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: 6/30/2011

Item 1: Reports to Shareholders.

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Bond Debenture Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,047.80	$	4.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.34	$	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, 2011

Sector*	%**
Agency		0.45%
Automotive		3.81%
Banking		4.37%
Basic Industry		10.59%
Capital Goods		8.78%
Consumer Cyclical		5.77%
Consumer Non-Cyclical		2.89%
Energy		12.47%
Financial Services		3.49%
Healthcare		7.59%
Insurance		1.76%
Media		6.00%
Municipal		0.14%
Real Estate		1.04%
Services		9.85%
Technology & Electronics		7.65%
Telecommunications		8.47%
Utility		1.92%
Short-Term Investment		2.96%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares (000)		Fair Value
LONG-TERM INVESTMENTS 95.21%
COMMON STOCKS 1.17%
Agency/Government Related 0.00%
Fannie Mae*		36	$	12,036
Auto Parts & Equipment 0.17%
Cooper-Standard Holdings, Inc.*		23		1,039,002
Chemicals 0.08%
LyondellBasell Industries NV Class A (Netherlands)(a)		12		462,240
Gas Distribution 0.21%
El Paso Corp.		63		1,275,206
Media: Cable 0.11%
Charter Communications, Inc. Class A*		12		651,120
Metals/Mining (Excluding Steel) 0.15%
Barrick Gold Corp. (Canada)(a)		20		926,996
Pharmaceuticals 0.26%
Mylan, Inc.*		50		1,233,500
Teva Pharmaceutical Industries Ltd. ADR		8		361,650
Total				1,595,150
Software/Services 0.19%
Informatica Corp.*		20		1,168,600
Total Common Stocks (cost $5,005,246)				7,130,350

	Interest Rate		Maturity Date		Principal Amount (000)
CONVERTIBLE BONDS 8.90%
Airlines 0.06%
AMR Corp.		6.25%		10/15/2014	$	375	365,625
Auto Parts & Equipment 0.19%
Meritor, Inc. (Zero Coupon after 3/1/2016)~		4.625%		3/1/2026		1,050	1,151,063
Automakers 0.20%
Ford Motor Co.		4.25%		11/15/2016		700	1,203,125

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Beverages 0.32%
Central European Distribution Corp. (Poland)(a)		3.00%		3/15/2013	$	1,400	$	1,155,000
Molson Coors Brewing Co.		2.50%		7/30/2013		750		826,875
Total								1,981,875
Computer Hardware 0.46%
Intel Corp.		2.95%		12/15/2035		1,250		1,298,437
NetApp, Inc.		1.75%		6/1/2013		500		854,375
SanDisk Corp.		1.50%		8/15/2017		600		637,500
Total								2,790,312
Diversified Capital Goods 0.45%
Greenbrier Cos., Inc.†		3.50%		4/1/2018		550		500,500
Ingersoll-Rand Co., Ltd.		4.50%		4/15/2012		300		766,125
Textron, Inc.		4.50%		5/1/2013		800		1,499,000
Total								2,765,625
Electronics 0.13%
A123 Systems, Inc.		3.75%		4/15/2016		900		815,625
Food: Wholesale 0.24%
Archer Daniels Midland Co.		0.875%		2/15/2014		1,400		1,484,000
Health Services 0.46%
Human Genome Sciences, Inc.		2.25%		10/15/2011		1,050		1,659,000
Human Genome Sciences, Inc.		2.25%		8/15/2012		300		438,000
Omnicare, Inc.		3.75%		12/15/2025		550		736,312
Total								2,833,312
Machinery 0.43%
Roper Industries, Inc.		Zero Coupon		1/15/2034		2,500		2,593,750
Media: Diversified 0.17%
Liberty Media LLC (convertible into Viacom, Inc., Class B and CBS Corp.)		3.25%		3/15/2031		1,200		1,035,000
Media: Services 0.28%
Interpublic Group of Cos., Inc. (The)		4.25%		3/15/2023		1,000		1,148,750
Omnicom Group, Inc.		Zero Coupon		7/1/2038		500		553,125
Total								1,701,875

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Medical Products 0.27%
Medtronic, Inc.		1.625%		4/15/2013	$	550	$	565,125
NuVasive, Inc.		2.25%		3/15/2013		800		841,000
NuVasive, Inc.		2.75%		7/1/2017		250		254,063
Total								1,660,188
Metals/Mining (Excluding Steel) 0.34%
Molycorp, Inc.†		3.25%		6/15/2016		125		146,094
Newmont Mining Corp.		1.25%		7/15/2014		1,000		1,307,500
Newmont Mining Corp.		3.00%		2/15/2012		500		615,000
Total								2,068,594
Monoline Insurance 0.08%
Radian Group, Inc.		3.00%		11/15/2017		725		522,906
Oil Field Equipment & Services 0.06%
Exterran Energy Corp.		4.75%		1/15/2014		400		394,000
Packaging 0.24%
Owens-Brockway Glass Container, Inc.†		3.00%		6/1/2015		1,475		1,460,250
Pharmaceuticals 1.20%
ALZA Corp.		Zero Coupon		7/28/2020		1,000		946,250
BioMarin Pharmaceutical, Inc.		2.50%		3/29/2013		1,000		1,706,250
Gilead Sciences, Inc.		0.625%		5/1/2013		1,600		1,906,000
Salix Pharmaceuticals Ltd.		2.75%		5/15/2015		1,000		1,155,000
Vertex Pharmaceuticals, Inc.		3.35%		10/1/2015		1,250		1,579,687
Total								7,293,187
Real Estate Investment Trusts 0.14%
ProLogis		3.25%		3/15/2015		725		832,844
Software/Services 2.13%
Alliance Data Systems Corp.		1.75%		8/1/2013		750		955,313
BroadSoft, Inc.†		1.50%		7/1/2018		375		409,219
CACI International, Inc.		2.125%		5/1/2014		525		664,781
Concur Technologies, Inc.†		2.50%		4/15/2015		1,245		1,437,975
Digital River, Inc.†		2.00%		11/1/2030		1,000		1,005,000
EMC Corp.		1.75%		12/1/2013		1,595		2,803,212
Nuance Communications, Inc.		2.75%		8/15/2027		1,810		2,380,150

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)			Fair Value
Software/Services (continued)
Symantec Corp.		1.00%		6/15/2013	$	1,400		$	1,708,000
Xilinx, Inc.		2.625%		6/15/2017		1,200			1,605,000
Total									12,968,650
Specialty Retail 0.15%
Charming Shoppes, Inc.		1.125%		5/1/2014		1,000			902,500
Support: Services 0.16%
FTI Consulting, Inc.		3.75%		7/15/2012		750			952,500
Telecommunications Equipment 0.14%
InterDigital, Inc.†		2.50%		3/15/2016		800			841,000
Telecommunications: Wireless 0.35%
SBA Communications Corp.		4.00%		10/1/2014		1,500			2,111,250
Textiles & Apparel 0.25%
Iconix Brand Group, Inc.†		2.50%		6/1/2016		1,425			1,505,156
Total Convertible Bonds (cost $49,435,098)									54,234,212
					Shares (000)
CONVERTIBLE PREFERRED STOCKS 3.24%
Auto Parts & Equipment 0.02%
Cooper-Standard Holdings, Inc. PIK		7.00%				—	(b)		130,008
Automakers 0.15%
General Motors Co.		4.75%				18			882,194
Banking 1.21%
Bank of America Corp.		7.25%				3			2,503,000
Citigroup, Inc.		7.50%				16			1,862,325
Fifth Third Bancorp		8.50%				12			1,697,520
Wells Fargo & Co.		7.50%				1			1,272,000
Total									7,334,845
Electric: Integrated 0.18%
PPL Corp.		8.75%				12			658,920
PPL Corp.		9.50%				7			413,660
Total									1,072,580

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Shares (000)			Fair Value
Energy: Exploration & Production 0.70%
Apache Corp.		6.00%				65		$	4,284,800
Gas Distribution 0.21%
Williams Cos., Inc. (The)		5.50%				9			1,290,956
Investments & Miscellaneous Financial Services 0.19%
AMG Capital Trust I		5.10%				25			1,184,375
Life Insurance 0.33%
MetLife, Inc.		5.00%				24			1,978,320
Media: Services 0.03%
Nielsen Holdings NV		6.25%				330			203,981
Multi-Line Insurance 0.19%
Hartford Financial Services Group, Inc. (The)		7.25%				45			1,172,700
Telecommunications Equipment 0.03%
Lucent Technologies Capital Trust I		7.75%				—	(b)		196,300
Total Convertible Preferred Stocks (cost $16,606,920)									19,731,059
					Principal Amount (000)
FOREIGN BONDS(c) 0.22%
Netherlands
Refresco Group BV†		7.375%		5/15/2018		EUR     500			735,951
Ziggo Bond Co. BV†		8.00%		5/15/2018		EUR     400			597,462
Total Foreign Bonds (cost $1,233,766)									1,333,413
GOVERNMENT SPONSORED ENTERPRISES BOND 0.43%
Federal National Mortgage Assoc. (cost $2,539,090)		3.25%		4/9/2013		$  2,500			2,627,242
HIGH YIELD CORPORATE BONDS 81.00%
Aerospace/Defense 1.48%
Alliant Techsystems, Inc.		6.875%		9/15/2020		225			235,125
Esterline Technologies Corp.		6.625%		3/1/2017		650			676,000
Esterline Technologies Corp.		7.00%		8/1/2020		550			578,875
Huntington Ingalls Industries, Inc.†		6.875%		3/15/2018		300			309,000

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Aerospace/Defense (continued)
Huntington Ingalls Industries, Inc.†		7.125%		3/15/2021	$	250	$	260,000
L-3 Communications Corp.		6.375%		10/15/2015		2,100		2,163,000
Mantech International Corp.		7.25%		4/15/2018		800		840,000
Moog, Inc.		6.25%		1/15/2015		550		561,000
Spirit Aerosystems, Inc.		6.75%		12/15/2020		2,075		2,116,500
Spirit Aerosystems, Inc.		7.50%		10/1/2017		595		629,212
Triumph Group, Inc.		8.00%		11/15/2017		575		608,063
Total								8,976,775
Airlines 0.40%
Delta Air Lines, Inc.		4.95%		5/23/2019		246		246,728
Delta Air Lines, Inc.†		9.50%		9/15/2014		180		192,825
United Airlines, Inc.		6.636%		7/2/2022		488		490,141
United Airlines, Inc.†		9.875%		8/1/2013		900		949,500
United Airlines, Inc.†		12.00%		11/1/2013		525		565,687
Total								2,444,881
Apparel/Textiles 0.37%
Hanesbrands, Inc.		6.375%		12/15/2020		600		585,000
Levi Strauss & Co.		7.625%		5/15/2020		475		477,375
Levi Strauss & Co.		8.875%		4/1/2016		625		651,562
Perry Ellis International, Inc.		7.875%		4/1/2019		525		544,688
Total								2,258,625
Auto Loans 0.20%
Ford Motor Credit Co. LLC		7.25%		10/25/2011		1,000		1,015,084
Hyundai Capital America†		3.75%		4/6/2016		225		225,934
Total								1,241,018
Auto Parts & Equipment 2.00%
Commercial Vehicle Group, Inc.†		7.875%		4/15/2019		1,700		1,708,500
Cooper-Standard Automotive, Inc.		8.50%		5/1/2018		1,000		1,060,000
Dana Holding Corp.		6.50%		2/15/2019		1,200		1,194,000
Dana Holding Corp.		6.75%		2/15/2021		700		693,875
Exide Technologies†		8.625%		2/1/2018		450		470,250
Goodyear Tire & Rubber Co. (The)		10.50%		5/15/2016		455		514,150
International Automotive Components Group SL (Spain)†(a)		9.125%		6/1/2018		700		719,250
Pinafore LLC/Pinafore, Inc.†		9.00%		10/1/2018		1,000		1,082,500

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date			Principal Amount (000)		Fair Value
Auto Parts & Equipment (continued)
Stanadyne Corp.		10.00%			8/15/2014		$	375	$	383,438
Stoneridge, Inc.†		9.50%			10/15/2017			475		527,250
Tenneco, Inc.		6.875%			12/15/2020			775		792,437
TRW Automotive, Inc.†		7.25%			3/15/2017			1,250		1,393,750
TRW Automotive, Inc.†		8.875%			12/1/2017			1,000		1,125,000
UCI International, Inc.		8.625%			2/15/2019			500		517,500
Total										12,181,900
Automakers 0.80%
Chrysler Group LLC/CG Co-Issuer, Inc.†		8.25%			6/15/2021			1,400		1,379,000
Ford Motor Co.		7.45%			7/16/2031			1,375		1,565,626
Navistar International Corp.		8.25%			11/1/2021			1,380		1,483,500
Oshkosh Corp.		8.50%			3/1/2020			425		462,187
Total										4,890,313
Banking 3.00%
Ally Financial, Inc.		7.50%			9/15/2020			850		892,500
Ally Financial, Inc.		8.30%			2/12/2015			1,700		1,904,000
Bank of America Corp.		5.75%			12/1/2017			750		798,526
Capital One Capital VI		8.875%			5/15/2040			2,000		2,072,816
Discover Bank		8.70%			11/18/2019			500		604,112
Fifth Third Capital Trust IV		6.50%			4/15/2037			1,300		1,287,000
Huntington Bancshares, Inc.		7.00%			12/15/2020			600		677,694
JPMorgan Chase & Co.		6.00%			1/15/2018			1,500		1,670,505
JPMorgan Chase & Co.		7.90%			–	(d)		450		484,985
Macquarie Group Ltd. (Australia)†(a)		6.25%			1/14/2021			725		725,861
Morgan Stanley		6.00%			4/28/2015			1,500		1,627,491
Regions Bank		6.45%			6/26/2037			1,250		1,173,406
Regions Bank		7.50%			5/15/2018			550		575,907
Regions Financial Corp.		7.75%			11/10/2014			375		397,605
SVB Financial Group		5.375%			9/15/2020			600		603,974
Wachovia Capital Trust III		5.57%	#		–	(d)		750		689,063
Washington Mutual Bank(e)		6.875%			6/15/2011			1,250		4,688
Zions Bancorporation		7.75%			9/23/2014			1,900		2,084,754
Total										18,274,887
Beverages 0.27%
CEDC Finance Corp. International, Inc.†		9.125%			12/1/2016			625		573,438

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Beverages (continued)
Constellation Brands, Inc.		7.25%		5/15/2017	$	1,000	$	1,092,500
Total								1,665,938
Brokerage 0.42%
Cantor Fitzgerald LP†		7.875%		10/15/2019		400		437,578
Lazard Group LLC		7.125%		5/15/2015		850		957,247
Raymond James Financial, Inc.		8.60%		8/15/2019		950		1,161,896
Total								2,556,721
Building & Construction 0.52%
K. Hovnanian Enterprises, Inc.		10.625%		10/15/2016		500		501,250
KB Home		9.10%		9/15/2017		1,000		1,017,500
Lennar Corp.		12.25%		6/1/2017		950		1,166,125
Odebrecht Finance Ltd.†		6.00%		4/5/2023		500		499,375
Total								3,184,250
Building Materials 0.73%
Building Materials Corp. of America†		6.75%		5/1/2021		450		453,375
Building Materials Corp. of America†		7.50%		3/15/2020		550		581,625
Cemex Finance LLC†		9.50%		12/14/2016		250		259,688
Interline Brands, Inc.		7.00%		11/15/2018		825		839,438
Masco Corp.		7.125%		3/15/2020		1,250		1,281,607
Owens Corning, Inc.		9.00%		6/15/2019		875		1,046,630
Total								4,462,363
Chemicals 3.07%
Airgas, Inc.		7.125%		10/1/2018		1,250		1,356,250
Ashland, Inc.		9.125%		6/1/2017		825		932,250
Celanese US Holdings LLC		6.625%		10/15/2018		1,625		1,722,500
CF Industries, Inc.		7.125%		5/1/2020		400		466,500
Chemtura Corp.		7.875%		9/1/2018		1,250		1,315,625
Huntsman International LLC		8.625%		3/15/2020		2,000		2,190,000
INEOS Finance plc (United Kingdom)†(a)		9.00%		5/15/2015		250		263,750
INEOS Group Holdings plc (United Kingdom)†(a)		8.50%		2/15/2016		1,100		1,091,750
Lyondell Chemical Co.†		8.00%		11/1/2017		1,213		1,352,495
Momentive Performance Materials, Inc.		9.00%		1/15/2021		1,600		1,640,000
Mosaic Global Holdings, Inc.		7.30%		1/15/2028		1,050		1,227,783
Nalco Co.†		6.625%		1/15/2019		850		875,500
Nalco Co.		8.25%		5/15/2017		675		740,812

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Chemicals (continued)
Phibro Animal Health Corp.†		9.25%		7/1/2018	$	1,400	$	1,484,000
Polymer Group, Inc.†		7.75%		2/1/2019		1,000		1,007,500
Rockwood Specialties Group, Inc.		7.50%		11/15/2014		1,008		1,035,720
Total								18,702,435
Computer Hardware 0.50%
Brocade Communications Systems, Inc.		6.625%		1/15/2018		1,250		1,325,000
Brocade Communications Systems, Inc.		6.875%		1/15/2020		750		811,875
Seagate HDD Cayman†		6.875%		5/1/2020		875		872,812
Total								3,009,687
Consumer/Commercial/Lease Financing 1.69%
CIT Group, Inc.†		7.00%		5/2/2016		4,000		3,995,000
International Lease Finance Corp.		6.25%		5/15/2019		400		391,424
International Lease Finance Corp.†		7.125%		9/1/2018		400		430,000
International Lease Finance Corp.		8.25%		12/15/2020		425		460,062
International Lease Finance Corp.		8.75%		3/15/2017		1,875		2,055,469
Provident Funding Associates LP/PFG Finance Corp.†		10.25%		4/15/2017		900		990,000
SLM Corp.		6.25%		1/25/2016		350		363,483
Springleaf Finance Corp.		6.90%		12/15/2017		1,725		1,591,312
Total								10,276,750
Consumer Products 0.75%
Armored AutoGroup, Inc.†		9.25%		11/1/2018		1,500		1,492,500
Elizabeth Arden, Inc.		7.375%		3/15/2021		1,500		1,569,375
Scotts Miracle–Gro Co. (The)†		6.625%		12/15/2020		1,475		1,515,562
Total								4,577,437
Department Stores 0.60%
J.C. Penney Corp., Inc.		7.125%		11/15/2023		300		313,500
J.C. Penney Corp., Inc.		7.95%		4/1/2017		250		282,813
Macy’s Retail Holdings, Inc.		5.90%		12/1/2016		950		1,071,185
Macy’s Retail Holdings, Inc.		6.375%		3/15/2037		945		987,010
Macy’s Retail Holdings, Inc.		8.125%		7/15/2015		850		1,012,562
Total								3,667,070
Diversified Capital Goods 2.22%
Actuant Corp.		6.875%		6/15/2017		2,100		2,157,750
Amsted Industries, Inc.†		8.125%		3/15/2018		875		923,125

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Diversified Capital Goods (continued)
Belden, Inc.		7.00%		3/15/2017	$	1,750	$	1,802,500
Belden, Inc.		9.25%		6/15/2019		800		894,000
Griffon Corp.†		7.125%		4/1/2018		425		428,719
Mueller Water Products, Inc.		7.375%		6/1/2017		1,275		1,204,875
Park-Ohio Industries, Inc.†		8.125%		4/1/2021		800		804,000
RBS Global, Inc./Rexnord LLC		8.50%		5/1/2018		1,750		1,857,187
SPX Corp.†		6.875%		9/1/2017		1,300		1,397,500
Timken Co.		6.00%		9/15/2014		875		968,207
Valmont Industries, Inc.		6.625%		4/20/2020		1,000		1,096,892
Total								13,534,755
Electric: Generation 0.49%
Dynegy Holdings, Inc.		8.375%		5/1/2016		1,250		1,006,250
Mirant Americas Generation LLC		9.125%		5/1/2031		1,000		1,010,000
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.		10.25%		11/1/2015		650		396,500
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.†		11.50%		10/1/2020		550		543,125
Total								2,955,875
Electric: Integrated 1.22%
AES Corp. (The)†		7.375%		7/1/2021		400		406,500
AES Corp. (The)		8.00%		10/15/2017		1,600		1,704,000
Commonwealth Edison Co.		5.80%		3/15/2018		1,900		2,132,929
Connecticut Light & Power Co. (The)		5.50%		2/1/2019		1,100		1,238,693
Duquesne Light Holdings, Inc.†		6.40%		9/15/2020		1,000		1,036,196
PECO Energy Co.		5.35%		3/1/2018		500		558,129
SCANA Corp.		4.75%		5/15/2021		350		351,813
Total								7,428,260
Electronics 1.02%
Advanced Micro Devices, Inc.		7.75%		8/1/2020		1,350		1,397,250
CPI International Acquisition, Inc.†		8.00%		2/15/2018		1,000		950,000
Freescale Semiconductor, Inc.†		9.25%		4/15/2018		500		541,250
Freescale Semiconductor, Inc.†		10.75%		8/1/2020		872		989,720
KLA-Tencor Corp.		6.90%		5/1/2018		875		989,780
NXP BV LLC (Netherlands)†(a)		9.75%		8/1/2018		700		787,500
Sensata Technologies BV (Netherlands)†(a)		6.50%		5/15/2019		550		551,375
Total								6,206,875

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Energy: Exploration & Production 5.99%
Berry Petroleum Co.		6.75%		11/1/2020	$	1,750	$	1,763,125
Brigham Exploration Co.†		6.875%		6/1/2019		350		349,125
Brigham Exploration Co.		8.75%		10/1/2018		725		793,875
Chaparral Energy, Inc.		8.25%		9/1/2021		1,450		1,468,125
Chesapeake Energy Corp.		6.625%		8/15/2020		893		944,348
Cimarex Energy Co.		7.125%		5/1/2017		1,925		2,030,875
Concho Resources, Inc.		7.00%		1/15/2021		1,550		1,608,125
Concho Resources, Inc.		8.625%		10/1/2017		995		1,089,525
Continental Resources, Inc.		7.375%		10/1/2020		650		693,875
Continental Resources, Inc.		8.25%		10/1/2019		1,925		2,112,688
Energy XXI Gulf Coast, Inc.†		7.75%		6/15/2019		700		698,250
Forest Oil Corp.		7.25%		6/15/2019		1,825		1,870,625
Forest Oil Corp.		8.50%		2/15/2014		525		572,250
Kerr-McGee Corp.		6.95%		7/1/2024		1,600		1,827,238
LINN Energy LLC/LINN Energy Finance Corp.†		7.75%		2/1/2021		1,500		1,567,500
MEG Energy Corp. (Canada)†(a)		6.50%		3/15/2021		1,250		1,260,938
Newfield Exploration Co.		7.125%		5/15/2018		1,200		1,278,000
Oasis Petroleum, Inc.†		7.25%		2/1/2019		1,750		1,741,250
OGX Petroleo e Gas Participacoes SA (Brazil)†(a)		8.50%		6/1/2018		3,075		3,178,012
Pan American Energy LLC (Argentina)†(a)		7.875%		5/7/2021		775		825,375
Penn Virginia Corp.		7.25%		4/15/2019		650		629,688
QEP Resources, Inc.		6.80%		3/1/2020		400		420,378
QEP Resources, Inc.		6.875%		3/1/2021		675		715,500
Quicksilver Resources, Inc.		8.25%		8/1/2015		1,275		1,349,906
Range Resources Corp.		7.25%		5/1/2018		575		612,375
Range Resources Corp.		8.00%		5/15/2019		1,475		1,607,750
SandRidge Energy, Inc.†		7.50%		3/15/2021		925		937,719
SM Energy Co.†		6.625%		2/15/2019		1,000		1,005,000
Unit Corp.		6.625%		5/15/2021		225		225,281
W&T Offshore, Inc.†		8.50%		6/15/2019		525		532,875
Whiting Petroleum Corp.		6.50%		10/1/2018		750		783,750
Total								36,493,346
Environmental 0.27%
Clean Harbors, Inc.		7.625%		8/15/2016		900		958,500
Clean Harbors, Inc.†		7.625%		8/15/2016		375		399,375
WCA Waste Corp.†		7.50%		6/15/2019		250		250,938
Total								1,608,813

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Food & Drug Retailers 1.26%
Ingles Markets, Inc.		8.875%		5/15/2017	$	1,525	$	1,639,375
Rite Aid Corp.		9.375%		12/15/2015		700		656,250
Rite Aid Corp.		10.25%		10/15/2019		700		773,500
Stater Bros Holdings, Inc.†		7.375%		11/15/2018		750		781,875
SUPERVALU, INC.		7.50%		11/15/2014		3,800		3,819,000
Total								7,670,000
Food: Wholesale 1.12%
Blue Merger Sub, Inc.†		7.625%		2/15/2019		550		558,250
Bumble Bee Holdco SCA PIK†		9.625%		3/15/2018		400		366,000
Bunge NA Finance LP		5.90%		4/1/2017		325		355,656
Corn Products International, Inc.		4.625%		11/1/2020		525		530,598
Dole Food Co., Inc.		8.75%		7/15/2013		1,400		1,529,500
Mead Johnson Nutrition Co.		4.90%		11/1/2019		1,400		1,479,811
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.		8.25%		9/1/2017		325		338,813
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.		9.25%		4/1/2015		450		469,125
Viterra, Inc. (Canada)†(a)		5.95%		8/1/2020		1,150		1,171,470
Total								6,799,223
Forestry/Paper 1.05%
Boise Paper Holdings LLC/Boise Finance Co.		9.00%		11/1/2017		750		819,375
Cascades, Inc. (Canada)(a)		7.75%		12/15/2017		350		366,625
Cascades, Inc. (Canada)(a)		7.875%		1/15/2020		250		261,563
Georgia-Pacific LLC†		5.40%		11/1/2020		300		306,297
Georgia-Pacific LLC†		8.25%		5/1/2016		1,600		1,814,470
Longview Fibre Paper & Packaging, Inc.†		8.00%		6/1/2016		1,150		1,161,500
Millar Western Forest Products Ltd. (Canada)†(a)		8.50%		4/1/2021		700		633,500
NewPage Corp.		11.375%		12/31/2014		625		585,937
Weyerhaeuser Co.		7.375%		10/1/2019		375		425,461
Total								6,374,728
Gaming 3.15%
Ameristar Casinos, Inc.†		7.50%		4/15/2021		375		388,594
Boyd Gaming Corp.		7.125%		2/1/2016		1,525		1,414,437
Caesar’s Entertainment Operating Co., Inc.		5.625%		6/1/2015		1,500		1,218,750
Caesar’s Entertainment Operating Co., Inc.		12.75%		4/15/2018		1,550		1,553,875

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Gaming (continued)
CityCenter Holdings LLC/CityCenter Finance Corp.†		7.625%		1/15/2016	$	800	$	830,000
CityCenter Holdings LLC/CityCenter Finance Corp. PIK†		10.75%		1/15/2017		450		490,500
Downstream Development Authority Quapaw Tribe of Oklahoma†		10.50%		7/1/2019		900		900,000
Isle of Capri Casinos, Inc.		7.00%		3/1/2014		750		747,187
Marina District Finance Co., Inc.		9.875%		8/15/2018		1,400		1,459,500
MCE Finance Ltd.		10.25%		5/15/2018		650		727,188
MGM Resorts International		6.625%		7/15/2015		1,250		1,178,125
MGM Resorts International		9.00%		3/15/2020		300		330,000
Midwest Gaming Borrower LLC/Midwest Finance Corp.†		11.625%		4/15/2016		500		530,000
Mohegan Tribal Gaming Authority†		11.50%		11/1/2017		1,500		1,552,500
Peninsula Gaming LLC		8.375%		8/15/2015		250		263,750
Peninsula Gaming LLC†		8.375%		8/15/2015		250		263,750
River Rock Entertainment Authority (The)		9.75%		11/1/2011		975		870,187
Snoqualmie Entertainment Authority†		9.125%		2/1/2015		1,300		1,277,250
Sugarhouse HSP Gaming Prop. Mezz. LP/Sugarhouse HSP Gaming Finance Corp.†		8.625%		4/15/2016		1,000		1,035,000
Wynn Las Vegas LLC/Capital Corp.		7.75%		8/15/2020		375		409,219
Wynn Las Vegas LLC/Capital Corp.		7.875%		11/1/2017		1,600		1,750,000
Total								19,189,812
Gas Distribution 2.97%
Colorado Interstate Gas Co.		6.80%		11/15/2015		829		969,492
El Paso Corp.		6.50%		9/15/2020		250		274,582
El Paso Corp.		7.00%		6/15/2017		1,475		1,676,153
El Paso Natural Gas Co.		5.95%		4/15/2017		750		852,506
El Paso Pipeline Partners Operating Co. LLC		6.50%		4/1/2020		1,000		1,124,449
Ferrellgas LP/Ferrellgas Finance Corp.†		6.50%		5/1/2021		675		641,250
Ferrellgas Partners LP		8.625%		6/15/2020		423		448,380
Florida Gas Transmission Co. LLC†		7.90%		5/15/2019		300		370,618
IFM US Colonial Pipeline 2 LLC†		6.45%		5/1/2021		1,400		1,479,660
Inergy LP/Inergy Finance Corp.†		6.875%		8/1/2021		1,350		1,351,688
Kinder Morgan Finance Co. LLC†		6.00%		1/15/2018		1,250		1,303,125
MarkWest Energy Partners LP		6.75%		11/1/2020		900		922,500
MarkWest Energy Partners LP		8.75%		4/15/2018		1,100		1,204,500
National Fuel Gas Co.		6.50%		4/15/2018		1,440		1,612,296

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Gas Distribution (continued)
NiSource Finance Corp.		6.15%		3/1/2013	$	400	$	430,447
Panhandle Eastern Pipeline Co. LP		7.00%		6/15/2018		460		541,905
Panhandle Eastern Pipeline Co. LP		8.125%		6/1/2019		600		726,234
Suburban Propane Partners LP/Suburban Energy Finance Corp.		7.375%		3/15/2020		375		393,750
Tennessee Gas Pipeline Co.		7.50%		4/1/2017		975		1,182,753
Williams Partners LP		5.25%		3/15/2020		550		580,054
Total								18,086,342
Health Facilities 3.52%
Bausch & Lomb, Inc.		9.875%		11/1/2015		2,250		2,396,250
Biomet, Inc.		10.00%		10/15/2017		1,000		1,095,000
Capella Healthcare, Inc.†		9.25%		7/1/2017		1,250		1,325,000
Community Health Systems, Inc.		8.875%		7/15/2015		3,500		3,613,750
HCA Holdings, Inc.†		7.75%		5/15/2021		1,500		1,563,750
HCA, Inc.		7.875%		2/15/2020		500		545,000
HCA, Inc.		9.875%		2/15/2017		325		363,188
HealthSouth Corp.		8.125%		2/15/2020		1,350		1,456,312
Kindred Healthcare, Inc.†		8.25%		6/1/2019		750		750,000
Omega Healthcare Investors, Inc.†		6.75%		10/15/2022		475		470,844
Omega Healthcare Investors, Inc.		7.50%		2/15/2020		425		452,625
Select Medical Corp.		7.625%		2/1/2015		1,400		1,393,000
Tenet Healthcare Corp.		8.875%		7/1/2019		1,150		1,275,063
United Surgical Partners International, Inc.		8.875%		5/1/2017		1,500		1,575,000
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.		8.00%		2/1/2018		2,000		2,075,000
Vanguard Health Systems, Inc.		Zero Coupon		2/1/2016		400		265,500
VWR Funding, Inc. PIK		10.25%		7/15/2015		792		831,796
Total								21,447,078
Health Services 0.56%
inVentiv Health, Inc.†		10.00%		8/15/2018		250		237,500
STHI Holding Corp.†		8.00%		3/15/2018		1,000		1,020,000
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC (Ireland)†		7.75%		9/15/2018		2,125		2,154,219
Total								3,411,719
Hotels 0.88%
FelCor Lodging LP†		6.75%		6/1/2019		1,250		1,206,250

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Hotels (continued)
FelCor Lodging LP		10.00%			10/1/2014	$	290	$	326,975
Host Hotels & Resorts LP		6.375%			3/15/2015		1,500		1,537,500
Hyatt Hotels Corp.†		5.75%			8/15/2015		500		526,185
Starwood Hotels & Resorts Worldwide, Inc.		6.75%			5/15/2018		1,100		1,223,750
Wyndham Worldwide Corp.		5.75%			2/1/2018		500		516,998
Total									5,337,658
Household & Leisure Products 0.47%
American Standard Americas†		10.75%			1/15/2016		1,250		1,207,813
Whirlpool Corp.		8.60%			5/1/2014		1,425		1,661,618
Total									2,869,431
Insurance Brokerage 0.28%
USI Holdings Corp.†		4.136%	#		11/15/2014		1,125		1,051,875
Willis North America, Inc.		7.00%			9/29/2019		600		665,882
Total									1,717,757
Integrated Energy 0.43%
Alta Wind Holdings LLC†		7.00%			6/30/2035		626		666,183
Coso Geothermal Power Holdings LLC†		7.00%			7/15/2026		1,063		885,611
LUKOIL International Finance BV (Netherlands)†(a)		6.656%			6/7/2022		1,025		1,085,219
Total									2,637,013
Investments & Miscellaneous Financial Services 1.02%
Constellation Enterprises LLC†		10.625%			2/1/2016		925		949,281
FMR LLC†		5.35%			11/15/2021		800		833,452
KKR Group Finance Co.†		6.375%			9/29/2020		700		741,564
Nuveen Investments, Inc.		10.50%			11/15/2015		3,300		3,390,750
Nuveen Investments, Inc.†		10.50%			11/15/2015		300		305,250
Total									6,220,297
Leisure 0.85%
MU Finance plc (United Kingdom)†(a)		8.375%			2/1/2017		1,150		1,230,500
NCL Corp. Ltd.†		9.50%			11/15/2018		600		642,000
Speedway Motorsports, Inc.		8.75%			6/1/2016		2,000		2,167,500
Universal City Development Partners Ltd.		8.875%			11/15/2015		1,000		1,117,500
Total									5,157,500

