N-CSRS

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:		6/30/2009

Item 1:               Report(s) to Shareholders.

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—All Value Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — All Value Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund – All Value Portfolio for the six-month period ended June 30, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 – 6/30/09
Class VC
Actual	$	1,000.00	$	1,033.00	$	5.80
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, 2009

Sector*	%**
Consumer Discretionary		15.85	%
Consumer Staples		3.12	%
Energy		13.53	%
Financial Services		18.91	%
Healthcare		14.49	%
Materials & Processing		6.63	%
Producer Durables		20.50	%
Technology		5.67	%
Short-Term Investment		1.30	%
Total		100.00	%

  *  A sector may comprise several industries.

  **  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		Value (000)
COMMON STOCKS 97.84%
Advertising Agencies 0.40%
Omnicom Group, Inc.		10,900	$	344
Aerospace 5.27%
Alliant Techsystems, Inc.*		12,500		1,030
Curtiss-Wright Corp.		10,300		306
General Dynamics Corp.		26,600		1,473
United Technologies Corp.		34,170		1,775
Total				4,584
Air Transportation 1.56%
Bristow Group, Inc.*		9,300		276
Continental Airlines, Inc. Class B*		53,100		470
Southwest Airlines Co.		90,600		610
Total				1,356
Asset Management & Custodian 3.13%
Northern Trust Corp.		14,400		773
State Street Corp.		41,400		1,954
Total				2,727
Auto Parts 2.58%
Autoliv, Inc. (Sweden)(a)		40,200		1,157
BorgWarner, Inc.		21,400		731
WABCO Holdings, Inc.		20,400		361
Total				2,249
Automobiles 1.74%
Honda Motor Co., Ltd. ADR		55,200		1,511
Banks: Diversified 3.14%
City National Corp.		9,500		350
Commerce Bancshares, Inc.		19,862		632
Cullen/Frost Bankers, Inc.		24,700		1,139
Wells Fargo & Co.		25,300		614
Total				2,735

Investments	Shares		Value (000)
Biotechnology 3.53%
Amgen, Inc.*		42,600	$	2,255
Onyx Pharmaceuticals, Inc.*		28,800		814
Total				3,069
Building: Materials 0.28%
Quanex Building Products Corp.		21,450		241
Casinos & Gambling 0.91%
International Game Technology		49,900		793
Chemical: Diversified 0.93%
Celanese Corp. Series A		34,100		810
Commercial Services: Rental & Leasing 0.60%
GATX Corp.		20,200		520
Commercial Vehicles & Parts 0.73%
PACCAR, Inc.		19,500		634
Communications Technology 0.93%
Anixter International, Inc.*		21,600		812
Computer Services, Software & Systems 4.68%
Adobe Systems, Inc.*		57,300		1,622
Intuit, Inc.*		6,400		180
McAfee, Inc.*		31,300		1,321
Microsoft Corp.		40,100		953
Total				4,076
Consumer Lending 0.74%
Berkshire Hathaway, Inc. Class B*		222		643
Containers & Packaging 0.67%
AptarGroup, Inc.		17,200		581

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Diversified Financial Services 7.35%
Bank of New York Mellon Corp. (The)		55,887	$	1,638
JPMorgan Chase & Co.		47,400		1,617
Lazard Ltd. Class A		38,600		1,039
Morgan Stanley		48,800		1,391
Raymond James Financial, Inc.		41,100		707
Total				6,392
Diversified Manufacturing Operations 4.28%
Eaton Corp.		30,270		1,350
Honeywell International, Inc.		26,500		832
ITT Corp.		34,600		1,540
Total				3,722
Diversified Materials & Processing 0.34%
Hexcel Corp.*		30,700		293
Diversified Retail 5.38%
American Eagle Outfitters, Inc.		65,400		927
Costco Wholesale Corp.		9,800		448
Kohl's Corp.*		6,200		265
Lowe's Cos., Inc.		46,100		895
Nordstrom, Inc.		17,600		350
Target Corp.		12,200		482
TJX Companies, Inc. (The)		21,700		683
Wal-Mart Stores, Inc.		13,000		630
Total				4,680
Drug & Grocery Store Chains 1.04%
Kroger Co. (The)		40,900		902
Engineering & Contracting Services 1.22%
Jacobs Engineering Group, Inc.*		16,900		711
URS Corp.*		7,100		352
Total				1,063

Investments	Shares		Value (000)
Foods 0.72%
J.M. Smucker Co. (The)		12,900	$	628
Fruit & Grain Processing 0.25%
Archer Daniels Midland Co.		8,200		220
Gas Pipeline 3.56%
El Paso Corp.		122,300		1,129
EQT Corp.		17,600		614
Williams Cos., Inc. (The)		86,600		1,352
Total				3,095
Gold 1.86%
Barrick Gold Corp. (Canada)(a)		48,200		1,617
Healthcare Facilities 2.83%
DaVita, Inc.*		49,800		2,463
Healthcare Management Services 0.31%
Humana, Inc.*		8,405		271
Healthcare Services 0.64%
McKesson Corp.		12,600		554
Hotel/Motel 3.31%
Marriott International, Inc. Class A		45,869		1,012
Starwood Hotels &Resorts Worldwide, Inc.		35,000		777
Wynn Resorts Ltd.*		30,800		1,087
Total				2,876
Household Furnishings 0.05%
Ethan Allen Interiors, Inc.		4,100		42
Insurance: Multi-Line 3.33%
ACE Ltd. (Switzerland)(a)		5,300		234
Aon Corp.		37,800		1,431
Markel Corp.*		1,800		507
MetLife, Inc.		24,100		723
Total				2,895

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Luxury Items 0.91%
Fossil, Inc.*		33,000	$	795
Machinery: Industrial 0.56%
Kennametal, Inc.		21,200		407
Nordson Corp.		2,200		85
Total				492
Medical Equipment 0.87%
Thermo Fisher Scientific, Inc.*		7,300		298
Varian Medical Systems, Inc.*		13,000		457
Total				755
Metal Fabricating 1.94%
Precision Castparts Corp.		5,400		394
Reliance Steel & Aluminum Co.		33,800		1,298
Total				1,692
Miscellaneous: Consumer Staples 1.08%
Diageo plc ADR		16,500		945
Oil: Crude Producers 3.23%
Apache Corp.		7,200		519
Forest Oil Corp.*		27,200		406
Noble Energy, Inc.		9,700		572
Petrohawk Energy Corp.*		12,900		288
Range Resources Corp.		2,900		120
XTO Energy, Inc.		23,800		908
Total				2,813
Oil: Integrated 2.34%
EnCana Corp. (Canada)(a)		29,800		1,474
Hess Corp.		2,400		129
Suncor Energy, Inc. (Canada)(a)		14,300		434
Total				2,037

Investments	Shares		Value (000)
Oil Well Equipment & Services 4.28%
Cameron International Corp.*		15,200	$	430
Halliburton Co.		39,200		811
Helmerich & Payne, Inc.		4,900		151
Oceaneering International, Inc.*		3,900		176
Schlumberger Ltd.		14,500		785
Smith International, Inc.		29,400		757
Superior Energy Services, Inc.*		35,500		613
Total				3,723
Pharmaceuticals 6.19%
Abbott Laboratories		60,700		2,855
AmerisourceBergen Corp.		66,600		1,181
Watson Pharmaceuticals, Inc.*		40,000		1,348
Total				5,384
Producer Durables: Miscellaneous 0.75%
SPX Corp.		13,400		656
Railroads 1.72%
Canadian National Railway Co. (Canada)(a)		17,700		760
Kansas City Southern*		45,700		736
Total				1,496
Scientific Instruments: Control & Filter 2.29%
Donaldson Co., Inc.		9,900		343
Parker Hannifin Corp.		30,700		1,319
Roper Industries, Inc.		7,400		335
Total				1,997
Scientific Instruments: Electrical 0.22%
AMETEK, Inc.		5,450		188
Securities Brokerage & Services 1.05%
Charles Schwab Corp. (The)		52,300		917

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Shares		Value (000)
Shipping 0.69%
Kirby Corp.*		18,800	$	598
Steel 0.56%
Carpenter Technology Corp.		23,500		489
Textiles Apparel & Shoes 0.44%
Guess?, Inc.		14,900		384
Truckers 0.43%
Heartland Express, Inc.		25,200		371
Total Common Stocks (cost $91,588,492)				85,130

	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 1.29%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $1,050,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $1,149,750; proceeds: $1,122,960 (cost $1,122,960)	$	1,123	$	1,123
Total Investments in Securities 99.13% (cost $92,711,452)				86,253
Cash and Other Assets in Excess of Liabilities 0.87%				761
Net Assets 100.00%			$	87,014

  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, 2009

ASSETS:
Investments in securities, at value (cost $92,711,452)	$	86,253,389
Cash		3,266
Receivables:
Investment securities sold		1,181,696
Capital shares sold		94,270
Dividends		54,123
From advisor (See Note 3)		7,505
Total assets		87,594,249
LIABILITIES:
Payables:
Investment securities purchased		420,035
Management fee		51,180
Capital shares reacquired		12,655
Directors' fees		3,027
Fund administration		2,730
Accrued expenses and other liabilities		90,474
Total liabilities		580,101
NET ASSETS	$	87,014,148
COMPOSITION OF NET ASSETS:
Paid-in capital	$	106,857,212
Undistributed net investment income		158,973
Accumulated net realized loss on investments		(13,543,974	)
Net unrealized depreciation on investments		(6,458,063	)
Net Assets	$	87,014,148
Outstanding shares (50 million shares of common stock authorized, .001  $par value)		7,120,234
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	12.22

See Notes to Financial Statements.
8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends (net of foreign withholding taxes of $4,780)	$	605,222
Interest		153
Total investment income		605,375
Expenses:
Management fee		289,449
Shareholder servicing		140,886
Professional		18,778
Reports to shareholders		15,905
Fund administration		15,437
Custody		6,172
Directors' fees		1,276
Other		1,078
Gross expenses		488,981
Expense reductions (See Note 7)		(143	)
Expenses reimbursed by advisor (See Note 3)		(45,008	)
Net expenses		443,830
Net investment income		161,545
Net realized and unrealized gain (loss):
Net realized loss on investments		(5,900,803	)
Net change in unrealized depreciation on investments		8,500,009
Net realized and unrealized gain		2,599,206
Net Increase in Net Assets Resulting From Operations	$	2,760,751

See Notes to Financial Statements.
9

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	161,545		$	515,467
Net realized loss on investments		(5,900,803	)		(7,629,201	)
Net change in unrealized appreciation/depreciation on investments		8,500,009			(23,361,470	)
Net increase (decrease) in net assets resulting from operations		2,760,751			(30,475,204	)
Distributions to shareholders from:
Net investment income		–			(515,508	)
Net realized gain on investments		–			(590,433	)
Total distributions to shareholders		–			(1,105,941	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		12,794,159			19,957,124
Reinvestment of distributions		–			1,105,941
Cost of shares reacquired		(5,425,038	)		(14,344,503	)
Net increase in net assets resulting from capital share transactions		7,369,121			6,718,562
Net increase (decrease) in net assets		10,129,872			(24,862,583	)
NET ASSETS:
Beginning of period	$	76,884,276		$	101,746,859
End of period	$	87,014,148		$	76,884,276
Undistributed (distributions in excess of) net investment income	$	158,973		$	(2,572	)

See Notes to Financial Statements.
10

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	11.83		$	16.84		$	16.48		$	14.82		$	13.95		$	12.10
Investment operations:
Net investment income(a)		.02			.08			.10			.11			.09			.13
Net realized and unrealized gain (loss)		.37			(4.92	)		1.01			2.06			.88			1.77
Total from investment operations		.39			(4.84	)		1.11			2.17			.97			1.90
Distributions to shareholders from:
Net investment income		–			(.08	)		(.09	)		(.09	)		(.05	)		(.05	)
Net realized gain		–			(.09	)		(.66	)		(.42	)		(.05	)		–	(b)
Total distributions		–			(.17	)		(.75	)		(.51	)		(.10	)		(.05	)
Net asset value, end of period	$	12.22		$	11.83		$	16.84		$	16.84		$	14.82		$	13.95
Total Return(c)		3.30	%(d)		(28.67	)%		6.72	%		14.64	%		6.95	%		15.71	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.57	%(d)		1.15	%		1.15	%		1.15	%		1.14	%		1.14	%
Expenses, including expense reductions and expenses reimbursed		.57	%(d)		1.15	%		1.15	%		1.15	%		1.14	%		1.14	%
Expenses, excluding expense reductions and expenses reimbursed		.63	%(d)		1.27	%		1.24	%		1.30	%		1.75	%		3.06	%
Net investment income		.21	%(d)		.56	%		.55	%		.69	%		.66	%		.99	%
Supplemental Data:
Net assets, end of period (000)	$	87,014		$	76,884		$	101,747		$	75,940		$	34,277		$	6,457
Portfolio turnover rate		43.53	%(d)		81.82	%		62.96	%		59.92	%		34.89	%		19.19	%

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

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

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

^(d) Not annualized.

