, Inc.	32		1,243
Hyatt Hotels Corp. Class A*	23		853
Total			2,096
Household Durables 1.52%
Fortune Brands, Inc.	65		2,547
Information Technology Services 7.92%
Alliance Data Systems Corp.*	41		2,440
Amdocs Ltd. (Guernsey)*(a)	93		2,497
Fiserv, Inc.*	50		2,283
Global Payments, Inc.	30		1,096
Lender Processing Services, Inc.	55		1,722
Sapient Corp.	314		3,184
Total			13,222
Insurance 2.44%
HCC Insurance Holdings, Inc.	74		1,832
PartnerRe Ltd.	32		2,244
Total			4,076
Life Sciences Tools & Services 1.30%
PerkinElmer, Inc.	105		2,170

Investments	Shares	Value
Machinery 2.75%
Actuant Corp. Class A	48	$	904
RBC Bearings, Inc.*	50		1,449
WABCO Holdings, Inc.*	71		2,235
Total			4,588
Marine 0.71%
Kirby Corp.*	31		1,186
Media 1.59%
Interpublic Group of Cos., Inc. (The)*	372		2,652
Metals & Mining 5.60%
Agnico-Eagle Mines Ltd. (Canada)(a)	41		2,492
Carpenter Technology Corp.	36		1,182
Gerdau Ameristeel Corp.*	76		828
IAMGOLD Corp. (Canada)(a)	114		2,016
Metals USA Holdings Corp.*	74		1,106
Reliance Steel & Aluminum Co.	48		1,735
Total			9,359
Multi-Utilities 1.06%
Wisconsin Energy Corp.	35		1,776
Oil, Gas & Consumable Fuels 2.65%
Concho Resources, Inc.*	36		1,992
Petrohawk Energy Corp.*	54		916
Range Resources Corp.	38		1,526
Total			4,434
Pharmaceuticals 2.83%
Warner Chilcott plc Class A (Ireland)*(a)	88		2,011
Watson Pharmaceuticals, Inc.*	67		2,718
Total			4,729
Professional Services 1.24%
Robert Half International, Inc.	31		730
TrueBlue, Inc.*	120		1,343
Total			2,073

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2010

Investments	Shares	Value
Real Estate Investment Trusts 2.13%
DiamondRock Hospitality Co.*	62	$	510
Duke Realty Corp.	118		1,339
DuPont Fabros Technology, Inc.	35		860
Host Hotels & Resorts, Inc.	63		849
Total			3,558
Road & Rail 5.52%
Con-way, Inc.	53		1,591
Genesee & Wyoming, Inc. Class A*	41		1,530
Heartland Express, Inc.	134		1,946
Kansas City Southern*	57		2,072
Knight Transportation, Inc.	103		2,085
Total			9,224
Semiconductors & Semiconductor Equipment 1.74%
Cypress Semiconductor Corp.*	156		1,566
Lam Research Corp.*	35		1,332
Total			2,898
Software 2.80%
Autodesk, Inc.*	35		853
Nuance Communications, Inc.*	83		1,241
Rovi Corp.*	68		2,578
Total			4,672

Investments	Shares	Value
Specialty Retail 3.05%
Dress Barn, Inc. (The)*	78	$	1,857
Regis Corp.	158		2,460
Williams-Sonoma, Inc.	31		769
Total			5,086
Textiles, Apparel & Luxury Goods 2.13%
K-Swiss, Inc.*	42		472
Phillips-Van Heusen Corp.	28		1,296
Skechers U.S.A., Inc. Class A*	49		1,789
Total			3,557
Total Investments in Common Stocks 95.52% (cost $189,533)			159,549
Cash and Other Assets in Excess of Liabilities 4.48%			7,486
Net Assets 100%		$	167,035

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

See Notes to Financial Statements.

6

Statement of Assets and Liabilities (unaudited)

June 30, 2010

ASSETS:
Investments in securities, at value (cost $189,533)	$	159,549
Cash		9,792
Receivables:
From advisor (See Note 3)		7,612
Dividends		69
Investment securities sold		18
Prepaid expenses		7,476
Total assets		184,516
LIABILITIES:
Payables:
Offering costs		3,094
Investment securities purchased		939
Management fee		109
Fund administration		6
Directors’ fees		1
Accrued expenses and other liabilities		13,332
Total liabilities		17,481
NET ASSETS	$	167,035
COMPOSITION OF NET ASSETS:
Paid-in capital	$	200,031
Accumulated net investment loss		(90	)
Accumulated net realized loss on investments		(2,922	)
Net unrealized depreciation on investments		(29,984	)
Net Assets	$	167,035
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		13,335
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.53

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Period Ended June 30, 2010^*