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Life Insurance 0.04%
MetLife, Inc.		4.75%		2/8/2021	$	250	$	255,343
Machinery 0.97%
Altra Holdings, Inc.		8.125%		12/1/2016		1,075		1,166,375
IDEX Corp.		4.50%		12/15/2020		625		630,589
Manitowoc Co., Inc. (The)		8.50%		11/1/2020		600		643,500
Manitowoc Co., Inc. (The)		9.50%		2/15/2018		1,150		1,254,937
Roper Industries, Inc.		6.25%		9/1/2019		550		623,751
Steelcase, Inc.		6.375%		2/15/2021		1,000		1,042,302
Thermadyne Holdings Corp.†		9.00%		12/15/2017		525		551,250
Total								5,912,704
Managed Care 0.24%
Centene Corp.		5.75%		6/1/2017		1,100		1,082,125
UnitedHealth Group, Inc.		4.875%		4/1/2013		379		402,014
Total								1,484,139
Media: Broadcast 1.66%
Allbritton Communications Co.		8.00%		5/15/2018		775		792,437
AMC Networks, Inc.†		7.75%		7/15/2021		800		838,000
Belo Corp.		8.00%		11/15/2016		500		550,000
Citadel Broadcasting Corp.†		7.75%		12/15/2018		750		800,625
Clear Channel Communications, Inc.		5.50%		9/15/2014		350		308,000
Clear Channel Communications, Inc.†		9.00%		3/1/2021		975		938,437
Cumulus Media, Inc.†		7.75%		5/1/2019		1,250		1,212,500
Discovery Communications LLC		5.625%		8/15/2019		550		608,818
FoxCo Acquisition Sub LLC†		13.375%		7/15/2016		300		333,000
Gray Television, Inc.		10.50%		6/29/2015		1,000		1,045,000
LIN Television Corp.		6.50%		5/15/2013		500		503,125
LIN Television Corp.		8.375%		4/15/2018		500		528,750
Salem Communications Corp.		9.625%		12/15/2016		290		307,038
Sinclair Television Group, Inc.†		9.25%		11/1/2017		650		716,625
Univision Communications, Inc.†		8.50%		5/15/2021		600		601,500
Total								10,083,855
Media: Cable 2.40%
Bresnan Broadband Holdings LLC†		8.00%		12/15/2018		1,250		1,295,313
CCH II LLC/CCH II Capital Corp.		13.50%		11/30/2016		367		433,610

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Media: Cable (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.		7.00%		1/15/2019	$	650	$	672,750
CCO Holdings LLC/CCO Holdings Capital Corp.		8.125%		4/30/2020		1,325		1,437,625
CSC Holdings LLC		8.625%		2/15/2019		1,475		1,670,437
DISH DBS Corp.†		6.75%		6/1/2021		1,500		1,545,000
DISH DBS Corp.		7.125%		2/1/2016		1,350		1,431,000
Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG (Germany)†(a)		7.50%		3/15/2019		325		333,125
Mediacom Broadband LLC		8.50%		10/15/2015		1,125		1,158,750
Mediacom Communications Corp.		9.125%		8/15/2019		1,975		2,093,500
Ono Finance II plc (Ireland)†(a)		10.875%		7/15/2019		525		561,750
Virgin Media Finance plc (United Kingdom)(a)		8.375%		10/15/2019		750		840,000
Virgin Media Finance plc (United Kingdom)(a)		9.50%		8/15/2016		800		908,000
Virgin Media Secured Finance plc (United Kingdom)†(a)		5.25%		1/15/2021		200		213,383
Total								14,594,243
Media: Services 0.93%
Affinion Group, Inc.		11.50%		10/15/2015		865		897,438
Interpublic Group of Cos., Inc. (The)		6.25%		11/15/2014		510		567,375
Interpublic Group of Cos., Inc. (The)		10.00%		7/15/2017		875		1,039,062
Lamar Media Corp.		7.875%		4/15/2018		750		789,375
WMG Acquisition Corp.		9.50%		6/15/2016		2,200		2,332,000
Total								5,625,250
Medical Products 0.37%
Bio-Rad Laboratories, Inc.		8.00%		9/15/2016		1,000		1,115,000
Giant Funding Corp.†		8.25%		2/1/2018		750		785,625
Life Technologies Corp.		6.00%		3/1/2020		300		326,044
Total								2,226,669
Metals/Mining (Excluding Steel) 3.96%
American Rock Salt Co. LLC/American Rock Capital Corp.†		8.25%		5/1/2018		1,500		1,513,125
Anglo American Capital plc (United Kingdom)†(a)		9.375%		4/8/2014		300		358,879
Arch Coal, Inc.†		7.25%		6/15/2021		1,550		1,559,687
Arch Coal, Inc.		7.25%		10/1/2020		200		204,500
Arch Coal, Inc.		8.75%		8/1/2016		850		926,500
Boart Longyear Management Pty Ltd. (Australia)†(a)		7.00%		4/1/2021		1,000		1,027,500

See Notes to Financial Statements.

20

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date			Principal Amount (000)		Fair Value
Metals/Mining (Excluding Steel) (continued)
Cliffs Natural Resources, Inc.		5.90%			3/15/2020		$	1,000	$	1,084,516
CONSOL Energy, Inc.†		6.375%			3/1/2021			750		750,000
CONSOL Energy, Inc.		8.25%			4/1/2020			1,250		1,368,750
FMG Resources (August 2006) Pty Ltd. (Australia)†(a)		6.875%			2/1/2018			400		408,000
FMG Resources (August 2006) Pty Ltd. (Australia)†(a)		7.00%			11/1/2015			1,500		1,537,500
Foundation PA Coal Co.		7.25%			8/1/2014			750		765,000
Freeport-McMoRan Copper & Gold, Inc.		8.375%			4/1/2017			1,525		1,667,972
Gold Fields Orogen Holding BVI Ltd.†		4.875%			10/7/2020			1,000		948,267
James River Escrow, Inc.†		7.875%			4/1/2019			1,600		1,592,000
Mirabela Nickel Ltd. (Australia)†(a)		8.75%			4/15/2018			1,500		1,500,000
Murray Energy Corp.†		10.25%			10/15/2015			1,000		1,055,000
Noranda Aluminum Acquisition Corp. PIK		4.417%	#		5/15/2015			703		664,070
Novelis, Inc.		8.75%			12/15/2020			650		705,250
Patriot Coal Corp.		8.25%			4/30/2018			1,350		1,404,000
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.		8.25%			4/15/2018			1,200		1,245,000
Quadra FNX Mining Ltd. (Canada)†(a)		7.75%			6/15/2019			1,500		1,522,500
Thompson Creek Metals Co., Inc. (Canada)†(a)		7.375%			6/1/2018			300		295,500
Total										24,103,516
Monoline Insurance 0.17%
Fidelity National Financial, Inc.		6.60%			5/15/2017			1,000		1,056,826
Multi-Line Insurance 0.31%
AXA SA (France)†(a)		6.379%			–	(d)		550		486,750
Genworth Financial, Inc.		7.625%			9/24/2021			1,250		1,266,760
ZFS Finance USA Trust V†		6.50%			5/9/2037			145		145,000
Total										1,898,510
Oil Field Equipment & Services 1.30%
Basic Energy Services, Inc.†		7.75%			2/15/2019			1,000		1,007,500
Cameron International Corp.		6.375%			7/15/2018			475		543,398
Complete Production Services, Inc.		8.00%			12/15/2016			1,025		1,076,250
Dresser-Rand Group, Inc.†		6.50%			5/1/2021			1,250		1,293,750
Key Energy Services, Inc.		6.75%			3/1/2021			400		401,000
Oil States International, Inc.†		6.50%			6/1/2019			1,150		1,158,625
Precision Drilling Corp. (Canada)(a)		6.625%			11/15/2020			375		380,625
SEACOR Holdings, Inc.		7.375%			10/1/2019			1,000		1,099,522

See Notes to Financial Statements.

21

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Oil Field Equipment & Services (continued)
SESI LLC†		6.375%		5/1/2019	$	500	$	496,250
Trinidad Drilling Ltd. (Canada)†(a)		7.875%		1/15/2019		450		468,000
Total								7,924,920
Oil Refining & Marketing 0.30%
Alon Refining Krotz Springs, Inc.		13.50%		10/15/2014		450		472,500
Tesoro Corp.		9.75%		6/1/2019		1,200		1,347,000
Total								1,819,500
Packaging 2.82%
AEP Industries, Inc.†		8.25%		4/15/2019		1,500		1,511,250
Ardagh Packaging Finance plc (Ireland)†(a)		7.375%		10/15/2017		1,200		1,242,000
Ardagh Packaging Finance plc (Ireland)†(a)		9.125%		10/15/2020		850		898,875
Ball Corp.		6.625%		3/15/2018		750		775,313
Ball Corp.		7.375%		9/1/2019		1,500		1,646,250
Crown Cork & Seal Co., Inc.		7.375%		12/15/2026		1,870		1,841,950
Graham Packaging Co. LP/GPC Capital Corp. I		8.25%		1/1/2017		600		672,000
Graham Packaging Co. LP/GPC Capital Corp. I		8.25%		10/1/2018		825		921,937
Graphic Packaging International, Inc.		9.50%		8/15/2013		737		748,055
Packaging Dynamics Corp.†		8.75%		2/1/2016		750		765,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†		8.50%		10/15/2016		1,575		1,649,812
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†		8.75%		5/15/2018		725		715,938
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†		9.00%		4/15/2019		425		421,813
Sealed Air Corp.†		6.875%		7/15/2033		500		441,511
Sealed Air Corp.		7.875%		6/15/2017		750		811,952
Solo Cup Co.		8.50%		2/15/2014		750		703,125
Solo Cup Co.		10.50%		11/1/2013		500		522,500
Vitro SA de CV (Mexico)(a)(e)		9.125%		2/1/2017		1,200		894,000
Total								17,183,281
Pharmaceuticals 0.56%
Axcan Intermediate Holdings, Inc.		12.75%		3/1/2016		825		898,219
Mylan, Inc.†		7.625%		7/15/2017		300		328,500
Mylan, Inc.†		7.875%		7/15/2020		550		606,375
Novartis Securities Investment Ltd.		5.125%		2/10/2019		550		611,731

See Notes to Financial Statements.

22

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International†		6.75%		8/15/2021	$	1,000	$	955,000
Total								3,399,825
Printing & Publishing 0.31%
Deluxe Corp.		7.375%		6/1/2015		600		619,500
ProQuest LLC/ProQuest Notes Co.†		9.00%		10/15/2018		1,225		1,261,750
Total								1,881,250
Property & Casualty 0.31%
Liberty Mutual Group, Inc.†		10.75%		6/15/2058		1,425		1,905,937
Railroads 0.34%
Florida East Coast Railway Corp.†		8.125%		2/1/2017		1,500		1,556,250
Kansas City Southern de Mexico SA de CV (Mexico)†(a)		6.125%		6/15/2021		525		527,625
Total								2,083,875
Real Estate Investment Trusts 0.89%
Developers Diversified Realty Corp.		7.875%		9/1/2020		790		907,302
DuPont Fabros Technology LP		8.50%		12/15/2017		675		740,812
Goodman Funding Pty Ltd. (Australia)†(a)		6.375%		11/12/2020		800		825,020
Health Care REIT, Inc.		6.125%		4/15/2020		1,000		1,072,937
Kilroy Realty LP		5.00%		11/3/2015		1,000		1,043,256
ProLogis		5.625%		11/15/2016		500		534,534
ProLogis		6.875%		3/15/2020		25		27,651
Ventas Realty LP/Ventas Capital Corp.		3.125%		11/30/2015		250		247,792
Total								5,399,304
Restaurants 0.73%
DineEquity, Inc.†		9.50%		10/30/2018		1,250		1,362,500
McDonald’s Corp.		5.00%		2/1/2019		1,350		1,502,667
Rare Restaurant Group LLC/RRG Finance Corp.†		9.25%		5/15/2014		550		459,250
Wendy’s/Arby’s Restaurants LLC		10.00%		7/15/2016		1,000		1,112,500
Total								4,436,917
Software/Services 2.03%
Buccaneer Merger Sub, Inc.†		9.125%		1/15/2019		1,050		1,097,250
Ceridian Corp.		11.25%		11/15/2015		1,000		1,005,000
Fidelity National Information Services, Inc.		7.625%		7/15/2017		300		319,875

See Notes to Financial Statements.

23

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Software/Services (continued)
First Data Corp.†		7.375%		6/15/2019	$	325	$	329,062
First Data Corp.†		8.25%		1/15/2021		1,750		1,723,750
First Data Corp.†		12.625%		1/15/2021		989		1,063,175
Open Solutions, Inc.†		9.75%		2/1/2015		600		363,000
SERENA Software, Inc.		10.375%		3/15/2016		500		526,875
SunGard Data Systems, Inc.		7.375%		11/15/2018		1,600		1,608,000
SunGard Data Systems, Inc.		7.625%		11/15/2020		400		406,000
SunGard Data Systems, Inc.		10.25%		8/15/2015		3,000		3,112,500
Vangent, Inc.		9.625%		2/15/2015		800		812,000
Total								12,366,487
Specialty Retail 1.84%
Brookstone Co., Inc.†		13.00%		10/15/2014		528		450,120
Brown Shoe Co., Inc.†		7.125%		5/15/2019		1,200		1,152,000
J. Crew Group, Inc.†		8.125%		3/1/2019		1,000		967,500
Limited Brands, Inc.		7.00%		5/1/2020		1,000		1,057,500
Limited Brands, Inc.		7.60%		7/15/2037		400		394,000
Limited Brands, Inc.		8.50%		6/15/2019		650		744,250
PETCO Animal Supplies, Inc.†		9.25%		12/1/2018		1,500		1,601,250
QVC, Inc.†		7.125%		4/15/2017		1,000		1,055,000
QVC, Inc.†		7.375%		10/15/2020		1,200		1,269,000
Toys “R” Us Property Co. I LLC		10.75%		7/15/2017		1,150		1,285,125
Toys “R” Us Property Co. II LLC		8.50%		12/1/2017		1,150		1,207,500
Total								11,183,245
Steel Producers/Products 1.02%
Algoma Acquisition Corp. (Canada)†(a)		9.875%		6/15/2015		1,075		1,005,125
Allegheny Ludlum Corp.		6.95%		12/15/2025		575		634,116
Allegheny Technologies, Inc.		9.375%		6/1/2019		800		1,015,138
Atkore International, Inc.†		9.875%		1/1/2018		1,250		1,318,750
Essar Steel Algoma, Inc. (Canada)†(a)		9.375%		3/15/2015		650		654,875
JMC Steel Group†		8.25%		3/15/2018		750		765,000
Steel Dynamics, Inc.		7.625%		3/15/2020		750		796,875
Total								6,189,879
Support: Services 2.11%
ARAMARK Holdings Corp. PIK†		8.625%		5/1/2016		200		204,500
Audatex North America, Inc.†		6.75%		6/15/2018		1,000		1,010,000

See Notes to Financial Statements.

24

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Support: Services (continued)
Avis Budget Car Rental		9.625%		3/15/2018	$	1,000	$	1,072,500
B-Corp Merger Sub, Inc.†		8.25%		6/1/2019		325		323,375
Brambles USA, Inc.†		5.35%		4/1/2020		900		923,026
Corrections Corp. of America		7.75%		6/1/2017		1,900		2,078,125
Diversey, Inc.		8.25%		11/15/2019		750		883,125
Expedia, Inc.		8.50%		7/1/2016		625		684,375
FTI Consulting, Inc.		6.75%		10/1/2020		1,000		1,015,000
FTI Consulting, Inc.		7.75%		10/1/2016		750		787,500
Hertz Corp. (The)†		7.50%		10/15/2018		2,200		2,277,000
PHH Corp.		9.25%		3/1/2016		350		384,563
RSC Equipment Rental, Inc./RSC Holdings III LLC		8.25%		2/1/2021		425		425,000
Travelport LLC/Travelport, Inc.		9.00%		3/1/2016		850		762,875
Total								12,830,964
Telecommunications Equipment 0.88%
Alcatel-Lucent USA, Inc.		6.45%		3/15/2029		1,250		1,131,250
Avaya, Inc.†		7.00%		4/1/2019		1,700		1,653,250
CommScope, Inc.†		8.25%		1/15/2019		2,500		2,587,500
Total								5,372,000
Telecommunications: Integrated/Services 3.75%
CenturyLink, Inc.		6.15%		9/15/2019		1,200		1,208,840
CenturyLink, Inc.		6.45%		6/15/2021		1,000		990,359
Cogent Communications Group, Inc.†		8.375%		2/15/2018		500		515,000
Dycom Investments, Inc.†		7.125%		1/15/2021		1,170		1,199,250
EH Holding Corp.†		7.625%		6/15/2021		2,000		2,050,000
Equinix, Inc.		8.125%		3/1/2018		1,233		1,348,594
GCI, Inc.†		6.75%		6/1/2021		575		576,438
Hughes Network Systems LLC		9.50%		4/15/2014		1,100		1,130,250
Hughes Network Systems LLC		9.50%		4/15/2014		1,440		1,479,600
Intelsat Jackson Holdings SA (Luxembourg)†(a)		7.50%		4/1/2021		1,650		1,643,812
Intelsat Luxembourg SA (Luxembourg)(a)		11.25%		2/4/2017		3,000		3,228,750
Level 3 Escrow, Inc.†		8.125%		7/1/2019		550		554,125
MasTec, Inc.		7.625%		2/1/2017		750		766,875
Qtel International Finance Ltd. (Qatar)†(a)		4.75%		2/16/2021		375		367,500
Qwest Communications International, Inc.		8.00%		10/1/2015		950		1,037,875
Telefonica Emisiones SAU (Spain)(a)		7.045%		6/20/2036		500		530,582
Telemar Norte Leste SA (Brazil)†(a)		5.50%		10/23/2020		634		629,245

See Notes to Financial Statements.

25

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Telecommunications: Integrated/Services (continued)
Windstream Corp.		7.00%			3/15/2019	$	2,500	$	2,537,500
Windstream Corp.		7.75%			10/1/2021		1,000		1,050,000
Total									22,844,595
Telecommunications: Wireless 4.21%
CC Holdings GS V LLC/Crown Castle GS III Corp.†		7.75%			5/1/2017		2,000		2,175,000
Clearwire Communications LLC/Clearwire Finance, Inc.†		12.00%			12/1/2017		1,500		1,575,000
Cricket Communications, Inc.†		7.75%			10/15/2020		325		319,313
Digicel Group Ltd. (Jamaica)†(a)		10.50%			4/15/2018		1,000		1,125,000
GeoEye, Inc.		8.625%			10/1/2016		600		634,500
GeoEye, Inc.		9.625%			10/1/2015		1,500		1,702,500
Inmarsat Finance plc (United Kingdom)†(a)		7.375%			12/1/2017		1,000		1,065,000
iPCS, Inc. PIK		3.523%	#		5/1/2014		518		498,427
MetroPCS Wireless, Inc.		6.625%			11/15/2020		1,725		1,712,062
MetroPCS Wireless, Inc.		7.875%			9/1/2018		1,250		1,329,687
NII Capital Corp.		8.875%			12/15/2019		925		1,025,594
NII Capital Corp.		10.00%			8/15/2016		900		1,048,500
SBA Telecommunications, Inc.		8.25%			8/15/2019		500		537,500
Sprint Capital Corp.		6.90%			5/1/2019		3,500		3,622,500
Sprint Nextel Corp.		8.375%			8/15/2017		1,725		1,903,969
Telemovil Finance Co., Ltd. (El Salvador)†(a)		8.00%			10/1/2017		750		793,875
ViaSat, Inc.		8.875%			9/15/2016		1,000		1,065,000
Vimpel Communications via VIP Finance Ireland Ltd. OJSC (Luxembourg)†(a)		7.748%			2/2/2021		575		595,125
Wind Acquisition Finance SA (Italy)†(a)		7.25%			2/15/2018		1,000		1,042,500
Wind Acquisition Finance SA (Italy)†(a)		11.75%			7/15/2017		1,650		1,876,875
Total									25,647,927
Theaters & Entertainment 0.62%
Cinemark USA, Inc.†		7.375%			6/15/2021		150		150,000
Cinemark USA, Inc.		8.625%			6/15/2019		1,100		1,210,000
Lions Gate Entertainment, Inc.†		10.25%			11/1/2016		1,125		1,150,312
Live Nation Entertainment, Inc.†		8.125%			5/15/2018		1,250		1,268,750
Total									3,779,062
Transportation (Excluding Air/Rail) 0.36%
Asciano Finance Ltd. (Australia)†(a)		4.625%			9/23/2020		625		597,454
CMA CGM SA (France)†(a)		8.50%			4/15/2017		225		190,125

See Notes to Financial Statements.

26

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)			Fair Value
Transportation (Excluding Air/Rail) (continued)
Commercial Barge Line Co.		12.50%			7/15/2017	$	475		$	535,562
Great Lakes Dredge & Dock Corp.†		7.375%			2/1/2019		900			891,000
Total										2,214,141
Total High Yield Corporate Bonds (cost $468,076,323)										493,221,696
MUNICIPAL BOND 0.14%
Other Revenue
Metro Govt of Nashville & Davidson Cnty TN Convtn Ctr Auth Build America Bds Ser B (cost $837,597)		6.731%			7/1/2043		825			851,260
						Shares (000)
PREFERRED STOCKS 0.09%
Agency/Government Related 0.01%
Fannie Mae*		Zero Coupon					21			44,075
Banking 0.08%
U.S. Bancorp		3.50%	#				–	(b)	$	504,788
Total Preferred Stocks (cost $963,804)										548,863
	Exercise Price			Expiration Date
WARRANTS 0.02%
Auto Parts & Equipment 0.01%
Cooper-Standard Holdings, Inc.*		$27.33			11/27/2017		3			60,096
Media: Cable 0.01%
Charter Communications, Inc.*		46.86			11/30/2014		3			46,368
Total Warrants (cost $36,246)										106,464
Total Long–Term Investments (cost $544,734,090)										579,784,559

See Notes to Financial Statements.

27

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Principal Amount (000)		Fair Value
SHORT–TERM INVESTMENT 2.91%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $18,045,000 of Federal Home Loan Mortgage Corp. at 1.00% due 11/8/2013; value: $18,067,556; proceeds: $17,709,583 (cost $17,709,578)	$	17,710	$	17,709,578
Total Investments in Securities 98.12% (cost $562,443,668)				597,494,137
Cash and Other Assets in Excess of Liabilities(f) 1.88%				11,419,891
Net Assets 100.00%			$	608,914,028

ADR	American Depositary Receipt.
EUR	euro.
PIK	Payment-in-kind.
REIT	Real Estate Investment Trust.
*	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 such 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, 2011.
(a)	Foreign security traded in U.S. dollars.
(b)	Amount is less than 1,000 shares.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Security is perpetual in nature and has no stated maturity.
(e)	Defaulted security.
(f)	Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on open futures contracts, as follows:

Open Futures Contracts at June 30, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Appreciation
U.S. 10-Year Treasury Note	September 2011		24	Short	$	(2,935,875)	$	23,636

See Notes to Financial Statements.

28

Statement of Assets and Liabilities (unaudited)

June 30, 2011

ASSETS:
Investments in securities, at fair value (cost $562,443,668)	$	597,494,137
Deposits with broker for futures collateral		26,400
Cash		48,345
Receivables:
Interest and dividends		9,598,472
Investment securities sold		6,600,974
Capital shares sold		1,548,031
Variation margin		12,375
From advisor (See Note 3)		9,892
Prepaid expenses and other assets		1,593
Total assets		615,340,219
LIABILITIES:
Payables:
Investment securities purchased		5,203,387
Management fee		247,894
Capital shares reacquired		165,498
Directors’ fees		42,688
Fund administration		19,831
Accrued expenses and other liabilities		746,893
Total liabilities		6,426,191
NET ASSETS	$	608,914,028
COMPOSITION OF NET ASSETS:
Paid-in capital	$	557,810,221
Undistributed net investment income		14,955,096
Accumulated net realized gain on investments, futures contracts and foreign currency related transactions		1,074,452
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		35,074,259
Net Assets	$	608,914,028
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		48,716,206
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.50

See Notes to Financial Statements.

29

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $1,467)	$	586,642
Interest and other		18,794,506
Total investment income		19,381,148
Expenses:
Management fee		1,447,194
Shareholder servicing		1,029,281
Fund administration		115,776
Reports to shareholders		30,374
Professional		29,245
Directors’ fees		8,270
Custody		8,247
Other		5,863
Gross expenses		2,674,250
Expense reductions (See Note 7)		(392	)
Management fee waived (See Note 3)		(68,909	)
Net expenses		2,604,949
Net investment income		16,776,199
Net realized and unrealized gain:
Net realized gain on investments, futures contracts and foreign currency related transactions		9,507,626
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		159,035
Net realized and unrealized gain		9,666,661
Net Increase in Net Assets Resulting From Operations	$	26,442,860

See Notes to Financial Statements.

30

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	16,776,199		$	30,564,119
Net realized gain on investments, futures contracts and foreign currency related transactions		9,507,626			11,245,108
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		159,035			16,464,593
Net increase in net assets resulting from operations		26,442,860			58,273,820
Distributions to shareholders from:
Net investment income		–			(31,666,310	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		90,380,728			143,567,251
Reinvestment of distributions		–			31,666,310
Cost of shares reacquired		(52,904,499	)		(110,434,732	)
Net increase in net assets resulting from capital share transactions		37,476,229			64,798,829
Net increase in net assets		63,919,089			91,406,339
NET ASSETS:
Beginning of period	$	544,994,939		$	453,588,600
End of period	$	608,914,028		$	544,994,939
Undistributed (distributions in excess of) net investment income	$	14,955,096		$	(1,821,103	)

See Notes to Financial Statements.

31

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.93			$11.28			$  8.91			$11.77			$11.84			$11.49
Investment operations:
Net investment income(a)		.36			.73			.75			.70			.70			.63
Net realized and unrealized gain (loss)		.21			.66			2.32			(2.79	)		.03			.44
Total from investment operations		.57			1.39			3.07			(2.09	)		.73			1.07
Distributions to shareholders from:
Net investment income		–			(.74	)		(.70	)		(.74	)		(.76	)		(.72	)
Net realized gain		–			–			–			(.03	)		(.04	)		–
Total distributions		–			(.74	)		(.70	)		(.77	)		(.80	)		(.72	)
Net asset value, end of period		$12.50			$11.93			$11.28			$  8.91			$11.77			$11.84
Total Return(b)		4.78	%(c)		12.31	%		34.31	%		(17.53	)%		6.19	%		9.33	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions, including management fee waived and expenses reimbursed		.45	%(c)		.90	%		.86	%		.87	%		.90	%		.91	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.45	%(c)		.90	%		.86	%		.87	%		.90	%		.90	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.46	%(c)		.94	%		.96	%		.94	%		.95	%		.96	%
Net investment income		2.87	%(c)		6.12	%		7.11	%		6.32	%		5.67	%		5.31	%
Supplemental Data:
Net assets, end of period (000)		$608,914			$544,995			$453,589			$278,856			$315,625			$257,180
Portfolio turnover rate		20.61	%(c)		39.29	%		51.76	%		34.22	%		34.04	%		37.88	%

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  Not annualized.

See Notes to Financial Statements.

32

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

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

The Fund’s investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

33

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, 2007 through December 31, 2010. 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) When-Issued or Forward Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund generally has the ability to close out a

34

Notes to Financial Statements (unaudited)(continued)

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

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

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

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

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

35

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,130,350	$	–	$	–	$	7,130,350
Convertible Bonds		–		54,234,212		–		54,234,212
Convertible Preferred Stocks		15,027,919		4,703,140		–		19,731,059
Foreign Bonds		–		1,333,413		–		1,333,413
Government Sponsored Enterprises Bond		–		2,627,242		–		2,627,242
High Yield Corporate Bonds		–		493,221,696		–		493,221,696
Municipal Bond		–		851,260		–		851,260
Preferred Stocks		44,075		504,788		–		548,863
Warrants		46,368		60,096		–		106,464
Repurchase Agreement		–		17,709,578		–		17,709,578
Total	$	22,248,712	$	575,245,425	$	–	$	597,494,137
Other Financial Instruments
Futures Contracts
Assets	$	23,636	$	–	$	–	$	23,636
Liabilities		–		–		–		–
Total	$	23,636	$	–	$	–	$	23,636

(k) Disclosures about Derivative Instruments and Hedging Activities–The Fund entered into U.S. Treasury futures contracts during the six months ended June 30, 2011 (as described in note 2(g)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2011, the Fund had a futures interest rate contract with a cumulative unrealized appreciation of $23,636, 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 $73,191 and $(155,510) 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 32.

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.

36

Notes to Financial Statements (unaudited)(continued)

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

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

For the six months ended June 30, 2011, the effective management fee, net waivers, was at an annualized rate of .48% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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, 2011, the Fund incurred expenses of $1,013,036 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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.

37

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	31,663,310
Total distributions paid	$	–	$	31,663,310

As of December 31, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2017		Total
	$7,357,195	$	7,357,195

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	565,287,397
Gross unrealized gain		39,011,494
Gross unrealized loss		(6,804,754	)
Net unrealized security gain	$	32,206,740

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$150,436,415	$	116,241,983

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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

38

Notes to Financial Statements (unaudited)(continued)

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

The mortgage-related securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates, 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 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.

39

Notes to Financial Statements (unaudited)(concluded)

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

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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		7,308,114			12,081,085
Reinvestment of distributions		–			2,665,332
Shares reacquired		(4,274,507	)		(9,278,377	)
Increase		3,033,607			5,468,040

40

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.