See Notes to Financial Statements.
11

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns remains open for the fiscal years ended December 31, 2005 through December 31, 2008. 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.

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

(g)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

13

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

	Level 1 (000)		Level 2 (000)		Total (000)
Common Stocks	$	85,130	$	—	$	85,130
Repurchase Agreement		—		1,123		1,123
Total	$	85,130	$	1,123	$	86,253

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .75% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) do not exceed an annual rate of .40% of average daily net assets.

Effective May 1, 2009, Lord Abbett is voluntarily reimbursing the Fund to the extent necessary so that total annual operating expense (excluding management fees) do not exceed an annual rate of .40% of average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $135,076 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 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 amount 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 di fferences 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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	515,508
Net long-term capital gains		-		590,433
Total distributions paid	$	-	$	1,105,941

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	3,313,767	$	3,313,767

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	92,932,640
Gross unrealized gain		5,067,852
Gross unrealized loss		(11,747,103	)
Net unrealized security loss	$	(6,679,251	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	41,681,393	$	32,988,898

There were no purchases or sales of U.S. Government securities during the six months ended June 30, 2009.

15

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 have been invested in the funds. Such amounts and earnings accrued thereon are included in Directors' fees on the Statement of Operations and in Directors' fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. EXPENSE REDUCTIONS

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

8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

9. INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in equity securities as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. Large value stocks, in which the Fund invests a significant portion of its assets, may perform differently than the market as a whole and other types of stocks, such as mid-sized or small-company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. Mid-cap and small-cap company stocks in which the Fund may invest may be more volatile and less liquid than large-cap stocks. The market may fail to recognize the intrinsic value of a particular value stock for a long time. In addition, if the Fund's a ssessment 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, the Fund may experience increase 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, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		1,111,089			1,369,134
Reinvestment of distributions		-			98,569
Shares reacquired		(488,246	)		(1,011,996	)
Increase		622,843			455,707

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

This page is intentionally left blank.

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.
All Value Portfolio

LASFAV-3-0609

(08/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—America's Value Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — America's Value Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund — America's Value Portfolio for the six-month period ended June 30, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 – 6/30/09
Class VC
Actual	$	1,000.00	$	1,043.90	$	5.83
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, 2009

Sector*	%**
Consumer Discretionary		7.65	%
Consumer Staples		12.92	%
Energy		9.77	%
Financials		14.65	%
HealthCare		12.35	%
Industrials		8.61	%
Information Technology		12.67	%
Materials		4.66	%
Telecommunication Services		7.33	%
Utilities		7.25	%
Short-Term Investments		2.14	%
Total		100.00	%

  *  A sector may comprise several industries.

**  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares (000)		Value
LONG-TERM INVESTMENTS 97.44%
COMMON STOCKS 53.64%
Aerospace & Defense 1.18%
Hexcel Corp.*		25	$	238,250
Honeywell International, Inc.		10		314,000
Lockheed Martin Corp.		3		241,950
Moog, Inc. Class A*		14		361,340
Total				1,155,540
Automobiles 0.56%
Honda Motor Co., Ltd. ADR		20		547,400
Beverages 0.67%
PepsiCo, Inc.		12		659,520
Biotechnology 1.21%
Amgen, Inc.*		7		344,110
BioMarin Pharmaceutical, Inc.*		17		265,370
Celgene Corp.*		12		574,080
Total				1,183,560
Capital Markets 1.09%
Bank of New York Mellon Corp. (The)		18		512,925
Northern Trust Corp.		7		348,920
T. Rowe Price Group, Inc.		5		208,350
Total				1,070,195
Chemicals 0.49%
Monsanto Co.		7		483,210
Commercial Banks 1.50%
PNC Financial Services Group, Inc. (The)		10		388,100
SunTrust Banks, Inc.		4		62,510
U.S. Bancorp		30		537,600
Wells Fargo & Co.		20		485,200
Total				1,473,410
Commercial Services & Supplies 0.18%
R.R. Donnelley & Sons Co.		15		174,300

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares (000)		Value
Communications Equipment 1.39%
Corning, Inc.		10	$	160,600
Nokia Corp. ADR		25		363,042
QUALCOMM, Inc.		19		836,200
Total				1,359,842
Computers & Peripherals 1.92%
Apple, Inc.*		5		640,935
Hewlett-Packard Co.		19		715,025
International Business Machines Corp.		5		522,100
Total				1,878,060
Construction Materials 0.22%
Cemex SAB de CV ADR*		23		213,886
Containers & Packaging 0.83%
Ball Corp.		18		812,880
Distributors 0.48%
Genuine Parts Co.		14		469,840
Diversified Financials 1.84%
Charles Schwab Corp. (The)		10		175,400
JPMorgan Chase & Co.		40		1,364,400
State Street Corp.		6		259,600
Total				1,799,400
Diversified Telecommunication Services 4.65%
AT&T, Inc.		80		1,987,200
EMBARQ Corp.		20		841,200
Qwest Communications International, Inc.		275		1,141,250
Verizon Communications, Inc.		13		384,125
Windstream Corp.		25		209,000
Total				4,562,775
Electric: Utilities 0.60%
TECO Energy, Inc.		16		190,880
UniSource Energy Corp.		15		398,100
Total				588,980

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares (000)		Value
Electrical Equipment 0.53%
Emerson Electric Co.		16	$	518,400
Electronic Equipment, Instruments & Components 0.21%
FLIR Systems, Inc.*		9		203,040
Energy Equipment & Services 0.32%
Halliburton Co.		15		310,500
Food & Staples Retailing 2.72%
CVS Caremark Corp.		18		557,725
Ingles Markets, Inc. Class A		32		481,584
Kroger Co. (The)		10		220,500
SUPERVALU, INC.		18		233,100
Wal-Mart Stores, Inc.		24		1,177,092
Total				2,670,001
Food Products 4.19%
Campbell Soup Co.		21		617,820
H.J. Heinz Co.		27		963,900
Kellogg Co.		27		1,257,390
Kraft Foods, Inc. Class A		50		1,267,000
Total				4,106,110
Gas Utilities 0.46%
National Fuel Gas Co.		13		451,000
Hotels, Restaurants & Leisure 1.53%
Carnival Corp. Unit		6		154,620
Marriott International, Inc. Class A		13		276,893
McDonald's Corp.		14		804,860
Starwood Hotels & Resorts Worldwide, Inc.		12		266,400
Total				1,502,773
Household Durables 0.70%
Snap-on, Inc.		24		689,760
Household Products 0.73%
Procter & Gamble Co. (The)		14		715,400

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares (000)		Value
Independent Power Producers & Energy Traders 0.24%
NRG Energy, Inc.*		9	$	236,418
Industrial Conglomerates 0.91%
3M Co.		7		420,700
General Electric Co.		40		468,800
Total				889,500
Information Technology Services 0.42%
SAIC, Inc.*		22		408,100
Insurance 1.89%
ACE Ltd. (Switzerland)(a)		27		1,194,210
Aon Corp.		9		340,830
MetLife, Inc.		11		320,867
Total				1,855,907
Internet Software & Services 0.28%
Sohu.com, Inc.*		4		270,169
Machinery 0.92%
Actuant Corp. Class A		18		219,600
Danaher Corp.		8		463,050
Oshkosh Corp.		15		218,100
Total				900,750
Media 0.30%
CCH I LLC Class A**~		3		63,938
Walt Disney Co. (The)		10		233,300
Total				297,238
Metals & Mining 0.09%
Allegheny Technologies, Inc.		3		87,325
Multi-Line Retail 0.94%
J.C. Penney Co., Inc.		10		287,100
Kohl's Corp.*		6		235,125
Target Corp.		10		394,700
Total				916,925

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares (000)		Value
Multi-Utilities & Unregulated Power 0.30%
Ameren Corp.		12	$	298,680
Oil & Gas 6.70%
Chevron Corp.		26		1,729,125
ConocoPhillips		28		1,156,650
Devon Energy Corp.		3		163,500
EOG Resources, Inc.		18		1,188,600
Exxon Mobil Corp.		8		559,280
Hess Corp.		9		489,125
Marathon Oil Corp.		10		301,300
Petroleo Brasileiro SA ADR		6		233,586
Transocean Ltd. (Switzerland)*(a)		8		557,175
XTO Energy, Inc.		5		190,700
Total				6,569,041
Pharmaceuticals 4.95%
Bristol-Myers Squibb Co.		35		710,850
Johnson & Johnson		17		965,600
Merck & Co., Inc.		10		279,600
Mylan, Inc.*		115		1,503,360
Pfizer, Inc.		62		930,000
Teva Pharmaceutical Industries Ltd. ADR		9		463,796
Total				4,853,206
Road & Rail 0.98%
Burlington Northern Santa Fe Corp.		7		514,780
Union Pacific Corp.		9		442,510
Total				957,290
Semiconductor Equipment & Products 0.30%
Intel Corp.		18		297,900
Semiconductors & Semiconductor Equipment 0.62%
Broadcom Corp. Class A*		17		421,430
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		20		188,200
Total				609,630

See Notes to Financial Statements.
8

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments					Shares (000)		Value
Software 3.33%
Adobe Systems, Inc.*						17	$	481,100
Citrix Systems, Inc.*						17		542,130
Intuit, Inc.*						12		337,920
Microsoft Corp.						50		1,188,500
Oracle Corp.						25		535,500
VMware, Inc. Class A*						7		177,255
Total								3,262,405
Specialty Retail 0.19%
Home Depot, Inc. (The)						8		189,040
Wireless Telecommunication Services 0.08%
DigitalGlobe, Inc.*						4		76,800
Total Common Stocks (cost $58,158,635)								52,576,106
	Interest Rate			Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 9.25%
Aerospace & Defense 0.61%
GenCorp, Inc.		2.25	%	11/15/2024	$	225		110,531
L-3 Communications Holdings, Inc.		3.00	%	8/1/2035		500		483,125
Total								593,656
Beverages 0.38%
Molson Coors Brewing Co.		2.50	%	7/30/2013		350		375,375
Biotechnology 1.67%
BioMarin Pharmaceutical, Inc.		2.50	%	3/29/2013		350		382,813
Gilead Sciences, Inc.		0.625	%	5/1/2013		700		907,375
Millipore Corp.		3.75	%	6/1/2026		350		347,375
Total								1,637,563
Building Products 0.28%
General Cable Corp.		1.00	%	10/15/2012		350		276,500
Capital Markets 0.16%
Conseco, Inc. (Zero Coupon after 9/30/2010)(b)		3.50	%	9/30/2035		300		156,000