Investment income:
Dividends	$	272
Total investment income		272
Expenses:
Management fee		247
Shareholder servicing		542
Professional		9,873
Reports to shareholders		3,696
Offering costs		1,651
Custody		434
Fund administration		13
Directors’ fees		1
Other		393
Gross expenses		16,850
Management fee waived and expenses reimbursed (See Note 3)		(16,488	)
Net expenses		362
Net investment loss		(90	)
Net realized and unrealized loss:
Net realized loss on investments		(2,922	)
Net change in unrealized depreciation on investments		(29,984	)
Net realized and unrealized loss		(32,906	)
Net Decrease in Net Assets Resulting From Operations	$	(32,996	)

* For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

8

Statement of Changes in Net Assets

INCREASE IN NET ASSETS	For the Period April 26, 2010 to June 30, 2010* (unaudited)
Operations:
Net investment loss	$	(90	)
Net realized loss on investments		(2,922	)
Net change in unrealized depreciation on investments		(29,984	)
Net decrease in net assets resulting from operations		(32,996	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		200,031
Net increase in net assets resulting from capital share transactions		200,031
Net increase in net assets		167,035
NET ASSETS:
Beginning of period	$	–
End of period	$	167,035
Accumulated net investment loss	$	(90	)

* For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

See Notes to Financial Statements.

9

Financial Highlights

	4/26/2010(a) to 6/30/2010 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$15.00
Investment operations:
Net investment loss(b)	(.01	)
Net realized and unrealized loss	(2.46	)
Total from investment operations	(2.47	)
Net asset value, end of period	$12.53
Total Return(c)	(16.63	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.20	%(d)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.20	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	9.29	%(d)
Net investment loss	(.05	)%(d)
Supplemental Data:
Net assets, end of period (000)	$167
Portfolio turnover rate	14.21	%(d)

^(a) Commencement of investment operations was 4/26/2010, SEC effective date and date shares first became available to the public was 5/1/2010.

^(b) Calculated using average shares outstanding during the period.

^(c) Total return assumes the reinvestment of all distributions.

^(d) Not annualized.

See Notes to Financial Statements.

10

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of twelve separate portfolios (the “Funds”). This report covers Value Opportunities Portfolio (the “Fund”). The Fund commenced investment operations on April 26, 2010. The Fund became effective with the SEC and shares first became available to the public on May 1, 2010. The Fund is diversified as defined in the Act.

The investment objective of the Fund is long-term capital appreciation. The Fund offers 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 financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2.    SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation–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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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 market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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.

(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.

11

Notes to Financial Statements (unaudited)(continued)

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

(g) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment 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 of inputs is summarized in the three broad Levels listed below:

• Level 1 – 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund’s investments carried at value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	159,549	$	–	$	–	$	159,549
Total	$	159,549	$	–	$	–	$	159,549

* See Schedule of Investments for values in each industry.

12

Notes to Financial Statements (unaudited)(continued)

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

For the period ended June 30, 2010, the effective management fee, before waivers and expenses reimbursed was at an annualized rate of .75% of the Fund’s average daily net assets.

Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of the Fund’s average daily net assets.

For the period May 1, 2010 through April 30, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses do not exceed and annual rate of 1.10%. For the period April 26, 2010 to April 30, 2010, Lord Abbett voluntarily waived all or a portion of its management fee and, if necessary, reimbursed the Fund’s other expenses based on the same terms above. The contractual agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, may enter 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. 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. For the period ended June 30, 2010, the Fund did not incur expenses for such services arrangements.

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

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid 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 accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are

13

Notes to Financial Statements (unaudited)(continued)

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

As of June 30, 2010, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	189,533
Gross unrealized gain		465
Gross unrealized loss		(30,449	)
Net unrealized security loss	$	(29,984	)

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the period ended June 30, 2010 were as follows:

Purchases	Sales
$217,099	$	24,644

There were no purchases or sales of U.S. Government securities for the period ended June 30, 2010.

6.    DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Outside 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 outside Directors under which outside Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operation 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.

7.    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.

8.    CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“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.

14

Notes to Financial Statements (unaudited)(concluded)

9.    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. Small and mid-sized company stocks, in which the Fund invests, may perform differently than the market as a whole and other types of stocks, such as large-company and growth stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to the Fund’s exposure to foreign companies (and ADRs), the Fund may experience increased market, liquidity, currency, political, information and other risks.

These factors can affect the Fund’s performance.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Period Ended June 30,  2010† (unaudited)
Shares sold	13,335
Increase	13,335

^† For the period April 26, 2010 (commencement of investment operations) to June 30, 2010.

11.    SUBSEQUENT EVENTS

Management has determined that there were no material subsequent events that would require recognition or additional disclosure in the Fund’s financial statements.

15

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

16

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.

Value Opportunities Portfolio

SFVALOPP-PORT-3-0610

(08/10)

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11: Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)(1) Amendments to Code of Ethics – Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(a)(3) Not applicable.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LORD ABBETT SERIES FUND, INC.
	By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman
Date: August 12, 2010
	By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President
Date: August 12, 2010

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/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman
Date: August 12, 2010
	By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President
Date: August 12, 2010