41

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Capital Structure Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Capital Structure Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,053.80	$	5.86
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, 2011

Sector*	%**
Consumer Discretionary		12.91%
Consumer Staples		6.14%
Energy		14.70%
Financials		13.24%
Health Care		9.99%
Industrials		13.19%
Information Technology		14.75%
Materials		7.18%
Telecommunication Services		5.13%
Utilities		2.08%
Short-Term Investment		0.69%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares (000)		Fair Value
LONG-TERM INVESTMENTS 98.94%
COMMON STOCKS 57.11%
Aerospace & Defense 0.95%
Hexcel Corp.*		28	$	612,920
Moog, Inc. Class A*		14		609,280
Total				1,222,200
Airlines 0.22%
United Continental Holdings, Inc.*		13		285,138
Auto Components 0.13%
Cooper-Standard Holdings, Inc.*		4		173,144
Automobiles 0.23%
Honda Motor Co., Ltd. ADR		8		297,297
Beverages 0.69%
PepsiCo, Inc.		13		880,375
Biotechnology 1.70%
Amgen, Inc.*		9		495,975
BioMarin Pharmaceutical, Inc.*		12		326,520
Celgene Corp.*		15		904,800
Human Genome Sciences, Inc.*		18		441,720
Total				2,169,015
Capital Markets 0.95%
Franklin Resources, Inc.		5		656,450
State Street Corp.		7		315,630
T. Rowe Price Group, Inc.		4		241,360
Total				1,213,440
Chemicals 2.74%
Celanese Corp. Series A		10		533,100
CF Industries Holdings, Inc.		2		283,340
Dow Chemical Co. (The)		15		540,000
LyondellBasell Industries NV Class A (Netherlands)(a)		13		486,893
Monsanto Co.		8		544,050
Potash Corp. of Saskatchewan, Inc. (Canada)(a)		5		284,950
Rockwood Holdings, Inc.*		15		829,350
Total				3,501,683

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares (000)		Fair Value
Commercial Banks 2.62%
Huntington Bancshares, Inc.		33	$	216,480
PNC Financial Services Group, Inc. (The)		5		298,050
Regions Financial Corp.		40		248,000
SunTrust Banks, Inc.		11		270,900
U.S. Bancorp		30		765,300
Wells Fargo & Co.		45		1,262,700
Zions Bancorporation		12		288,120
Total				3,349,550
Communications Equipment 0.86%
Aruba Networks, Inc.*		14		413,700
QUALCOMM, Inc.		12		681,480
Total				1,095,180
Computers & Peripherals 2.81%
Apple, Inc.*		5		1,510,515
Fortinet, Inc.*		20		545,800
Hewlett-Packard Co.		10		364,000
International Business Machines Corp.		5		857,750
QLogic Corp.*		20		318,400
Total				3,596,465
Consumer Finance 0.44%
Capital One Financial Corp.		11		568,370
Containers & Packaging 0.35%
Temple-Inland, Inc.		15		446,100
Distributors 0.42%
Genuine Parts Co.		10		544,000
Diversified Financial Services 2.00%
Bank of America Corp.		90		986,400
Fannie Mae*		11		3,611
JPMorgan Chase & Co.		33		1,351,020
SPDR S&P MidCap 400 ETF Trust		1		212,880
Total				2,553,911
Diversified Telecommunication Services 2.37%
AT&T, Inc.		42		1,319,220
CenturyLink, Inc.		21		835,122

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares (000)		Fair Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.		17	$	614,295
Windstream Corp.		20		259,200
Total				3,027,837
Electric: Utilities 0.44%
UniSource Energy Corp.		15		559,950
Electrical Equipment 1.76%
A123 Systems, Inc.*		18		95,760
AMETEK, Inc.		5		235,725
Cooper Industries plc		5		298,350
Emerson Electric Co.		18		1,012,500
Rockwell Automation, Inc.		7		607,320
Total				2,249,655
Energy Equipment & Services 0.74%
Cameron International Corp.*		9		427,465
Schlumberger Ltd.		6		518,400
Total				945,865
Food & Staples Retailing 1.50%
CVS Caremark Corp.		12		432,170
Ingles Markets, Inc. Class A		32		522,980
SUPERVALU, INC.		18		169,380
Wal-Mart Stores, Inc.		15		797,100
Total				1,921,630
Food Products 1.60%
Archer Daniels Midland Co.		25		760,865
H.J. Heinz Co.		8		399,600
Kellogg Co.		9		470,220
Kraft Foods, Inc. Class A		12		422,760
Total				2,053,445
Hotels, Restaurants & Leisure 1.42%
Marriott International, Inc. Class A		12		425,880
McDonald’s Corp.		12		969,680
Starwood Hotels & Resorts Worldwide, Inc.		8		420,300
Total				1,815,860
Household Products 0.55%
Procter & Gamble Co. (The)		11		699,270

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares (000)		Fair Value
Industrial Conglomerates 1.15%
3M Co.		7	$	663,950
General Electric Co.		30		565,800
Koninklijke Philips Electronics NV (Netherlands)(a)		10		246,823
Total				1,476,573
Information Technology Services 0.91%
SAIC, Inc.*		40		672,800
SRA International, Inc. Class A*		16		494,720
Total				1,167,520
Insurance 0.43%
MetLife, Inc.		13		548,375
Machinery 3.82%
Actuant Corp. Class A		30		804,900
Caterpillar, Inc.		5		479,070
Danaher Corp.		15		794,850
Dover Corp.		4		237,300
Pall Corp.		14		787,220
Parker Hannifin Corp.		10		852,530
Snap-on, Inc.		15		937,200
Total				4,893,070
Media 1.76%
Belo Corp. Class A		36		271,080
Charter Communications, Inc. Class A*		3		179,601
Interpublic Group of Cos., Inc. (The)		45		562,500
Omnicom Group, Inc.		8		385,280
Time Warner, Inc.		10		363,700
Walt Disney Co. (The)		13		488,000
Total				2,250,161
Metals & Mining 0.21%
Freeport-McMoRan Copper & Gold, Inc.		3		158,700
Titanium Metals Corp.		6		109,920
Total				268,620
Multi-Line Retail 1.11%
Kohl’s Corp.		12		600,120
Target Corp.		18		820,925
Total				1,421,045

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares (000)		Fair Value
Oil, Gas & Consumable Fuels 8.94%
Chevron Corp.		26	$	2,684,124
ConocoPhillips		29		2,142,915
Continental Resources, Inc.*		15		973,650
El Paso Corp.		49		979,700
EOG Resources, Inc.		8		784,125
Exxon Mobil Corp.		20		1,627,600
Hess Corp.		9		680,316
Marathon Oil Corp.		12		632,160
Petroleo Brasileiro SA ADR		17		506,220
Whiting Petroleum Corp.*		8		426,825
Total				11,437,635
Pharmaceuticals 4.60%
Bristol-Myers Squibb Co.		27		781,920
Johnson & Johnson		19		1,263,880
Merck & Co., Inc.		12		423,480
Mylan, Inc.*		53		1,308,349
Pfizer, Inc.		57		1,174,200
Salix Pharmaceuticals Ltd.*		7		278,810
Teva Pharmaceutical Industries Ltd. ADR		14		657,045
Total				5,887,684
Real Estate Investment Trusts 0.32%
Plum Creek Timber Co., Inc.		10		405,400
Road & Rail 1.09%
Kansas City Southern*		9		504,305
Union Pacific Corp.		9		887,400
Total				1,391,705
Semiconductors & Semiconductor Equipment 0.72%
Broadcom Corp. Class A*		6		201,840
Intel Corp.		21		465,360
PMC-Sierra, Inc.*		33		249,810
Total				917,010
Software 4.22%
Adobe Systems, Inc.*		17		534,650
Blackboard, Inc.*		7		282,035
Citrix Systems, Inc.*		4		280,000

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments						Shares (000)		Fair Value
Software (continued)
Informatica Corp.*							10	$	584,300
Microsoft Corp.							52		1,352,000
Nuance Communications, Inc.*							24		504,545
Oracle Corp.							23		756,930
Sourcefire, Inc.*							12		356,640
Synchronoss Technologies, Inc.*							12		380,760
Websense, Inc.*							14		363,580
Total									5,395,440
Specialty Retail 0.34%
Best Buy Co., Inc.							5		141,345
Home Depot, Inc. (The)							8		289,760
Total									431,105
Total Common Stocks (cost $58,749,331)									73,060,723
	Exercise Price			Expiration Date
CONTINGENT VALUE RIGHT 0.01%
Pharmaceuticals
Sanofi* (cost $7,062)		–	(b)		12/31/2020		40		7,230
	Interest Rate			Maturity Date		Principal Amount (000)
CONVERTIBLE BONDS 6.65%
Automobiles 0.40%
Ford Motor Co.		4.25%			11/15/2016	$	300		515,625
Beverages 0.30%
Molson Coors Brewing Co.		2.50%			7/30/2013		350		385,875
Biotechnology 1.21%
BioMarin Pharmaceutical, Inc.		2.50%			3/29/2013		200		341,250
Gilead Sciences, Inc.		0.625%			5/1/2013		700		833,875
Vertex Pharmaceuticals, Inc.		3.35%			10/1/2015		300		379,125
Total									1,554,250
Computers & Peripherals 0.81%
EMC Corp.		1.75%			12/1/2013		225		395,438
NetApp, Inc.		1.75%			6/1/2013		250		427,187

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Computers & Peripherals (continued)
SanDisk Corp.		1.50%		8/15/2017	$	200	$	212,500
Total								1,035,125
Electrical Equipment 0.57%
Roper Industries, Inc.		Zero Coupon		1/15/2034		700		726,250
Electronic Equipment, Instruments & Components 0.27%
Itron, Inc.		2.50%		8/1/2026		350		352,625
Energy Equipment & Services 0.17%
SunPower Corp.		4.75%		4/15/2014		200		213,000
Health Care Providers & Services 0.43%
Five Star Quality Care, Inc.		3.75%		10/15/2026		575		546,250
Information Technology Services 0.20%
CACI International, Inc.		2.125%		5/1/2014		200		253,250
Metals & Mining 0.55%
Newmont Mining Corp.		1.25%		7/15/2014		450		588,375
Newmont Mining Corp.		3.00%		2/15/2012		90		110,700
Total								699,075
Professional Services 0.20%
FTI Consulting, Inc.		3.75%		7/15/2012		200		254,000
Real Estate Investment Trusts 0.20%
ERP Operating LP		3.85%		8/15/2026		250		255,925
Semiconductors & Semiconductor Equipment 0.77%
Intel Corp.		2.95%		12/15/2035		500		519,375
Xilinx, Inc.		2.625%		6/15/2017		350		468,125
Total								987,500
Software 0.24%
Symantec Corp.		1.00%		6/15/2013		250		305,000
Wireless Telecommunication Services 0.33%
SBA Communications Corp.		4.00%		10/1/2014		300		422,250
Total Convertible Bonds (cost $7,955,902)								8,506,000

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Shares (000)			Fair Value
CONVERTIBLE PREFERRED STOCKS 5.35%
Auto Components 0.35%
Autoliv, Inc. (Sweden)(a)		8.00%		4		$	426,120
Cooper-Standard Holdings, Inc. PIK*		7.00%		–	(c)		21,896
Total							448,016
Automobiles 0.25%
General Motors Co.		4.75%		7			316,810
Capital Markets 0.74%
AMG Capital Trust I		5.10%		17			805,375
Legg Mason, Inc.		5.60%		4			146,587
Total							951,962
Commercial Banks 0.87%
Fifth Third Bancorp		8.50%		5			636,570
Wells Fargo & Co.		7.50%		–	(c)		477,000
Total							1,113,570
Communications Equipment 0.08%
Lucent Technologies Capital Trust I		7.75%		–	(c)		98,150
Diversified Financial Services 0.56%
Citigroup, Inc.		7.50%		6			720,900
Electric: Utilities 0.45%
NextEra Energy, Inc.		8.375%		11			575,535
Food Products 0.47%
Bunge Ltd.		4.875%		6			604,500
Insurance 0.81%
Hartford Financial Services Group, Inc. (The)		7.25%		10			260,600
MetLife, Inc.		5.00%		5			412,150
XL Group plc (Ireland)(a)		10.75%		12			357,120
Total							1,029,870
Oil, Gas & Consumable Fuels 0.77%
Apache Corp.		6.00%		15			988,800
Total Convertible Preferred Stocks (cost $6,013,038)							6,848,113

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
FLOATING RATE LOANS(d) 0.57%
Diversified Financial Services 0.19%
Nuveen Investments, Inc. 2nd Lien Term Loan		12.50%		7/9/2015	$	225	$	240,188
Software 0.38%
Nuance Communications, Inc. Incremental Term Loan		1.95%		3/29/2013		496		494,196
Total Floating Rate Loans (cost $692,263)								734,384
					Shares (000)
FOREIGN COMMON STOCKS(e) 4.34%
France 0.57%
Automobiles 0.25%
Renault SA						5		317,239
Electrical Equipment 0.32%
Alstom SA						7		419,583
Total France								736,822
Germany 0.84%
Air Freight & Logistics 0.27%
Deutsche Post AG Registered Shares						18		345,429
Household Products 0.27%
Henkel KGaA						6		338,916
Software 0.30%
SAP AG						6		386,263
Total Germany								1,070,608
Japan 0.25%
Household Durables
Sony Corp.						12		316,623
Norway 0.40%
Commercial Banks
DnB NOR ASA						37		512,679

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments					Shares (000)		Fair Value
Singapore 0.22%
Airlines
Singapore Airlines Ltd.						24	$	277,781
Switzerland 1.04%
Chemicals 0.29%
Syngenta AG Registered Shares*						1		371,746
Food Products 0.28%
Nestle SA Registered Shares						6		356,258
Pharmaceuticals 0.47%
Roche Holding Ltd. AG						4		603,719
Total Switzerland								1,331,723
United Kingdom 1.02%
Metals & Mining 0.57%
Anglo American plc						9		431,070
Vedanta Resources plc						9		292,861
Total								723,931
Wireless Telecommunication Services 0.45%
Vodafone Group plc						217		576,289
Total United Kingdom								1,300,220
Total Foreign Common Stocks (cost $4,806,666)								5,546,456
	Interest Rate		Maturity Date		Principal Amount (000)
HIGH YIELD CORPORATE BONDS 24.87%
Aerospace & Defense 0.29%
GeoEye, Inc.		9.625%		10/1/2015	$	300		340,500
Huntington Ingalls Industries, Inc.†		7.125%		3/15/2021		25		26,000
Total								366,500
Airlines 0.26%
United Airlines, Inc.†		9.875%		8/1/2013		315		332,325

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Auto Components 0.12%
Dana Holding Corp.		6.75%		2/15/2021	$	100	$	99,125
Goodyear Tire & Rubber Co. (The)		10.50%		5/15/2016		49		55,370
Total								154,495
Automobiles 0.46%
Chrysler Group LLC/CG Co-Issuer, Inc.†		8.25%		6/15/2021		200		197,000
TRW Automotive, Inc.†		8.875%		12/1/2017		350		393,750
Total								590,750
Building Products 0.11%
New Enterprise Stone & Lime Co., Inc.†		11.00%		9/1/2018		150		139,500
Capital Markets 0.64%
Nuveen Investments, Inc.		10.50%		11/15/2015		450		462,375
Pinafore LLC/Pinafore, Inc.†		9.00%		10/1/2018		50		54,125
Raymond James Financial, Inc.		8.60%		8/15/2019		250		305,762
Total								822,262
Chemicals 0.72%
Chemtura Corp.		7.875%		9/1/2018		300		315,750
Dow Chemical Co. (The)		8.55%		5/15/2019		118		152,384
INEOS Group Holdings plc (United Kingdom)†(a)		8.50%		2/15/2016		275		272,937
Lyondell Chemical Co.†		8.00%		11/1/2017		160		178,400
Total								919,471
Commercial Banks 0.31%
SVB Financial Group		5.375%		9/15/2020		125		125,828
Zions Bancorporation		7.75%		9/23/2014		250		274,310
Total								400,138
Commercial Services & Supplies 0.95%
Bunge NA Finance LP		5.90%		4/1/2017		175		191,507
Clean Harbors, Inc.†		7.625%		8/15/2016		125		133,125
First Data Corp.†		8.25%		1/15/2021		224		220,640
First Data Corp.		9.875%		9/24/2015		51		52,658
First Data Corp.†		12.625%		1/15/2021		224		240,800
International Lease Finance Corp.		6.25%		5/15/2019		75		73,392
International Lease Finance Corp.		8.25%		12/15/2020		50		54,125
International Lease Finance Corp.		8.75%		3/15/2017		225		246,656
Total								1,212,903

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date			Principal Amount (000)		Fair Value
Communications Equipment 1.15%
Avaya, Inc.†		7.00%			4/1/2019		$	300	$	291,750
Brocade Communications Systems, Inc.		6.625%			1/15/2018			600		636,000
Brocade Communications Systems, Inc.		6.875%			1/15/2020			150		162,375
CommScope, Inc.†		8.25%			1/15/2019			375		388,125
Total										1,478,250
Consumer Finance 0.18%
Springleaf Finance Corp.		6.90%			12/15/2017			250		230,625
Containers & Packaging 0.72%
Ardagh Packaging Finance plc (Ireland)†(a)		7.375%			10/15/2017			200		207,000
Ardagh Packaging Finance plc (Ireland)†(a)		9.125%			10/15/2020			200		211,500
Ball Corp.		7.375%			9/1/2019			150		164,625
Crown Cork & Seal Co., Inc.		7.375%			12/15/2026			350		344,750
Total										927,875
Diversified Financial Services 1.07%
Capital One Capital VI		8.875%			5/15/2040			400		414,563
New York City Industrial Development Agency†		11.00%			3/1/2029			200		251,582
RBS Global, Inc./Rexnord LLC		8.50%			5/1/2018			250		265,313
RBS Global, Inc./Rexnord LLC		11.75%			8/1/2016			325		345,312
Wachovia Capital Trust III		5.57%	#		–	(f)		100		91,875
Total										1,368,645
Diversified Telecommunication Services 1.15%
Intelsat Luxembourg SA (Luxembourg)(a)		11.25%			2/4/2017			450		484,312
SBA Telecommunications, Inc.		8.25%			8/15/2019			300		322,500
Windstream Corp.		7.00%			3/15/2019			650		659,750
Total										1,466,562
Electric: Utilities 0.25%
Ameren Illinois Co.		9.75%			11/15/2018			150		197,382
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.†		11.50%			10/1/2020			125		123,438
Total										320,820
Energy Equipment & Services 0.10%
Dresser-Rand Group, Inc.†		6.50%			5/1/2021			75		77,625
SESI LLC†		6.375%			5/1/2019			50		49,625
Total										127,250

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Food Products 0.20%
Blue Merger Sub, Inc.†		7.625%		2/15/2019	$	125	$	126,875
Corn Products International, Inc.		4.625%		11/1/2020		125		126,333
Total								253,208
Health Care Equipment & Supplies 0.59%
Bausch & Lomb, Inc.		9.875%		11/1/2015		500		532,500
Biomet, Inc.		10.00%		10/15/2017		200		219,000
Total								751,500
Health Care Providers & Services 0.69%
Community Health Systems, Inc.		8.875%		7/15/2015		250		258,125
STHI Holding Corp.†		8.00%		3/15/2018		100		102,000
United Surgical Partners International, Inc. PIK		9.25%		5/1/2017		250		262,500
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.		8.00%		2/1/2018		250		259,375
Total								882,000
Hotels, Restaurants & Leisure 1.56%
Caesar’s Entertainment Operating Co., Inc.		5.625%		6/1/2015		200		162,500
Hyatt Hotels Corp.†		5.75%		8/15/2015		355		373,591
Marina District Finance Co., Inc.		9.875%		8/15/2018		300		312,750
McDonald’s Corp.		5.00%		2/1/2019		350		389,580
River Rock Entertainment Authority (The)		9.75%		11/1/2011		20		17,850
Starwood Hotels & Resorts Worldwide, Inc.		7.875%		10/15/2014		200		229,500
Station Casinos, Inc.(g)		6.50%		2/1/2014		250		25
Wendy’s/Arby’s Restaurants LLC		10.00%		7/15/2016		250		278,125
Wyndham Worldwide Corp.		5.75%		2/1/2018		150		155,100
Wynn Las Vegas LLC/Capital Corp.		7.75%		8/15/2020		75		81,844
Total								2,000,865
Household Durables 0.30%
Armored AutoGroup, Inc.†		9.25%		11/1/2018		75		74,625
Lennar Corp.		12.25%		6/1/2017		250		306,875
Total								381,500
Independent Power Producers & Energy Traders 0.27%
AES Corp. (The)		8.00%		10/15/2017		325		346,125

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Information Technology Services 0.89%
SunGard Data Systems, Inc.		7.375%			11/15/2018	$	150	$	150,750
SunGard Data Systems, Inc.		7.625%			11/15/2020		100		101,500
SunGard Data Systems, Inc.		10.25%			8/15/2015		850		881,875
Total									1,134,125
Insurance 0.21%
Liberty Mutual Group, Inc.†		10.75%			6/15/2058		200		267,500
Leisure Equipment & Products 0.47%
Expedia, Inc.		8.50%			7/1/2016		150		164,250
Speedway Motorsports, Inc.		8.75%			6/1/2016		400		433,500
Total									597,750
Machinery 0.45%
Oshkosh Corp.		8.50%			3/1/2020		250		271,875
Park-Ohio Industries, Inc.†		8.125%			4/1/2021		300		301,500
Total									573,375
Media 2.00%
Affinion Group, Inc.		11.50%			10/15/2015		475		492,812
AMC Networks, Inc.†		7.75%			7/15/2021		150		157,125
CCO Holdings LLC/CCO Holdings Capital Corp.		8.125%			4/30/2020		200		217,000
Cumulus Media, Inc.†		7.75%			5/1/2019		200		194,000
DISH DBS Corp.†		6.75%			6/1/2021		400		412,000
EH Holding Corp.†		7.625%			6/15/2021		200		205,000
Gray Television, Inc.		10.50%			6/29/2015		150		156,750
Mediacom Broadband LLC		8.50%			10/15/2015		500		515,000
Mediacom Communications Corp.		9.125%			8/15/2019		100		106,000
WMG Acquisition Corp.		9.50%			6/15/2016		100		106,000
Total									2,561,687
Metals & Mining 0.85%
AEP Industries, Inc.†		8.25%			4/15/2019		200		201,500
Arch Coal, Inc.†		7.25%			6/15/2021		300		301,875
Cliffs Natural Resources, Inc.		5.90%			3/15/2020		150		162,677
FMG Resources (August 2006) Pty Ltd. (Australia)†(a)		6.875%			2/1/2018		125		127,500
Mirabela Nickel Ltd. (Australia)†(a)		8.75%			4/15/2018		150		150,000
Noranda Aluminum Acquisition Corp. PIK		4.417%	#		5/15/2015		158		149,384
Total									1,092,936

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Multi-Line Retail 0.28%
Macy’s Retail Holdings, Inc.		8.125%		7/15/2015	$	300	$	357,375
Multi-Utilities 0.67%
AES Corp. (The)†		7.375%		7/1/2021		120		121,950
Black Hills Corp.		9.00%		5/15/2014		350		405,890
NiSource Finance Corp.		10.75%		3/15/2016		250		326,990
Total								854,830
Oil, Gas & Consumable Fuels 3.93%
Chaparral Energy, Inc.		8.25%		9/1/2021		500		506,250
Concho Resources, Inc.		7.00%		1/15/2021		150		155,625
CONSOL Energy, Inc.		8.25%		4/1/2020		400		438,000
Continental Resources, Inc.		8.25%		10/1/2019		750		823,125
El Paso Corp.		7.00%		6/15/2017		500		568,187
El Paso Corp.		7.25%		6/1/2018		250		282,056
Energy XXI Gulf Coast, Inc.†		7.75%		6/15/2019		200		199,500
Forest Oil Corp.		7.25%		6/15/2019		200		205,000
IFM US Colonial Pipeline 2 LLC†		6.45%		5/1/2021		300		317,070
LINN Energy LLC/LINN Energy Finance Corp.†		7.75%		2/1/2021		150		156,750
MEG Energy Corp. (Canada)†(a)		6.50%		3/15/2021		200		201,750
Oasis Petroleum, Inc.†		7.25%		2/1/2019		275		273,625
OGX Petroleo e Gas Participacoes SA (Brazil)†(a)		8.50%		6/1/2018		225		232,538
SandRidge Energy, Inc.†		7.50%		3/15/2021		175		177,406
SM Energy Co.†		6.625%		2/15/2019		200		201,000
Tennessee Gas Pipeline Co.		7.00%		10/15/2028		250		289,073
Total								5,026,955
Paper & Forest Products 0.16%
Longview Fibre Paper & Packaging, Inc.†		8.00%		6/1/2016		200		202,000
Personal Products 0.16%
Elizabeth Arden, Inc.		7.375%		3/15/2021		200		209,250
Pharmaceuticals 0.25%
Mylan, Inc.†		7.625%		7/15/2017		50		54,750
Mylan, Inc.†		7.875%		7/15/2020		50		55,125
Valeant Pharmaceuticals International†		6.75%		8/15/2021		225		214,875
Total								324,750

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Real Estate Investment Trusts 0.10%
Host Hotels & Resorts LP		6.375%		3/15/2015	$	125	$	128,125
Real Estate Management & Development 0.30%
ProLogis		6.875%		3/15/2020		350		387,114
Road & Rail 0.22%
Florida East Coast Railway Corp.†		8.125%		2/1/2017		225		233,437
Kansas City Southern de Mexico SA de CV (Mexico)†(a)		6.125%		6/15/2021		50		50,250
Total								283,687
Semiconductors & Semiconductor Equipment 0.08%
Sensata Technologies BV (Netherlands)†(a)		6.50%		5/15/2019		100		100,250
Specialty Retail 0.49%
Brookstone Co., Inc.†		13.00%		10/15/2014		196		167,090
Limited Brands, Inc.		8.50%		6/15/2019		400		458,000
Total								625,090
Textiles, Apparel & Luxury Goods 0.24%
Polymer Group, Inc.†		7.75%		2/1/2019		300		302,250
Thrifts & Mortgage Finance 0.00%
Washington Mutual Bank(g)		6.875%		6/15/2011		275		1,031
Tobacco 0.10%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA†		8.75%		5/15/2018		125		123,438
Transportation Infrastructure 0.11%
Asciano Finance Ltd. (Australia)†(a)		4.625%		9/23/2020		150		143,389
Wireless Telecommunication Services 0.82%
Clearwire Communications LLC/Clearwire Finance, Inc.†		12.00%		12/1/2017		250		262,500
Intelsat Jackson Holdings SA (Luxembourg)†(a)		7.50%		4/1/2021		200		199,250
Intelsat Jackson Holdings SA (Luxembourg)(a)		11.25%		6/15/2016		100		106,250
Sprint Capital Corp.		6.90%		5/1/2019		350		362,250
Wind Acquisition Finance SA (Italy)†(a)		11.75%		7/15/2017		100		113,750
Total								1,044,000
Total High Yield Corporate Bonds (cost $30,523,299)								31,814,476

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate				Shares (000)			Fair Value
PREFERRED STOCK 0.02%
Thrifts & Mortgage Finance
Fannie Mae* cost ($213,465)		Zero Coupon				9		$	18,275
	Exercise Price		Expiration Date
WARRANTS 0.02%
Auto Components 0.01%
Cooper-Standard Holdings, Inc.*		$27.33		11/27/2017		–	(c)		10,008
Media 0.01%
Charter Communications, Inc.*		46.86		11/30/2014		1			17,822
Total Warrants (cost $8,559)									27,830
Total Long-Term Investments (cost $108,969,585)									126,563,487
					Principal Amount (000)
SHORT-TERM INVESTMENT 0.69%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $905,000 of Federal Home Loan Mortgage Corp. at 1.00% due 11/8/2013; value: $906,131; proceeds: $884,748 (cost $884,747)					$	885			884,747
Total Investments in Securities 99.63% (cost $109,854,332)									127,448,234
Foreign Cash, Cash and Assets in Excess of Liabilities(h) 0.37%									474,535
Net Assets 100.00%								$	127,922,769

See Notes to Financial Statements.

20

Schedule of Investments (unaudited)(concluded)

June 30, 2011

ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.
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 such 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, 2011.
(a)	Foreign security traded in U.S. dollars.
(b)	Contingent Value Right entitles the holder to receive cash payments if specified milestones are achieved.
(c)	Amount is less than 1,000 shares.
(d)	Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate shown is the rate in effect at June 30, 2011.
(e)	Investment in non-U.S. dollar denominated securities.
(f)	Security is perpetual in nature and has no stated maturity.
(g)	Defaulted security.
(h)	Foreign Cash, Cash and Other Assets in Excess of Liabilities include unrealized appreciation on open futures contracts, as follows:

Open Futures Contracts at June 30, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Appreciation
U.S. 10-Year Treasury Note	September 2011		10	Short	$	(1,223,281)	$	9,847

See Notes to Financial Statements.

21

Statement of Assets and Liabilities (unaudited)

June 30, 2011

ASSETS:
Investments in securities, at fair value (cost $109,854,332)	$	127,448,234
Deposits with broker for futures collateral		11,000
Cash		3,375
Foreign cash, at value (cost $70,067)		75,155
Receivables:
Interest and dividends		810,521
Investment securities sold		417,173
Capital shares sold		26,472
From advisor (See Note 3)		7,730
Variation margin		5,156
Total assets		128,804,816
LIABILITIES:
Payables:
Investment securities purchased		636,945
Management fee		77,393
Directors’ fees		8,526
Capital shares reacquired		6,774
Fund administration		4,128
Accrued expenses and other liabilities		148,281
Total liabilities		882,047
NET ASSETS	$	127,922,769
COMPOSITION OF NET ASSETS:
Paid-in capital	$	125,914,256
Undistributed net investment income		1,434,301
Accumulated net realized loss on investments, futures contracts and foreign currency related transactions		(17,034,712	)
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		17,608,924
Net Assets	$	127,922,769
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		9,064,923
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.11

See Notes to Financial Statements.

22

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $18,279)	$	1,002,941
Interest and other		1,291,243
Total investment income		2,294,184
Expenses:
Management fee		474,871
Shareholder servicing		229,519
Fund administration		25,327
Professional		22,250
Reports to shareholders		16,237
Custody		4,582
Directors’ fees		1,848
Other		1,552
Gross expenses		776,186
Expense reductions (See Note 7)		(87	)
Management fee waived (See Note 3)		(47,963	)
Net expenses		728,136
Net investment income		1,566,048
Net realized and unrealized gain:
Net realized gain on investments, futures contracts and foreign currency related transactions		3,067,778
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		2,074,266
Net realized and unrealized gain		5,142,044
Net Increase in Net Assets Resulting From Operations	$	6,708,092

See Notes to Financial Statements.

23

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	1,566,048		$	3,246,520
Net realized gain on investments, futures contracts and foreign currency related transactions		3,067,778			2,431,321
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		2,074,266			10,706,589
Net increase in net assets resulting from operations		6,708,092			16,384,430
Distributions to shareholders from:
Net investment income		–			(3,354,425	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		6,892,949			9,867,715
Reinvestment of distributions		–			3,354,423
Cost of shares reacquired		(10,070,587	)		(18,623,836	)
Net decrease in net assets resulting from capital share transactions		(3,177,638	)		(5,401,698	)
Net increase in net assets		3,530,454			7,628,307
NET ASSETS:
Beginning of period	$	124,392,315		$	116,764,008
End of period	$	127,922,769		$	124,392,315
Undistributed (distributions in excess of) net investment income	$	1,434,301		$	(131,747	)

See Notes to Financial Statements.

24

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$13.39			$11.98			$10.02			$14.79			$15.28			$13.93
Investment operations:
Net investment income(a)		.17			.34			.38			.49			.47			.39
Net realized and unrealized gain (loss)		.55			1.44			1.97			(4.41	)		.02			1.64
Total from investment operations		.72			1.78			2.35			(3.92	)		.49			2.03
Distributions to shareholders from:
Net investment income		–			(.37	)		(.39	)		(.53	)		(.48	)		(.37	)
Net realized gain		–			–			–			(.32	)		(.50	)		(.31	)
Total distributions		–			(.37	)		(.39	)		(.85	)		(.98	)		(.68	)
Net asset value, end of period		$14.11			$13.39			$11.98			$10.02			$14.79			$15.28
Total Return(b)		5.38	%(c)		14.77	%		23.41	%		(26.19	)%		3.16	%		14.55	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.57	%(c)		1.15	%		1.15	%		1.14	%		1.15	%		1.15	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.57	%(c)		1.15	%		1.15	%		1.14	%		1.14	%		1.15	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.61	%(c)		1.24	%		1.27	%		1.29	%		1.20	%		1.27	%
Net investment income		1.23	%(c)		2.76	%		3.52	%		3.83	%		2.92	%		2.67	%
Supplemental Data:
Net assets, end of period (000)		$127,923			$124,392			$116,764			$92,578			$128,675			$97,741
Portfolio turnover rate		14.75	%(c)		35.78	%		54.60	%		69.31	%		28.41	%		35.51	%

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  Not annualized.

See Notes to Financial Statements.

25

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

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

The Fund’s investment objective is to seek current income and capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 obtained 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 fair value.

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

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

26

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, 2007 through December 31, 2010. 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(i) When-Issued or Forward Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the

27

Notes to Financial Statements (unaudited)(continued)

future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

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

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of June 30, 2011, 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 or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or

28

Notes to Financial Statements (unaudited)(continued)

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 - unadjusted quoted prices in active markets for identical investments;

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

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

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	72,813,900	$	246,823	$	–	$	73,060,723
Contingent Value Right		7,230		–		–		7,230
Convertible Bonds		–		8,506,000		–		8,506,000
Convertible Preferred Stocks		4,255,502		2,592,611		–		6,848,113
Floating Rate Loans		–		734,384		–		734,384
Foreign Common Stocks		338,916		5,207,540		–		5,546,456
High Yield Corporate Bonds		–		31,814,476		–		31,814,476
Preferred Stock		18,275		–		–		18,275
Warrants		17,822		10,008		–		27,830
Repurchase Agreement		–		884,747		–		884,747
Total	$	77,451,645	$	49,996,589	$	–	$	127,448,234
Other Financial Instruments
Futures Contracts
Assets	$	9,847		–	$	–	$	9,847
Liabilities		–		–		–		–
Total	$	9,847	$	–	$	–	$	9,847

* See Schedule of Investments for fair 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, 2011 (as described in note 2(g)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

29

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2011, the Fund had a futures interest rate contract with a cumulative unrealized gain of $9,847, 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 $51,782 and $9,847 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .67% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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, 2011, the Fund incurred expenses of $221,607 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if

30

Notes to Financial Statements (unaudited)(continued)

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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	3,354,425
Total distributions paid	$	–	$	3,354,425

As of December 31, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$9,207,095	$	10,745,726	$	19,952,821

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	110,060,521
Gross unrealized gain		21,054,782
Gross unrealized loss		(3,667,069	)
Net unrealized security gain	$	17,387,713

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.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$18,765,256	$	20,624,803

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

31

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 the 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. 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.

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.

32

Notes to Financial Statements (unaudited)(concluded)

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 15% 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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		493,567			797,596
Reinvestment of distributions		–			251,090
Shares reacquired		(721,030	)		(1,499,567	)
Decrease		(227,463	)		(450,881	)

33

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.