See Notes to Financial Statements.
9

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Commercial Services & Supplies 0.60%
CRA International, Inc.		2.875	%	6/15/2034	$	250	$	250,312
FTI Consulting, Inc.		3.75	%	7/15/2012		200		339,000
Total								589,312
Communications Equipment 0.20%
Ciena Corp.		0.25	%	5/1/2013		300		198,750
Diversified Telecommunication Services 0.10%
Qwest Communications International, Inc.		3.50	%	11/15/2025		100		99,000
Electrical Equipment 0.41%
Roper Industries, Inc.		Zero Coupon		1/15/2034		700		398,125
Electronic Equipment, Instruments & Components 0.39%
Itron, Inc.		2.50	%	8/1/2026		350		384,125
Energy Equipment & Services 0.23%
SunPower Corp.		4.75	%	4/15/2014		200		229,250
Healthcare Providers & Services 0.32%
Five Star Quality Care, Inc.		3.75	%	10/15/2026		500		310,625
Information Technology Services 0.52%
Symantec Corp.		0.75	%	6/15/2011		500		506,250
Internet Software & Services 0.37%
Equinix, Inc.		2.50	%	4/15/2012		400		360,000
Metals & Mining 0.69%
ArcelorMittal (Luxembourg)(a)		5.00	%	5/15/2014		150		190,125
Newmont Mining Corp.		1.25	%	7/15/2014		350		381,062
Newmont Mining Corp.		3.00	%	2/15/2012		90		101,925
Total								673,112
Pharmaceuticals 0.86%
Teva Pharmaceutical Finance Co. BV (Israel)(a)		1.75	%	2/1/2026		750		846,563
Real Estate 0.29%
ProLogis		2.25	%	4/1/2037		350		281,750

See Notes to Financial Statements.
10

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)			Value
Semiconductor Equipment & Products 0.06%
Advanced Micro Devices, Inc.		5.75	%	8/15/2012		100		$	62,000
Semiconductors & Semiconductor Equipment 0.43%
Intel Corp.		2.95	%	12/15/2035		500			422,500
Software 0.68%
Cadence Design Systems, Inc.		1.375	%	12/15/2011		300			247,875
EMC Corp.		1.75	%	12/1/2011		400			416,000
Total									663,875
Total Convertible Bonds (cost $9,713,651)									9,064,331
					Shares (000)
CONVERTIBLE PREFERRED STOCKS 3.97%
Commercial Banks 1.00%
Wells Fargo & Co.		7.50	%			1			981,213
Diversified Financials 0.19%
Affiliated Managers Group, Inc.		5.10	%			7			183,750
Electric: Utilities 0.20%
CMS Energy Corp.		4.50	%			3			193,312
Food Products 1.17%
Archer Daniels Midland Co.		6.25	%			18			656,820
Bunge Ltd.		4.875	%			6			487,500
Total									1,144,320
Metals & Mining 0.16%
Freeport-McMoRan Copper & Gold, Inc.		6.75	%			2			158,860
Oil & Gas 0.63%
El Paso Corp.		4.99	%			1	(c)		620,200
Pharmaceuticals 0.61%
Mylan, Inc.		6.50	%			1	(c)		601,300
Thrifts & Mortgage Finance 0.01%
Fannie Mae		8.75	%			6			5,340
Total Convertible Preferred Stocks (cost $4,684,321)									3,888,295

See Notes to Financial Statements.
11

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares (000)		Value
FOREIGN COMMON STOCKS(d) 3.21%
China 0.62%
Transportation Infrastructure
China Zhongwang Holdings Ltd.*		442	$	607,368
France 0.38%
Commercial Banks
BNP Paribas SA		6		378,585
Germany 0.92%
Chemicals 0.22%
BASF SE		6		218,585
Diversified Telecommunication Services 0.31%
Deutsche Telekom AG Registered Shares		25		299,312
Household Products 0.39%
Henkel KGaA		14		385,663
Total				903,560
Greece 0.25%
Commercial Banks
National Bank of Greece SA*		9		242,266
Switzerland 1.04%
Food Products 0.52%
Nestle SA Registered Shares		14		510,601
Pharmaceuticals 0.52%
Roche Holding Ltd. AG		4		509,620
Total				1,020,221
Total Foreign Common Stocks (cost $3,750,763)				3,152,000

See Notes to Financial Statements.
12

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.84%
Federal National Mortgage Assoc.		5.00	%	1/1/2039	$	386	$	393,940
Federal National Mortgage Assoc.		6.00	%	2/1/2034 – 3/1/2037		2,966		3,115,067
Federal National Mortgage Assoc.		6.50	%	9/1/2036		235		251,180
Total Government Sponsored Enterprises Pass-Throughs (cost $3,662,269)								3,760,187
HIGH YIELD CORPORATE BONDS 23.52%
Air Freight & Couriers 0.19%
Park-Ohio Industries, Inc.		8.375	%	11/15/2014		375		185,625
Auto Components 0.09%
Cooper-Standard Automotive, Inc.		8.375	%	12/15/2014		100		6,500
Goodyear Tire & Rubber Co. (The)		10.50	%	5/15/2016		75		76,125
Total								82,625
Automobiles 0.12%
Ford Motor Credit Co. LLC		8.00	%	6/1/2014		150		121,483
Beverages 0.95%
Anheuser-Busch InBev Worldwide, Inc.†		7.75	%	1/15/2019		450		492,985
Constellation Brands, Inc.		7.25	%	5/15/2017		250		232,500
Constellation Brands, Inc.		8.125	%	1/15/2012		200		201,000
Total								926,485
Chemicals 0.46%
Dow Chemical Co. (The)		8.55	%	5/15/2019		200		200,686
Equistar Chemicals LP(e)		7.55	%	2/15/2026		200		64,000
Ineos Group Holdings plc (United Kingdom)†(a)		8.50	%	2/15/2016		600		189,000
Total								453,686
Commercial Banks 0.92%
Bank of America Corp.		5.75	%	12/1/2017		350		312,151
Wells Fargo & Co.		5.625	%	12/11/2017		600		591,578
Total								903,729
Commercial Services & Supplies 0.71%
Allied Waste North America, Inc.		7.25	%	3/15/2015		525		533,492
Bunge NA Finance LP		5.90	%	4/1/2017		175		160,410
Total								693,902

See Notes to Financial Statements.
13

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Communications Equipment 0.25%
Hughes Network Systems LLC		9.50	%	4/15/2014	$	250	$	245,000
Consumer Finance 0.37%
American Express Credit Corp.		7.30	%	8/20/2013		350		364,220
Containers & Packaging 0.55%
Crown Cork & Seal Co., Inc.		7.375	%	12/15/2026		350		299,250
Graphic Packaging International Corp.		9.50	%	8/15/2013		250		240,000
Total								539,250
Diversified Financials 0.69%
CIT Group, Inc.		5.20	%	11/3/2010		100		79,018
RBS Global & Rexnord Corp.		8.875	%	9/1/2016		350		250,250
RBS Global & Rexnord Corp.		9.50	%	8/1/2014		100		86,000
RBS Global & Rexnord Corp.		11.75	%	8/1/2016		350		259,875
Total								675,143
Diversified Telecommunication Services 1.61%
Cincinnati Bell, Inc.		7.00	%	2/15/2015		600		540,000
Syniverse Technologies, Inc.		7.75	%	8/15/2013		500		472,500
Windstream Corp.		7.00	%	3/15/2019		650		568,750
Total								1,581,250
Electric: Utilities 3.41%
Black Hills Corp.		9.00	%	5/15/2014		350		359,808
Central Illinois Light Co.		8.875	%	12/15/2013		300		329,714
Commonwealth Edison Co.		5.80	%	3/15/2018		450		457,757
Edison Mission Energy		7.75	%	6/15/2016		700		574,000
Illinois Power Co.		9.75	%	11/15/2018		250		288,284
Northeast Utilities		5.65	%	6/1/2013		360		362,065
PacifiCorp		5.50	%	1/15/2019		125		132,448
RRI Energy, Inc.		6.75	%	12/15/2014		191		185,031
RRI Energy, Inc.		7.875	%	6/15/2017		250		225,000
Texas Competitive Electric Holdings Co. LLC		10.25	%	11/1/2015		600		376,500
Toledo Edison Co. (The)		7.25	%	5/1/2020		50		55,777
Total								3,346,384
Electrical Equipment 0.48%
Baldor Electric Co.		8.625	%	2/15/2017		500		465,000

See Notes to Financial Statements.
14

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Electronic Equipment, Instruments & Components 0.51%
L-3 Communications Corp.		7.625	%	6/15/2012	$	350	$	351,750
Roper Industries, Inc.		6.625	%	8/15/2013		150		149,933
Total								501,683
Energy Equipment & Services 0.09%
Hornbeck Offshore Services, Inc. Series B		6.125	%	12/1/2014		100		91,125
Food Products 0.42%
General Mills, Inc.		5.20	%	3/17/2015		300		316,713
Wendy's/Arby's Restaurants LLC†		10.00	%	7/15/2016		100		96,125
Total								412,838
Healthcare Equipment & Supplies 0.85%
Bausch & Lomb, Inc.		9.875	%	11/1/2015		25		24,000
Biomet, Inc.		10.00	%	10/15/2017		400		409,000
HCA, Inc.		9.125	%	11/15/2014		400		397,000
Total								830,000
Healthcare Providers & Services 0.81%
Community Health Systems		8.875	%	7/15/2015		600		591,000
United Surgical Partners International, Inc. PIK		9.25	%	5/1/2017		250		205,000
Total								796,000
Hotels, Restaurants & Leisure 0.57%
Gaylord Entertainment Co.		8.00	%	11/15/2013		100		85,750
McDonald's Corp.		5.00	%	2/1/2019		350		359,497
River Rock Entertainment Authority		9.75	%	11/1/2011		20		15,100
Starwood Hotels & Resorts Worldwide, Inc.		7.875	%	10/15/2014		100		94,099
Station Casinos, Inc.		6.50	%	2/1/2014		250		6,250
Total								560,696
Household Durables 0.48%
Lennar Corp.†		12.25	%	6/1/2017		250		263,750
Whirlpool Corp.		8.60	%	5/1/2014		200		209,205
Total								472,955

See Notes to Financial Statements.
15

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Independent Power Producers & Energy Traders 1.08%
AES Corp. (The)		8.00	%	10/15/2017	$	325	$	303,875
Dynegy Holdings, Inc.		8.375	%	5/1/2016		250		213,125
Mirant Americas Generation LLC		9.125	%	5/1/2031		350		253,750
NRG Energy, Inc.		7.25	%	2/1/2014		300		291,750
Total								1,062,500
Information Technology Services 0.24%
SunGard Data Systems, Inc.		9.125	%	8/15/2013		250		237,500
Leisure Equipment & Products 0.48%
Expedia, Inc.†		8.50	%	7/1/2016		175		168,875
Speedway Motorsports, Inc.†		8.75	%	6/1/2016		300		305,250
Total								474,125
Media 0.99%
Affinion Group, Inc.		11.50	%	10/15/2015		275		236,500
Barrington Broadcasting Group LLC		10.50	%	8/15/2014		275		94,875
CBS Corp.		8.875	%	5/15/2019		150		146,427
CCH I LLC(e)		11.75	%	5/15/2014		500		5,625
CCH I LLC/CCH I Capital Corp.(e)		11.00	%	10/1/2015		150		18,750
Mediacom Broadband LLC		8.50	%	10/15/2015		250		226,250
Mediacom Communications Corp.		9.50	%	1/15/2013		250		239,375
Total								967,802
Metals & Mining 0.78%
Aleris International, Inc.(e)		10.00	%	12/15/2016		125		3,281
Freeport-McMoRan Copper & Gold, Inc.		8.375	%	4/1/2017		425		428,790
Noranda Aluminum Acquisition Corp. PIK		5.413	%#	5/15/2015		311		173,003
Teck Resources Ltd. (Canada)†(a)		9.75	%	5/15/2014		150		155,399
Total								760,473
Multi-Utilities & Unregulated Power 0.92%
NiSource Finance Corp.		10.75	%	3/15/2016		250		277,635
Williams Cos., Inc. (The)		8.125	%	3/15/2012		600		622,183
Total								899,818

See Notes to Financial Statements.
16

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Oil & Gas 1.75%
Cameron International Corp.		6.375	%	7/15/2018	$	100	$	92,438
Chesapeake Energy Corp.		7.625	%	7/15/2013		300		286,500
El Paso Corp.		7.00	%	6/15/2017		100		91,575
El Paso Corp.		7.25	%	6/1/2018		250		232,071
Forest Oil Corp.		7.25	%	6/15/2019		200		180,000
Quicksilver Resources, Inc.		8.25	%	8/1/2015		300		268,500
Tennessee Gas Pipeline Co.		7.00	%	10/15/2028		250		239,478
VeraSun Energy Corp.(e)		9.375	%	6/1/2017		200		24,250
Williams Cos., Inc. (The)		7.875	%	9/1/2021		300		296,070
Total								1,710,882
Paper & Forest Products 0.15%
Buckeye Technologies, Inc.		8.00	%	10/15/2010		153		150,705
Personal Products 0.72%
Elizabeth Arden, Inc.		7.75	%	1/15/2014		350		304,500
Estee Lauder Cos., Inc. (The)		7.75	%	11/1/2013		350		397,329
Total								701,829
Pharmaceuticals 0.50%
Roche Holdings, Inc.†		5.00	%	3/1/2014		350		366,446
Warner Chilcott Corp.		8.75	%	2/1/2015		120		120,000
Total								486,446
Real Estate Investment Trusts 0.16%
Host Hotels & Resorts LP		6.375	%	3/15/2015		175		152,250
Semiconductor Equipment & Products 0.33%
Analog Devices, Inc.		5.00	%	7/1/2014		325		325,911
Semiconductors & Semiconductor Equipment 0.17%
Advanced Micro Devices, Inc.		7.75	%	11/1/2012		250		166,875
Specialty Retail 0.10%
Brookstone Co., Inc.		12.00	%	10/15/2012		250		101,250
Textiles & Apparel 0.07%
INVISTA†		9.25	%	5/1/2012		70		66,325

See Notes to Financial Statements.
17

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Thrifts & Mortgage Finance 0.00%
Washington Mutual Bank(e)		6.875	%	6/15/2011	$	275	$	344
Wireless Telecommunication Services 0.55%
MetroPCS Wireless, Inc.		9.25	%	11/1/2014		350		349,563
Sprint Capital Corp.		6.90	%	5/1/2019		225		187,312
Total								536,875
Total High Yield Corporate Bonds (cost $26,467,582)								23,050,989
					Shares (000)
NON-CONVERTIBLE PREFERRED STOCK 0.01%
Thrifts & Mortgage Finance
Fannie Mae* (cost $213,465)		Zero Coupon				9		11,390
Total Long-Term Investments (cost $106,650,686)								95,503,298
SHORT-TERM INVESTMENT 2.12%
					Principal Amount (000)
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $1,945,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $2,129,775; proceeds: $2,083,858 (cost $2,083,858)					$	2,084		2,083,858
Total Investments in Securities 99.56% (cost $108,734,544)								97,587,156
Foreign Cash and Assets in Excess of Liabilities 0.44%								429,977
Net Assets 100.00%							$	98,017,133

  ADR  American Depositzary Receipt.

  PIK  Payment-in-kind.

  Unit  More than one class of securities traded together.

  *  Non-income producing security.

  **  Restricted security. The Fund acquired 3,410 shares in a private placement on June 11, 2009 for a cost of $63,938. The fair value per share on June 30, 2009 is $18.75.

  ~  Fair valued security (See Note 2(a)).

^#  Foreign security traded in U.S. dollars.

^†  Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.

^(a)  Foreign security traded in U.S. dollars.

^(b)  The issuer will pay interest on the bonds at a rate of 3.50% until September 30, 2010. Beginning October 1, 2010, the bonds will be subject to daily accretion of the principal amount at the rate of 3.50% per year.

^(c)  Amount is less than 1,000 shares.

^(d)  Investment in non-U.S. dollar denominated securities.

^(e)  Defaulted security.

See Notes to Financial Statements.
18

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $108,734,544)	$	97,587,156
Receivables:
Interest and dividends		703,426
Investment securities sold		334,948
Capital shares sold		97,776
From advisor (See Note 3)		9,151
Total assets		98,732,457
LIABILITIES:
Payables:
Investment securities purchased		590,433
Management fee		58,121
Capital shares reacquired		7,035
Directors' fees		4,906
Fund administration		3,099
Accrued expenses and other liabilities		51,730
Total liabilities		715,324
NET ASSETS	$	98,017,133
COMPOSITION OF NET ASSETS:
Paid-in capital	$	129,857,703
Undistributed net investment income		1,897,568
Accumulated net realized loss on investments and foreign currency related transactions		(22,591,433	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(11,146,705	)
Net Assets	$	98,017,133
Outstanding shares (50 million shares of common stock authorized, .001  $par value)		9,358,762
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	10.47

See Notes to Financial Statements.
19

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends (net of foreign withholding taxes of $11,455)	$	1,028,116
Interest		1,460,465
Total investment income		2,488,581
Expenses:
Management fee		341,284
Shareholder servicing		166,918
Reports to shareholders		24,424
Professional		20,178
Fund administration		18,202
Custody		3,890
Directors' fees		1,528
Other		1,382
Gross expenses		577,806
Expense reductions (See Note 7)		(171	)
Expenses reimbursed by advisor (See Note 3)		(54,333	)
Net expenses		523,302
Net investment income		1,965,279
Net realized and unrealized gain (loss):
Net realized loss on investments and foreign currency related transactions		(8,338,812	)
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		10,544,902
Net realized and unrealized gain		2,206,090
Net Increase in Net Assets Resulting From Operations	$	4,171,369

See Notes to Financial Statements.
20

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	1,965,279		$	4,263,735
Net realized loss on investments and foreign currency related transactions		(8,338,812	)		(13,902,651	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign   currencies		10,544,902			(24,031,453	)
Net increase (decrease) in net assets resulting from operations		4,171,369			(33,670,369	)
Distributions to shareholders from:
Net investment income		—			(4,493,981	)
Net realized gain		—			(2,697,232	)
Total distributions to shareholders		—			(7,191,213	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		9,854,468			16,172,374
Reinvestment of distributions		—			7,191,210
Cost of shares reacquired		(8,587,078	)		(18,598,569	)
Net increase in net assets resulting from capital share transactions		1,267,390			4,765,015
Net increase (decrease) in net assets		5,438,759			(36,096,567	)
NET ASSETS:
Beginning of period	$	92,578,374		$	128,674,941
End of period	$	98,017,133		$	92,578,374
Undistributed (distributions in excess of) net investment income	$	1,897,568		$	(67,711	)

See Notes to Financial Statements.
21

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	10.02		$	14.79		$	15.28		$	13.93		$	13.83		$	12.07
Investment operations:
Net investment income(a)		.21			.49			.47			.39			.39			.38
Net realized and unrealized gain (loss)		.24			(4.41	)		.02	(b)		1.64			.14			1.61
Total from investment operations		.45			(3.92	)		.49			2.03			.53			1.99
Distributions to shareholders from:
Net investment income		–			(.53	)		(.48	)		(.37	)		(.30	)		(.22	)
Net realized gain		–			(.32	)		(.50	)		(.31	)		(.13	)		(.01	)
Total distributions		–			(.85	)		(.98	)		(.68	)		(.43	)		(.23	)
Net asset value, end of period	$	10.47		$	10.02		$	14.79		$	15.28		$	13.93		$	13.83
Total Return(c)		4.39	%(d)		(26.19	)%		3.16	%		14.55	%		3.78	%		16.47	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.57	%(d)		1.14	%		1.15	%		1.15	%		1.15	%		1.15	%
Expenses, including expense reductions and expenses reimbursed		.57	%(d)		1.14	%		1.14	%		1.15	%		1.15	%		1.15	%
Expenses, excluding expense reductions and expenses reimbursed		.63	%(d)		1.29	%		1.20	%		1.27	%		1.33	%		1.56	%
Net investment income		2.14	%(d)		3.83	%		2.92	%		2.67	%		2.77	%		2.94	%
Supplemental Data:
Net assets, end of period (000)	$	98,017		$	92,578		$	128,675		$	97,741		$	62,971		$	26,368
Portfolio turnover rate		31.60	%(d)		69.31	%		28.41	%		35.51	%		31.65	%		28.01	%

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

^(b) The per share amount does not represent the net realized and unrealized gain/loss as presented on the Statement of Operations for the period because of the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.

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

^(d) Not annualized.

See Notes to Financial Statements.
22

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company, incorporated under Maryland law in 1989. The Company consists of eight separate portfolios (the "Funds"). This report covers America's Value Portfolio (the "Fund"). The Fund is diversified as defined under the Act.

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed in come 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 electronic data processing techniques. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

23

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, 2005 through December 31, 2008. 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.

(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 the Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies on the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on investments and foreign currency related transactions on the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

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

(h)  When-Issued or Forward Transactions–The Fund may purchase securities on a when-issued or forward basis. When-issued, forward transactions or to-be-announced ("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 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 custodia n in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and value of the security in determining its net asset value. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

24

Notes to Financial Statements (unaudited)(continued)

(i)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1		Level 2		Level 3		Total
Common Stocks	$	52,512,168	$	-	$	63,938	$	52,576,106
Convertible Bonds		–		9,064,331		-		9,064,331
Convertible Preferred Stocks		1,802,232		2,086,063		-		3,888,295
Foreign Common Stocks		3,152,000		-		-		3,152,000
Government Sponsored Enterprises Pass-Throughs		-		3,760,187		-		3,760,187
High Yield Corporate Bonds		-		23,050,989		-		23,050,989
Non-Convertible Preferred Stocks		11,390		-		-		11,390
Repurchase Agreement		-		2,083,858		-		2,083,858
Total	$	57,477,790	$	40,045,428	$	63,938	$	97,587,156

25

Notes to Financial Statements (unaudited)(continued)

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

Investment Type	Balance as of January 1, 2009		Accrued discounts/ premiums		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net purchase (sales)		Net transfers in or out of level 3		Balance as of June 30, 2009
Common Stock	$	-		-		-		-		63,938		-	$	63,938

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .75% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) did not exceed an annual rate of .40% of average daily net assets.

Effective May 1, 2009, Lord Abbett has voluntarily agreed to reimburse the Fund to the extent necessary so that total annual operating expense (excluding management fee) do not exceed an annual rate of .40% of the average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $159,266 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.