34

This page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Classic Stock Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Classic Stock Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,002.40	$	4.72
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, 2011

Sector*	%**
Consumer Discretionary	12.13%
Consumer Staples	5.98%
Energy	11.66%
Financials	16.11%
Health Care	11.58%
Industrials	12.16%
Information Technology	16.52%
Materials	7.60%
Telecommunication Services	2.86%
Utilities	1.15%
Short-Term Investment	2.25%
Total	100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.21%
Aerospace & Defense 3.95%
Boeing Co. (The)		1,431	$	106
Goodrich Corp.		3,402		325
Honeywell International, Inc.		4,023		240
Precision Castparts Corp.		2,035		335
United Technologies Corp.		4,387		388
Total				1,394
Airlines 0.29%
AMR Corp.*		18,815		102
Automobiles 0.39%
General Motors Co.*		4,590		139
Beverages 2.32%
Coca-Cola Co. (The)		5,695		383
PepsiCo, Inc.		6,188		436
Total				819
Biotechnology 1.55%
Amgen, Inc.*		1,430		83
Celgene Corp.*		2,683		162
Gilead Sciences, Inc.*		1,862		77
Human Genome Sciences, Inc.*		9,125		224
Total				546
Capital Markets 3.81%
Franklin Resources, Inc.		482		63
Goldman Sachs Group, Inc. (The)		4,126		549
Morgan Stanley		11,854		273
State Street Corp.		4,116		185
T. Rowe Price Group, Inc.		4,552		275
Total				1,345
Chemicals 5.52%
Albemarle Corp.		1,278		89
Celanese Corp. Series A		4,903		261

Investments	Shares		Fair Value (000)
CF Industries Holdings, Inc.		544	$	77
Dow Chemical Co. (The)		10,822		390
E.I. du Pont de Nemours & Co.		3,390		183
LyondellBasell Industries NV Class A (Netherlands)(a)		3,458		133
Monsanto Co.		5,175		375
Mosaic Co. (The)		1,002		68
Potash Corp. of Saskatchewan, Inc. (Canada)(a)		6,494		370
Total				1,946
Commercial Banks 4.51%
Fifth Third Bancorp		21,685		276
PNC Financial Services Group, Inc. (The)		4,538		270
Regions Financial Corp.		25,607		159
SunTrust Banks, Inc.		5,758		149
U.S. Bancorp		10,185		260
Wells Fargo & Co.		16,986		477
Total				1,591
Communications Equipment 1.79%
Cisco Systems, Inc.		4,438		69
QUALCOMM, Inc.		9,893		562
Total				631
Computers & Peripherals 6.17%
Apple, Inc.*		3,954		1,327
Dell, Inc.*		21,548		359
EMC Corp.*		14,268		393
Hewlett-Packard Co.		2,703		99
Total				2,178
Consumer Finance 1.15%
Capital One Financial Corp.		7,820		404
Diversified Financial Services 4.38%
Bank of America Corp.		51,348		563
Citigroup, Inc.		6,633		276

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Diversified Financial Services (continued)
JPMorgan Chase & Co.		17,223	$	705
Total				1,544
Diversified Telecommunication Services 2.87%
AT&T, Inc.		10,989		345
CenturyLink, Inc.		9,422		381
Verizon Communications, Inc.		7,715		287
Total				1,013
Electric: Utilities 0.53%
NextEra Energy, Inc.		1,815		105
Progress Energy, Inc.		1,733		83
Total				188
Electrical Equipment 0.73%
Emerson Electric Co.		4,578		258
Electronic Equipment, Instruments & Components 0.44%
Corning, Inc.		8,623		157
Energy Equipment & Services 1.99%
Schlumberger Ltd.		6,466		559
Weatherford International Ltd. (Switzerland)*(a)		7,616		143
Total				702
Food & Staples Retailing 0.90%
CVS Caremark Corp.		5,506		207
Wal-Mart Stores, Inc.		2,070		110
Total				317
Food Products 0.24%
Kellogg Co.		1,526		84
Health Care Equipment & Supplies 1.04%
Baxter International, Inc.		6,150		367
Health Care Providers & Services 4.00%
Express Scripts, Inc.*		7,942		428

Investments	Shares		Fair Value (000)
HCA Holdings, Inc.*		5,569	$	184
Medco Health Solutions, Inc.*		3,591		203
UnitedHealth Group, Inc.		5,546		286
WellPoint, Inc.		3,958		312
Total				1,413
Hotels, Restaurants & Leisure 5.34%
Boyd Gaming Corp.*		4,068		35
Carnival Corp.		9,523		358
Darden Restaurants, Inc.		2,523		126
Gaylord Entertainment Co.*		1,792		54
Hyatt Hotels Corp. Class A*		4,064		166
Marriott International, Inc. Class A		5,245		186
MGM Resorts International*		23,905		316
Royal Caribbean Cruises Ltd.*		2,363		89
Starwood Hotels & Resorts Worldwide, Inc.		4,305		241
Wynn Resorts Ltd.		2,174		312
Total				1,883
Household Products 1.92%
Colgate-Palmolive Co.		2,407		210
Procter & Gamble Co. (The)		7,354		468
Total				678
Industrial Conglomerates 1.22%
General Electric Co.		22,789		430
Information Technology Services 0.35%
MasterCard, Inc. Class A		416		125
Insurance 1.51%
MetLife, Inc.		5,678		249
Prudential Financial, Inc.		4,452		283
Total				532
Internet & Catalog Retail 0.13%
Amazon.com, Inc.*		230		47

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Internet Software & Services 1.70%
Google, Inc. Class A*		1,182	$	599
Machinery 2.20%
Dover Corp.		3,392		230
Eaton Corp.		4,589		236
PACCAR, Inc.		5,033		257
Parker Hannifin Corp.		602		54
Total				777
Media 2.71%
DreamWorks Animation SKG, Inc. Class A*		875		18
Interpublic Group of Cos., Inc. (The)		30,412		380
Time Warner, Inc.		6,088		221
Walt Disney Co. (The)		8,609		336
Total				955
Metals & Mining 2.12%
Freeport-McMoRan Copper & Gold, Inc.		6,129		324
Newmont Mining Corp.		1,648		89
Reliance Steel & Aluminum Co.		2,150		107
United States Steel Corp.		4,938		227
Total				747
Multi-Line Retail 1.23%
J.C. Penney Co., Inc.		3,233		111
Macy’s, Inc.		2,829		83
Target Corp.		5,116		240
Total				434
Multi-Utilities 0.63%
Dominion Resources, Inc.		2,565		124
PG&E Corp.		2,304		97
Total				221
Oil, Gas & Consumable Fuels 9.72%
Anadarko Petroleum Corp.		3,537		272

Investments	Shares		Fair Value (000)
Apache Corp.		2,287	$	282
Chevron Corp.		3,747		385
Continental Resources, Inc.*		2,427		158
Devon Energy Corp.		2,138		169
EOG Resources, Inc.		1,799		188
Exxon Mobil Corp.		7,710		627
Hess Corp.		6,400		478
Occidental Petroleum Corp.		2,537		264
Petrohawk Energy Corp.*		2,411		60
Range Resources Corp.		1,123		62
Southwestern Energy Co.*		2,527		108
Suncor Energy, Inc. (Canada)(a)		9,664		378
Total				3,431
Pharmaceuticals 5.04%
Abbott Laboratories		4,321		227
Johnson & Johnson		8,599		572
Merck & Co., Inc.		10,620		375
Pfizer, Inc.		29,424		606
Total				1,780
Professional Services 1.21%
Monster Worldwide, Inc.*		29,041		426
Real Estate Investment Trusts 0.83%
Host Hotels & Resorts, Inc.		17,353		294
Road & Rail 2.62%
Hertz Global Holdings, Inc.*		17,249		274
Union Pacific Corp.		6,239		651
Total				925
Semiconductors & Semiconductor Equipment 1.76%
Broadcom Corp. Class A*		3,470		117
Intel Corp.		7,430		164
Micron Technology, Inc.*		23,638		177
Texas Instruments, Inc.		4,928		162
Total				620

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		Fair Value (000)
Software 4.39%
Activision Blizzard, Inc.		6,218	$	73
Adobe Systems, Inc.*		11,014		346
Microsoft Corp.		18,608		484
Oracle Corp.		9,092		299
VMware, Inc. Class A*		3,448		346
Total				1,548
Specialty Retail 2.38%
Dick’s Sporting Goods, Inc.*		13,601		523
Home Depot, Inc. (The)		8,760		317
Total				840
Tobacco 0.63%
Altria Group, Inc.		8,432		223
Total Common Stocks (cost $28,425,697)				34,653
	Principal Amount (000)
SHORT-TERM INVESTMENT 2.27%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $760,000 of Federal Home Loan Bank at 3.625% due 10/18/2013; value: $816,050; proceeds: $798,784 (cost $798,784)	$	799		799
Total Investments in Securities 100.48% (cost $29,224,481)				35,452
Liabilities in Excess of Other Assets (0.48%)				(168	)
Net Assets 100.00%			$	35,284

*	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, 2011

ASSETS:
Investments in securities, at fair value (cost $29,224,481)	$	35,452,211
Receivables:
Investment securities sold		83,078
Interest and dividends		31,897
Capital shares sold		10,351
From advisor (See Note 3)		9,968
Prepaid expenses		34
Total assets		35,587,539
LIABILITIES:
Payables:
Investment securities purchased		187,313
Management fee		19,871
Capital shares reacquired		1,919
Directors’ fees		1,788
Fund administration		1,135
Accrued expenses and other liabilities		91,735
Total liabilities		303,761
NET ASSETS	$	35,283,778
COMPOSITION OF NET ASSETS:
Paid-in capital	$	31,296,097
Undistributed net investment income		70,774
Accumulated net realized loss on investments		(2,310,823	)
Net unrealized appreciation on investments		6,227,730
Net Assets	$	35,283,778
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		2,861,994
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.33

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $455)	$	240,088
Interest		62
Total investment income		240,150
Expenses:
Management fee		123,593
Shareholder servicing		65,830
Professional		18,464
Reports to shareholders		13,605
Fund administration		7,062
Custody		1,574
Directors’ fees		514
Other		414
Gross expenses		231,056
Expense reductions (See Note 7)		(24	)
Management fee waived (See Note 3)		(63,300	)
Net expenses		167,732
Net investment income		72,418
Net realized and unrealized gain (loss):
Net realized gain on investments		737,708
Net change in unrealized appreciation/depreciation on investments		(726,982	)
Net realized and unrealized gain		10,726
Net Increase in Net Assets Resulting From Operations	$	83,144

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	72,418		$	134,106
Net realized gain on investments		737,708			480,924
Net change in unrealized appreciation/depreciation on investments		(726,982	)		3,755,984
Net increase in net assets resulting from operations		83,144			4,371,014
Distributions to shareholders from:
Net investment income		–			(135,603	)
Capital share transactions (See Note 10):
Net proceeds from sales of shares		3,452,734			7,047,781
Reinvestment of distributions		–			135,603
Cost of shares reacquired		(3,598,546	)		(5,345,554	)
Net increase (decrease) in net assets resulting from capital share transactions		(145,812	)		1,837,830
Net increase (decrease) in net assets		(62,668	)		6,073,241
NET ASSETS:
Beginning of period	$	35,346,446		$	29,273,205
End of period	$	35,283,778		$	35,346,446
Undistributed (distributions in excess) of investment income	$	70,774		$	(1,644	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$12.30			$10.82			$8.68			$12.89			$12.14			$10.86
Investment operations:
Net investment income(a)		.03			.05			.08			.12			.09			.10
Net realized and unrealized gain (loss)		.00			1.48			2.13			(4.16	)		1.21			1.30
Total from investment operations		.03			1.53			2.21			(4.04	)		1.30			1.40
Distributions to shareholders from:
Net investment income		–			(.05	)		(.07	)		(.10	)		(.08	)		(.07	)
Net realized gain		–			–			–			(.07	)		(.47	)		(.05	)
Total distributions		–			(.05	)		(.07	)		(.17	)		(.55	)		(.12	)
Net asset value, end of period		$12.33			$12.30			$10.82			$8.68			$12.89			$12.14
Total Return(b)		.24	%(c)		14.12	%		25.50	%		(31.28	)%		10.68	%		12.91	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.47	%(c)		.95	%		.99	%		1.10	%		1.10	%		1.10	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.47	%(c)		.95	%		.99	%		1.10	%		1.10	%		1.10	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.65	%(c)		1.31	%		1.49	%		1.49	%		1.45	%		1.91	%
Net investment income		.20	%(c)		.43	%		.82	%		1.08	%		.72	%		.89	%
Supplemental Data:
Net assets, end of period (000)		$35,284			$35,346			$29,273			$19,471			$21,199			$13,743
Portfolio turnover rate		12.00	%(c)		21.65	%		54.63	%		40.08	%		42.46	%		34.27	%

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  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 a diversified, 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”).

The Fund’s investment objective is growth of capital and growth of income consistent with reasonable risk. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

13

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	34,653	$	–	$	–	$	34,653
Repurchase Agreement		–		799		–		799
Total	$	34,653	$	799	$	–	$	35,452

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .34% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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 0.95%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’

14

Notes to Financial Statements (unaudited)(continued)

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, 2011, the Fund incurred expenses of $61,796 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	135,603
Total distributions paid	$	–	$	135,603

As of December 30, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016		2017		Total
	$522,322	$	1,924,843	$	2,447,165

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	29,825,847
Gross unrealized gain		6,344,665
Gross unrealized loss		(718,301	)
Net unrealized security gain	$	5,626,364

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

15

Notes to Financial Statements (unaudited)(continued)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$4,425,185	$	4,183,799

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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

16

Notes to Financial Statements (unaudited)(concluded)

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 American Depositary Receipts), 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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		276,255			643,063
Reinvestment of distributions		–			11,041
Shares reacquired		(288,945	)		(485,228	)
Increase (decrease)		(12,690	)		168,876

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 page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Developing Growth Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Developing Growth Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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 six-month period ended June 30, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,126.90	$	4.75
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.34	$	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, 2011

Sector*	%**
Consumer Discretionary		19.34%
Consumer Staples		1.08%
Energy		6.24%
Financials		7.70%
Health Care		20.35%
Industrials		17.01%
Information Technology		25.85%
Materials		2.43%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value
COMMON STOCKS 103.96%
Aerospace & Defense 3.80%
BE Aerospace, Inc.*		84	$	3,428
HEICO Corp.		51		2,792
Hexcel Corp.*		187		4,093
Total				10,313
Auto Components 0.91%
Westport Innovations, Inc. (Canada)*(a)		103		2,474
Biotechnology 7.90%
Amarin Corp. plc ADR*		242		3,502
BioMarin Pharmaceutical, Inc.*		64		1,741
Cepheid, Inc.*		131		4,538
Cubist Pharmaceuticals, Inc.*		112		4,031
Genomic Health, Inc.*		33		921
Human Genome Sciences, Inc.*		26		638
Incyte Corp.*		124		2,349
InterMune, Inc.*		36		1,291
Onyx Pharmaceuticals, Inc.*		68		2,400
Total				21,411
Capital Markets 2.53%
Affiliated Managers Group, Inc.*		21		2,130
Financial Engines, Inc.*		174		4,510
Noah Holdings Ltd. ADR*		19		214
Total				6,854
Chemicals 1.61%
Koppers Holdings, Inc.		45		1,707
Rockwood Holdings, Inc.*		48		2,654
Total				4,361
Commercial Banks 1.99%
Signature Bank*		44		2,517

Investments	Shares		Fair Value
SVB Financial Group*		48	$	2,866
Total				5,383
Commercial Services & Supplies 2.28%
Clean Harbors, Inc.*		34		3,510
Higher One Holdings, Inc.*		141		2,668
Total				6,178
Communications Equipment 2.18%
Acme Packet, Inc.*		33		2,314
Aruba Networks, Inc.*		122		3,605
Total				5,919
Computers & Peripherals 2.35%
Fortinet, Inc.*		178		4,858
Fusion-io, Inc.*		50		1,504
Total				6,362
Construction & Engineering 0.88%
MYR Group, Inc.*		102		2,387
Consumer Finance 0.15%
Green Dot Corp. Class A*		12		408
Diversified Consumer Services 1.17%
K12, Inc.*		96		3,182
Diversified Financial Services 1.28%
Portfolio Recovery Associates, Inc.*		41		3,476
Electrical Equipment 1.63%
Polypore International, Inc.*		65		4,410
Electronic Equipment, Instruments & Components 5.33%
Cognex Corp.		103		3,649
FARO Technologies, Inc.*		85		3,723
IPG Photonics Corp.*		73		5,308
Maxwell Technologies, Inc.*		106		1,716
NeoPhotonics Corp.*		6		42
Total				14,438

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value
Energy Equipment & Services 2.48%
CARBO Ceramics, Inc.		27	$	4,400
ION Geophysical Corp.*		246		2,327
Total				6,727
Food Products 1.13%
Diamond Foods, Inc.		40		3,054
Health Care Equipment & Supplies 6.47%
Align Technology, Inc.*		177		4,036
DexCom, Inc.*		185		2,681
Endologix, Inc.*		495		4,603
Insulet Corp.*		132		2,926
Masimo Corp.		47		1,395
NxStage Medical, Inc.*		16		333
Tornier NV (Netherlands)*(a)		58		1,563
Total				17,537
Health Care Providers & Services 2.00%
Catalyst Health Solutions, Inc.*		12		670
Epocrates, Inc.*		73		1,346
HealthSpring, Inc.*		74		3,412
Total				5,428
Health Care Technology 2.41%
athenahealth, Inc.*		56		2,302
SXC Health Solutions Corp.*		72		4,242
Total				6,544
Hotels, Restaurants & Leisure 1.67%
BJ’s Restaurants, Inc.*		58		3,037
Peet’s Coffee & Tea, Inc.*		26		1,500
Total				4,537
Household Durables 3.50%
iRobot Corp.*		87		3,070
SodaStream International Ltd. (Israel)*(a)		52		3,162

Investments	Shares		Fair Value
Tempur-Pedic International, Inc.*		48	$	3,256
Total				9,488
Information Technology Services 1.01%
ServiceSource International, Inc.*		109		2,422
VeriFone Systems, Inc.*		7		310
Total				2,732
Internet & Catalog Retail 1.26%
HomeAway, Inc.*		5		193
Shutterfly, Inc.*		56		3,216
Total				3,409
Internet Software & Services 5.25%
Ancestry.com, Inc.*		104		4,305
Bankrate, Inc.*		164		2,719
Constant Contact, Inc.*		45		1,142
Cornerstone OnDemand, Inc.*		81		1,430
Rackspace Hosting, Inc.*		50		2,137
Responsys, Inc.*		115		2,039
Vocus, Inc.*		15		459
Total				14,231
Life Sciences Tools & Services 0.27%
Pacific Biosciences of California, Inc.*		62		725
Machinery 6.48%
Chart Industries, Inc.*		98		5,290
Middleby Corp. (The)*		25		2,351
RBC Bearings, Inc.*		70		2,643
Robbins & Myers, Inc.		99		5,232
Sauer-Danfoss, Inc.*		41		2,066
Total				17,582
Media 1.22%
IMAX Corp. (Canada)*(a)		102		3,308

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		Fair Value
Metals & Mining 0.91%
Materion Corp.*		67	$	2,477
Oil, Gas & Consumable Fuels 4.01%
Kodiak Oil & Gas Corp.*		481		2,775
Oasis Petroleum, Inc.*		125		3,710
Rosetta Resources, Inc.*		85		4,381
Total				10,866
Pharmaceuticals 2.10%
Auxilium Pharmaceuticals, Inc.*		13		255
Impax Laboratories, Inc.*		52		1,133
Medicis Pharmaceutical Corp. Class A		113		4,313
Total				5,701
Professional Services 1.03%
CoStar Group, Inc.*		47		2,786
Real Estate Management & Development 1.28%
Altisource Portfolio Solutions SA (Luxembourg)*(a)		94		3,459
Road & Rail 1.58%
Genesee & Wyoming, Inc. Class A*		62		3,636
Zipcar, Inc.*		32		653
Total				4,289
Semiconductors & Semiconductor Equipment 2.55%
Cavium, Inc.*		61		2,659
Inphi Corp.*		79		1,374
NetLogic Microsystems, Inc.*		71		2,870
Total				6,903
Software 8.21%
Ariba, Inc.*		119		4,102
CommVault Systems, Inc.*		27		1,200

Investments	Shares		Fair Value
Concur Technologies, Inc.*		14	$	701
NetSuite, Inc.*		156		6,115
Sourcefire, Inc.*		65		1,932
SS&C Technologies Holdings, Inc.*		109		2,166
SuccessFactors, Inc.*		10		294
Synchronoss Technologies, Inc.*		89		2,824
TIBCO Software, Inc.*		101		2,931
Total				22,265
Specialty Retail 3.37%
Dick’s Sporting Goods, Inc.*		71		2,730
ULTA Salon, Cosmetics & Fragrance, Inc.*		78		5,037
Vitamin Shoppe, Inc.*		30		1,373
Total				9,140
Textiles, Apparel & Luxury Goods 7.00%
Crocs, Inc.*		54		1,391
Deckers Outdoor Corp.*		32		2,820
Fossil, Inc.*		33		3,885
lululemon athletica, Inc. (Canada)*(a)		46		5,144
Steven Madden Ltd.*		79		2,963
Under Armour, Inc. Class A*		36		2,783
Total				18,986
Thrifts & Mortgage Finance 0.78%
Ocwen Financial Corp.*		166		2,118
Total Investments in Common Stocks 103.96% (cost $233,970)				281,848
Liabilities in Excess of Cash and Other Assets (3.96%)				(10,734	)
Net Assets 100%			$	271,114

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, 2011

ASSETS:
Investments in securities, at fair value (cost $233,970)	$	281,848
Cash		10,291
Receivables:
From advisor (See Note 3)		4,368
Investment securities sold		2,631
Interest and dividends		19
Total assets		299,157
LIABILITIES:
Payables:
Investment securities purchased		2,694
Management fee		157
Fund administration		8
Directors’ fees		7
Accrued expenses and other liabilities		25,177
Total liabilities		28,043
NET ASSETS	$	271,114
COMPOSITION OF NET ASSETS:
Paid-in capital	$	199,045
Accumulated net investment loss		(1,080	)
Accumulated net realized gain on investments		25,271
Net unrealized appreciation on investments		47,878
Net Assets	$	271,114
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)		$20.33

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends	$	76
Total investment income		76
Expenses:
Management fee		960
Professional		17,778
Custody		4,191
Reports to shareholders		3,194
Offering costs		2,876
Fund administration		51
Directors’ fees		4
Other		262
Gross expenses		29,316
Management fee waived and expenses reimbursed (See Note 3)		(28,165	)
Net expenses		1,151
Net investment loss		(1,075	)
Net realized and unrealized gain:
Net realized gain on investments		26,748
Net change in unrealized appreciation/depreciation on investments		4,825
Net realized and unrealized gain		31,573
Net Increase in Net Assets Resulting From Operations	$	30,498

See Notes to Financial Statements.

8

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Period Ended December 31, 2010*
Operations:
Net investment loss	$	(1,075	)	$	(991	)
Net realized gain (loss) on investments		26,748			(1,477	)
Net change in unrealized appreciation/depreciation on investments		4,825			43,053
Net increase in net assets resulting from operations		30,498			40,585
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		30,498			240,616
NET ASSETS:
Beginning of period	$	240,616		$	–
End of period	$	271,114		$	240,616
Accumulated net investment loss	$	(1,080	)	$	(5	)

* For the period April 23, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

9

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			4/23/2010(a) to 12/31/2010
Per Share Operating Performance
Net asset value, beginning of period		$18.04			$15.00
Investment operations:
Net investment loss(b)					–	(c)
Net realized and unrealized loss					(.49	)
Total from investment operations					(.49	)
Net asset value on SEC Effective Date, 5/1/2010					$14.51
Investment operations:
Net investment loss(b)		(.08	)		(.07	)
Net realized and unrealized gain		2.37			3.60
Total from investment operations		2.29			3.53
Net asset value, end of period		$20.33			$18.04
Total Return(d)					20.27	%(e)(f)
Total Return(d)		12.69	%(e)		24.33	%(e)(g)
Ratios to Average Net Assets:
Expenses, excluding expense reductions, and including management fee waived and expenses reimbursed		.45	%(e)		.90	%(h)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.45	%(e)		.90	%(h)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		11.34	%(e)		40.95	%(h)
Net investment loss		(.42	)%(e)		(.72	)%(h)
Supplemental Data:
Net assets, end of period (000)		$271			$241
Portfolio turnover rate		78.63	%(e)		92.19	%

^(a)  Commencement of operations was 4/23/2010, 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)  Amount is less than $.01.

^(d)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(e)  Not annualized.

^(f)  Total return for the period 4/23/10 through 12/31/10.

^(g)  Total return for the period 5/1/10 through 12/31/10.

^(h)  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 a diversified, 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’s investment objective is long-term growth of capital. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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 period ended December 31, 2010. 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 fair value of these securities has declined, the 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 or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	281,848	$	–	$	–	$	281,848
Total	$	281,848	$	–	$	–	$	281,848

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .00% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

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, 2011, 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward

13

Notes to Financial Statements (unaudited)(continued)

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, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2018		Total
	$170	$	170

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	235,277
Gross unrealized gain		50,350
Gross unrealized loss		(3,779	)
Net unrealized security gain	$	46,571

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$211,878	$	223,018

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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

14

Notes to Financial Statements (unaudited)(concluded)

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 markets in general and to the changing prospects of individual companies in which the Fund invests.

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

	Six Months Ended June 30, 2011 (unaudited)		Period Ended December 31,  2010†
Shares sold		—		13,335
Increase		—		13,335

^†  For the period April 23, 2010 (commencement of operations) to December 31, 2010.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Fundamental Equity Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Fundamental Equity Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,056.10	$	5.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.10	$	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, 2011

Sector*	%**
Consumer Discretionary		9.99%
Consumer Staples		7.44%
Energy		18.27%
Financials		15.18%
Health Care		21.23%
Industrials		11.69%
Information Technology		6.05%
Materials		6.17%
Utilities		1.38%
Short-Term Investment		2.60%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.36%
Aerospace & Defense 3.76%
Goodrich Corp.		11,319	$	1,081
Rockwell Collins, Inc.		37,100		2,288
United Technologies Corp.		45,134		3,995
Total				7,364
Airlines 0.69%
Southwest Airlines Co.		118,400		1,352
Automobiles 1.42%
Ford Motor Co.*		201,144		2,774
Beverages 1.79%
Coca-Cola Co. (The)		14,500		976
Diageo plc ADR		20,100		1,646
PepsiCo, Inc.		12,400		873
Total				3,495
Biotechnology 4.14%
Amgen, Inc.*		69,600		4,061
Celgene Corp.*		53,500		3,227
Human Genome Sciences, Inc.*		18,200		447
Onyx Pharmaceuticals, Inc.*		10,400		367
Total				8,102
Capital Markets 6.65%
Affiliated Managers Group, Inc.*		15,200		1,542
Charles Schwab Corp. (The)		40,000		658
Goldman Sachs Group, Inc. (The)		7,000		932
Invesco Ltd.		54,200		1,268
Lazard Ltd. Class A		72,800		2,701
LPL Investment Holdings, Inc.*		53,600		1,834
State Street Corp.		90,200		4,067
Total				13,002

Investments	Shares		Fair Value (000)
Chemicals 2.30%
Air Products & Chemicals, Inc.		22,300	$	2,131
LyondellBasell Industries NV Class A (Netherlands)(a)		61,600		2,373
Total				4,504
Commercial Banks 5.07%
City National Corp.		24,100		1,307
Commerce Bancshares, Inc.		19,488		838
Cullen/Frost Bankers, Inc.		28,200		1,603
PNC Financial Services Group, Inc. (The)		42,500		2,534
Signature Bank*		16,700		955
TCF Financial Corp.		59,900		827
Wells Fargo & Co.		66,100		1,855
Total				9,919
Computers & Peripherals 0.19%
EMC Corp.*		13,731		378
Containers & Packaging 0.32%
Greif, Inc. Class A		9,600		624
Diversified Financial Services 0.71%
JPMorgan Chase & Co.		33,800		1,384
Electric: Utilities 1.38%
NextEra Energy, Inc.		47,000		2,701
Electronic Equipment, Instruments & Components 0.07%
FLIR Systems, Inc.		4,300		145
Energy Equipment & Services 2.78%
Baker Hughes, Inc.		9,200		668
GulfMark Offshore, Inc. Class A*		10,600		468
Halliburton Co.		57,200		2,917
Superior Energy Services, Inc.*		20,800		773

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Energy Equipment & Services (continued)
Tidewater, Inc.		11,300	$	608
Total				5,434
Food & Staples Retailing 1.30%
CVS Caremark Corp.		67,600		2,540
Food Products 3.67%
Archer Daniels Midland Co.		118,600		3,576
Bunge Ltd.		52,400		3,613
Total				7,189
Health Care Equipment & Supplies 4.65%
Cooper Cos., Inc. (The)		8,500		674
Kinetic Concepts, Inc.*		34,300		1,977
NuVasive, Inc.*		70,600		2,321
St. Jude Medical, Inc.		25,300		1,206
Zimmer Holdings, Inc.*		46,100		2,913
Total				9,091
Health Care Providers & Services 5.68%
Express Scripts, Inc.*		44,700		2,413
HCA Holdings, Inc.*		34,900		1,151
Humana, Inc.		25,500		2,054
McKesson Corp.		20,000		1,673
UnitedHealth Group, Inc.		74,018		3,818
Total				11,109
Household Durables 1.31%
Fortune Brands, Inc.		34,500		2,200
Harman International Industries, Inc.		7,800		355
Total				2,555
Household Products 0.68%
Colgate-Palmolive Co.		15,200		1,329
Information Technology Services 2.60%
Accenture plc Class A (Ireland)(a)		25,000		1,511

Investments	Shares		Fair Value (000)
Booz Allen Hamilton Holding Corp.*		16,500	$	315
MasterCard, Inc. Class A		5,896		1,777
Western Union Co. (The)		74,562		1,493
Total				5,096
Insurance 2.75%
Berkshire Hathaway, Inc. Class B*		36,500		2,825
Marsh & McLennan Cos., Inc.		81,600		2,545
Total				5,370
Life Sciences Tools & Services 2.18%
Charles River Laboratories International, Inc.*		23,100		939
Thermo Fisher Scientific, Inc.*		51,600		3,322
Total				4,261
Machinery 6.78%
Dover Corp.		32,600		2,210
Eaton Corp.		28,940		1,489
Kennametal, Inc.		28,300		1,195
Pall Corp.		30,200		1,698
Parker Hannifin Corp.		14,413		1,293
Robbins & Myers, Inc.		10,500		555
SPX Corp.		15,100		1,248
Trinity Industries, Inc.		65,700		2,292
WABCO Holdings, Inc.*		18,500		1,278
Total				13,258
Media 6.22%
Interpublic Group of Cos., Inc. (The)		327,800		4,097
Omnicom Group, Inc.		81,657		3,933
Time Warner, Inc.		80,500		2,928
Walt Disney Co. (The)		31,100		1,214
Total				12,172

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Metals & Mining 2.69%
Agnico-Eagle Mines Ltd. (Canada)(a)		9,200	$	581
Barrick Gold Corp. (Canada)(a)		55,872		2,530
Carpenter Technology Corp.		9,500		548
Reliance Steel & Aluminum Co.		32,400		1,609
Total				5,268
Multi-Line Retail 0.26%
Macy’s, Inc.		17,600		515
Office Electronics 0.03%
Zebra Technologies Corp. Class A*		1,600		67
Oil, Gas & Consumable Fuels 15.49%
Anadarko Petroleum Corp.		47,600		3,654
Apache Corp.		10,000		1,234
Chevron Corp.		21,500		2,211
CONSOL Energy, Inc.		16,800		814
Devon Energy Corp.		23,300		1,836
El Paso Corp.		132,100		2,668
EQT Corp.		30,300		1,591
Exxon Mobil Corp.		102,610		8,350
Forest Oil Corp.*		51,700		1,381
Imperial Oil Ltd. (Canada)(a)		28,300		1,319
QEP Resources, Inc.		28,700		1,201
Range Resources Corp.		38,200		2,120
Southwestern Energy Co.*		44,700		1,917
Total				30,296
Paper & Forest Products 0.85%
International Paper Co.		55,900		1,667
Pharmaceuticals 4.57%
Merck & Co., Inc.		25,300		893
Teva Pharmaceutical Industries Ltd. ADR		65,200		3,144

Investments	Shares		Fair Value (000)
Warner Chilcott plc Class A (Ireland)(a)		108,500	$	2,618
Watson Pharmaceuticals, Inc.*		33,348		2,292
Total				8,947
Road & Rail 0.45%
Kansas City Southern*		15,000		890
Semiconductors & Semiconductor Equipment 1.56%
Intel Corp.		79,900		1,770
Texas Instruments, Inc.		38,800		1,274
Total				3,044
Software 1.59%
Adobe Systems, Inc.*		69,400		2,183
Intuit, Inc.*		17,700		918
Total				3,101
Specialty Retail 0.78%
Guess?, Inc.		18,000		757
Penske Automotive Group, Inc.		33,800		769
Total				1,526
Total Common Stocks (cost $162,808,399)				190,469

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.60%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $4,655,000 of Federal Home Loan Mortgage Corp. at 4.50% due 1/15/2014; value: $5,184,506; proceeds: $5,081,936 (cost $5,081,935)	$	5,082	$	5,082
Total Investments in Securities 99.96% (cost $167,890,334)				195,551
Other Assets in Excess of Liabilities 0.04%				74
Net Assets 100.00%			$	195,625

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, 2011

ASSETS:
Investments in securities, at fair value (cost $167,890,334)	$	195,550,917
Receivables:
Investment securities sold		1,718,636
Capital shares sold		140,360
Interest and dividends		93,744
From advisor (See Note 3)		7,075
Total assets		197,510,732
LIABILITIES:
Payables:
Investment securities purchased		1,495,912
Management fee		115,804
Capital shares reacquired		40,963
Directors’ fees		7,126
Fund administration		6,176
Accrued expenses and other liabilities		219,288
Total liabilities		1,885,269
NET ASSETS	$	195,625,463
COMPOSITION OF NET ASSETS:
Paid-in capital	$	164,031,076
Distribution in excess of net investment income		(5,815	)
Accumulated net realized gain on investments		3,939,610
Net unrealized appreciation on investments		27,660,592
Net Assets	$	195,625,463
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		10,488,694
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$18.65

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $5,599)	$	1,014,736
Interest		389
Total investment income		1,015,125
Expenses:
Management fee		661,938
Shareholder servicing		319,809
Fund administration		35,303
Professional		19,950
Reports to shareholders		12,143
Custody		8,565
Directors’ fees		2,411
Other		1,392
Gross expenses		1,061,511
Expense reductions (See Note 7)		(120	)
Management fee waived (See Note 3)		(46,419	)
Net expenses		1,014,972
Net investment income		153
Net realized and unrealized gain:
Net realized gain on investments		7,368,368
Net change in unrealized appreciation/depreciation on investments		1,719,209
Net realized and unrealized gain		9,087,577
Net Increase in Net Assets Resulting From Operations	$	9,087,730

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	153		$	403,231
Net realized gain on investments		7,368,368			9,600,156
Net change in unrealized appreciation/depreciation on investments		1,719,209			13,510,634
Net increase in net assets resulting from operations		9,087,730			23,514,021
Distributions to shareholders from:
Net investment income		–			(437,520	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		44,405,690			50,199,072
Reinvestment of distributions		–			437,520
Cost of shares reacquired		(15,274,903	)		(24,074,952	)
Net increase in net assets resulting from capital share transactions		29,130,787			26,561,640
Net increase in net assets		38,218,517			49,638,141
NET ASSETS:
Beginning of period	$	157,406,946		$	107,768,805
End of period	$	195,625,463		$	157,406,946
Distributions in excess of net investment income	$	(5,815	)	$	(5,968	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$17.66			$14.88			$11.83			$16.84			$16.48			$14.82
Investment operations:
Net investment income(a)		–	(b)		.05			.03			.08			.10			.11
Net realized and unrealized gain (loss)		.99			2.78			3.04			(4.92	)		1.01			2.06
Total from investment operations		.99			2.83			3.07			(4.84	)		1.11			2.17
Distributions to shareholders from:
Net investment income		–			(.05	)		(.02	)		(.08	)		(.09	)		(.09	)
Net realized gain		–			–			–			(.09	)		(.66	)		(.42	)
Total distributions		–			(.05	)		(.02	)		(.17	)		(.75	)		(.51	)
Net asset value, end of period		$18.65			$17.66			$14.88			$11.83			$16.84			$16.48
Total Return(c)		5.61	%(d)		19.03	%		25.97	%		(28.67	)%		6.72	%		14.64	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.57	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.57	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.60	%(d)		1.23	%		1.26	%		1.27	%		1.24	%		1.30	%
Net investment income		.00	%(d)(e)		.33	%		.22	%		.56	%		.55	%		.69	%
Supplemental Data:
Net assets, end of period (000)		$195,625			$157,407			$107,769			$76,884			$101,747			$75,940
Portfolio turnover rate		24.26	%(d)		73.39	%		85.09	%		81.82	%		62.96	%		59.92	%

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

^(b)  Amount is less than $.01.