26

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 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 amount 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 di fferences 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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	4,636,136
Net long-term capital gains		-		2,555,077
Total distributions paid	$	-	$	7,191,213

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	11,260,400	$	11,260,400

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	108,906,693
Gross unrealized gain		3,043,847
Gross unrealized loss		(14,363,384	)
Net unrealized security loss	$	(11,319,537	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$	1,023,477	$	31,036,913	$	3,828,587	$	24,739,874

* Includes U.S. Government sponsored enterprises securities.

27

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 have been invested in the funds. Such amounts and earnings accrued thereon are included in Directors' fees on the Statement of Operations and in Directors' fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. EXPENSE REDUCTIONS

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

8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

9. INVESTMENT RISKS

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

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

28

Notes to Financial Statements (unaudited)(concluded)

"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.

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 net assets in foreign securities, which may present 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, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		999,194			1,265,102
Reinvestment of distributions		-			745,203
Shares reacquired		(876,000	)		(1,474,559	)
Increase		123,194			535,746

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

29

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

30

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

America's Value Portfolio

LASFAMV-3-0609

(08/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—

Bond Debenture Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — Bond Debenture Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholder: 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, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 - 6/30/09
Class VC*
Actual	$	1,000.00	$	1,157.00	$	4.60
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.55	$	4.31

†  Net expenses are equal to the Fund's annualized expense ratio of 0.86% multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

*  The annualized expenses of the Fund have been restated to 0.87%. Had these restated expenses been in place throughout the most recent one-half year period, expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class VC	$	4.65	$	4.36

Portfolio Holdings Presented by Sector

June 30, 2009

Sector*	%**
Agency		1.52	%
Banking		3.56	%
Basic Industry		8.80	%
Brokerage		0.66	%
Capital Goods		9.68	%
Consumer Cyclical		5.82	%
Consumer Non-Cyclical		7.41	%
Energy		13.29	%
Finance & Investment		0.97	%
Government Guaranteed		0.01	%
Insurance		0.85	%
Media		5.77	%
Real Estate		0.58	%
Services Cyclical		7.95	%
Services Non-Cyclical		8.56	%
Technology & Electronics		6.66	%
Telecommunications		7.55	%
Utility		9.19	%
Short-Term Investment		1.17	%
Total		100.00	%

  *  A sector may comprise several industries.

  **  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments					Shares (000)		Value
LONG-TERM INVESTMENTS 97.00%
COMMON STOCKS 0.56%
Electric: Generation 0.22%
NRG Energy, Inc.*						30	$	778,800
Media: Cable 0.25%
CCH I LLC Class A**~						45		852,619
Multi-Line Insurance 0.09%
MetLife, Inc.						11		317,626
Total Common Stocks (cost $1,836,990)								1,949,045
	Interest Rate			Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 11.60%
Aerospace/Defense 0.74%
Alliant Techsystems, Inc.		2.75	%	2/15/2024	$	750		807,187
GenCorp, Inc.		2.25	%	11/15/2024		675		331,594
L-3 Communications Holdings, Inc.		3.00	%	8/1/2035		1,500		1,449,375
Total								2,588,156
Agriculture 0.37%
Archer Daniels Midland Co.		0.875	%	2/15/2014		1,400		1,281,000
Beverage 0.23%
Molson Coors Brewing Co.		2.50	%	7/30/2013		750		804,375
Building & Construction 0.14%
D.R. Horton, Inc.		2.00	%	5/15/2014		500		480,000
Building Materials 0.45%
General Cable Corp.		1.00	%	10/15/2012		2,000		1,580,000
Chemicals 0.09%
Ferro Corp.		6.50	%	8/15/2013		600		306,000
Computer Hardware 0.30%
Intel Corp.		2.95	%	12/15/2035		1,250		1,056,250

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Diversified Capital Goods 0.12%
Ingersoll-Rand Co., Ltd.		4.50	%	4/15/2012	$	300	$	403,125
Electronics 0.94%
Advanced Micro Devices, Inc.		5.75	%	8/15/2012		800		496,000
Itron, Inc.		2.50	%	8/1/2026		1,200		1,317,000
Millipore Corp.		3.75	%	6/1/2026		1,500		1,488,750
Total								3,301,750
Energy: Exploration & Production 0.10%
Quicksilver Resources, Inc.		1.875	%	11/1/2024		375		343,594
Health Services 0.17%
Fisher Scientific International, Inc.		3.25	%	3/1/2024		500		610,625
Integrated Energy 0.34%
Evergreen Solar, Inc.		4.00	%	7/15/2013		550		230,313
SunPower Corp.		4.75	%	4/15/2014		825		945,656
Total								1,175,969
Investments & Miscellaneous Financial Services 0.23%
Textron, Inc.		4.50	%	5/1/2013		800		806,000
Machinery 0.41%
Roper Industries, Inc.		Zero Coupon		1/15/2034		2,500		1,421,875
Media: Broadcast 0.14%
Sinclair Broadcast Group, Inc.		6.00	%	9/15/2012		835		350,700
Sinclair Broadcast Group, Inc. (2.00% after 1/15/2011)(a)		4.875	%	7/15/2018		200		142,000
Total								492,700
Media: Cable 0.33%
Virgin Media, Inc.†		6.50	%	11/15/2016		1,500		1,170,000
Media: Diversified 0.14%
Liberty Media LLC (convertible into Viacom, Inc., Class B and CBS Corp.)		3.25	%	3/15/2031		1,200		474,000

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Metals/Mining (Excluding Steel) 0.61%
Newmont Mining Corp.		1.25	%	7/15/2014	$	800	$	871,000
Newmont Mining Corp.		3.00	%	2/15/2012		500		566,250
Placer Dome, Inc. (Canada)(b)		2.75	%	10/15/2023		500		705,000
Total								2,142,250
Non-Food & Drug Retailers 0.07%
Saks, Inc.†		7.50	%	12/1/2013		230		241,213
Oil Field Equipment & Services 0.09%
Hanover Compressor Co.		4.75	%	1/15/2014		400		308,000
Pharmaceuticals 1.50%
ALZA Corp.		Zero Coupon		7/28/2020		1,000		866,250
BioMarin Pharmaceutical, Inc.		2.50	%	3/29/2013		1,000		1,093,750
Gilead Sciences, Inc.		0.625	%	5/1/2013		800		1,037,000
Teva Pharmaceutical Finance Co. BV (Israel)(b)		1.75	%	2/1/2026		2,000		2,257,500
Total								5,254,500
Printing & Publishing 0.14%
Omnicom Group, Inc.		Zero Coupon		7/1/2038		500		483,750
Real Estate Development & Management 0.46%
ProLogis		2.25	%	4/1/2037		2,000		1,610,000
Software/Services 1.43%
Cadence Design Systems, Inc.		1.375	%	12/15/2011		750		619,687
EMC Corp.		1.75	%	12/1/2011		1,250		1,300,000
Equinix, Inc.		2.50	%	4/15/2012		1,500		1,350,000
Symantec Corp.		0.75	%	6/15/2011		1,700		1,721,250
Total								4,990,937
Steel Producers/Products 0.13%
ArcelorMittal (Luxembourg)(b)		5.00	%	5/15/2014		370		468,975
Support: Services 0.60%
CRA International, Inc.		2.875	%	6/15/2034		835		836,044
FTI Consulting, Inc.		3.75	%	7/15/2012		750		1,271,250
Total								2,107,294

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Telecommunications Equipment 0.49%
Ciena Corp.		0.25	%	5/1/2013	$	1,250	$	828,125
JDS Uniphase Corp.		1.00	%	5/15/2026		1,200		894,000
Total								1,722,125
Telecommunications: Integrated/Services 0.14%
Qwest Communications International, Inc.		3.50	%	11/15/2025		500		495,000
Telecommunications: Wireless 0.70%
NII Holdings, Inc.		2.75	%	8/15/2025		1,000		940,000
SBA Communications Corp.†		4.00	%	10/1/2014		1,500		1,515,000
Total								2,455,000
Total Convertible Bonds (cost $42,830,906)								40,574,463
					Shares (000)
CONVERTIBLE PREFERRED STOCKS 2.49%
Agency 0.00%
Fannie Mae		8.75	%			20		17,800
Banking 0.93%
Bank of America Corp.		7.25	%			2		1,672,060
Wells Fargo & Co.		7.50	%			2		1,569,940
Total								3,242,000
Electric: Integrated 0.20%
CMS Energy Corp.		4.50	%			11		708,813
Gas Distribution 0.38%
El Paso Corp.		4.99	%			1		775,250
Williams Cos., Inc. (The)		5.50	%			8		570,862
Total								1,346,112
Investments & Miscellaneous Financial Services 0.21%
AMG Capital Trust I		5.10	%			25		725,000

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate				Shares (000)		Value
Metals/Mining (Excluding Steel) 0.40%
Freeport-McMoRan Copper & Gold, Inc.		6.75	%			6	$	476,580
Vale Capital Ltd. (Brazil)(b)		5.50	%			25		917,250
Total								1,393,830
Pharmaceuticals 0.37%
Mylan, Inc.		6.50	%			2		1,288,500
Total Convertible Preferred Stocks (cost $10,458,097)								8,722,055
				Maturity Date	Principal Amount (000)
GOVERNMENT SPONSORED ENTERPRISES BONDS 1.48%
Federal National Mortgage Assoc. (cost $5,162,653)		3.25	%	4/9/2013	$	5,000		5,196,065
HIGH YIELD CORPORATE BONDS 80.86%
Aerospace/Defense 1.41%
Esterline Technologies Corp.		6.625	%	3/1/2017		150		137,813
Esterline Technologies Corp.		7.75	%	6/15/2013		1,060		1,033,500
L-3 Communications Corp.		6.125	%	1/15/2014		750		701,250
L-3 Communications Corp.		6.375	%	10/15/2015		2,400		2,190,000
Moog, Inc.		6.25	%	1/15/2015		425		394,187
Vought Aircraft Industries, Inc.		8.00	%	7/15/2011		775		488,250
Total								4,945,000
Agriculture 0.09%
Bunge NA Finance LP		5.90	%	4/1/2017		325		297,904
Apparel/Textiles 0.60%
Levi Strauss & Co.		8.875	%	4/1/2016		1,650		1,604,625
Quiksilver, Inc.		6.875	%	4/15/2015		900		481,500
Total								2,086,125
Auto Loans 1.05%
Ford Motor Credit Co. LLC		7.25	%	10/25/2011		2,250		1,947,087
Ford Motor Credit Co. LLC		9.75	%	9/15/2010		500		479,078
Ford Motor Credit Co. LLC		9.875	%	8/10/2011		1,350		1,249,387
Total								3,675,552

See Notes to Financial Statements.
8

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Auto Parts & Equipment 0.65%
Cooper-Standard Automotive, Inc.		8.375	%	12/15/2014	$	600	$	39,000
Goodyear Tire & Rubber Co. (The)		10.50	%	5/15/2016		700		710,500
Stanadyne Corp.		10.00	%	8/15/2014		275		215,875
Tenneco, Inc.		8.625	%	11/15/2014		625		453,125
TRW Automotive, Inc.†		7.25	%	3/15/2017		1,250		868,750
Total								2,287,250
Automotive 0.15%
Ford Motor Co.		7.45	%	7/16/2031		900		535,500
Banking 2.57%
Bank of America Corp.		5.75	%	12/1/2017		1,000		891,860
CIT Group, Inc.		5.20	%	11/3/2010		1,600		1,264,290
GMAC LLC†		7.25	%	3/2/2011		2,162		1,999,850
JPMorgan Chase & Co.		6.00	%	1/15/2018		1,500		1,492,567
JPMorgan Chase & Co.		7.90	%#	4/29/2049		750		658,147
Royal Bank of Scotland Group plc (The) (United Kingdom)(b)		5.00	%	11/12/2013		775		638,929
Wachovia Corp.		5.50	%	5/1/2013		1,300		1,344,056
Wells Fargo & Co.		5.625	%	12/11/2017		700		690,174
Total								8,979,873
Beverage 1.13%
Anheuser-Busch InBev Worldwide, Inc.†		7.75	%	1/15/2019		1,500		1,643,283
Constellation Brands, Inc.		7.25	%	5/15/2017		2,500		2,325,000
Total								3,968,283
Brokerage 0.65%
Lazard Group LLC		7.125	%	5/15/2015		850		781,836
Morgan Stanley		6.00	%	4/28/2015		1,500		1,497,897
Total								2,279,733
Building & Construction 0.32%
Lennar Corp.†		12.25	%	6/1/2017		1,050		1,107,750
Building Materials 0.53%
Interline Brands, Inc.		8.125	%	6/15/2014		1,025		1,014,750
Owens Corning, Inc.		9.00	%	6/15/2019		875		850,091
Total								1,864,841

See Notes to Financial Statements.
9

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Chemicals 2.74%
Airgas, Inc.		6.25	%	7/15/2014	$	525	$	497,438
Airgas, Inc.†		7.125	%	10/1/2018		1,250		1,175,000
Ashland, Inc.†		9.125	%	6/1/2017		1,075		1,120,687
Dow Chemical Co. (The)		8.55	%	5/15/2019		1,000		1,003,429
Equistar Chemicals LP(c)		7.55	%	2/15/2026		1,500		480,000
IMC Global, Inc.		7.30	%	1/15/2028		1,050		896,632
Ineos Group Holdings plc (United Kingdom)†(b)		8.50	%	2/15/2016		1,500		472,500
INVISTA†		9.25	%	5/1/2012		725		686,937
MacDermid, Inc.†		9.50	%	4/15/2017		500		367,500
Mosaic Co. (The)†		7.375	%	12/1/2014		500		515,571
Nalco Co.†		8.25	%	5/15/2017		675		681,750
Nalco Co.		8.875	%	11/15/2013		875		896,875
Rockwood Specialties Group, Inc.		7.50	%	11/15/2014		850		803,250
Total								9,597,569
Consumer/Commercial/Lease Financing 0.30%
American Express Credit Corp.		7.30	%	8/20/2013		1,000		1,040,629
Consumer Products 0.97%
Elizabeth Arden, Inc.		7.75	%	1/15/2014		1,625		1,413,750
Estee Lauder Cos., Inc. (The)		7.75	%	11/1/2013		450		510,851
H.J. Heinz Co.		5.35	%	7/15/2013		525		549,414
Newell Rubbermaid, Inc.		10.60	%	4/15/2019		800		921,482
Total								3,395,497
Diversified Capital Goods 2.83%
Actuant Corp.		6.875	%	6/15/2017		1,625		1,486,875
Belden, Inc.		7.00	%	3/15/2017		1,000		890,000
Belden, Inc.†		9.25	%	6/15/2019		275		267,781
General Cable Corp.		7.125	%	4/1/2017		600		547,500
Honeywell International, Inc.		5.30	%	3/1/2018		1,630		1,705,259
Ingersoll-Rand Global Holding Co., Ltd.		9.50	%	4/15/2014		1,700		1,863,445
Mueller Water Products, Inc.		7.375	%	6/1/2017		1,250		928,125
Park-Ohio Industries, Inc.		8.375	%	11/15/2014		650		321,750
RBS Global & Rexnord Corp.		9.50	%	8/1/2014		1,750		1,505,000
Sensus Metering Systems, Inc.		8.625	%	12/15/2013		405		382,725
Total								9,898,460

See Notes to Financial Statements.
10

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Electric: Generation 4.96%
AES Corp. (The)		8.00	%	10/15/2017	$	1,600	$	1,496,000
Dynegy Holdings, Inc.		7.75	%	6/1/2019		575		450,656
Dynegy Holdings, Inc.		8.375	%	5/1/2016		2,465		2,101,413
Edison Mission Energy		7.00	%	5/15/2017		2,200		1,699,500
Edison Mission Energy		7.75	%	6/15/2016		2,900		2,378,000
Mirant Americas Generation LLC		9.125	%	5/1/2031		1,500		1,087,500
Mirant North America LLC		7.375	%	12/31/2013		1,250		1,206,250
NRG Energy, Inc.		7.25	%	2/1/2014		800		778,000
NRG Energy, Inc.		7.375	%	2/1/2016		1,500		1,423,125
RRI Energy, Inc.		6.75	%	12/15/2014		459		444,656
RRI Energy, Inc.		7.875	%	6/15/2017		1,775		1,597,500
Texas Competitive Electric Holdings Co. LLC		10.25	%	11/1/2015		4,300		2,698,250
Total								17,360,850
Electric: Integrated 3.63%
Central Illinois Light Co.		8.875	%	12/15/2013		1,000		1,099,046
Commonwealth Edison Co.		5.80	%	3/15/2018		2,600		2,644,816
Connecticut Light & Power Co. (The)		5.50	%	2/1/2019		1,100		1,150,238
Duke Energy Corp.		6.30	%	2/1/2014		1,000		1,080,714
E. ON International Finance BV (Netherlands)†(b)		5.80	%	4/30/2018		1,000		1,042,205
Nevada Power Co.		5.875	%	1/15/2015		1,000		1,025,626
NiSource Finance Corp.		6.15	%	3/1/2013		400		397,932
Northeast Utilities		5.65	%	6/1/2013		1,000		1,005,737
PECO Energy Co.		5.35	%	3/1/2018		500		512,277
PSEG Energy Holdings, Inc.		8.50	%	6/15/2011		2,718		2,757,726
Total								12,716,317
Electronics 1.14%
Advanced Micro Devices, Inc.		7.75	%	11/1/2012		1,500		1,001,250
Analog Devices, Inc.		5.00	%	7/1/2014		450		451,261
Emerson Electric Co.		4.875	%	10/15/2019		400		400,934
Emerson Electric Co.		5.25	%	10/15/2018		1,500		1,539,201
Freescale Semiconductor, Inc.		8.875	%	12/15/2014		1,175		599,250
Total								3,991,896

See Notes to Financial Statements.
11

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Energy: Exploration & Production 3.72%
Chesapeake Energy Corp.		6.25	%	1/15/2018	$	2,100	$	1,753,500
Chesapeake Energy Corp.		7.25	%	12/15/2018		750		656,250
Cimarex Energy Co.		7.125	%	5/1/2017		1,675		1,482,375
Florida Gas Transmission Co. LLC†		7.90	%	5/15/2019		300		330,299
Forest Oil Corp.		7.25	%	6/15/2019		1,325		1,192,500
Forest Oil Corp.†		8.50	%	2/15/2014		525		518,438
KCS Energy Services, Inc.		7.125	%	4/1/2012		610		577,975
Kerr-McGee Corp.		6.95	%	7/1/2024		1,600		1,487,934
Newfield Exploration Co.		7.125	%	5/15/2018		1,250		1,142,187
Quicksilver Resources, Inc.		7.125	%	4/1/2016		300		235,500
Quicksilver Resources, Inc.		8.25	%	8/1/2015		1,300		1,163,500
Range Resources Corp.		7.25	%	5/1/2018		125		117,500
Range Resources Corp.		7.375	%	7/15/2013		360		355,050
Range Resources Corp.		8.00	%	5/15/2019		1,000		988,750
XTO Energy, Inc.		5.50	%	6/15/2018		1,000		1,003,815
Total								13,005,573
Environmental 0.71%
Allied Waste North America, Inc.		6.125	%	2/15/2014		1,200		1,213,205
Allied Waste North America, Inc.		7.875	%	4/15/2013		1,250		1,276,034
Total								2,489,239
Food & Drug Retailers 1.40%
Ingles Markets, Inc.†		8.875	%	5/15/2017		1,275		1,259,062
Stater Brothers Holdings, Inc.		8.125	%	6/15/2012		1,225		1,212,750
SUPERVALU, INC.		7.50	%	11/15/2014		2,500		2,412,500
Total								4,884,312
Food: Wholesale 0.77%
Dole Food Co., Inc.		8.75	%	7/15/2013		1,500		1,387,500
General Mills, Inc.		5.20	%	3/17/2015		1,250		1,319,636
Total								2,707,136
Forestry/Paper 1.49%
Buckeye Technologies, Inc.		8.00	%	10/15/2010		498		490,530
Catalyst Paper Corp. (Canada)(b)		8.625	%	6/15/2011		325		196,625
Cellu Tissue Holdings, Inc.†		11.50	%	6/1/2014		600		592,500
Georgia-Pacific LLC†		8.25	%	5/1/2016		1,600		1,560,000

See Notes to Financial Statements.
12

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Forestry/Paper (continued)
Graphic Packaging International Corp.		9.50	%	8/15/2013	$	1,245	$	1,195,200
Graphic Packaging International Corp.†		9.50	%	6/15/2017		100		99,000
International Paper Co.		7.95	%	6/15/2018		525		507,281
Jefferson Smurfit Corp.(c)		7.50	%	6/1/2013		70		26,425
Jefferson Smurfit Corp.(c)		8.25	%	10/1/2012		250		95,000
Stone Container Corp.(c)		8.00	%	3/15/2017		1,200		450,000
Total								5,212,561
Gaming 2.77%
Ameristar Casinos, Inc.†		9.25	%	6/1/2014		1,025		1,050,625
Boyd Gaming Corp.		7.125	%	2/1/2016		925		690,281
Downstream Development Quapaw†		12.00	%	10/15/2015		500		272,500
Harrah's Operating Escrow LLC/Harrah's Escrow Corp.†		11.25	%	6/1/2017		225		213,750
International Game Technology		7.50	%	6/15/2019		375		379,024
Isle of Capri Casinos, Inc.		7.00	%	3/1/2014		1,850		1,498,500
Las Vegas Sands Corp.		6.375	%	2/15/2015		1,200		894,000
River Rock Entertainment Authority		9.75	%	11/1/2011		975		736,125
Scientific Games Corp.		6.25	%	12/15/2012		625		599,219
Scientific Games International, Inc.†		9.25	%	6/15/2019		350		351,750
Seneca Gaming Corp.		7.25	%	5/1/2012		1,000		870,000
Snoqualmie Entertainment Authority†		9.125	%	2/1/2015		1,500		787,500
Turning Stone Casino Resort†		9.125	%	12/15/2010		1,250		1,171,875
Turning Stone Casino Resort†		9.125	%	9/15/2014		200		171,500
Total								9,686,649
Gas Distribution 4.49%
Colorado Interstate Gas Co.		6.80	%	11/15/2015		829		855,764
El Paso Corp.		7.00	%	6/15/2017		975		892,860
El Paso Corp.		7.25	%	6/1/2018		250		232,071
El Paso Corp.		8.25	%	2/15/2016		675		659,813
El Paso Natural Gas Co.		5.95	%	4/15/2017		750		725,657
Ferrellgas Partners LP		6.75	%	5/1/2014		1,100		957,000
Inergy Finance LP		8.25	%	3/1/2016		1,000		957,500
Inergy Finance LP†		8.75	%	3/1/2015		250		245,625
MarkWest Energy Partners LP		6.875	%	11/1/2014		875		735,000
MarkWest Energy Partners LP		8.75	%	4/15/2018		1,100		957,000
National Fuel Gas Co.		6.50	%	4/15/2018		1,440		1,408,360