^(c)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(d)  Not annualized.

^(e)  Amount is less than .01%.

See Notes to Financial Statements.

11

Notes to Financial Statements (unaudited)

1.    ORGANIZATION

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

The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

13

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	190,469	$	–	$	–	$	190,469
Repurchase Agreement		–		5,082		–		5,082
Total	$	190,469	$	5,082	$	–	$	195,551

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .70% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

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, 2011, the Fund incurred expenses of $308,905 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	437,520
Total distributions paid	$	–	$	437,520

As of December 31, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2017		Total
	$3,244,685	$	3,244,685

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	168,073,632
Gross unrealized gain		29,086,071
Gross unrealized loss		(1,608,786	)
Net unrealized security gain	$	27,477,285

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

15

Notes to Financial Statements (unaudited)(continued)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases		Sales
	$73,319,580	$	42,234,114

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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

16

Notes to Financial Statements (unaudited)(concluded)

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.

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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		2,403,988			3,176,938
Reinvestment of distributions		–			25,139
Shares reacquired		(830,317	)		(1,527,419	)
Increase		1,573,671			1,674,658

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 page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Growth and Income Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Growth and Income Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,026.50	$	4.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.29	$	4.56

^†  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, 2011

Sector*	%**
Consumer Discretionary		9.36%
Consumer Staples		9.69%
Energy		19.43%
Financials		15.17%
Health Care		20.52%
Industrials		8.46%
Information Technology		6.03%
Materials		6.27%
Telecommunication Services		1.67%
Utilities		1.42%
Short-Term Investment		1.98%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.26%
Aerospace & Defense 3.42%
Goodrich Corp.		94,134	$	8,990
Rockwell Collins, Inc.		200,500		12,369
United Technologies Corp.		200,297		17,728
Total				39,087
Airlines 0.91%
Delta Air Lines, Inc.*		634,647		5,820
Southwest Airlines Co.		400,900		4,578
Total				10,398
Automobiles 1.44%
Ford Motor Co.*		1,190,189		16,413
Beverages 2.87%
Coca-Cola Co. (The)		172,866		11,632
Diageo plc ADR		118,200		9,677
PepsiCo, Inc.		163,400		11,508
Total				32,817
Biotechnology 3.51%
Amgen, Inc.*		350,596		20,457
Celgene Corp.*		325,918		19,660
Total				40,117
Capital Markets 4.25%
Charles Schwab Corp. (The)		519,748		8,550
Goldman Sachs Group, Inc. (The)		51,972		6,917
Invesco Ltd.		373,969		8,751
State Street Corp.		540,200		24,357
Total				48,575
Chemicals 3.37%
Dow Chemical Co. (The)		430,300		15,491
LyondellBasell Industries NV Class A (Netherlands)(a)		366,868		14,132

Investments	Shares		Fair Value (000)
Mosaic Co. (The)		132,094	$	8,946
Total				38,569
Commercial Banks 3.94%
M&T Bank Corp.		115,379		10,148
PNC Financial Services Group, Inc. (The)		285,369		17,011
Wells Fargo & Co.		635,501		17,832
Total				44,991
Communications Equipment 0.40%
QUALCOMM, Inc.		81,300		4,617
Computers & Peripherals 0.61%
EMC Corp.*		253,500		6,984
Diversified Financial Services 2.69%
Citigroup, Inc.		195,340		8,134
JPMorgan Chase & Co.		552,688		22,627
Total				30,761
Diversified Telecommunication Services 1.66%
AT&T, Inc.		177,447		5,574
Verizon Communications, Inc.		360,500		13,421
Total				18,995
Electric: Utilities 1.41%
NextEra Energy, Inc.		279,900		16,083
Electrical Equipment 0.54%
Emerson Electric Co.		109,700		6,171
Energy Equipment & Services 3.95%
Baker Hughes, Inc.		94,900		6,886
Halliburton Co.		305,503		15,581
Schlumberger Ltd.		262,592		22,688
Total				45,155
Food & Staples Retailing 1.75%
CVS Caremark Corp.		387,800		14,574
Kroger Co. (The)		219,811		5,451
Total				20,025

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Food Products 3.88%
Archer Daniels Midland Co.		737,400	$	22,233
Bunge Ltd.		320,100		22,071
Total				44,304
Health Care Equipment & Supplies 2.90%
Covidien plc (Ireland)(a)		161,471		8,595
St. Jude Medical, Inc.		284,600		13,570
Zimmer Holdings, Inc.*		173,800		10,984
Total				33,149
Health Care Providers & Services 8.00%
CIGNA Corp.		353,424		18,177
Express Scripts, Inc.*		310,727		16,773
HCA Holdings, Inc.*		261,281		8,622
Humana, Inc.		84,184		6,780
McKesson Corp.		101,700		8,507
UnitedHealth Group, Inc.		632,826		32,641
Total				91,500
Hotels, Restaurants & Leisure 0.30%
Hyatt Hotels Corp. Class A*		84,400		3,445
Household Products 1.12%
Colgate-Palmolive Co.		146,800		12,832
Information Technology Services 0.97%
MasterCard, Inc. Class A		36,600		11,029
Insurance 4.18%
Berkshire Hathaway, Inc. Class B*		276,826		21,424
Marsh & McLennan Cos., Inc.		582,400		18,165
MetLife, Inc.		187,124		8,209
Total				47,798
Internet & Catalog Retail 0.92%
HSN, Inc.*		320,300		10,544

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 2.38%
Thermo Fisher Scientific, Inc.*		421,700	$	27,153
Machinery 1.95%
Dover Corp.		107,500		7,289
Eaton Corp.		291,960		15,021
Total				22,310
Media 6.63%
Comcast Corp. Class A		1,083,002		27,443
Omnicom Group, Inc.		136,638		6,580
Time Warner Cable, Inc.		128,051		9,993
Time Warner, Inc.		637,000		23,168
Walt Disney Co. (The)		219,200		8,558
Total				75,742
Metals & Mining 1.09%
Barrick Gold Corp. (Canada)(a)		275,800		12,491
Oil, Gas & Consumable Fuels 15.32%
Anadarko Petroleum Corp.		301,900		23,174
Apache Corp.		43,900		5,417
Chevron Corp.		351,525		36,151
CONSOL Energy, Inc.		83,700		4,058
Devon Energy Corp.		135,900		10,710
El Paso Corp.		695,770		14,054
Exxon Mobil Corp.		433,382		35,269
Hess Corp.		138,200		10,332
Imperial Oil Ltd. (Canada)(a)		201,300		9,379
Range Resources Corp.		202,527		11,240
Southwestern Energy Co.*		166,404		7,135
Suncor Energy, Inc. (Canada)(a)		211,521		8,270
Total				175,189

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		Fair Value (000)
Paper & Forest Products 1.76%
International Paper Co.		673,483	$	20,083
Pharmaceuticals 3.57%
Merck & Co., Inc.		312,200		11,018
Teva Pharmaceutical Industries Ltd. ADR		442,767		21,350
Watson Pharmaceuticals, Inc.*		123,174		8,466
Total				40,834
Road & Rail 1.57%
Hertz Global Holdings, Inc.*		1,131,878		17,974
Semiconductors & Semiconductor Equipment 1.62%
Intel Corp.		522,700		11,583
Texas Instruments, Inc.		210,657		6,916
Total				18,499
Software 2.38%
Adobe Systems, Inc.*		412,300		12,967
Oracle Corp.		433,800		14,276
Total				27,243
Total Common Stocks (cost $931,534,263)				1,111,877

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.96%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $23,110,000 of Federal National Mortgage Assoc. at 0.75% due 10/25/2013; value: $22,907,788; proceeds: $22,454,259 (cost $22,454,253)	$	22,454	$	22,454
Total Investments in Securities 99.22% (cost $953,988,516)				1,134,331
Other Assets in Excess of Liabilities 0.78%				8,904
Net Assets 100.00%			$	1,143,235

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, 2011

ASSETS:
Investments in securities, at fair value (cost $953,988,516)	$	1,134,330,763
Receivables:
Investment securities sold		10,453,483
Capital shares sold		4,158,254
Interest and dividends		667,901
Prepaid expenses		786
Total assets		1,149,611,187
LIABILITIES:
Payables:
Investment securities purchased		3,889,173
Capital shares reacquired		548,050
Management fee		455,635
Directors’ fees		160,034
Fund administration		36,848
Accrued expenses and other liabilities		1,285,961
Total liabilities		6,375,701
NET ASSETS	$	1,143,235,486
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,439,432,918
Undistributed net investment income		2,541,650
Accumulated net realized loss on investments		(479,081,409	)
Net unrealized appreciation on investments		180,342,327
Net Assets	$	1,143,235,486
Outstanding shares (250 million shares of common stock authorized, $.001 par value)		46,847,377
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$24.40

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $37,864)	$	8,011,804
Interest		1,000
Total investment income		8,012,804
Expenses:
Management fee		2,879,822
Shareholder servicing		2,077,904
Fund administration		233,945
Reports to shareholders		44,982
Professional		29,369
Directors’ fees		17,232
Custody		14,235
Other		12,056
Gross expenses		5,309,545
Expense reductions (See Note 7)		(968	)
Net expenses		5,308,577
Net investment income		2,704,227
Net realized and unrealized gain (loss):
Net realized gain on investments		101,599,731
Net change in unrealized appreciation/depreciation on investments		(72,673,549	)
Net realized and unrealized gain		28,926,182
Net Increase in Net Assets Resulting From Operations	$	31,630,409

See Notes to Financial Statements.

8

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	2,704,227		$	6,004,503
Net realized gain on investments		101,599,731			54,848,002
Net change in unrealized appreciation/depreciation on investments		(72,673,549	)		119,105,795
Net increase in net assets resulting from operations		31,630,409			179,958,300
Distributions to shareholders from:
Net investment income		–			(6,076,863	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		20,194,290			43,775,292
Reinvestment of distributions		–			6,076,863
Cost of shares reacquired		(82,473,801	)		(156,805,741	)
Net decrease in net assets resulting from capital share transactions		(62,279,511	)		(106,953,586	)
Net increase (decrease) in net assets		(30,649,102	)		66,927,851
NET ASSETS:
Beginning of period	$	1,173,884,588		$	1,106,956,737
End of period	$	1,143,235,486		$	1,173,884,588
Undistributed (distributions in excess of) net investment income	$	2,541,650		$	(162,577	)

See Notes to Financial Statements.

9

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$23.77			$20.35			$17.27			$27.91			$29.34			$26.16
Investment operations:
Net investment income(a)		.06			.12			.17			.35			.39			.39
Net realized and unrealized gain (loss)		.57			3.42			3.10			(10.55	)		.64			4.12
Total from investment operations		.63			3.54			3.27			(10.20	)		1.03			4.51
Distributions to shareholders from:
Net investment income		–			(.12	)		(.19	)		(.36	)		(.38	)		(.36	)
Net realized gain		–			–			–			(.08	)		(2.08	)		(.97	)
Total distributions		–			(.12	)		(.19	)		(.44	)		(2.46	)		(1.33	)
Net asset value, end of period		$24.40			$23.77			$20.35			$17.27			$27.91			$29.34
Total Return(b)		2.65	%(c)		17.41	%		18.90	%		(36.42	)%		3.44	%		17.27	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.45	%(c)		.92	%		.93	%		.90	%		.88	%		.87	%
Expenses, excluding expense reductions		.45	%(c)		.92	%		.93	%		.90	%		.88	%		.87	%
Net investment income		.23	%(c)		.54	%		.95	%		1.51	%		1.27	%		1.38	%
Supplemental Data:
Net assets, end of period (000)		$1,143,235			$1,173,885			$1,106,957			$1,490,095			$2,407,662			$2,153,380
Portfolio turnover rate		34.92	%(c)		55.80	%		71.71	%(d)		113.29	%		91.72	%(d)		51.65	%(d)

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

^(b) Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c) 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 a diversified, 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’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

• Level 1 - unadjusted 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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	1,111,877	$	–	$	–	$	1,111,877
Repurchase Agreement		–		22,454		–		22,454
Total	$	1,111,877	$	22,454	$	–	$	1,134,331

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee was at an annualized rate of .49% of the Fund’s average daily net assets.

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

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, 2011, the Fund incurred expenses of $2,047,015 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	6,076,863
Total distributions paid	$	–	$	6,076,863

As of December 31, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$158,855,028	$	382,145,608	$	541,000,636

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	991,700,921
Gross unrealized gain		149,583,465
Gross unrealized loss		(6,953,623	)
Net unrealized security gain	$	142,629,842

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

14

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, 2011 were as follows:

Purchases		Sales
	$408,324,789	$	500,304,398

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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 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 ADRs, the Fund may experience increased market, liquidity, currency, political, information and other risks.

15

Notes to Financial Statements (unaudited)(concluded)

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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		823,541			2,065,677
Reinvestment of distributions		–			257,360
Shares reacquired		(3,362,345	)		(7,323,805	)
Decrease		(2,538,804	)		(5,000,768	)

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Growth Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,002.40	$	5.96
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, 2011

Sector*	%**
Consumer Discretionary		22.15%
Consumer Staples		2.96%
Energy		7.81%
Financials		7.04%
Health Care		9.98%
Industrials		16.56%
Information Technology		24.48%
Materials		8.42%
Short-Term Investment		0.60%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.34%
Aerospace & Defense 0.76%
Spirit AeroSystems Holdings, Inc. Class A*		38,709	$	852
Auto Components 1.73%
BorgWarner, Inc.*		11,480		927
Gentex Corp.		33,510		1,013
Total				1,940
Automobiles 0.82%
Harley-Davidson, Inc.		22,553		924
Biotechnology 1.82%
Dendreon Corp.*		25,080		989
Human Genome Sciences, Inc.*		18,961		465
Onyx Pharmaceuticals, Inc.*		16,668		589
Total				2,043
Capital Markets 3.67%
Affiliated Managers Group, Inc.*		13,276		1,347
Invesco Ltd.		41,532		972
Lazard Ltd. Class A		26,382		979
LPL Investment Holdings, Inc.*		23,692		810
Total				4,108
Chemicals 5.32%
Albemarle Corp.		18,363		1,271
Celanese Corp. Series A		25,053		1,336
CF Industries Holdings, Inc.		3,755		532
Eastman Chemical Co.		11,493		1,173
Huntsman Corp.		37,854		713
LyondellBasell Industries NV Class A (Netherlands)(a)		24,242		934
Total				5,959
Commercial Services & Supplies 0.68%
Stericycle, Inc.*		8,510		758

Investments	Shares		Fair Value (000)
Communications Equipment 3.34%
Acme Packet, Inc.*		10,014	$	702
Aruba Networks, Inc.*		20,712		612
Ciena Corp.*		32,729		602
F5 Networks, Inc.*		6,052		667
Finisar Corp.*		28,171		508
Riverbed Technology, Inc.*		16,524		654
Total				3,745
Computers & Peripherals 2.58%
Fortinet, Inc.*		26,040		711
NetApp, Inc.*		19,577		1,033
Teradata Corp.*		19,006		1,144
Total				2,888
Construction & Engineering 1.06%
Chicago Bridge & Iron Co. NV (Netherlands)(a)		30,617		1,191
Diversified Consumer Services 0.40%
Weight Watchers International, Inc.		5,879		444
Diversified Financial Services 1.22%
Moody’s Corp.		35,684		1,368
Electrical Equipment 4.31%
AMETEK, Inc.		22,626		1,016
Cooper Industries plc		21,484		1,282
General Cable Corp.*		16,842		717
Rockwell Automation, Inc.		20,909		1,814
Total				4,829
Electronic Equipment, Instruments & Components 2.60%
Agilent Technologies, Inc.*		36,935		1,888
IPG Photonics Corp.*		14,102		1,025
Total				2,913
Energy Equipment & Services 2.95%
Atwood Oceanics, Inc.*		14,572		643
Cameron International Corp.*		13,367		672

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Energy Equipment & Services (continued)
CARBO Ceramics, Inc.		5,024	$	819
Nabors Industries Ltd.*		47,447		1,169
Total				3,303
Food & Staples Retailing 1.37%
Whole Foods Market, Inc.		24,132		1,531
Food Products 1.59%
Green Mountain Coffee Roasters, Inc.*		19,971		1,783
Health Care Equipment & Supplies 3.08%
Hospira, Inc.*		19,860		1,125
Intuitive Surgical, Inc.*		3,436		1,279
NuVasive, Inc.*		31,727		1,043
Total				3,447
Health Care Providers & Services 2.23%
AmerisourceBergen Corp.		26,232		1,086
Express Scripts, Inc.*		6,161		333
Humana, Inc.		13,360		1,076
Total				2,495
Health Care Technology 1.60%
Allscripts Healthcare Solutions, Inc.*		34,312		666
SXC Health Solutions Corp.*		19,126		1,127
Total				1,793
Hotels, Restaurants & Leisure 4.79%
Chipotle Mexican Grill, Inc.*		2,169		668
Gaylord Entertainment Co.*		19,053		572
Marriott International, Inc. Class A		22,790		809
MGM Resorts International*		64,675		854
Starwood Hotels & Resorts Worldwide, Inc.		18,877		1,058
Wynn Resorts Ltd.		9,830		1,411
Total				5,372

Investments	Shares		Fair Value (000)
Household Durables 0.74%
Tempur-Pedic International, Inc.*		12,206	$	828
Industrial Conglomerates 0.87%
McDermott International, Inc.*		49,090		972
Information Technology Services 0.42%
VeriFone Systems, Inc.*		10,576		469
Insurance 0.75%
Marsh & McLennan Cos., Inc.		27,045		844
Internet Software & Services 0.67%
Akamai Technologies, Inc.*		16,499		519
LinkedIn Corp. Class A*		2,569		232
Total				751
Machinery 7.17%
Cummins, Inc.		11,075		1,146
Dover Corp.		18,183		1,233
Eaton Corp.		9,281		478
Flowserve Corp.		10,930		1,201
Ingersoll-Rand plc (Ireland)(a)		32,271		1,465
Joy Global, Inc.		8,741		832
Pall Corp.		6,990		393
Parker Hannifin Corp.		6,461		580
SPX Corp.		8,491		702
Total				8,030
Media 2.60%
Discovery Communications, Inc. Class A*		24,075		986
Interpublic Group of Cos., Inc. (The)		88,890		1,111
Scripps Networks Interactive, Inc. Class A		16,692		816
Total				2,913

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Metals & Mining 2.34%
Cliffs Natural Resources, Inc.		14,963	$	1,383
Walter Energy, Inc.		10,712		1,241
Total				2,624
Multi-Line Retail 1.26%
Macy’s, Inc.		48,310		1,413
Oil, Gas & Consumable Fuels 4.86%
Brigham Exploration Co.*		34,159		1,022
Concho Resources, Inc.*		8,584		789
CONSOL Energy, Inc.		29,770		1,443
Denbury Resources, Inc.*		56,106		1,122
Range Resources Corp.		19,203		1,066
Total				5,442
Paper & Forest Products 0.75%
International Paper Co.		28,269		843
Pharmaceuticals 1.24%
Watson Pharmaceuticals, Inc.*		20,290		1,395
Professional Services 0.58%
Monster Worldwide, Inc.*		44,335		650
Real Estate Management & Development 1.40%
CB Richard Ellis Group, Inc. Class A*		62,506		1,569
Road & Rail 1.12%
Kansas City Southern*		21,234		1,260
Semiconductors & Semiconductor Equipment 6.64%
Altera Corp.		27,367		1,268
Analog Devices, Inc.		30,036		1,175
Atmel Corp.*		58,896		829
Avago Technologies Ltd. (Singapore)(a)		23,870		907
Cypress Semiconductor Corp.*		42,986		909
NetLogic Microsystems, Inc.*		26,016		1,051

Investments	Shares		Fair Value (000)
NVIDIA Corp.*		53,133	$	847
Skyworks Solutions, Inc.*		19,615		451
Total				7,437
Software 8.22%
ANSYS, Inc.*		11,807		645
Ariba, Inc.*		18,446		636
BMC Software, Inc.*		13,141		719
Citrix Systems, Inc.*		23,157		1,853
Electronic Arts, Inc.*		18,792		444
Informatica Corp.*		14,588		852
Nuance Communications, Inc.*		33,683		723
Red Hat, Inc.*		19,289		885
salesforce.com, Inc.*		3,721		554
SuccessFactors, Inc.*		12,369		364
Synchronoss Technologies, Inc.*		31,534		1,001
TIBCO Software, Inc.*		18,408		534
Total				9,210
Specialty Retail 7.82%
Abercrombie & Fitch Co. Class A		15,006		1,004
Dick’s Sporting Goods, Inc.*		25,688		988
Limited Brands, Inc.		28,984		1,114
O’Reilly Automotive, Inc.*		16,357		1,072
Ross Stores, Inc.		19,140		1,533
Tiffany & Co.		15,108		1,186
Tractor Supply Co.		15,070		1,008
ULTA Salon, Cosmetics & Fragrance, Inc.*		13,269		857
Total				8,762
Textiles, Apparel & Luxury Goods 1.97%
Coach, Inc.		12,905		825
Hanesbrands, Inc.*		29,269		836
PVH Corp.		8,433		552
Total				2,213
Total Common Stocks (cost $94,048,074)				111,311

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.60%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $690,000 of Federal National Mortgage Assoc. at 0.75% due 10/25/2013; value: $683,963; proceeds: $667,741 (cost $667,740)	$	668	$	668
Total Investments in Securities 99.94% (cost $94,715,814)				111,979
Other Assets in Excess of Liabilities 0.06%				67
Net Assets 100.00%			$	112,046

*	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, 2011

ASSETS:
Investments in securities, at fair value (cost $94,715,814)	$	111,979,112
Receivables:
Investment securities sold		4,111,387
Dividends		75,235
Capital shares sold		46,225
From advisor (See Note 3)		6,210
Total assets		116,218,169
LIABILITIES:
Payables:
Investment securities purchased		3,852,183
Management fee		70,989
Capital shares reacquired		78,165
Directors’ fees		8,535
Fund administration		3,549
Accrued expenses and other liabilities		158,580
Total liabilities		4,172,001
NET ASSETS	$	112,046,168
COMPOSITION OF NET ASSETS:
Paid-in capital	$	73,276,934
Accumulated net investment loss		(269,617	)
Accumulated net realized gain on investments		21,775,553
Net unrealized appreciation on investments		17,263,298
Net Assets	$	112,046,168
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		5,915,489
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$18.94

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $711)	$	410,121
Interest		12
Total investment income		410,133
Expenses:
Management fee		447,769
Shareholder servicing		203,243
Fund administration		22,388
Professional		19,819
Reports to shareholders		8,562
Custody		6,058
Directors’ fees		1,651
Other		1,166
Gross expenses		710,656
Expense reductions (See Note 7)		(77	)
Management fee waived (See Note 3)		(38,926	)
Net expenses		671,653
Net investment loss		(261,520	)
Net realized and unrealized gain (loss):
Net realized gain on investments		17,772,743
Net change in unrealized appreciation/depreciation on investments		(9,115,333	)
Net realized and unrealized gain		8,657,410
Net Increase in Net Assets Resulting From Operations	$	8,395,890

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment loss	$	(261,520	)	$	(219,513	)
Net realized gain on investments		17,772,743			18,902,305
Net change in unrealized appreciation/depreciation on investments		(9,115,333	)		3,670,416
Net increase in net assets resulting from operations		8,395,890			22,353,208
Distributions to shareholders from:
Net realized gain		–			(605,004	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		5,532,580			8,667,671
Reinvestment of distributions		–			605,003
Cost of shares reacquired		(11,558,318	)		(28,443,264	)
Net decrease in net assets resulting from capital share transactions		(6,025,738	)		(19,170,590	)
Net increase in net assets		2,370,152			2,577,614
NET ASSETS:
Beginning of period	$	109,676,016		$	107,098,402
End of period	$	112,046,168		$	109,676,016
Accumulated net investment loss	$	(269,617	)	$	(8,097	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$17.58			$14.38			$  9.88			$16.34			$14.67			$13.73
Investment operations:
Net investment loss(a)		(.04	)		(.03	)		(.03	)		(.06	)		(.09	)		(.04	)
Net realized and unrealized gain (loss)		1.40			3.33			4.53			(6.20	)		3.22			1.12
Total from investment operations		1.36			3.30			4.50			(6.26	)		3.13			1.08
Distributions to shareholders from:
Net realized gain		–			(.10	)		–			(.20	)		(1.46	)		(.14	)
Net asset value, end of period		$18.94			$17.58			$14.38			$  9.88			$16.34			$14.67
Total Return(b)		7.74	%(c)		22.92	%		45.55	%		(38.24	)%		21.28	%		7.89	%
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)		1.26	%		1.33	%		1.35	%		1.31	%		1.36	%
Net investment loss		(.23	)%(c)		(.21	)%		(.30	)%		(.43	)%		(.55	)%		(.25	)%
Supplemental Data:
Net assets, end of period (000)		$112,046			$109,676			$107,098			$74,912			$126,418			$98,888
Portfolio turnover rate		61.07	%(c)		112.24	%		83.55	%		125.21	%		118.74	%		153.71	%

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  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 a diversified, 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’s investment objective is capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

13

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	111,311	$	–	$	–	$	111,311
Repurchase Agreement		–		668		–		668
Total	$	111,311	$	668	$	–	$	111,979

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .73% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

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’

14

Notes to Financial Statements (unaudited)(continued)

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, 2011, the Fund incurred expenses of $195,899 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Net long-term capital gains	$	–	$	605,004
Total distributions paid	$	–	$	605,004

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	94,998,912
Gross unrealized gain		18,903,245
Gross unrealized loss		(1,923,045	)
Net unrealized security gain	$	16,980,200

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

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, 2011 were as follows:

Purchases		Sales
	$69,462,733	$	76,990,391

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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. 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 American Depositary Receipts), 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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		299,754			579,790
Reinvestment of distributions		–			34,220
Shares reacquired		(621,253	)		(1,823,982	)
Decrease		(321,499	)		(1,209,972	)

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 page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—International Core Equity Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — International Core Equity Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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 six-month period ended June 30, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,047.10	$	4.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.51	$	4.33

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

Portfolio Holdings Presented by Sector

June 30, 2011

Sector*	%**
Consumer Discretionary		9.61%
Consumer Staples		8.50%
Energy		7.03%
Financials		19.10%
Health Care		6.32%
Industrials		11.86%
Information Technology		8.23%
Materials		9.23%
Telecommunication Services		4.92%
Utilities		6.13%
Short-Term Investment		9.07%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.00%
COMMON STOCKS 95.69%
Belgium 1.33%
Beverages
Anheuser-Busch InBev NV		325	$	18,862
Brazil 1.95%
Commercial Banks 0.89%
Banco do Brasil SA		699		12,541
Household Durables 0.50%
PDG Realty SA Empreendimentose Participacoes		1,264		7,119
Water Utilities 0.56%
Companhia de Saneamento Basico do Estado de Sao Paulo ADR*		134		7,996
Total Brazil				27,656
Canada 3.21%
Metals & Mining 0.88%
First Quantum Minerals Ltd.		85		12,394
Oil, Gas & Consumable Fuels 2.33%
Bankers Petroleum Ltd.*		1,905		13,589
Canadian Oil Sands Ltd.		675		19,478
				33,067
Total Canada				45,461
China 0.77%
Machinery
Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd. H Shares*		5,720		10,952

Investments	Shares		U.S. $ Fair Value
Denmark 0.97%
Beverages
Carlsberg AS Class B		127	$	13,828
France 7.21%
Aerospace & Defense 1.46%
Safran SA		484		20,653
Commercial Banks 0.97%
Credit Agricole SA		914		13,731
Construction & Engineering 1.51%
Vinci SA		334		21,435
Electrical Equipment 1.29%
Alstom SA		296		18,232
Insurance 0.94%
AXA SA		590		13,393
Multi-Line Retail 1.04%
PPR		83		14,783
Total France				102,227
Germany 5.74%
Air Freight & Logistics 1.49%
Deutsche Post AG Registered Shares		1,101		21,166
Health Care Equipment & Supplies 1.44%
Fresenius KGaA		195		20,354
Household Products 0.94%
Henkel KGaA		232		13,298
Semiconductors & Semiconductor Equipment 0.32%
Dialog Semiconductor plc*		248		4,524
Software 1.55%
SAP AG		363		22,008
Total Germany				81,350

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value
Greece 0.63%
Electric: Utilities
Public Power Corp. SA		624	$	8,947
Hong Kong 2.20%
Auto Components 0.57%
Minth Group Ltd.		5,000		8,108
Chemicals 0.51%
Huabao International Holdings Ltd.		7,868		7,158
Real Estate Management & Development 0.54%
Wharf Holdings Ltd. (The)		1,100		7,671
Water Utilities 0.58%
Guangdong Investment Ltd.		15,480		8,287
Total Hong Kong				31,224
Indonesia 1.48%
Commercial Banks 0.86%
PT Bank Negara Indonesia (Persero) Tbk		26,894		12,194
Oil, Gas & Consumable Fuels 0.62%
PT Bumi Resources Tbk		25,390		8,766
Total Indonesia				20,960
Ireland 0.75%
Information Technology Services
Accenture plc Class A		175		10,574
Israel 2.59%
Chemicals 0.82%
Israel Chemicals Ltd.		730		11,650

Investments	Shares		U.S. $ Fair Value
Pharmaceuticals 1.77%
Teva Pharmaceutical Industries Ltd. ADR		520	$	25,074
Total Israel				36,724
Italy 4.62%
Commercial Banks 1.71%
Intesa Sanpaolo SpA		9,089		24,202
Diversified Telecommunication Services 0.99%
Telecom Italia SpA		10,152		14,121
Electric: Utilities 1.92%
Enel SpA		4,173		27,267
Total Italy				65,590
Japan 17.81%
Auto Components 1.48%
Bridgestone Corp.		911		20,990
Automobiles 1.71%
Honda Motor Co., Ltd.		630		24,272
Chemicals 0.82%
Asahi Kasei Corp.		1,715		11,558
Commercial Banks 1.01%
Bank of Yokohama Ltd. (The)		2,855		14,272
Consumer Finance 0.71%
ORIX Corp.		104		10,116
Diversified Telecommunication Services 1.36%
Nippon Telegraph & Telephone Corp.		400		19,293
Electric: Utilities 1.12%
Kansai Electric Power Co., Inc. (The)		800		15,931

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value
Japan (continued)
Electronic Equipment, Instruments & Components 1.83%
Hitachi Ltd.		3,500	$	20,773
Nippon Electric Glass Co., Ltd.		400		5,132
				25,905
Household Durables 0.71%
Sony Corp.		380		10,026
Office Electronics 1.84%
Canon, Inc.		550		26,162
Oil, Gas & Consumable Fuels 0.95%
JX Holdings, Inc.		2,000		13,452
Real Estate Management & Development 0.79%
Sumitomo Realty & Development Co., Ltd.		500		11,175
Road & Rail 1.21%
East Japan Railway Co.		300		17,181
Trading Companies & Distributors 2.27%
Mitsui & Co., Ltd.		840		14,524
Sumitomo Corp.		1,300		17,685
				32,209
Total Japan				252,542
Luxembourg 0.56%
Metals & Mining
ArcelorMittal		227		7,894
Netherlands 3.27%
Diversified Financial Services 1.43%
ING Groep NV CVA*		1,646		20,284
Food & Staples Retailing 1.13%
Koninklijke Ahold NV		1,196		16,081

Investments	Shares		U.S. $ Fair Value
Industrial Conglomerates 0.71%
Koninklijke Philips Electronics NV		391	$	10,049
Total Netherlands				46,414
Norway 2.63%
Chemicals 1.63%
Yara International ASA		411		23,092
Commercial Banks 1.00%
DnB NOR ASA		1,018		14,182
Total Norway				37,274
Poland 0.68%
Electric: Utilities
PGE SA		1,105		9,665
Russia 0.82%
Oil, Gas & Consumable Fuels
Gazprom OAO ADR		800		11,678
Singapore 2.12%
Commercial Banks 1.35%
DBS Group Holdings Ltd.		1,596		19,092
Industrial Conglomerates 0.77%
Keppel Corp., Ltd.		1,210		10,947
Total Singapore				30,039
South Korea 2.69%
Auto Components 1.30%
Hyundai Mobis		49		18,437
Commercial Banks 1.06%
DGB Financial Group, Inc*		990		15,022

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value
South Korea (continued)
Semiconductors & Semiconductor Equipment 0.33%
Samsung Electronics Co., Ltd.		6	$	4,663
Total South Korea				38,122
Spain 1.04%
Transportation Infrastructure
Abertis Infraestructuras SA		660		14,731
Sweden 1.70%
Communications Equipment
Telefonaktiebolaget LM Ericsson ADR		1,680		24,158
Switzerland 5.05%
Chemicals 1.02%
Syngenta AG Registered Shares*		43		14,532
Food Products 1.28%
Nestle SA Registered Shares		291		18,108
Insurance 0.88%
Swiss Reinsurance Co., Ltd. Registered Shares*		222		12,466
Pharmaceuticals 1.87%
Novartis AG Registered Shares		432		26,476
Total Switzerland				71,582
Taiwan 0.37%
Computers & Peripherals
Wistron Corp.		2,950		5,259
Thailand 0.75%
Commercial Banks
Bangkok Bank Public Co., Ltd.		2,070		10,712

Investments	Shares		U.S. $ Fair Value
Turkey 1.06%
Diversified Telecommunication Services
Turk Telekomunikasyon AS		2,843	$	15,030
United Kingdom 21.69%
Commercial Banks 3.05%
Barclays plc		3,721		15,265
HSBC Holdings plc ADR		421		20,890
Lloyds Banking Group plc*		9,048		7,110
				43,265
Food & Staples Retailing 1.13%
Tesco plc		2,488		16,075
Insurance 1.62%
Aviva plc		1,375		9,679
Prudential plc		1,154		13,325
				23,004
Media 2.83%
Pearson plc		699		13,223
Reed Elsevier plc		1,457		13,265
WPP plc		1,086		13,605
				40,093
Metals & Mining 3.52%
Anglo American plc		300		14,878
Vedanta Resources plc		442		14,858
Xstrata plc		919		20,242
				49,978
Multi-Utilities 0.66%
National Grid plc		950		9,352
Oil, Gas & Consumable Fuels 2.70%
BG Group plc		550		12,488
Tullow Oil plc		1,295		25,789
				38,277

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		U.S. $ Fair Value
United Kingdom (continued)
Pharmaceuticals 1.60%
GlaxoSmithKline plc ADR		528	$	22,651
Real Estate Investment Trusts 0.61%
British Land Co. plc		880		8,604
Tobacco 2.19%
British American Tobacco plc		421		18,461
Imperial Tobacco Group plc		378		12,585
				31,046
Wireless Telecommunication Services 1.78%
Vodafone Group plc		9,503		25,198
Total United Kingdom				307,543
Total Common Stocks (cost $1,314,238)				1,356,998
PREFERRED STOCK 0.31%
Brazil
Independent Power Producers & Energy Traders
Companhia Energetica de Sao Paulo B Shares (cost $3,775)		220		4,321
Total Long-Term Investments (cost $1,318,013)				1,361,319

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENT 9.57%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $130,000 of U.S. Treasury Note at 3.125% due 4/30/2017; value: $138,687; proceeds: $135,749 (cost $135,749)	$	136	$	135,749
Total Investments in Securities 105.57% (cost $1,453,762)				1,497,068
Liabilities in Excess of Foreign Cash and Other Assets (5.57)%				(78,948	)
Net Assets 100%			$	1,418,120

ADR	American Depositary Receipt.
*	Non-income producing security.

See Notes to Financial Statements.

8

Statement of Assets and Liabilities (unaudited)

June 30, 2011

ASSETS:
Investments in securities, at fair value (cost $1,453,762)	$	1,497,068
Foreign cash, at value (cost $2,004)		2,021
Receivables:
From advisor (See Note 3)		9,977
Interest and dividends		3,963
Capital shares sold		2,982
Total assets		1,516,011
LIABILITIES:
Payables:
Investment securities purchased		26,454
Management fee		761
Fund administration		41
Directors’ fees		10
Accrued expenses and other liabilities		70,625
Total liabilities		97,891
NET ASSETS	$	1,418,120
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,346,640
Undistributed net investment income		13,223
Accumulated net realized gain on investments and foreign currency related transactions		14,962
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		43,295
Net Assets	$	1,418,120
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		86,145
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.46

See Notes to Financial Statements.

9

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $1,742)	$	17,418
Interest and other		2
Total investment income		17,420
Expenses:
Management fee		3,295
Shareholder servicing		2,676
Custody		45,724
Professional		20,564
Offering costs		3,122
Reports to shareholders		3,562
Fund administration		176
Directors’ fees		10
Other		1,723
Gross expenses		80,852
Management fee waived and expenses reimbursed (See Note 3)		(77,029	)
Net expenses		3,823
Net investment income		13,597
Net realized and unrealized gain:
Net realized gain on investments (net of foreign capital gains tax) and foreign currency related transactions		17,380
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		4,359
Net realized and unrealized gain		21,739
Net Increase in Net Assets Resulting From Operations	$	35,336

See Notes to Financial Statements.

10

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Period Ended December 31, 2010*
Operations:
Net investment income	$	13,597		$	2,324
Net realized gain (loss) on investments and foreign currency related transactions		17,380			(3,016	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		4,359			38,936
Net increase in net assets resulting from operations		35,336			38,244
Distributions to shareholders from:
Net investment income		–			(2,100	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		869,070			562,066
Reinvestment of distributions		–			2,099
Cost of shares reacquired		(71,458	)		(15,137	)
Net increase in net assets resulting from capital share transactions		797,612			549,028
Net increase in net assets		832,948			585,172
NET ASSETS:
Beginning of period	$	585,172		$	–
End of period	$	1,418,120		$	585,172
Undistributed (distributions in excess of) net investment income	$	13,223		$	(374	)

* For the period April 16, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

11

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			4/16/2010(a) to 12/31/2010
Per Share Operating Performance
Net asset value, beginning of period		$15.72			$15.00
Investment operations:
Net investment income(b)					.01
Net realized and unrealized loss					(.37	)
Total from investment operations					(.36	)
Net asset value, on SEC Effective Date, 5/1/2010					$14.64
Investment operations:
Net investment income(b)		.25			.10
Net realized and unrealized gain		.49			1.04
Total from investment operations		.74			1.14
Distributions to shareholders from:
Net investment income		–			(.06	)
Net asset value, end of period		$16.46			$15.72
Total Return(c)					5.20	%(d)(e)
Total Return(c)		4.71	%(d)		7.79	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.43	%(d)		.87	%(g)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.43	%(d)		.87	%(g)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		9.06	%(d)		63.34	%(g)
Net investment income		1.52	%(d)		1.02	%(g)
Supplemental Data:
Net assets, end of period (000)		$1,418			$585
Portfolio turnover rate		35.10	%(d)		50.25	%

^(a)  Commencement of operations was 4/16/2010, 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 does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(d)  Not annualized.

^(e)  Total return for the period 4/16/10 through 12/31/10.

^(f)  Total return for the period 5/1/10 through 12/31/10.

^(g)  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 a diversified, 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’s investment objective is to seek long-term capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 (“NYSE”). 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 fair value.

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

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

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

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 period ended December 31, 2010. 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

14

Notes to Financial Statements (unaudited)(continued)

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 – unadjusted quoted prices in active markets for identical investments;

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

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

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	239,437	$	1,117,561	$	–	$	1,356,998
Preferred Stock		4,321		–		–		4,321
Repurchase Agreement		–		135,749		–		135,749
Total	$	243,758	$	1,253,310	$	–	$	1,497,068

* See Schedule of Investments for fair values in each industry.

As of December 31, 2010, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign securities are principally traded. Accordingly, the valuations of foreign securities as of December 31, 2010 were categorized as Level 1 inputs. As of June 30, 2011, the Fund utilized adjusted valuations of foreign securities in certain markets (as described in Note 2(a)) to more accurately reflect their fair value as of the close of regular trading on the NYSE, which resulted in Level 2 inputs for these foreign securities. During the period ended June 30, 2011, the portion of foreign securities held in certain markets by the Fund that were classified as Level 1 as of December 31, 2010 that remained in the portfolio as of June 30, 2011 were transferred from Level 1 to Level 2.

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 rate:

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, 2011, the effective management fee, net of waivers and expenses reimbursed, was at an annualized rate of .00% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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%. This 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 six months ended June 30, 2011, the Fund incurred expenses of $1,538 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Period Ended 12/31/2010*
Distributions paid from:
Ordinary income	$	–	$	2,100
Total distributions paid	$	–	$	2,100

* For the period April 16, 2010 (commencement of operations) to December 31, 2010.

16

Notes to Financial Statements (unaudited)(continued)

As of December 31, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2018	Total
$814	$	814

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,455,868
Gross unrealized gain		66,124
Gross unrealized loss		(24,924	)
Net unrealized security gain	$	41,200

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases		Sales
	$1,066,289	$	316,196

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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.

17

Notes to Financial Statements (unaudited)(concluded)

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:

	Six Months Ended June 30, 2011 (unaudited)			Period Ended December 31, 2010†
Shares sold		53,282			38,067
Reinvestment of distributions		–			135
Shares reacquired		(4,372	)		(967	)
Increase		48,910			37,235

^† For the period April 16, 2010 (commencement of operations) to December 31, 2010.

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 page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—International Opportunities Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — International Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,029.70	$	6.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.85	$	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, 2011

Sector*	%**
Consumer Discretionary		23.94%
Consumer Staples		7.35%
Energy		4.98%
Financials		13.57%
Health Care		2.37%
Industrials		23.41%
Information Technology		8.06%
Materials		9.69%
Telecommunication Services		0.58%
Utilities		2.46%
Short-Term Investment		3.59%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		U.S. $ Fair Value (000)
LONG-TERM INVESTMENTS 97.31%
COMMON STOCKS 96.00%
Australia 3.14%
Chemicals 1.60%
Incitec Pivot Ltd.		211,948	$	883
Metals & Mining 0.60%
Medusa Mining Ltd.		47,093		333
Trading Companies & Distributors 0.94%
Emeco Holdings Ltd.		427,375		521
Total Australia				1,737
Brazil 2.68%
Electric: Utilities 0.68%
Companhia de Transmissao de Energia Electrica Paulista*		141		5
Equatorial Energia SA		48,700		371
				376
Insurance 1.13%
Brasil Insurance Participacoes e Administracao SA		500		625
Real Estate Management & Development 0.87%
BR Properties SA		42,900		481
Total Brazil				1,482
Canada 3.72%
Metals & Mining 2.83%
Centerra Gold, Inc.		22,712		377
Inmet Mining Corp.		7,571		545
Quadra FNX Mining Ltd.*		43,145		640
				1,562
Oil, Gas & Consumable Fuels 0.89%
Bankers Petroleum Ltd.*		69,200		494
Total Canada				2,056

Investments	Shares		U.S. $ Fair Value (000)
Finland 1.06%
Leisure Equipment & Products
Amer Sports OYJ A Shares		35,008	$	583
France 3.27%
Beverages 1.28%
Remy Cointreau SA		8,413		708
Computers & Peripherals 0.95%
Gemalto NV		10,996		525
Media 1.04%
Ipsos SA		12,253		575
Total France				1,808
Germany 10.04%
Aerospace & Defense 1.47%
MTU Aero Engines Holding AG		10,179		813
Building Products 0.95%
NORMA Group*		17,833		524
Chemicals 1.02%
Symrise GmbH & Co. AG		17,642		562
Electrical Equipment 0.52%
Tognum AG*		7,674		287
Industrial Conglomerates 1.46%
Rheinmetall AG		9,100		805
Life Sciences Tools & Services 1.35%
Gerresheimer AG		15,591		744
Machinery 0.63%
Deutz AG*		35,080		346
Semiconductors & Semiconductor Equipment 0.65%
Dialog Semiconductor plc*		19,737		360

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value (000)
Germany (continued)
Trading Companies & Distributors 1.02%
Kloeckner & Co. SE		18,725	$	564
Transportation Infrastructure 0.97%
Hamburger Hafen und Logistik AG		12,355		537
Total Germany				5,542
Greece 0.92%
Specialty Retail
Jumbo SA		67,466		509
Hong Kong 4.96%
Auto Components 1.40%
Minth Group Ltd.		476,000		772
Building Products
Yuanda China Holdings Ltd.*		1,740,000		327
Communications Equipment 0.61%
VTech Holdings Ltd.		28,700		340
Construction & Engineering 1.31%
China State Construction International Holdings Ltd.		712,400		725
Hotels, Restaurants & Leisure 1.05%
REXLot Holdings Ltd.		5,975,000		578
Total Hong Kong				2,742
India 1.13%
Real Estate Management & Development
Housing Development & Infrastructure Ltd.*		174,347		625
Ireland 1.77%
Beverages 1.29%
C&C Group plc		137,476		715

Investments	Shares		U.S. $ Fair Value (000)
Machinery 0.48%
Charter International plc		20,664	$	263
Total Ireland				978
Italy 7.11%
Beverages 1.03%
Davide Campari-Milano SpA		69,436		570
Capital Markets 0.81%
Azimut Holding SpA		48,158		450
Electric: Utilities 0.98%
Iren SpA		300,640		540
Insurance 1.15%
Milano Assicurazioni SpA*		886,420		388
Unipol Gruppo Finanziario SpA*		454,525		247
				635
Internet & Catalog Retail 1.11%
Yoox SpA*		33,172		611
Textiles, Apparel & Luxury Goods 1.54%
Safilo Group SpA*		22,842		363
Salvatore Ferragamo Italia SpA*		32,546		486
				849
Transportation Infrastructure 0.49%
Ansaldo STS SpA		19,464		273
Total Italy				3,928
Japan 17.05%
Chemicals 1.07%
ZEON Corp.		63,000		589
Communications Equipment 0.47%
Hitachi Kokusai Electric, Inc.		31,000		258

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value (000)
Japan (continued)
Containers & Packaging 1.47%
FP Corp.		13,100	$	812
Diversified Consumer Services 1.09%
Benesse Holdings, Inc.		14,000		602
Electronic Equipment, Instruments & Components 1.14%
Nippon Electric Glass Co., Ltd.		49,000		629
Health Care Equipment & Supplies 1.04%
Hogy Medical Co., Ltd.		12,800		577
Household Durables 1.31%
Makita Corp.		15,500		722
Information Technology Services 0.51%
Obic Co., Ltd.		1,510		282
Internet & Catalog Retail 2.38%
DeNA Co., Ltd.		16,300		701
Start Today Co., Ltd.		30,700		613
				1,314
Internet Software & Services 0.47%
Gree, Inc.*		11,900		260
Machinery 2.84%
Hitachi Construction Machinery Co., Ltd.		17,100		383
Nabtesco Corp.		31,500		763
Sumitomo Heavy Industries Ltd.		61,000		426
				1,572
Multi-Line Retail 1.26%
Don Quijote Co., Ltd.		20,000		696
Real Estate Investment Trusts 0.61%
United Urban Investment Corp.		292		336

Investments	Shares	U.S. $ Fair Value (000)
Specialty Retail 0.81%
Nitori Holdings Co., Ltd.	4,700	$	446
Wireless Telecommunication Services 0.58%
Okinawa Cellular Telephone Co.	152		322
Total Japan			9,417
Mexico 0.83%
Beverages
Arca Continental SAB de CV	64,700		459
Netherlands 2.16%
Professional Services 0.92%
Brunel International NV	11,465		506
Semiconductors & Semiconductor Equipment 1.24%
ASM International NV	17,440		687
Total Netherlands			1,193
Norway 1.38%
Energy Equipment & Services
Aker Drilling ASA*	68,640		214
Electromagnetic GeoServices ASA*	166,927		359
Ocean Rig UDW, Inc.*	10,241		188
Total Norway			761
Philippines 1.73%
Real Estate Management & Development
Filinvest Land, Inc.	17,020,000		461
Megaworld Corp.	10,759,000		496
Total Philippines			957
South Africa 1.11%
Specialty Retail
Lewis Group Ltd.	48,968		614

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		U.S. $ Fair Value (000)
South Korea 2.54%
Auto Components 1.53%
Mando Corp.		4,063	$	845
Commercial Banks 1.01%
DGB Financial Group, Inc*		36,710		557
Total South Korea				1,402
Spain 1.91%
Food Products
Ebro Foods SA		22,455		519
Viscofan SA		13,502		537
Total Spain				1,056
Sweden 1.55%
Commercial Services & Supplies 0.94%
Intrum Justitia AB		35,281		519
Food & Staples Retailing 0.61%
Axfood AB		9,568		337
Total Sweden				856
Switzerland 2.44%
Capital Markets 1.19%
EFG International AG*		59,391		658
Household Durables 0.72%
Forbo Holding AG Registered Shares*		522		397
Specialty Retail 0.53%
Dufry Group Registered Shares*		2,327		293
Total Switzerland				1,348
Taiwan 0.75%
Computers & Peripherals
Wistron Corp.		230,506		411

Investments	Shares		U.S. $ Fair Value (000)
Turkey 0.46%
Food Products
Ulker Biskuvi Sanayi AS		72,928	$	253
United Kingdom 22.29%
Airlines 0.60%
easyJet plc*		57,814		334
Capital Markets 1.29%
3i Group plc		157,421		711
Chemicals 1.19%
Croda International plc		21,747		659
Commercial Services & Supplies 2.99%
Aggreko plc		21,073		653
Babcock International Group plc		39,240		449
Regus plc		308,151		547
				1,649
Consumer Finance 0.48%
Provident Financial plc		17,051		264
Electrical Equipment 0.05%
Ceres Power Holdings plc*		51,000		29
Electronic Equipment, Instruments & Components 0.30%
Premier Farnell plc		41,529		166
Hotels, Restaurants & Leisure 1.74%
Bwin.Party Digital Entertainment plc*		299,674		721
Sportingbet plc		273,376		242
				963
Industrial Conglomerates 1.78%
Lonrho plc*		1,488,516		424
New World Resources plc A Shares		38,006		558
				982

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom (continued)
Insurance 2.30%
Amlin plc		98,430	$	642
Catlin Group Ltd.		97,163		626
				1,268
Internet Software & Services 1.04%
Telecity Group plc*		64,785		576
Media 1.44%
Aegis Group plc		310,462		797
Multi-Line Retail 1.52%
Debenhams plc*		373,842		413
Next plc		11,422		427
				840
Oil, Gas & Consumable Fuels 2.76%
Afren plc*		167,934		426
Dragon Oil plc		62,940		528
Premier Oil plc*		79,616		571
				1,525
Professional Services 2.19%
Intertek Group plc		17,428		552
Michael Page International plc		76,617		658
				1,210
Specialty Retail 0.62%
Carphone Warehouse Group plc*		49,964		339
Total United Kingdom				12,312
Total Common Stocks (cost $47,085,930)				53,029
PREFERRED STOCKS 1.31%
Brazil
Electric: Utilities 0.83%
Companhia de Transmissao de Energia Eletrica Paulista		14,245		458

Investments	Shares		U.S. $ Fair Value (000)
Machinery 0.48%
Marcopolo SA		58,694	$	263
Total Preferred Stocks (cost $523,461)				721
Total Long-Term Investments (cost $47,609,391)				53,750
	Principal Amount (000)
SHORT-TERM INVESTMENT 3.62%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $2,060,000 of Federal National Mortgage Assoc. at 0.75% due 10/25/2013; value: $2,041,975; proceeds: $1,999,344 (cost $1,999,344)	$	1,999		1,999
Total Investments in Securities 100.93% (cost $49,608,735)				55,749
Liabilities in Excess of Foreign Cash and Other Assets (0.93)%				(513	)
Net Assets 100.00%			$	55,236

* Non-income producing security.

See Notes to Financial Statements.

8

Statement of Assets and Liabilities (unaudited)

June 30, 2011

ASSETS:
Investments in securities, at fair value (cost $49,608,735)	$	55,749,394
Foreign cash, at value (cost $303,719)		314,502
Receivables:
Interest and dividends		111,623
Investment securities sold		52,434
Capital shares sold		20,621
From advisor (See Note 3)		11,207
Prepaid expenses		6
Total assets		56,259,787
LIABILITIES:
Payables:
Investment securities purchased		860,482
Management fee		33,483
Capital shares reacquired		17,517
Directors’ fees		3,358
Fund administration		1,786
Accrued expenses and other liabilities		107,265
Total liabilities		1,023,891
NET ASSETS	$	55,235,896
COMPOSITION OF NET ASSETS:
Paid-in capital	$	48,952,874
Undistributed net investment income		279,027
Accumulated net realized loss on investments and foreign currency related transactions		(146,062	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		6,150,057
Net Assets	$	55,235,896
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		6,126,565
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$9.02

See Notes to Financial Statements.

9

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $47,031)	$	653,371
Interest and other		1,871
Total investment income		655,242
Expenses:
Management fee		200,515
Shareholder servicing		81,068
Custody		47,069
Professional		23,582
Reports to shareholders		12,082
Fund administration		10,694
Directors’ fees		771
Other		3,506
Gross expenses		379,287
Expense reductions (See Note 7)		(37	)
Management fee waived (See Note 3)		(58,426	)
Net expenses		320,824
Net investment income		334,418
Net realized and unrealized gain (loss):
Net realized gain on investments (net of foreign capital gains tax) and foreign currency related transactions		3,810,788
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,622,909	)
Net realized and unrealized gain		1,187,879
Net Increase in Net Assets Resulting From Operations	$	1,522,297

See Notes to Financial Statements.

10

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	334,418		$	404,170
Net realized gain on investments and foreign currency related transactions (net of foreign capital gains tax)		3,810,788			7,114,979
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,622,909	)		1,684,283
Net increase in net assets resulting from operations		1,522,297			9,203,432
Distributions to shareholders from:
Net investment income		–			(374,581	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		8,258,134			14,587,155
Reinvestment of distributions		–			374,581
Cost of shares reacquired		(7,175,082	)		(15,170,326	)
Net increase (decrease) in net assets resulting from capital share transactions		1,083,052			(208,590	)
Net increase in net assets		2,605,349			8,620,261
NET ASSETS:
Beginning of period	$	52,630,547		$	44,010,286
End of period	$	55,235,896		$	52,630,547
Undistributed (distributions in excess of) net investment income	$	279,027		$	(55,391	)

See Notes to Financial Statements.

11

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$8.76			$7.28			$4.99			$10.83			$11.89			$10.43
Investment operations:
Net investment income(a)		.05			.07			.06			.10			.08			.10
Net realized and unrealized gain (loss)		.21			1.47			2.33			(5.69	)		.44			2.91
Total from investment operations		.26			1.54			2.39			(5.59	)		.52			3.01
Distributions to shareholders from:
Net investment income		–			(.06	)		(.10	)		(.05	)		(.11	)		(.01	)
Net realized gain		–			–			–			(.20	)		(1.47	)		(1.50	)
Total distributions		–			(.06	)		(.10	)		(.25	)		(1.58	)		(1.55	)
Net asset value, end of period		$9.02			$8.76			$7.28			$  4.99			$10.83			$11.89
Total Return(b)		2.97	%(c)		21.22	%		47.87	%		(51.53	)%		4.73	%		29.08	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.60	%(c)		1.20	%		1.15	%		1.06	%		1.15	%		1.15	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.60	%(c)		1.20	%		1.15	%		1.06	%		1.15	%		1.15	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.70	%(c)		1.41	%		1.58	%		1.53	%		1.36	%		1.65	%
Net investment income		.62	%(c)		.88	%		1.04	%		1.31	%		.67	%		.87	%
Supplemental Data:
Net assets, end of period (000)		$55,236			$52,631			$44,010			$21,594			$33,963			$28,093
Portfolio turnover rate		53.17	%(c)		86.71	%		104.65	%		123.71	%		106.30	%		98.50	%

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  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 a diversified, 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”).

The Fund’s investment objective is long-term capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 (“NYSE”). 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 (net of foreign capital gain tax) 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

14

Notes to Financial Statements (unaudited)(continued)

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 - unadjusted quoted prices in active markets for identical investments;

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

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

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	11,299	$	41,730	$	–	$	53,029
Preferred Stocks		721		–		–		721
Repurchase Agreement		–		1,999		–		1,999
Total	$	12,020	$	43,729	$	–	$	55,749

* See Schedule of Investments for fair values in each industry.

As of December 31, 2010, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign securities are principally traded. Accordingly, the valuations of foreign securities as of December 31, 2010 were categorized as Level 1 inputs. As of June 30, 2011, the Fund utilized adjusted valuations of foreign securities in certain markets (as described in Note 2(a)) to more accurately reflect their fair value as of the close of regular trading on the NYSE, which resulted in Level 2 inputs for these foreign securities. During the period ended June 30, 2011, the portion of foreign securities held in certain markets by the Fund that were classified as Level 1 as of December 31, 2010 that remained in the portfolio as of June 30, 2011 were transferred from Level 1 to Level 2.

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 rate:

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, 2011, the effective management fee, net of waivers, was at an annualized rate of .53% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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.

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, 2011, the Fund incurred expenses of $72,186 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	374,581
Total distributions paid	$	–	$	374,581

16

Notes to Financial Statements (unaudited)(continued)

As of December 31, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

2016	2017		Total
$408,950	$	2,850,200	$	3,259,150

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	50,363,137
Gross unrealized gain		7,112,146
Gross unrealized loss		(1,725,889	)
Net unrealized security gain	$	5,386,257

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$29,230,483	$	28,188,526

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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.

17

Notes to Financial Statements (unaudited)(concluded)

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. 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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		933,603			1,905,221
Reinvestment of distributions		–			43,658
Shares reacquired		(814,037	)		(1,989,589	)
Increase (decrease)		119,566			(40,710	)

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 page is intentionally left blank.

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-3-0611 (08/11)

2011

LORD ABBETT

SEMIANNUAL REPORT    

Lord Abbett

Series Fund—Mid Cap Value Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Mid Cap Value Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,080.90	$	5.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.03	$	5.81

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

Portfolio Holdings Presented by Sector

June 30, 2011

Sector*	%**
Consumer Discretionary		14.08%
Consumer Staples		2.47%
Energy		13.15%
Financials		16.83%
Health Care		12.60%
Industrials		16.81%
Information Technology		6.75%
Materials		12.94%
Telecommunication Services		0.98%
Utilities		2.82%
Short-Term Investment		0.57%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.68%
Aerospace & Defense 1.25%
Rockwell Collins, Inc.		101,500	$	6,262
Airlines 1.08%
Delta Air Lines, Inc.*		181,100		1,661
Southwest Airlines Co.		326,000		3,723
Total				5,384
Auto Components 0.49%
Lear Corp.		46,100		2,465
Beverages 0.49%
Dr. Pepper Snapple Group, Inc.		58,000		2,432
Capital Markets 4.37%
Affiliated Managers Group, Inc.*		40,400		4,099
Invesco Ltd.		192,800		4,511
Lazard Ltd. Class A		254,440		9,440
LPL Investment Holdings, Inc.*		110,725		3,788
Total				21,838
Chemicals 5.37%
Air Products & Chemicals, Inc.		38,900		3,718
Ashland, Inc.		76,600		4,950
Celanese Corp. Series A		91,394		4,872
Eastman Chemical Co.		45,800		4,675
Huntsman Corp.		162,600		3,065
LyondellBasell Industries NV Class A (Netherlands)(a)		104,200		4,014
Olin Corp.		69,164		1,567
Total				26,861
Commercial Banks 8.12%
City National Corp.		117,830		6,392
Comerica, Inc.		142,100		4,913

Investments	Shares		Fair Value (000)
Commerce Bancshares, Inc.		90,119	$	3,875
Cullen/Frost Bankers, Inc.		82,600		4,696
Hancock Holding Co.		117,893		3,652
KeyCorp		304,100		2,533
M&T Bank Corp.		58,500		5,145
Signature Bank*		87,103		4,982
TCF Financial Corp.		178,000		2,457
UMB Financial Corp.		46,700		1,956
Total				40,601
Commercial Services & Supplies 1.67%
Republic Services, Inc.		270,000		8,329
Construction & Engineering 1.21%
Jacobs Engineering Group, Inc.*		91,000		3,936
URS Corp.*		47,406		2,121
Total				6,057
Containers & Packaging 2.96%
Ball Corp.		51,500		1,981
Greif, Inc. Class A		105,700		6,873
Temple-Inland, Inc.		200,023		5,949
Total				14,803
Diversified Financial Services 0.52%
CIT Group, Inc.*		58,837		2,604
Diversified Telecommunication Services 0.97%
CenturyLink, Inc.		120,319		4,864
Electric: Utilities 1.45%
Northeast Utilities		71,963		2,531
PPL Corp.		168,800		4,698
Total				7,229
Electrical Equipment 1.45%
AMETEK, Inc.		52,350		2,350
General Cable Corp.*		114,600		4,880
Total				7,230

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 1.24%
FLIR Systems, Inc.		64,100	$	2,161
TE Connectivity Ltd. (Switzerland)(a)		110,100		4,047
Total				6,208
Energy Equipment & Services 4.57%
Ensco plc ADR		42,221		2,250
GulfMark Offshore, Inc. Class A*		27,099		1,198
Halliburton Co.		98,960		5,047
Helix Energy Solutions Group, Inc.*		41,498		687
Helmerich & Payne, Inc.		37,500		2,480
Superior Energy Services, Inc.*		106,400		3,952
Tidewater, Inc.		46,950		2,526
Weatherford International Ltd. (Switzerland)*(a)		252,600		4,736
Total				22,876
Food Products 1.97%
Bunge Ltd.		142,734		9,841
Gas Utilities 0.37%
Questar Corp.		104,400		1,849
Health Care Equipment & Supplies 3.12%
Cooper Cos., Inc. (The)		20,800		1,648
Kinetic Concepts, Inc.*		94,000		5,418
St. Jude Medical, Inc.		73,200		3,490
Zimmer Holdings, Inc.*		80,000		5,056
Total				15,612
Health Care Providers & Services 4.86%
AmerisourceBergen Corp.		43,100		1,784
Coventry Health Care, Inc.*		110,200		4,019
HCA Holdings, Inc.*		68,500		2,261
HealthSouth Corp.*		114,535		3,007
Humana, Inc.*		49,800		4,011

Investments	Shares		Fair Value (000)
McKesson Corp.		59,300	$	4,960
Patterson Cos., Inc.		54,100		1,779
Universal Health Services, Inc. Class B		47,938		2,470
Total				24,291
Household Durables 2.88%
Fortune Brands, Inc.		101,300		6,460
Garmin Ltd. (Switzerland)(a)		38,000		1,255
Harman International Industries, Inc.		31,400		1,431
Tupperware Brands Corp.		78,209		5,275
Total				14,421
Industrial Conglomerates 0.62%
Tyco International Ltd. (Switzerland)(a)		62,450		3,087
Information Technology Services 2.73%
Fiserv, Inc.*		118,700		7,434
Western Union Co. (The)		310,500		6,219
Total				13,653
Insurance 3.10%
ACE Ltd. (Switzerland)(a)		46,519		3,062
Aon Corp.		115,200		5,910
Marsh & McLennan Cos., Inc.		77,800		2,426
PartnerRe Ltd.		60,000		4,131
Total				15,529
Machinery 8.73%
Dover Corp.		92,572		6,277
Eaton Corp.		99,984		5,144
Ingersoll-Rand plc (Ireland)(a)		132,200		6,003
Kennametal, Inc.		104,225		4,399
Pall Corp.		84,407		4,746
Parker Hannifin Corp.		40,100		3,599
SPX Corp.		31,700		2,620

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value (000)
Machinery (continued)
Trinity Industries, Inc.		217,887	$	7,600
WABCO Holdings, Inc.*		47,336		3,269
Total				43,657
Media 5.73%
Discovery Communications, Inc. Class A*		61,200		2,507
Interpublic Group of Cos., Inc. (The)		1,263,980		15,800
Omnicom Group, Inc.		215,100		10,359
Total				28,666
Metals & Mining 4.40%
Agnico-Eagle Mines Ltd. (Canada)(a)		53,356		3,368
Carpenter Technology Corp.		84,200		4,857
IAMGOLD Corp. (Canada)(a)		254,700		4,778
Reliance Steel & Aluminum Co.		104,406		5,184
Royal Gold, Inc.		28,700		1,681
Worthington Industries, Inc.		92,800		2,144
Total				22,012
Multi-Line Retail 1.29%
Macy’s, Inc.		221,400		6,474
Multi-Utilities 0.99%
CMS Energy Corp.		250,503		4,932
Oil, Gas & Consumable Fuels 8.47%
Cabot Oil & Gas Corp.		33,600		2,228
El Paso Corp.		467,840		9,450
EQT Corp.		179,259		9,415
Forest Oil Corp.*		175,859		4,697
Murphy Oil Corp.		44,800		2,941
QEP Resources, Inc.		196,600		8,224

Investments	Shares		Fair Value (000)
Range Resources Corp.		97,800	$	5,428
Total				42,383
Paper & Forest Products 0.11%
International Paper Co.		17,900		534
Pharmaceuticals 4.52%
Mylan, Inc.*		423,511		10,448
Par Pharmaceutical Cos., Inc.*		73,600		2,427
Warner Chilcott plc Class A (Ireland)(a)		232,100		5,601
Watson Pharmaceuticals, Inc.*		60,200		4,137
Total				22,613
Real Estate Investment Trusts 0.59%
Alexandria Real Estate Equities, Inc.		38,400		2,973
Road & Rail 0.69%
Kansas City Southern*		58,176		3,452
Semiconductors & Semiconductor Equipment 1.00%
Analog Devices, Inc.		40,100		1,569
Micron Technology, Inc.*		456,000		3,411
Total				4,980
Software 1.73%
Adobe Systems, Inc.*		164,670		5,179
Intuit, Inc.*		67,300		3,490
Total				8,669
Specialty Retail 3.47%
Guess?, Inc.		127,800		5,375
PetSmart, Inc.		93,400		4,238
Pier 1 Imports, Inc.*		669,845		7,750
Total				17,363

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		Fair Value (000)
Textiles, Apparel & Luxury Goods 0.10%
VF Corp.		4,500	$	489
Total Common Stocks (cost $384,769,037)				493,523
	Principal Amount (000)
SHORT-TERM INVESTMENT 0.57%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $2,885,000 of Federal Home Loan Mortgage Corp. at 1.00% due 11/8/2013; value: $2,888,606; proceeds: $2,828,577 (cost $2,828,576)	$	2,829		2,829
Total Investments in Securities 99.25% (cost $387,597,613)				496,352
Cash and Other Assets in Excess of Liabilities 0.75%				3,776
Net Assets 100.00%			$	500,128

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, 2011

ASSETS:
Investments in securities, at fair value (cost $387,597,613)	$496,351,921
Cash	1,309,716
Receivables:
Investment securities sold	4,289,933
Interest and dividends	445,375
Capital shares sold	95,512
Prepaid expenses and other assets	362
Total assets	502,492,819
LIABILITIES:
Payables:
Investment securities purchased	771,088
Capital shares reacquired	558,108
Management fee	301,871
Directors’ fees	89,999
Fund administration	16,100
Accrued expenses and other liabilities	627,800
Total liabilities	2,364,966
NET ASSETS	$500,127,853
COMPOSITION OF NET ASSETS:
Paid-in capital	$599,347,295
Undistributed net investment income	167,134
Accumulated net realized loss on investments	(208,140,884	)
Net unrealized appreciation on investments	108,754,308
Net Assets	$500,127,853
Outstanding shares (200 million shares of common stock authorized, $.001 par value)	27,944,036
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$17.90

See Notes to Financial Statements.