See Notes to Financial Statements.
13

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Gas Distribution (continued)
Northwest Pipeline GP		6.05	%	6/15/2018	$	175	$	175,639
Northwest Pipeline GP		7.00	%	6/15/2016		1,500		1,584,418
Panhandle Eastern Pipe Line Co.		7.00	%	6/15/2018		460		467,723
Panhandle Eastern Pipe Line Co.		8.125	%	6/1/2019		1,000		1,079,590
Tennessee Gas Pipeline Co.		7.50	%	4/1/2017		975		1,024,966
Williams Cos., Inc. (The)		7.875	%	9/1/2021		1,400		1,381,660
Williams Partners LP		7.25	%	2/1/2017		1,500		1,370,675
Total								15,711,321
Health Services 7.52%
Apria Healthcare Group, Inc.†		11.25	%	11/1/2014		625		606,250
Bausch & Lomb, Inc.		9.875	%	11/1/2015		1,600		1,536,000
Bio-Rad Laboratories, Inc.		6.125	%	12/15/2014		1,250		1,143,750
Bio-Rad Laboratories, Inc.†		8.00	%	9/15/2016		600		595,500
Biomet, Inc.		10.00	%	10/15/2017		1,000		1,022,500
Centene Corp.		7.25	%	4/1/2014		1,350		1,245,375
Community Health Systems		8.875	%	7/15/2015		3,000		2,955,000
DaVita, Inc.		7.25	%	3/15/2015		1,200		1,134,000
Express Scripts, Inc.		6.25	%	6/15/2014		500		529,615
Hanger Orthopedic Group, Inc.		10.25	%	6/1/2014		725		752,187
HCA, Inc.†		8.50	%	4/15/2019		1,275		1,255,875
HCA, Inc.		9.125	%	11/15/2014		4,500		4,466,250
HCA, Inc.†		9.875	%	2/15/2017		500		507,500
Select Medical Corp.		7.625	%	2/1/2015		1,850		1,512,375
Sun Healthcare Group, Inc.		9.125	%	4/15/2015		2,000		1,990,000
Tenet Healthcare Corp.†		8.875	%	7/1/2019		650		656,500
United Surgical Partners, Inc.		8.875	%	5/1/2017		1,500		1,372,500
UnitedHealth Group, Inc.		4.875	%	4/1/2013		500		502,665
Vanguard Health Holdings Co. II LLC		9.00	%	10/1/2014		2,000		1,925,000
VWR Funding, Inc. PIK		10.25	%	7/15/2015		750		596,250
Total								26,305,092
Hotels 1.22%
FelCor Lodging LP		9.00	%	6/1/2011		875		774,375
Gaylord Entertainment Co.		8.00	%	11/15/2013		1,560		1,337,700
Host Hotels & Resorts LP		6.375	%	3/15/2015		1,000		870,000
Host Hotels & Resorts LP		7.00	%	8/15/2012		500		485,000

See Notes to Financial Statements.
14

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Hotels (continued)
Starwood Hotels & Resorts Worldwide, Inc.		6.25	%	2/15/2013	$	550	$	511,905
Starwood Hotels & Resorts Worldwide, Inc.		6.75	%	5/15/2018		350		300,602
Total								4,279,582
Household & Leisure Products 0.72%
Mattel, Inc.		5.625	%	3/15/2013		1,000		1,013,987
Whirlpool Corp.		8.60	%	5/1/2014		1,425		1,490,586
Total								2,504,573
Integrated Energy 1.24%
Marathon Oil Corp.		6.50	%	2/15/2014		1,113		1,191,038
Marathon Oil Corp.		7.50	%	2/15/2019		1,000		1,093,344
Petrobras International Finance Co. (Brazil)(b)		5.875	%	3/1/2018		2,000		1,975,824
VeraSun Energy Corp.(c)		9.375	%	6/1/2017		695		84,269
Total								4,344,475
Investments & Miscellaneous Financial Services 0.22%
Nuveen Investments, Inc.†		10.50	%	11/15/2015		500		347,500
ZFS Finance (USA) Trust V†		6.50	%#	5/9/2037		575		425,500
Total								773,000
Leisure 0.44%
Speedway Motorsports, Inc.†		8.75	%	6/1/2016		1,500		1,526,250
Machinery 1.37%
Baldor Electric Co.		8.625	%	2/15/2017		3,025		2,813,250
Gardner Denver, Inc.		8.00	%	5/1/2013		1,075		1,026,625
Roper Industries, Inc.		6.625	%	8/15/2013		950		949,575
Total								4,789,450
Media: Broadcast 0.82%
Allbritton Communications Co.		7.75	%	12/15/2012		1,200		933,000
CBS Corp.		8.875	%	5/15/2019		1,300		1,269,033
Lin TV Corp.		6.50	%	5/15/2013		500		362,500
Sinclair Broadcast Group, Inc.		8.00	%	3/15/2012		442		297,245
Total								2,861,778

See Notes to Financial Statements.
15

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Media: Cable 2.13%
CCH I LLC		11.75	%	5/15/2014	$	1,300	$	14,625
CCH I LLC/CCH I Capital Corp.		11.00	%	10/1/2015		2,000		250,000
CCH II LLC/CCH II Capital Corp.		10.25	%	9/15/2010		500		530,000
CSC Holdings, Inc.†		8.625	%	2/15/2019		1,700		1,661,750
DirecTV Holdings LLC		6.375	%	6/15/2015		1,550		1,441,500
DirecTV Holdings LLC		8.375	%	3/15/2013		406		409,045
Echostar DBS Corp.		7.125	%	2/1/2016		1,075		1,007,812
Mediacom Broadband LLC		8.50	%	10/15/2015		375		339,375
Mediacom Communications Corp.		9.50	%	1/15/2013		1,470		1,407,525
Virgin Media Finance plc (United Kingdom)(b)		9.50	%	8/15/2016		400		396,000
Total								7,457,632
Media: Diversified 0.05%
Grupo Televisa SA (Mexico)(b)		6.00	%	5/15/2018		200		189,562
Media: Services 1.53%
Affinion Group, Inc.†		10.125	%	10/15/2013		300		279,000
Affinion Group, Inc.		11.50	%	10/15/2015		865		743,900
Interpublic Group of Cos., Inc. (The)		6.25	%	11/15/2014		1,610		1,416,800
Interpublic Group of Cos., Inc. (The)†		10.00	%	7/15/2017		575		582,187
Nielsen Finance LLC/Nielsen Finance Co.†		11.50	%	5/1/2016		125		122,188
WMG Acquisition Corp.†		9.50	%	6/15/2016		2,200		2,200,000
Total								5,344,075
Metals/Mining (Excluding Steel) 2.25%
Aleris International, Inc.(c)		10.00	%	12/15/2016		850		22,313
Anglo American Capital plc (United Kingdom)†(b)		9.375	%	4/8/2014		300		326,188
Barrick Gold Corp. (Canada)(b)		6.95	%	4/1/2019		300		336,607
Foundation PA Coal Co.		7.25	%	8/1/2014		750		738,750
Freeport-McMoRan Copper & Gold, Inc.		8.375	%	4/1/2017		2,025		2,043,059
Noranda Aluminum Acquisition Corp. PIK		5.413	%#	5/15/2015		1,114		619,929
Peabody Energy Corp.		5.875	%	4/15/2016		1,000		885,000
Peabody Energy Corp.		7.375	%	11/1/2016		225		213,750
Teck Resources Ltd. (Canada)†(b)		9.75	%	5/15/2014		525		543,898
Teck Resources Ltd. (Canada)†(b)		10.75	%	5/15/2019		2,000		2,153,312
Total								7,882,806

See Notes to Financial Statements.
16

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Mortgage Banks & Thrifts 0.00%
Washington Mutual Bank(c)		6.875	%	6/15/2011	$	1,250	$	1,563
Multi-Line Insurance 0.67%
AXA SA (France)†(b)		6.379	%#	12/29/2049		550		352,855
Hub International Holdings, Inc.†		9.00	%	12/15/2014		475		390,094
MetLife, Inc.		5.00	%	6/15/2015		975		930,109
USI Holdings Corp.†		4.758	%#	11/15/2014		1,000		655,000
Total								2,328,058
Non-Food & Drug Retailers 1.59%
Brookstone Co., Inc.		12.00	%	10/15/2012		675		273,375
J.C. Penney Corp., Inc.		6.875	%	10/15/2015		150		140,916
J.C. Penney Corp., Inc.		7.125	%	11/15/2023		300		265,321
J.C. Penney Corp., Inc.		7.95	%	4/1/2017		250		245,395
Limited Brands, Inc.		5.25	%	11/1/2014		175		148,943
Limited Brands, Inc.		6.90	%	7/15/2017		825		714,928
Limited Brands, Inc.†		8.50	%	6/15/2019		350		335,879
Macy's Retail Holdings, Inc.		5.90	%	12/1/2016		1,700		1,386,931
Macy's Retail Holdings, Inc.		6.375	%	3/15/2037		645		439,614
Macy's Retail Holdings, Inc.		8.875	%	7/15/2015		850		823,491
Nordstrom, Inc.		6.25	%	1/15/2018		800		787,303
Total								5,562,096
Oil Field Equipment & Services 2.11%
Bristow Group, Inc.		6.125	%	6/15/2013		1,500		1,365,000
Cameron International Corp.		6.375	%	7/15/2018		475		439,080
CGG Veritas (France)(b)		7.75	%	5/15/2017		575		526,125
Complete Production Services, Inc.		8.00	%	12/15/2016		1,200		1,032,000
Dresser-Rand Group, Inc.		7.375	%	11/1/2014		854		830,515
Hornbeck Offshore Services, Inc. Series B		6.125	%	12/1/2014		450		410,063
Key Energy Services, Inc.		8.375	%	12/1/2014		375		332,813
National Oilwell Varco, Inc.		6.125	%	8/15/2015		1,000		953,081
Pride International, Inc.		7.375	%	7/15/2014		1,505		1,501,237
Total								7,389,914

See Notes to Financial Statements.
17

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Oil Refining & Marketing 0.58%
Tesoro Corp.		6.25	%	11/1/2012	$	875	$	835,625
Tesoro Corp.		9.75	%	6/1/2019		1,200		1,191,000
Total								2,026,625
Packaging 1.72%
Ball Corp.		6.625	%	3/15/2018		1,300		1,192,750
Crown Americas LLC/Crown Americas Capital Corp. II†		7.625	%	5/15/2017		500		485,000
Crown Cork & Seal Co., Inc.		7.375	%	12/15/2026		1,720		1,470,600
Owens-Brockway Glass Container, Inc.†		7.375	%	5/15/2016		1,250		1,218,750
Sealed Air Corp.†		7.875	%	6/15/2017		500		496,260
Solo Cup Co.		8.50	%	2/15/2014		575		474,375
Solo Cup Co.†		10.50	%	11/1/2013		100		100,750
Vitro SA de CV (Mexico)(b)(c)		9.125	%	2/1/2017		1,500		585,000
Total								6,023,485
Pharmaceuticals 0.89%
Abbott Laboratories		5.125	%	4/1/2019		350		361,060
Amgen, Inc.		5.70	%	2/1/2019		500		528,481
Axcan Intermediate Holdings, Inc.		12.75	%	3/1/2016		575		585,062
Novartis Securities Investment Ltd.		5.125	%	2/10/2019		725		743,138
Warner Chilcott Corp.		8.75	%	2/1/2015		910		910,000
Total								3,127,741
Printing & Publishing 0.14%
Deluxe Corp.		7.375	%	6/1/2015		600		483,000
Property & Casualty 0.08%
Liberty Mutual Group, Inc.†		10.75	%#	6/15/2058		400		288,482
Real Estate Investment Trusts 0.11%
ProLogis		5.625	%	11/15/2016		500		384,889
Restaurants 0.88%
Denny's Corp./Denny's Holdings, Inc.		10.00	%	10/1/2012		1,000		975,000
McDonald's Corp.		5.00	%	2/1/2019		1,350		1,386,632
Wendy's/Arby's Restaurants LLC†		10.00	%	7/15/2016		750		720,938
Total								3,082,570