8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $12,356)	$	3,194,223
Interest		523
Total investment income		3,194,746
Expenses:
Management fee		1,893,865
Shareholder servicing		857,664
Fund administration		101,006
Reports to shareholders		32,676
Professional		25,933
Custody		14,006
Directors’ fees		7,369
Other		5,223
Gross expenses		2,937,742
Expense reductions (See Note 7)		(349	)
Net expenses		2,937,393
Net investment income		257,353
Net realized and unrealized gain:
Net realized gain on investments		38,918,974
Net change in unrealized appreciation/depreciation on investments		182,602
Net realized and unrealized gain		39,101,576
Net Increase in Net Assets Resulting From Operations	$	39,358,929

See Notes to Financial Statements.

9

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Year Ended December 31, 2010
Operations:
Net investment income	$	257,353		$	1,753,924
Net realized gain on investments		38,918,974			76,909,643
Net change in unrealized appreciation/depreciation on investments		182,602			27,202,122
Net increase in net assets resulting from operations		39,358,929			105,865,689
Distributions to shareholders from:
Net investment income		–			(1,792,881	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		14,825,389			21,920,143
Reinvestment of distributions		–			1,792,881
Cost of shares reacquired		(52,874,415	)		(99,594,418	)
Net decrease in net assets resulting from capital share transactions		(38,049,026	)		(75,881,394	)
Net increase in net assets		1,309,903			28,191,414
NET ASSETS:
Beginning of period	$	498,817,950		$	470,626,536
End of period	$	500,127,853		$	498,817,950
Undistributed (distributions in excess of) net investment income	$	167,134		$	(90,219	)

See Notes to Financial Statements.

10

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			Year Ended 12/31
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$16.56			$13.26			$10.51			$18.90			$21.78			$21.09
Investment operations:
Net investment income(a)		.01			.05			.05			.19			.09			.10
Net realized and unrealized gain (loss)		1.33			3.31			2.76			(7.68	)		.07			2.47
Total from investment operations		1.34			3.36			2.81			(7.49	)		.16			2.57
Distributions to shareholders from:
Net investment income		–			(.06	)		(.06	)		(.21	)		(.10	)		(.11	)
Net realized gain		–			–			–			(.69	)		(2.94	)		(1.77	)
Total distributions		–			(.06	)		(.06	)		(.90	)		(3.04	)		(1.88	)
Net asset value, end of period		$17.90			$16.56			$13.26			$10.51			$18.90			$21.78
Total Return(b)		8.09	%(c)		25.43	%		26.62	%		(39.36	)%		.58	%		12.23	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.58	%(c)		1.21	%		1.22	%		1.15	%		1.12	%		1.12	%
Expenses, excluding expense reductions		.58	%(c)		1.21	%		1.22	%		1.15	%		1.12	%		1.12	%
Net investment income		.05	%(c)		.38	%		.48	%		1.21	%		.40	%		.48	%
Supplemental Data:
Net assets, end of period (000)		$500,128			$498,818			$470,627			$537,364			$1,052,158			$1,226,358
Portfolio turnover rate		20.96	%(c)		68.22	%		112.51	%(d)		30.43	%		35.39	%(d)		27.96	%(d)

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

^(b)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Includes portfolio securities delivered as a result of redemption 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 a diversified, 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 Mid-Cap Value Portfolio (the “Fund”).

The Fund’s investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

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

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

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, 2007 through December 31, 2010. 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 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

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

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

13

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, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	493,523	$	–	$	–	$	493,523
Repurchase Agreement		–		2,829		–		2,829
Total	$	493,523	$	2,829	$	–	$	496,352

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee was at an annualized rate of .75% of the Fund’s average daily net assets.

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

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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, 2011, the Fund incurred expenses of $836,081 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal year ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Year Ended 12/31/2010
Distributions paid from:
Ordinary income	$	–	$	1,792,881
Total distributions paid	$	–	$	1,792,881

As of December 31, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2017		Total
	$245,721,548	$	245,721,548

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	388,908,718
Gross unrealized gain		111,667,241
Gross unrealized loss		(4,224,038	)
Net unrealized security gain	$	107,443,203

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

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, 2011 were as follows:

Purchases		Sales
	$105,461,281	$	140,600,494

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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 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.

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, 2011 (unaudited)			Year Ended December 31, 2010
Shares sold		847,965			1,525,333
Reinvestment of distributions		–			108,562
Shares reacquired		(3,018,394	)		(7,021,862	)
Decrease		(2,170,429	)		(5,387,967	)

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 page is intentionally left blank.

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-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Total Return Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Total Return Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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 six-month period ended June 30, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,032.70	$	3.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.64	$	3.21

^†  Net expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2011

Sector*	%**
Auto		0.55%
Basic Industry		2.18%
Capital Goods		0.40%
Consumer Cyclicals		1.38%
Consumer Discretionary		0.98%
Consumer Non-Cyclical		0.03%
Consumer Services		1.77%
Consumer Staples		1.13%
Energy		4.16%
Financial Services		20.38%
Foreign Government		0.16%
Government		49.83%
Health Care		1.33%
Integrated Oils		1.29%
Materials and Processing		4.15%
Municipal		1.73%
Other		0.20%
Producer Durables		0.45%
Technology		1.01%
Telecommunications		0.87%
Transportation		1.19%
Utilities		1.48%
Short-Term Investment		3.35%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)			Fair Value
LONG-TERM INVESTMENTS 106.27%
ASSET-BACKED SECURITIES 3.30%
Automobiles 2.38%
Ally Auto Receivables Trust 2011-2 A2		0.67%			10/15/2013	$	10		$	10,007
AmeriCredit Automobile Receivables Trust 2010-2 A2		1.22%			10/8/2013		9			9,009
AmeriCredit Automobile Receivables Trust 2010-3 A2		0.77%			12/9/2013		7			7,351
AmeriCredit Automobile Receivables Trust 2011-2 A2		0.90%			9/8/2014		10			10,007
Bank of America Auto Trust 2010-2 A2		0.91%			10/15/2012		5			5,243
BMW Vehicle Lease Trust 2009-1 A3		2.91%			3/15/2012		–	(a)		501
BMW Vehicle Lease Trust 2010-1 A2		0.58%			9/17/2012		4			4,279
Capital Auto Receivables Asset Trust 2008-1 A3B		1.187%	#		8/15/2012		–	(a)		545
CarMax Auto Owner Trust 2010-3 A2		0.75%			9/16/2013		9			9,482
CarMax Auto Owner Trust 2011-1 A2		0.72%			11/15/2013		20			20,019
Chrysler Financial Auto Securitization Trust 2010-A A2		0.69%			1/8/2013		13			13,180
Hyundai Auto Receivables Trust 2010-A A2		0.86%			11/15/2012		2			2,126
Mercedes-Benz Auto Receivables Trust 2010-1 A2		0.70%			8/15/2012		4			3,827
Nissan Auto Lease Trust 2010-A A2		1.10%			3/15/2013		1			1,431
Santander Drive Auto Receivables Trust 2010-2 A2		0.95%			8/15/2013		4			3,594
Santander Drive Auto Receivables Trust 2010-3 A2		0.93%			6/17/2013		5			5,006
Santander Drive Auto Receivables Trust 2011-1 A2		0.94%			2/18/2014		10			10,000
Santander Drive Auto Receivables Trust 2011-2 A2		1.04%			4/15/2014		25			25,011
Total										140,618
Credit Cards 0.84%
Bank of America Credit Card Trust 2006-A15		0.187%	#		4/15/2014		25			24,992
Bank of America Credit Card Trust 2008-A5		1.387%	#		12/16/2013		15			15,007
Capital One Multi-Asset Execution Trust 2005-A1		0.257%	#		1/15/2015		10			9,996
Total										49,995
Other 0.08%
SLM Student Loan Trust 2008-8 A1		0.774%	#		10/27/2014		5			4,610
Total Asset-Backed Securities (cost $195,125)										195,223
CORPORATE BONDS 35.87%
Aerospace/Defense 0.02%
Embraer Overseas Ltd. (Brazil)(b)		6.375%			1/15/2020		1			1,095

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)			Fair Value
Air Transportation 0.36%
Continental Airlines, Inc.		6.545%		2/2/2019	$	–	(a)	$	955
Qantas Airways Ltd. (Australia)†(b)		6.05%		4/15/2016		10			10,850
Southwest Airlines Co.†		10.50%		12/15/2011		9			9,346
Total									21,151
Apparel 0.13%
PVH Corp.		7.75%		11/15/2023		7			7,529
Auto Parts: Original Equipment 0.24%
BorgWarner, Inc.		8.00%		10/1/2019		9			10,883
ITC Holdings Corp.†		5.50%		1/15/2020		3			3,269
Total									14,152
Automotive 0.23%
Cooper-Standard Automotive, Inc.		8.50%		5/1/2018		3			3,180
Ford Motor Co.		7.45%		7/16/2031		9			10,248
Total									13,428
Banks: Diversified 1.03%
Bank of America Corp.		5.625%		7/1/2020		5			5,172
Bank of America Corp.		7.625%		6/1/2019		15			17,402
Citigroup, Inc.		8.50%		5/22/2019		10			12,415
Goldman Sachs Group, Inc. (The)		5.375%		3/15/2020		9			9,310
Goldman Sachs Group, Inc. (The)		6.125%		2/15/2033		4			4,038
Goldman Sachs Group, Inc. (The)		6.25%		2/1/2041		5			5,058
Morgan Stanley		7.25%		4/1/2032		2			2,288
Provident Funding Associates LP/PFG Finance Corp.†		10.125%		2/15/2019		5			5,100
Total									60,783
Banks: Money Center 0.27%
SVB Financial Group		5.375%		9/15/2020		16			16,106
Beverages 0.29%
Bacardi Ltd.†		7.45%		4/1/2014		15			17,289
Biotechnology Research & Production 0.08%
Amgen, Inc.		5.70%		2/1/2019		4			4,537

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Broadcasting 0.18%
Citadel Broadcasting Corp.†		7.75%		12/15/2018	$	5	$	5,337
Cox Communications, Inc.		4.625%		6/1/2013		5		5,312
Total								10,649
Brokers 0.29%
Raymond James Financial, Inc.		8.60%		8/15/2019		14		17,123
Building Materials 0.34%
Building Materials Corp. of America†		7.00%		2/15/2020		7		7,367
Holcim US Finance SARL & Cie SCS (Luxembourg)†(b)		6.00%		12/30/2019		5		5,352
Owens Corning, Inc.		9.00%		6/15/2019		6		7,177
Total								19,896
Business Services 0.38%
Great Lakes Dredge & Dock Corp.†		7.375%		2/1/2019		6		5,940
Hillenbrand, Inc.		5.50%		7/15/2020		3		3,042
StoneMor Operating LLC/Cornerstone Family Services/Osiris Holdings		10.25%		12/1/2017		10		10,000
Verisk Analytics, Inc.		5.80%		5/1/2021		3		3,188
Total								22,170
Cable Services 0.10%
CCH II LLC/CCH II Capital Corp.		13.50%		11/30/2016		5		5,913
Capital Goods 0.34%
Republic Services, Inc.		6.75%		8/15/2011		20		20,117
Chemicals 1.80%
Airgas, Inc.		7.125%		10/1/2018		8		8,680
Basell Finance Co. BV (Netherlands)†(b)		8.10%		3/15/2027		3		3,360
Incitec Pivot Finance LLC†		6.00%		12/10/2019		20		21,456
Methanex Corp. (Canada)(b)		6.00%		8/15/2015		7		7,129
Methanex Corp. (Canada)(b)		8.75%		8/15/2012		3		3,188
Mosaic Co. (The)†		7.625%		12/1/2016		30		31,878
Westlake Chemical Corp.		6.625%		1/15/2016		14		14,490
Yara International ASA (Norway)†(b)		5.25%		12/15/2014		15		16,553
Total								106,734

See Notes to Financial Statements.

6

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Coal 0.32%
Drummond Co., Inc.		7.375%		2/15/2016	$	9	$	9,292
Drummond Co., Inc.†		9.00%		10/15/2014		7		7,402
Penn Virginia Corp.		7.25%		4/15/2019		2		1,938
Total								18,632
Computer Hardware 0.13%
Maxim Integrated Products, Inc.		3.45%		6/14/2013		2		2,078
Seagate Technology International†		10.00%		5/1/2014		5		5,825
Total								7,903
Computer Software 0.50%
BMC Software, Inc.		7.25%		6/1/2018		15		17,320
SunGard Data Systems, Inc.		10.25%		8/15/2015		12		12,450
Total								29,770
Consumer Products 0.31%
American Greetings Corp.		7.375%		6/1/2016		6		6,210
Scotts Miracle-Gro Co. (The)		7.25%		1/15/2018		4		4,270
Tupperware Brands Corp.†		4.75%		6/1/2021		8		7,904
Total								18,384
Containers 0.78%
Ball Corp.		6.625%		3/15/2018		10		10,338
Crown Americas LLC/Crown Americas Capital Corp. II		7.625%		5/15/2017		5		5,356
Crown Cork & Seal Co., Inc.		7.50%		12/15/2096		15		12,000
Pactiv Corp.		7.95%		12/15/2025		9		8,100
Rock-Tenn Co.		5.625%		3/15/2013		6		6,225
Rock-Tenn Co.		9.25%		3/15/2016		4		4,340
Total								46,359
Diversified 0.14%
BHP Billiton Finance USA Ltd. (Australia)(b)		6.50%		4/1/2019		7		8,389
Drugs 0.21%
Pfizer, Inc.		7.20%		3/15/2039		2		2,519
Valeant Pharmaceuticals International†		6.50%		7/15/2016		10		9,938
Total								12,457

See Notes to Financial Statements.

7

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Electric: Power 1.24%
Black Hills Corp.		9.00%		5/15/2014	$	3	$	3,479
Bruce Mansfield Unit		6.85%		6/1/2034		2		2,084
Connecticut Light & Power Co. (The)		6.35%		6/1/2036		2		2,275
Coso Geothermal Power Holdings LLC†		7.00%		7/15/2026		6		5,166
Duquesne Light Holdings, Inc.†		5.90%		12/1/2021		5		4,968
Duquesne Light Holdings, Inc.†		6.40%		9/15/2020		15		15,543
KCP&L Greater Missouri Operations Co.		11.875%		7/1/2012		3		3,306
NiSource Finance Corp.		10.75%		3/15/2016		3		3,924
PNM Resources, Inc.		9.25%		5/15/2015		6		6,720
PPL WEM Holdings plc (United Kingdom)†(b)		5.375%		5/1/2021		5		5,190
Tampa Electric Co.		6.55%		5/15/2036		2		2,329
Texas-New Mexico Power Co.†		9.50%		4/1/2019		12		15,443
Wisconsin Electric Power Co.		5.625%		5/15/2033		3		3,147
Total								73,574
Electrical Equipment 0.10%
Public Service Co. of New Mexico		7.95%		5/15/2018		5		5,651
Electrical: Household 0.11%
Energizer Holdings, Inc.†		4.70%		5/19/2021		3		2,969
Legrand France SA (France)(b)		8.50%		2/15/2025		3		3,770
Total								6,739
Electronics 0.06%
Thomas & Betts Corp.		5.625%		11/15/2021		3		3,258
Electronics: Semi-Conductors/Components 0.40%
Freescale Semiconductor, Inc.		8.875%		12/15/2014		2		2,095
KLA-Tencor Corp.		6.90%		5/1/2018		19		21,492
Total								23,587
Energy Equipment & Services 0.30%
Cameron International Corp.		6.375%		7/15/2018		10		11,440
Cameron International Corp.		7.00%		7/15/2038		3		3,425
Michigan Consolidated Gas Co.		5.70%		3/15/2033		3		3,058
Total								17,923
Engineering & Contracting Services 0.05%
Aeropuertos Argentina 2000 SA (Argentina)†(b)		10.75%		12/1/2020		3		3,179

See Notes to Financial Statements.

8

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Environmental Services 0.14%
Casella Waste Systems, Inc.		11.00%		7/15/2014	$	4	$	4,470
Williams Cos., Inc. (The)		8.75%		3/15/2032		3		3,825
Total								8,295
Fertilizers 0.20%
Mosaic Global Holdings, Inc.		7.30%		1/15/2028		5		5,847
Potash Corp. of Saskatchewan, Inc. (Canada)(b)		5.875%		12/1/2036		6		6,218
Total								12,065
Financial Services 1.81%
General Electric Capital Corp.		2.00%		9/28/2012		25		25,472
General Electric Capital Corp.		6.875%		1/10/2039		42		47,701
Petrobras International Finance Co. (Brazil)(b)		5.375%		1/27/2021		2		2,064
Petrobras International Finance Co. (Brazil)(b)		6.875%		1/20/2040		2		2,139
TD Ameritrade Holding Corp.		5.60%		12/1/2019		4		4,295
Woodside Finance Ltd. (Australia)†(b)		8.75%		3/1/2019		20		25,312
Total								106,983
Financial: Miscellaneous 0.43%
NASDAQ OMX Group, Inc. (The)		5.25%		1/16/2018		10		10,251
NASDAQ OMX Group, Inc. (The)		5.55%		1/15/2020		5		4,992
SLM Corp.		6.25%		1/25/2016		10		10,385
Total								25,628
Food 0.66%
Arcor (Argentina)†(b)		7.25%		11/9/2017		2		2,135
Southern States Cooperative, Inc.†		11.25%		5/15/2015		2		2,190
Tyson Foods, Inc.		6.85%		4/1/2016		5		5,550
Wm. Wrigley Jr. Co.†		3.70%		6/30/2014		28		29,112
Total								38,987
Gaming 0.17%
CCM Merger, Inc.†		8.00%		8/1/2013		5		4,938
Downstream Development Authority Quapaw Tribe of Oklahoma†		10.50%		7/1/2019		5		5,000
Total								9,938
Health Care Products 0.61%
Bausch & Lomb, Inc.		9.875%		11/1/2015		5		5,325
Biomet, Inc.		11.625%		10/15/2017		10		11,125

See Notes to Financial Statements.

9

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Health Care Products (continued)
HCA, Inc.		8.50%		4/15/2019	$	5	$	5,550
HCA, Inc.		9.25%		11/15/2016		3		3,199
HCA, Inc. PIK		9.625%		11/15/2016		10		10,662
Total								35,861
Health Care Services 0.49%
Centene Corp.		5.75%		6/1/2017		5		4,919
Omega Healthcare Investors, Inc.		7.00%		1/15/2016		15		15,506
Omega Healthcare Investors, Inc.		7.50%		2/15/2020		2		2,130
Vanguard Health Systems, Inc.		Zero Coupon		2/1/2016		10		6,637
Total								29,192
Hospital Management 0.07%
Universal Health Services, Inc.		6.75%		11/15/2011		2		2,034
Universal Health Services, Inc.		7.125%		6/30/2016		2		2,191
Total								4,225
Hotels, Restaurants & Leisure 0.04%
Wendy’s/Arby’s Restaurants LLC		10.00%		7/15/2016		2		2,225
Household Equipment/Products 0.23%
American Standard Americas†		10.75%		1/15/2016		4		3,865
Dollar General Corp.		10.625%		7/15/2015		9		9,506
Total								13,371
Household Furnishings 0.16%
Sealy Mattress Co.†		10.875%		4/15/2016		2		2,230
Simmons Bedding Co.†		11.25%		7/15/2015		7		7,385
Total								9,615
Insurance 1.26%
Aflac, Inc.		8.50%		5/15/2019		5		6,124
Fidelity National Financial, Inc.		6.60%		5/15/2017		2		2,114
Liberty Mutual Group, Inc.†		5.00%		6/1/2021		5		4,744
Liberty Mutual Group, Inc.†		6.50%		3/15/2035		5		4,661
Markel Corp.		7.125%		9/30/2019		7		8,007
Validus Holdings Ltd.		8.875%		1/26/2040		8		8,514
Willis North America, Inc.		5.625%		7/15/2015		25		27,074
Willis North America, Inc.		7.00%		9/29/2019		12		13,317
Total								74,555

See Notes to Financial Statements.

10

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Investment Management Companies 0.45%
Lazard Group LLC		7.125%		5/15/2015	$	19	$	21,397
Oaktree Capital Management LP†		6.75%		12/2/2019		5		5,307
Total								26,704
Leasing 0.04%
International Lease Finance Corp.		8.625%		9/15/2015		2		2,175
Lodging 0.19%
Hyatt Hotels Corp.†		6.875%		8/15/2019		10		11,177
Machinery: Agricultural 0.33%
Lorillard Tobacco Co.		8.125%		6/23/2019		11		12,832
Lorillard Tobacco Co.		8.125%		5/1/2040		6		6,619
Total								19,451
Machinery: Industrial/Specialty 0.09%
Amkor Technology, Inc.†		6.625%		6/1/2021		1		968
CPM Holdings, Inc.		10.625%		9/1/2014		4		4,360
Total								5,328
Machinery: Oil Well Equipment & Services 0.77%
National Oilwell Varco, Inc.		6.125%		8/15/2015		32		32,791
Pride International, Inc.		8.50%		6/15/2019		10		12,627
Total								45,418
Materials & Commodities 0.09%
RBS Global, Inc./Rexnord LLC		11.75%		8/1/2016		5		5,313
Media 1.37%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.		7.625%		5/15/2016		62		67,649
NBCUniversal Media LLC†		6.40%		4/30/2040		2		2,157
Nielsen Finance LLC/Nielsen Finance Co.		11.625%		2/1/2014		2		2,345
Videotron Ltee (Canada)(b)		6.875%		1/15/2014		9		9,146
Total								81,297
Metal Fabricating 0.15%
Timken Co.		6.00%		9/15/2014		8		8,852
Metals & Minerals: Miscellaneous 1.31%
AngloGold Ashanti Holdings plc (United Kingdom)(b)		6.50%		4/15/2040		10		9,569
Compass Minerals International, Inc.		8.00%		6/1/2019		5		5,487

See Notes to Financial Statements.

11

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Metals & Minerals: Miscellaneous (continued)
Freeport-McMoRan Copper & Gold, Inc.		8.375%		4/1/2017	$	40	$	43,750
Rio Tinto Finance USA Ltd. (Australia)(b)		9.00%		5/1/2019		14		18,578
Total								77,384
Natural Gas 0.32%
Florida Gas Transmission Co. LLC†		7.90%		5/15/2019		2		2,471
Southern Star Central Gas Pipeline, Inc.†		6.00%		6/1/2016		2		2,193
Spectra Energy Capital LLC		5.50%		3/1/2014		4		4,379
Tennessee Gas Pipeline Co.		8.375%		6/15/2032		8		10,154
Total								19,197
Oil 1.81%
Brigham Exploration Co.		8.75%		10/1/2018		2		2,190
Canadian Oil Sands Ltd. (Canada)†(b)		7.75%		5/15/2019		17		20,456
Continental Resources, Inc.		8.25%		10/1/2019		2		2,195
Ecopetrol SA (Colombia)(b)		7.625%		7/23/2019		1		1,202
Holly Corp.		9.875%		6/15/2017		14		15,680
NuStar Logistics LP		6.05%		3/15/2013		10		10,667
Pan American Energy LLC (Argentina)†(b)		7.875%		5/7/2021		3		3,195
Panhandle Eastern Pipeline Co. LP		8.125%		6/1/2019		10		12,104
QEP Resources, Inc.		6.875%		3/1/2021		5		5,300
Rosetta Resources, Inc.		9.50%		4/15/2018		2		2,225
SEACOR Holdings, Inc.		7.375%		10/1/2019		15		16,493
Shell International Finance BV (Netherlands)(b)		5.50%		3/25/2040		2		2,100
Valero Energy Corp.		9.375%		3/15/2019		6		7,675
Valero Energy Corp.		10.50%		3/15/2039		4		5,673
Total								107,155
Oil: Crude Producers 1.05%
Enogex LLC†		6.875%		7/15/2014		13		14,341
Holly Energy Partners LP/Holly Energy Finance Corp.		6.25%		3/1/2015		10		10,050
Kinder Morgan Finance Co. LLC†		6.00%		1/15/2018		2		2,085
NGPL PipeCo LLC†		6.514%		12/15/2012		10		10,520
Noble Energy, Inc.		5.25%		4/15/2014		2		2,180
Petroleum Development Corp.		12.00%		2/15/2018		5		5,575
Southeast Supply Header LLC†		4.85%		8/15/2014		2		2,135
Southern Star Central Corp.†		6.75%		3/1/2016		15		15,150
Total								62,036

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Oil: Integrated Domestic 1.42%
National Fuel Gas Co.		8.75%		5/1/2019	$	23	$	28,796
Occidental Petroleum Corp.		9.25%		8/1/2019		2		2,714
Questar Gas Co.		7.20%		4/1/2038		3		3,499
Rockies Express Pipeline LLC†		6.85%		7/15/2018		15		16,842
Rowan Cos., Inc.		7.875%		8/1/2019		7		8,331
Trinidad Drilling Ltd. (Canada)†(b)		7.875%		1/15/2019		2		2,080
Weatherford International Ltd.		4.95%		10/15/2013		11		11,723
Weatherford International Ltd.		9.875%		3/1/2039		7		9,856
Total								83,841
Paper & Forest Products 1.40%
Clearwater Paper Corp.		10.625%		6/15/2016		3		3,379
Georgia-Pacific LLC†		7.125%		1/15/2017		3		3,166
Georgia-Pacific LLC		8.875%		5/15/2031		15		19,000
International Paper Co.		9.375%		5/15/2019		10		12,789
PH Glatfelter Co.		7.125%		5/1/2016		7		7,254
Plum Creek Timberlands LP		4.70%		3/15/2021		14		13,824
Plum Creek Timberlands LP		5.875%		11/15/2015		3		3,343
Smurfit Kappa Funding plc (Ireland)(b)		7.75%		4/1/2015		10		10,150
West Fraser Timber Co. Ltd. (Canada)†(b)		5.20%		10/15/2014		10		10,125
Total								83,030
Plastics 0.17%
Plastipak Holdings, Inc.†		8.50%		12/15/2015		10		10,300
Pollution Control 0.36%
Allied Waste North America, Inc.		6.875%		6/1/2017		10		10,851
Clean Harbors, Inc.		7.625%		8/15/2016		5		5,325
Clean Harbors, Inc.†		7.625%		8/15/2016		5		5,325
Total								21,501
Printing 0.18%
Quebecor Media, Inc. (Canada)(b)		7.75%		3/15/2016		10		10,387
Real Estate Investment Trusts 2.96%
Developers Diversified Realty Corp.		5.375%		10/15/2012		30		30,891
Developers Diversified Realty Corp.		5.50%		5/1/2015		25		26,658
Entertainment Properties Trust		7.75%		7/15/2020		9		10,192
Federal Realty Investment Trust		5.40%		12/1/2013		3		3,230

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Real Estate Investment Trusts (continued)
Federal Realty Investment Trust		5.90%		4/1/2020	$	4	$	4,390
HCP, Inc.		6.00%		1/30/2017		4		4,410
Health Care REIT, Inc.		5.25%		1/15/2022		6		5,989
Kilroy Realty LP		6.625%		6/1/2020		10		10,759
Reckson Operating Partnership LP		5.875%		8/15/2014		15		16,240
Rouse Co. LP (The)		6.75%		11/9/2015		8		8,290
Tanger Properties LP		6.15%		11/15/2015		5		5,586
UDR, Inc.		6.05%		6/1/2013		15		15,962
Ventas Realty LP/Ventas Capital Corp.		6.50%		6/1/2016		15		15,511
Weyerhaeuser Co.		6.95%		8/1/2017		5		5,632
Weyerhaeuser Co.		7.375%		10/1/2019		10		11,346
Total								175,086
Restaurants 0.27%
OSI Restaurant Partners LLC		10.00%		6/15/2015		15		15,825
Retail 0.32%
Family Dollar Stores, Inc.		5.00%		2/1/2021		4		3,930
Ticketmaster Entertainment LLC/Ticketmaster Noteco, Inc.		10.75%		8/1/2016		5		5,475
Wal-Mart Stores, Inc.		6.50%		8/15/2037		8		9,219
Total								18,624
Retail: Specialty 0.13%
Michaels Stores, Inc.		11.375%		11/1/2016		7		7,490
Services 0.39%
FireKeepers Development Authority†		13.875%		5/1/2015		8		9,280
Iron Mountain, Inc.		6.625%		1/1/2016		14		14,070
Total								23,350
Steel 0.65%
Allegheny Technologies, Inc.		8.375%		12/15/2011		10		10,244
Allegheny Technologies, Inc.		9.375%		6/1/2019		10		12,689
Valmont Industries, Inc.		6.625%		4/20/2020		14		15,356
Total								38,289
Telecommunications 0.95%
Atlantic Broadband Finance LLC		9.375%		1/15/2014		10		10,212
CC Holdings GS V LLC/Crown Castle GS III Corp.†		7.75%		5/1/2017		12		13,050

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Telecommunications (continued)
DigitalGlobe, Inc.		10.50%		5/1/2014	$	4	$	4,465
GeoEye, Inc.		9.625%		10/1/2015		2		2,270
Qwest Corp.		8.875%		3/15/2012		25		26,375
Total								56,372
Telecommunications Equipment 0.07%
Cisco Systems, Inc.		4.95%		2/15/2019		4		4,350
Tobacco 0.33%
Altria Group, Inc.		9.95%		11/10/2038		14		19,728
Transportation: Miscellaneous 0.92%
Asciano Finance Ltd. (Australia)†(b)		4.625%		9/23/2020		12		11,471
Asciano Finance Ltd. (Australia)†(b)		5.00%		4/7/2018		5		5,140
CSX Corp.		6.30%		3/15/2012		10		10,392
Kansas City Southern de Mexico SA de CV (Mexico)†(b)		6.125%		6/15/2021		3		3,015
Transportadora de Gas del Sur SA (Argentina)†(b)		7.875%		5/14/2017		3		2,925
Viterra, Inc. (Canada)†(b)		5.95%		8/1/2020		21		21,392
Total								54,335
Utilities 0.10%
Commonwealth Edison Co.		6.95%		7/15/2018		5		5,720
Utilities: Electrical 0.28%
Otter Tail Corp.		9.00%		12/15/2016		15		16,725
Total Corporate Bonds (cost $2,102,623)								2,121,857
FOREIGN GOVERNMENT OBLIGATIONS(b) 0.58%
France 0.34%
Caisse d’Amortissement de la Dette Sociale†		1.25%		7/11/2014		20		19,969
Panama 0.14%
Republic of Panama		6.70%		1/26/2036		7		8,295
Peru 0.04%
Republic of Peru		6.55%		3/14/2037		2		2,241
Venezuela 0.06%
Republic of Venezuela		9.375%		1/13/2034		5		3,588
Total Foreign Government Obligations (cost $34,312)								34,093

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.80%
Federal Home Loan Mortgage Corp. K003 A5		5.085%			3/25/2019	$	10	$	10,704
Federal Home Loan Mortgage Corp. K004 A2		4.186%			8/25/2019		65		67,851
Federal Home Loan Mortgage Corp. K005 A2		4.317%			11/25/2019		45		46,665
Federal Home Loan Mortgage Corp. K011 A2		4.084%			11/25/2020		20		20,758
Federal National Mortgage Assoc. 2005-14 OP		4.50%			10/25/2028		4		3,632
Federal National Mortgage Assoc. 2009-M2 A2		3.334%			1/25/2019		15		15,733
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $164,252)									165,343
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 21.63%
Federal Home Loan Mortgage Corp.		1.00%			8/27/2014		10		9,987
Federal Home Loan Mortgage Corp.(c)		4.00%			TBA		250		249,844
Federal Home Loan Mortgage Corp.		4.335%	#		2/1/2036		22		23,275
Federal Home Loan Mortgage Corp.		4.736%	#		4/1/2034		17		17,940
Federal Home Loan Mortgage Corp.		4.873%	#		5/1/2035		4		4,692
Federal Home Loan Mortgage Corp.(c)		5.00%			TBA		150		160,711
Federal Home Loan Mortgage Corp.		5.019%	#		6/1/2036		11		12,056
Federal Home Loan Mortgage Corp.		5.075%	#		9/1/2035		15		15,563
Federal Home Loan Mortgage Corp.		5.114%	#		12/1/2035		6		6,539
Federal Home Loan Mortgage Corp.		5.373%	#		6/1/2036		4		4,176
Federal Home Loan Mortgage Corp.		5.59%	#		8/1/2037		17		17,614
Federal Home Loan Mortgage Corp.		5.796%	#		9/1/2037		8		8,325
Federal Home Loan Mortgage Corp.		5.953%	#		2/1/2037		51		53,685
Federal National Mortgage Assoc.		1.99%	#		10/1/2035		24		25,515
Federal National Mortgage Assoc.(c)		4.50%			TBA		25		26,508
Federal National Mortgage Assoc.		4.50%			2/1/2041 - 6/1/2041		210		217,656
Federal National Mortgage Assoc.		4.741%	#		4/1/2038		18		19,135
Federal National Mortgage Assoc.		4.936%	#		7/1/2038		16		17,175
Federal National Mortgage Assoc.		4.949%	#		9/1/2037		14		14,212
Federal National Mortgage Assoc.		5.077%	#		10/1/2038		21		22,257
Federal National Mortgage Assoc.(c)		5.50%			TBA		60		64,884
Federal National Mortgage Assoc.		5.50%			11/1/2034 - 2/1/2038		262		283,971
Federal National Mortgage Assoc.		5.653%	#		12/1/2036		3		3,640
Total Government Sponsored Enterprises Pass-Throughs (cost $1,278,214)									1,279,360

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 1.90%
Education 0.08%
Univ of CA Rev Build America Bds Regents Univ		5.77%		5/15/2043	$	5	$	4,973
General Obligation 0.16%
IL St		5.877%		3/1/2019		9		9,260
Health Care 0.09%
CA Infrastr & Econ Dev Bk Build America Bds Regents Univ		6.486%		5/15/2049		5		5,135
Housing 0.09%
Indianapolis IN Loc Pub Impt Bd Bk Build America Bds Ser B2		6.116%		1/15/2040		5		5,328
Other Revenue 0.17%
Metro Govt of Nashville & Davidson Cnty TN Convtn Ctr Auth Build America Bds Ser B		6.731%		7/1/2043		10		10,318
Sales Tax 0.12%
New York City NY Transnl Fin Auth Build America Bds		5.767%		8/1/2036		7		7,346
Transportation 0.34%
Bay Area Toll Auth CA Build America Bds Ser S1		6.918%		4/1/2040		2		2,181
Bay Area Toll Auth CA Build America Bds Ser S3		6.907%		10/1/2050		2		2,156
Chicago IL O’Hare Intl Arpt Build America Bds Ser B		6.845%		1/1/2038		5		5,134
Los Angeles Cnty CA Metro Transn Auth Build America Bds		5.735%		6/1/2039		5		5,034
OR St Dept of Transn Hwy Build America Bds Ser A		5.834%		11/15/2034		5		5,430
Total								19,935
Utilities 0.85%
Grant Cnty WA Pub Util Dist No 2 Build America Bds		5.83%		1/1/2040		5		4,993
Muni Elec Auth GA Build America Bds		7.055%		4/1/2057		15		14,032
New York City NY Muni Wtr Fin Auth Build America Bds		6.011%		6/15/2042		5		5,486
New York City NY Muni Wtr Fin Auth Build America Bds		6.282%		6/15/2042		5		5,151
Sacramento CA Muni Util Dist Build America Bds Ser W		6.156%		5/15/2036		10		10,007
San Diego Cnty CA Wtr Auth Build America Bds Ser B		6.138%		5/1/2049		10		10,637
Total								50,306
Total Municipal Bonds (cost $110,384)								112,601

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.92%
Banc of America Commercial Mortgage, Inc. 2003-1 A1		3.878%			9/11/2036	$	3	$	3,283
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP4 A3		5.61%			11/15/2033		7		7,144
Bear Stearns Commercial Mortgage Securities, Inc. 2003-T10 A1		4.00%			3/13/2040		6		6,190
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW12 AAB		5.878%	#		9/11/2038		25		26,726
Commercial Mortgage Pass-Through Certificates 2005-C6 A5A		5.116%			6/10/2044		10		10,837
Commercial Mortgage Pass-Through Certificates 2006-C8 AM		5.347%			12/10/2046		20		19,098
CS First Boston Mortgage Securities Corp. 2001-CK6 A3		6.387%			8/15/2036		5		5,036
CS First Boston Mortgage Securities Corp. 2002-CKS4 A2		5.183%			11/15/2036		19		19,520
GE Capital Commercial Mortgage Corp. 2002-3A A2		4.996%			12/10/2037		10		10,214
GE Capital Commercial Mortgage Corp. 2006-C1 A4		5.512%	#		3/10/2044		10		10,892
GMAC Commercial Mortgage Securities, Inc. 2003-C1 A1		3.337%			5/10/2036		5		4,978
Greenwich Capital Commercial Funding Corp. 2005-GG5 A2		5.117%			4/10/2037		21		21,179
GS Mortgage Securities Corp. II 2005-GG4 AABA		4.68%			7/10/2039		7		7,630
GS Mortgage Securities Corp. II 2006-GG6 A2		5.506%			4/10/2038		6		6,162
GS Mortgage Securities Corp. II 2006-GG6 AM		5.622%			4/10/2038		10		9,967
GS Mortgage Securities Corp. II 2006-GG8 AM		5.591%			11/10/2039		10		9,826
JPMorgan Chase Commercial Mortgage Securities Corp. 2002-C1 A3		5.376%			7/12/2037		10		10,244
JPMorgan Chase Commercial Mortgage Securities Corp. 2004-LN2 A1		4.475%			7/15/2041		5		5,414
JPMorgan Chase Commercial Mortgage Securities Corp. 2005-LDP5 A4		5.371%	#		12/15/2044		20		21,848
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4		6.067%	#		4/15/2045		20		22,222
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 A2		5.99%	#		6/15/2049		20		20,559
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 AM		6.005%	#		6/15/2049		15		13,388
LB-UBS Commercial Mortgage Trust 2001-C7 A5		6.133%			12/15/2030		6		5,642
LB-UBS Commercial Mortgage Trust 2005-C1 A2		4.31%			2/15/2030		1		1,484
LB-UBS Commercial Mortgage Trust 2005-C3 A2		4.553%			7/15/2030		4		4,200

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
LB-UBS Commercial Mortgage Trust 2005-C5 A4		4.954%			9/15/2030	$	10	$	10,816
LB-UBS Commercial Mortgage Trust 2007-C1 AM		5.455%			2/15/2040		10		9,740
Merrill Lynch Mortgage Trust 2005-CKI1 A4FL		0.44%	#		11/12/2037		25		24,168
Merrill Lynch Mortgage Trust 2005-LC1 ASB		5.282%			1/12/2044		30		31,623
Merrill Lynch Mortgage Trust 2005-MCP1 A2		4.556%			6/12/2043		2		2,340
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-1 A2		5.439%			2/12/2039		3		3,113
Wachovia Bank Commercial Mortgage Trust 2003-C5 A1		2.986%			6/15/2035		1		1,233
Wachovia Bank Commercial Mortgage Trust 2005-C20 A7		5.118%			7/15/2042		20		21,740
Wachovia Bank Commercial Mortgage Trust 2006-C23 AJ		5.515%			1/15/2045		10		9,461
Wachovia Bank Commercial Mortgage Trust 2006-C27 A3		5.765%			7/15/2045		55		60,337
Wachovia Bank Commercial Mortgage Trust 2006-C27 AM		5.795%			7/15/2045		10		10,138
Total Non-Agency Commercial Mortgage-Backed Securities (cost $472,250)									468,392
U.S. TREASURY OBLIGATIONS 32.27%
U.S. Treasury Bond		4.75%			2/15/2041		191		203,057
U.S. Treasury Note		0.75%			6/15/2014		101		100,897
U.S. Treasury Note		1.375%			1/15/2013		326		331,094
U.S. Treasury Note		1.50%			6/30/2016		110		108,676
U.S. Treasury Note		1.75%			5/31/2016		421		421,723
U.S. Treasury Note		2.75%			12/31/2017		529		543,217
U.S. Treasury Note		3.125%			5/15/2021		201		200,467
Total U.S. Treasury Obligations (cost $1,909,041)									1,909,131
Total Long-Term Investments (cost $6,266,201)									6,286,000
SHORT-TERM INVESTMENT 3.68%
Repurchase Agreement
Repurchase Agreement dated 6/30/2011, 0.01% due 7/1/2011 with Fixed Income Clearing Corp. collateralized by $210,000 of U.S. Treasury Note at 3.125% due 4/30/2017; value: $224,032; proceeds: $217,970 (cost $217,970)							218		217,970
Total Investments in Securities 109.95% (cost $6,484,171)									6,503,970
Liabilities in Excess of Cash and Other Assets(d) (9.95%)									(588,711	)
Net Assets 100.00%								$	5,915,259

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(concluded)

June 30, 2011

PIK	Payment-in-kind.
REIT	Real Estate Investment Trust.
Unit	More than one class of securities traded together.
#	Variable rate security. The interest rate represents the rate in effect at June 30, 2011.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.
(a)	Amount is less than $1,000.
(b)	Foreign security traded in U.S. dollars.
(c)	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.
(d)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation on TBA sale commitment, as follows:

TBA Sale Commitment

Government Sponsored Enterprises Pass-Through	Interest Rate	Maturity Date		Principal Amount (000)	Fair Value
Federal National Mortgage Assoc.(c) (Proceeds $52,096)	4.50%		TBA	$50	$	(51,742)

See Notes to Financial Statements.

20

Statement of Assets and Liabilities (unaudited)

June 30, 2011

ASSETS:
Investments in securities, at fair value (cost $6,484,171)	$	6,503,970
Receivables:
Investment securities sold		232,465
Interest and dividends		58,685
Capital shares sold		13,485
From advisor (See Note 3)		6,159
Total assets		6,814,764
LIABILITIES:
TBA sale commitment at fair value (proceeds $52,096)		51,742
Payables:
Investment securities purchased		805,828
Management fee		1,980
To bank		408
Fund administration		176
Directors’ fees		44
Accrued expenses and other liabilities		39,327
Total liabilities		899,505
NET ASSETS	$	5,915,259
COMPOSITION OF NET ASSETS:
Paid-in capital	$	5,812,639
Undistributed net investment income		54,237
Accumulated net realized gain on investments and TBA sale commitment		28,230
Net unrealized appreciation on investments and TBA sale commitment		20,153
Net Assets	$	5,915,259
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		374,516
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$15.79

See Notes to Financial Statements.

21

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Interest	$	65,781
Total investment income		65,781
Expenses:
Management fee		8,202
Shareholder servicing		7,562
Professional		20,086
Custody		4,666
Reports to shareholders		3,879
Offering costs		3,122
Fund administration		729
Directors’ fees		40
Other		292
Gross expenses		48,578
Expense reductions (See Note 7)		(2	)
Management fee waived and expenses reimbursed (See Note 3)		(36,911	)
Net expenses		11,665
Net investment income		54,116
Net realized and unrealized gain:
Net realized gain on investments and TBA sale commitment		38,062
Net change in unrealized appreciation/depreciation on investments and TBA sale commitment		23,688
Net realized and unrealized gain		61,750
Net Increase in Net Assets Resulting From Operations	$	115,866

See Notes to Financial Statements.

22

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Period Ended December 31, 2010*
Operations:
Net investment income	$	54,116		$	27,436
Net realized gain on investments and TBA sale commitment		38,062			32,862
Net change in unrealized appreciation/depreciation on investments and TBA sale commitment		23,688			(3,535	)
Net increase in net assets resulting from operations		115,866			56,763
Distributions to shareholders from:
Net investment income		–			(35,162	)
Net realized gain		–			(34,847	)
Total distributions to shareholders		–			(70,009	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		3,559,440			2,201,014
Reinvestment of distributions		–			70,006
Cost of shares reacquired		(16,689	)		(1,132	)
Net increase in net assets resulting from capital share transactions		3,542,751			2,269,888
Net increase in net assets		3,658,617			2,256,642
NET ASSETS:
Beginning of period	$	2,256,642		$	–
End of period	$	5,915,259		$	2,256,642
Undistributed net investment income	$	54,237		$	121

* For the period April 16, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

23

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			4/16/2010(a) to 12/31/2010
Per Share Operating Performance
Net asset value, beginning of period		$15.28			$15.00
Investment operations:
Net investment income(b)					.01
Net realized and unrealized gain					.06
Total from investment operations					.07
Net asset value, on SEC Effective Date, 5/1/2010					$15.07
Investment operations:
Net investment income(b)		.23			.29
Net realized and unrealized gain		.28			.44
Total from investment operations		.51			.73
Distributions to shareholders from:
Net investment income		–			(.26	)
Net realized gain		–			(.26	)
Total distributions		–			(.52	)
Net asset value, end of period		$15.79			$15.28
Total Return(c)		3.27	%(d)		5.39	%(d)(e)
Total Return(c)					4.90	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.32	%(d)		.64	%(g)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.32	%(d)		.64	%(g)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.31	%(d)		6.98	%(g)
Net investment income		1.46	%(d)		2.71	%(g)
Supplemental Data:
Net assets, end of period (000)		$5,915			$2,257
Portfolio turnover rate		276.09	%(d)		440.61	%

^(a)  Commencement of operations was 4/16/2010, 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 does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(d)  Not annualized.

^(e)  Total return for the period 4/16/10 through 12/31/10.

^(f)  Total return for the period 5/1/10 through 12/31/10.

^(g)  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 a diversified, 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’s investment objective is to seek income and capital appreciation to produce a high total return. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 fair value.

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

(c) Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest income on the Statement of Operations.

(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.

25

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 period ended December 31, 2010. 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 TBA sale commitment 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 TBA sale commitment 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 fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(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 a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

26

Notes to Financial Statements (unaudited)(continued)

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

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

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

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

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

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, 2011 in valuing the Fund’s investments carried at fair value:

					Total Return
Investment Type*	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	–	$	195,223	$	–	$	195,223
Corporate Bonds		–		2,121,857		–		2,121,857
Foreign Government Obligations		–		34,093		–		34,093
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		165,343		–		165,343
Government Sponsored Enterprises Pass-Throughs		–		1,279,360		–		1,279,360

27

Notes to Financial Statements (unaudited)(continued)

								Total Return
Investment Type*	Level 1		Level 2			Level 3		Total
Municipal Bonds	$	–	$	112,601		$	–	$	112,601
Non-Agency Commercial Mortgage-Backed Securities		–		468,392			–		468,392
U.S. Treasury Obligations		–		1,909,131			–		1,909,131
Repurchase Agreement		–		217,970			–		217,970
Total	$	–	$	6,503,970		$	–	$	6,503,970
Other Financial Instruments
TBA Sale Commitment	$	–	$	(51,742	)	$	–	$	(51,742	)

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .00% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily 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, 2011, the Fund incurred expenses of $6,379 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.

28

Notes to Financial Statements (unaudited)(continued)

4.    DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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, 2011 and the fiscal period ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Period Ended 12/31/2010*
Distributions paid from:
Ordinary income	$	–	$	70,009
Total distributions paid	$	–	$	70,009

* For the period April 16, 2010 (commencement of operations) to December 31, 2010.

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	6,490,821
Gross unrealized gain		40,754
Gross unrealized loss		(27,605	)
Net unrealized security gain	$	13,149

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

U.S. Government Purchases*	Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$11,918,422	$	3,184,375	$	9,667,697	$	1,382,293

* Includes U.S. Government sponsored enterprises securities.

29

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 fixed income securities. The value of an investment will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise.

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

30

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, 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 (which may include emerging market) 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.

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2011 (unaudited)			Period Ended December 31,  2010†
Shares sold	$	227,938		$	143,131
Reinvestment of distributions		–			4,600
Shares reacquired		(1,081	)		(72	)
Increase	$	226,857		$	147,659

^†  For the period April 16, 2010 (commencement of operations) to December 31, 2010.

31

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

32

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

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

Lord Abbett Series Fund, Inc.

Total Return Portfolio

SFTR-PORT-3-0611

(08/11)

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Series Fund—Value Opportunities Portfolio

For the six-month period ended June 30, 2011

Lord Abbett Series Fund — Value Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2011

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 six-month period ended June 30, 2011. 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, 2011 through June 30, 2011).

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

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/11 – 6/30/11” 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†
	1/1/11		6/30/11		1/1/11 - 6/30/11
Class VC
Actual	$	1,000.00	$	1,068.30	$	5.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.34	$	5.51

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

Portfolio Holdings Presented by Sector

June 30, 2011

Sector*	%**
Consumer Discretionary		13.60%
Consumer Staples		1.54%
Energy		7.69%
Financials		14.80%
Health Care		10.85%
Industrials		20.57%
Information Technology		15.53%
Materials		11.92%
Utilities		3.50%
Total		100.00%

* A sector may comprise several industries.

** Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2011

Investments	Shares		Fair Value
COMMON STOCKS 107.24%
Aerospace & Defense 2.08%
Hexcel Corp.*		109	$	2,386
Spirit AeroSystems Holdings, Inc. Class A*		110		2,420
Total				4,806
Air Freight & Logistics 1.16%
Atlas Air Worldwide Holdings, Inc.*		45		2,678
Auto Components 0.86%
Gentex Corp.		66		1,995
Building Products 1.46%
Crane Co.		68		3,360
Capital Markets 3.04%
Lazard Ltd. Class A		122		4,526
LPL Investment Holdings, Inc.*		73		2,498
Total				7,024
Chemicals 4.79%
Albemarle Corp.		58		4,014
Celanese Corp. Series A		63		3,359
Eastman Chemical Co.		36		3,674
Total				11,047
Commercial Banks 6.49%
BOK Financial Corp.		47		2,574
Comerica, Inc.		68		2,351
Commerce Bancshares, Inc.		60		2,580
Cullen/Frost Bankers, Inc.		25		1,421
East West Bancorp, Inc.		101		2,041
Hancock Holding Co.		63		1,952
Huntington Bancshares, Inc.		189		1,240
KeyCorp		98		816
Total				14,975

Investments	Shares		Fair Value
Commercial Services & Supplies 2.38%
Tetra Tech, Inc.*		95	$	2,138
Waste Connections, Inc.		106		3,363
Total				5,501
Communications Equipment 0.68%
Brocade Communications Systems, Inc.*		243		1,570
Construction & Engineering 3.86%
Chicago Bridge & Iron Co. NV (Netherlands)(a)		87		3,384
EMCOR Group, Inc.*		85		2,491
Jacobs Engineering Group, Inc.*		70		3,028
Total				8,903
Containers & Packaging 1.84%
Temple-Inland, Inc.		143		4,253
Electric: Utilities 2.19%
Cleco Corp.		69		2,405
NV Energy, Inc.		172		2,640
Total				5,045
Electrical Equipment 1.58%
EnerSys*		106		3,649
Electronic Equipment, Instruments & Components 3.08%
Amphenol Corp. Class A		41		2,213
Plexus Corp.*		67		2,332
ScanSource, Inc.*		68		2,549
Total				7,094
Energy Equipment & Services 5.74%
GulfMark Offshore, Inc. Class A*		37		1,635
Helix Energy Solutions Group, Inc.*		91		1,507
Key Energy Services, Inc.*		207		3,726
Rowan Cos., Inc.*		82		3,182

See Notes to Financial Statements.

4

Schedule of Investments (unaudited)(continued)

June 30, 2011

Investments	Shares		Fair Value
Energy Equipment & Services (continued)
Superior Energy Services, Inc.*		86	$	3,194
Total				13,244
Food Products 1.65%
Bunge Ltd.		44		3,034
Ralcorp Holdings, Inc.*		9		779
Total				3,813
Gas Utilities 1.56%
UGI Corp.		113		3,604
Health Care Equipment & Supplies 3.26%
CareFusion Corp.*		90		2,445
Kinetic Concepts, Inc.*		62		3,573
NuVasive, Inc.*		46		1,513
Total				7,531
Health Care Providers & Services 3.55%
Coventry Health Care, Inc.*		116		4,230
McKesson Corp.		24		2,008
Universal Health Services, Inc. Class B		38		1,958
Total				8,196
Hotels, Restaurants & Leisure 2.60%
Darden Restaurants, Inc.		49		2,438
Hyatt Hotels Corp. Class A*		51		2,082
Texas Roadhouse, Inc.		84		1,473
Total				5,993
Household Durables 3.45%
Fortune Brands, Inc.		80		5,101
Mohawk Industries, Inc.*		37		2,220
Newell Rubbermaid, Inc.		41		647
Total				7,968
Information Technology Services 7.91%
Alliance Data Systems Corp.*		46		4,327
Amdocs Ltd. (Guernsey)*(a)		108		3,282

Investments	Shares		Fair Value
Fiserv, Inc.*		40	$	2,505
FleetCor Technologies, Inc.*		45		1,334
Global Payments, Inc.		60		3,060
Sapient Corp.*		249		3,743
Total				18,251
Insurance 3.85%
Alterra Capital Holdings Ltd.		118		2,631
Brown & Brown, Inc.		134		3,438
HCC Insurance Holdings, Inc.		89		2,804
Total				8,873
Internet Software & Services 0.57%
SAVVIS, Inc.*		33		1,304
Life Sciences Tools & Services 1.07%
PerkinElmer, Inc.		92		2,476
Machinery 4.19%
EnPro Industries, Inc.*		35		1,682
SPX Corp.		34		2,810
Trinity Industries, Inc.		85		2,965
WABCO Holdings, Inc.*		32		2,210
Total				9,667
Marine 0.64%
Kirby Corp.*		26		1,473
Media 5.02%
Interpublic Group of Cos., Inc. (The)		574		7,175
John Wiley & Sons, Inc. Class A		60		3,121
Meredith Corp.		41		1,276
Total				11,572
Metals & Mining 6.15%
Agnico-Eagle Mines Ltd. (Canada)(a)		35		2,210
Allegheny Technologies, Inc.		30		1,904
Carpenter Technology Corp.		58		3,345

See Notes to Financial Statements.

5

Schedule of Investments (unaudited)(concluded)

June 30, 2011

Investments	Shares		Fair Value
Metals & Mining (continued)
IAMGOLD Corp. (Canada)(a)		127	$	2,382
Reliance Steel & Aluminum Co.		60		2,979
Worthington Industries, Inc.		59		1,363
Total				14,183
Oil, Gas & Consumable Fuels 2.51%
EQT Corp.		52		2,731
Range Resources Corp.		55		3,053
Total				5,784
Pharmaceuticals 3.74%
Warner Chilcott plc Class A (Ireland)(a)		133		3,209
Watson Pharmaceuticals, Inc.*		79		5,430
Total				8,639
Professional Services 0.03%
TrueBlue, Inc.*		4		58
Real Estate Investment Trusts 2.50%
DiamondRock Hospitality Co.		101		1,084
Duke Realty Corp.		92		1,289
Host Hotels & Resorts, Inc.		108		1,830
Pebblebrook Hotel Trust		77		1,555
Total				5,758
Road & Rail 3.59%
Genesee & Wyoming, Inc. Class A*		26		1,525
Heartland Express, Inc.		143		2,368
Kansas City Southern*		43		2,551
Werner Enterprises, Inc.		73		1,829
Total				8,273

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 2.99%
Cypress Semiconductor Corp.*		112	$	2,368
International Rectifier Corp.*		23		643
Lam Research Corp.*		28		1,240
Silicon Laboratories, Inc.*		64		2,640
Total				6,891
Software 1.44%
Nuance Communications, Inc.*		155		3,328
Specialty Retail 0.98%
Men’s Wearhouse, Inc. (The)		67		2,258
Textiles, Apparel & Luxury Goods 1.67%
PVH Corp.		59		3,863
Trading Companies & Distributors 1.09%
TAL International Group, Inc.		73		2,521
Total Investments in Common Stocks 107.24% (cost $215,564)				247,421
Liabilities in Excess of Cash and Other Assets (7.24)%				(16,704	)
Net Assets 100%			$	230,717

*	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, 2011

ASSETS:
Investments in securities, at fair value (cost $215,564)	$	247,421
Cash		5,317
Receivables:
From advisor (See Note 3)		3,966
Investment securities sold		1,178
Interest and dividends		147
Total assets		258,029
LIABILITIES:
Payables:
Management fee		137
Investment securities purchased		97
Fund administration		7
Directors’ fees		5
Accrued expenses and other liabilities		27,066
Total liabilities		27,312
NET ASSETS	$	230,717
COMPOSITION OF NET ASSETS:
Paid-in capital	$	200,522
Distributions in excess of net investment income		(112	)
Accumulated net realized loss on investments		(1,550	)
Net unrealized appreciation on investments		31,857
Net Assets	$	230,717
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		13,411
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$17.20

See Notes to Financial Statements.

7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2011

Investment income:
Dividends (net of foreign withholding taxes of $5)	$	1,126
Total investment income		1,126
Expenses:
Management fee		842
Professional		17,778
Offering costs		2,876
Custody		4,944
Reports to shareholders		2,390
Fund administration		45
Directors’ fees		3
Other		260
Gross expenses		29,138
Management fee waived and expenses reimbursed (See Note 3)		(27,904	)
Net expenses		1,234
Net investment loss		(108	)
Net realized and unrealized gain:
Net realized gain on investments		6,892
Net change in unrealized appreciation/depreciation on investments		7,936
Net realized and unrealized gain		14,828
Net Increase in Net Assets Resulting From Operations	$	14,720

See Notes to Financial Statements.

8

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2011 (unaudited)			For the Period Ended December 31, 2010*
Operations:
Net investment income (loss)	$	(108	)	$	1,216
Net realized gain (loss) on investments		6,892			(8,462	)
Net change in unrealized appreciation/depreciation on investments		7,936			23,921
Net increase in net assets resulting from operations		14,720			16,675
Distributions to shareholders from:
Net investment income		–			(1,227	)
Capital share transactions (See Note 10):
Net proceeds from sales of shares		–			199,322
Reinvestment of distributions		–			1,227
Cost of shares reacquired		–			–
Net increase in net assets resulting from capital share transactions		–			200,549
Net increase in net assets		14,720			215,997
NET ASSETS:
Beginning of period	$	215,997		$	–
End of period	$	230,717		$	215,997
Distributions in excess of net investment income	$	(112	)	$	(4	)

* For the period April 23, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

9

Financial Highlights

	Six Months Ended 6/30/2011 (unaudited)			4/23/2010(a) to 12/31/2010
Per Share Operating Performance
Net asset value, beginning of period		$16.11			$15.00
Investment operations:
Net investment loss(b)					—	(c)
Net realized and unrealized loss					(.37	)
Total from investment operations					(.37	)
Net asset value, on SEC Effective Date, 5/1/2010					$14.63
Investment operations:
Net investment income (loss)(b)		(.01	)		.09
Net realized and unrealized gain		1.10			1.48
Total from investment operations		1.09			1.57
Distributions to shareholders from:
Net investment income		–			(.09	)
Net asset value, end of period		$17.20			$16.11
Total Return(d)					7.94	%(e)(f)
Total Return(d)		6.83	%(e)		10.67	%(e)(g)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.55	%(e)		1.10	%(h)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.55	%(e)		1.10	%(h)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		12.87	%(e)		44.39	%(h)
Net investment income		(.05	)%(e)		.94	%(h)
Supplemental Data:
Net assets, end of period (000)		$231			$216
Portfolio turnover rate		37.61	%(e)		49.29	%

^(a)  Commencement of operations was 4/23/2010, 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)  Amount is less than $.01.

^(d)  Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

^(e)  Not annualized.

^(f)  Total return for the period 4/23/10 through 12/31/10.

^(g)  Total return for the period 5/1/10 through 12/31/10.

^(h)  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 a diversified, 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’s investment objective 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 the 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 fair value.

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

(c) Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest income on the Statement of Operations.

(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 period ended December 31, 2010. 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 fair value of these securities has declined, the 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 or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund’s investments carried at fair value:

Investment Type*	Level 1		Level 2		Level 3		Total
Common Stocks	$	247,421	$	–	$	–	$	247,421
Total	$	247,421	$	–	$	–	$	247,421

* See Schedule of Investments for fair 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 rate:

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

For the six months ended June 30, 2011, the effective management fee, net of waivers, was at an annualized rate of .00% of the Fund’s average daily net assets.

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

For the period January 1, 2011 through April 30, 2012, 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 1.10%. This agreement may be terminated only upon the approval of the Fund’s Board of Directors.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value (“NAV”) of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. 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, 2011, 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 at least semi-annually. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward

13

Notes to Financial Statements (unaudited)(continued)

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, 2011 and the fiscal period ended December 31, 2010 was as follows:

	Six Months Ended 6/30/2011 (unaudited)		Period Ended 12/31/2010*
Distributions paid from:
Ordinary income	$	–	$	1,227
Total distributions paid	$	–	$	1,227

* For the period April 23, 2010 (commencement of operations) to December 31, 2010.

As of December 31, 2010, the capital loss carryforward, along with the related expiration date, was as follows:

2018	Total
$7,736	$	7,736

As of June 30, 2011, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	216,271
Gross unrealized gain		33,670
Gross unrealized loss		(2,520	)
Net unrealized security gain	$	31,150

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Fund.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2011 were as follows:

Purchases	Sales
$89,935	$	92,001

14

Notes to Financial Statements (unaudited)(continued)

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2011.

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 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 American Depositary Receipts), 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)

10.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2011 (unaudited)		Period Ended December 31,  2010†
Shares sold		–		13,335
Reinvestment of distributions		–		76
Increase		–		13,411

^†  For the period April 23, 2010 (commencement of operations) to December 31, 2010.

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 page is intentionally left blank.

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-3-0611

(08/11)

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 16, 2011

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: August 16, 2011

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 16, 2011

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: August 16, 2011