See Notes to Financial Statements.
18

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Software/Services 2.16%
Ceridian Corp.		11.25	%	11/15/2015	$	1,000	$	841,250
First Data Corp.		9.875	%	9/24/2015		1,400		1,001,000
Open Solutions, Inc.†		9.75	%	2/1/2015		600		249,000
SERENA Software, Inc.		10.375	%	3/15/2016		500		400,000
SunGard Data Systems, Inc.		9.125	%	8/15/2013		2,200		2,090,000
SunGard Data Systems, Inc.		10.25	%	8/15/2015		1,000		928,750
Syniverse Technologies, Inc.		7.75	%	8/15/2013		1,450		1,370,250
Vangent, Inc.		9.625	%	2/15/2015		800		668,000
Total								7,548,250
Steel Producers/Products 0.47%
Algoma Acquisition Corp. (Canada)†(b)		9.875	%	6/15/2015		500		282,500
Allegheny Ludlum Corp.		6.95	%	12/15/2025		575		506,695
Allegheny Technologies, Inc.		9.375	%	6/1/2019		800		849,142
Total								1,638,337
Support: Services 2.03%
ARAMARK Corp.		4.528	%#	2/1/2015		600		490,500
Ashtead Capital, Inc.†		9.00	%	8/15/2016		475		404,937
Corrections Corp. of America		7.75	%	6/1/2017		1,400		1,386,000
Education Management LLC/Education Management Finance Corp.		8.75	%	6/1/2014		250		243,750
Expedia, Inc.†		8.50	%	7/1/2016		450		434,250
FTI Consulting, Inc.		7.75	%	10/1/2016		750		720,000
Hertz Corp. (The)		8.875	%	1/1/2014		1,275		1,179,375
Iron Mountain, Inc.		7.75	%	1/15/2015		800		772,000
Rental Service Corp.		9.50	%	12/1/2014		500		403,750
Rental Service Corp.†		10.00	%	7/15/2017		350		350,438
United Rentals (North America), Inc.†		10.875	%	6/15/2016		750		723,750
Total								7,108,750
Telecommunications: Integrated/Services 3.41%
Cincinnati Bell, Inc.		8.375	%	1/15/2014		3,000		2,790,000
Hellas II (Luxembourg)†(b)		6.881	%#	1/15/2015		550		143,000
Hughes Network Systems LLC†		9.50	%	4/15/2014		900		882,000
Hughes Network Systems LLC		9.50	%	4/15/2014		600		588,000
MasTec, Inc.		7.625	%	2/1/2017		750		653,437
Nordic Telephone Holdings Co. (Denmark)†(b)		8.875	%	5/1/2016		2,000		1,940,000

See Notes to Financial Statements.
19

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Telecommunications: Integrated/Services (continued)
Qwest Capital Funding, Inc.		7.90	%	8/15/2010	$	1,500	$	1,507,500
Qwest Communications International, Inc.		7.25	%	2/15/2011		1,500		1,462,500
Telemar Norte Leste SA (Brazil)†(b)		9.50	%	4/23/2019		200		218,750
Windstream Corp.		7.00	%	3/15/2019		2,000		1,750,000
Total								11,935,187
Telecommunications: Wireless 3.15%
CC Holdings GS V LLC/Crown Castle GS III Corp.†		7.75	%	5/1/2017		1,975		1,935,500
Centennial Communications Corp.		10.00	%	1/1/2013		1,000		1,060,000
DigitalGlobe, Inc.†		10.50	%	5/1/2014		2,600		2,704,000
IPCS, Inc. PIK		5.028	%#	5/1/2014		500		332,500
MetroPCS Wireless, Inc.		9.25	%	11/1/2014		1,625		1,622,969
Sprint Capital Corp.		6.90	%	5/1/2019		2,000		1,665,000
Sprint Capital Corp.		8.375	%	3/15/2012		1,250		1,237,500
Verizon Wireless Capital LLC†		8.50	%	11/15/2018		400		478,839
Total								11,036,308
Theaters & Entertainment 0.29%
AMC Entertainment, Inc.		8.00	%	3/1/2014		525		450,188
Cinemark USA, Inc.†		8.625	%	6/15/2019		575		570,687
Total								1,020,875
Total High Yield Corporate Bonds (cost $305,896,678)								282,970,225
					Shares (000)
NON-CONVERTIBLE PREFERRED STOCK 0.01%
Agency
Fannie Mae (cost $514,837)		Zero Coupon				21		27,470
Total Long-Term Investments (cost $366,700,161)								339,439,323

See Notes to Financial Statements.
20

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Principal Amount (000)		Value
SHORT-TERM INVESTMENT 1.14%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $3,975,000 of Federal Home Loan Mortgage Corp. at 5.755% due 8/27/2014; value: $4,084,313; proceeds: $4,002,705 (cost $4,002,705)	$	4,003	$	4,002,705
Total Investments in Securities 98.14% (cost $370,702,866)				343,442,028
Other Assets in Excess of Liabilities 1.86%				6,492,168
Net Assets 100.00%			$	349,934,196

  PIK  Payment-in-kind.

  *  Non-income producing security.

  **  Restricted security. The Fund acquired 45,473 shares in a private placement on June 11, 2009 for a cost of $852,619. The fair value per share on June 30, 2009 is $18.75.

  ~  Fair valued security (See Note 2(a)).

^†  Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.

^#  Variable rate security. The interest rate represents the rate at June 30, 2009.

^(a)  On the maturity date, the issuer will redeem the notes at their accreted principal price, which will be equal to 125.66% of principal amount at issuance. The "accreted principal price" of the note will be equal to the principal amount of the note at issuance plus accretion on the principal amount at issuance beginning January 15, 2011.

^(b)  Foreign security traded in U.S. dollars.

^(c)  Defaulted security.

See Notes to Financial Statements.
21

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $370,702,866)	$	343,442,028
Receivables:
Interest and dividends		6,264,012
Capital shares sold		1,076,374
Investment securities sold		502,305
From advisor (See Note 3)		21,365
Prepaid expenses and other assets		1,591
Total assets		351,307,675
LIABILITIES:
Payables:
Investment securities purchased		903,965
Management fee		136,139
Capital shares reacquired		102,901
Directors' fees		28,474
Fund administration		10,923
Accrued expenses and other liabilities		191,077
Total liabilities		1,373,479
NET ASSETS	$	349,934,196
COMPOSITION OF NET ASSETS:
Paid-in capital	$	384,488,364
Undistributed net investment income		9,861,453
Accumulated net realized loss on investments		(17,154,783	)
Net unrealized depreciation on investments		(27,260,838	)
Net Assets	$	349,934,196
Outstanding shares (50 million shares of common stock authorized, .001  $par value)		33,913,027
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):	$	10.32

See Notes to Financial Statements.
22

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends	$	338,132
Interest and other		12,240,362
Total investment income		12,578,494
Expenses:
Management fee		773,832
Shareholder servicing		558,712
Fund administration		61,907
Reports to shareholders		35,901
Professional		23,930
Directors' fees		5,940
Custody		3,065
Other		3,302
Gross expenses		1,466,589
Expense reductions (See Note 7)		(584	)
Expenses reimbursed by advisor (See Note 3)		(139,208	)
Net expenses		1,326,797
Net investment income		11,251,697
Net realized and unrealized gain (loss):
Net realized loss on investments		(8,402,378	)
Net change in unrealized depreciation		42,866,900
Net realized and unrealized gain		34,464,522
Net Increase in Net Assets Resulting From Operations	$	45,716,219

See Notes to Financial Statements.
23

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	11,251,697		$	19,668,838
Net realized loss on investments		(8,402,378	)		(6,591,266	)
Net change in unrealized appreciation/depreciation on investments		42,866,900			(72,485,820	)
Net increase (decrease) in net assets resulting from operations		45,716,219			(59,408,248	)
Distributions to shareholders from:
Net investment income		–			(21,299,865	)
Net realized gain		–			(809,112	)
Total distributions to shareholders		–			(22,108,977	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		56,227,224			81,809,354
Reinvestment of distributions		–			22,108,976
Cost of shares reacquired		(30,865,511	)		(59,170,287	)
Net increase in net assets resulting from capital share transactions		25,361,713			44,748,043
Net increase (decrease) in net assets		71,077,932			(36,769,182	)
NET ASSETS:
Beginning of period	$	278,856,264		$	315,625,446
End of period	$	349,934,196		$	278,856,264
Undistributed (distributions in excess of) net investment income	$	9,861,453		$	(1,390,244	)

See Notes to Financial Statements.
24

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	8.91		$	11.77		$	11.84		$	11.49		$	12.05		$	11.90
Investment operations:
Net investment income(a)		.34			.70			.70			.63			.60			.64
Net realized and unrealized gains (loss)		1.07			(2.79	)		.03			.44			(.44	)		.30
Total from investment operations		1.41			(2.09	)		.73			1.07			.16			.94
Distributions to shareholders from:
Net investment income		–			(.74	)		(.76	)		(.72	)		(.59	)		(.64	)
Net realized gain		–			(.03	)		(.04	)		–			(.13	)		(.15	)
Total distributions		–			(.77	)		(.80	)		(.72	)		(.72	)		(.79	)
Net asset value, end of period	$	10.32		$	8.91		$	11.77		$	11.84		$	11.49		$	12.05
Total Return(b)		15.70	%(c)		(17.53	)%		6.19	%		9.33	%		1.31	%		7.89	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)		.87	%		.90	%		.91	%		.90	%		.90	%
Expenses, including expense reductions and expenses reimbursed		.42	%(c)		.87	%		.90	%		.90	%		.90	%		.90	%
Expenses, excluding expense reductions and expenses reimbursed		.47	%(c)		.94	%		.95	%		.96	%		.94	%		.98	%
Net investment income		3.60	%(c)		6.32	%		5.67	%		5.31	%		5.00	%		5.30	%
Supplemental Data:
Net assets, end of period (000)	$	349,934		$	278,856		$	315,625		$	257,180		$	212,277		$	138,201
Portfolio turnover rate		41.28	%(c)		34.22	%		34.04	%		37.88	%		47.33	%		44.01	%

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

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

^(c) Not annualized.

See Notes to Financial Statements.
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 an open-end management investment company, incorporated under Maryland law in 1989. The Company consists of eight separate portfolios (the "Funds"). This report covers Bond-Debenture Portfolio (the "Fund"). The Fund is diversified as defined under the Act.

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed in come 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 electronic data processing techniques. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

(d)  Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute

26

Notes to Financial Statements (unaudited)(continued)

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, 2005 through December 31, 2008. 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.

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

(g)  When-Issued Transactions or Forward Transactions–The Fund may purchase 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 value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and value of the security in determining its net asset value. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(h)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk

27

Notes to Financial Statements (unaudited)(continued)

inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,096,426	$	-	$	852,619	$	1,949,045
Convertible Bonds		-		40,574,463		-		40,574,463
Convertible Preferred Stocks		4,653,630		4,068,425		-		8,722,055
Government Sponsored Enterprises Bonds		-		5,196,065		-		5,196,065
High Yield Corporate Bonds		-		282,970,225		-		282,970,225
Non-Convertible Preferred Stocks		27,470		-		-		27,470
Repurchase Agreement		-		4,002,705		-		4,002,705
Total	$	5,777,526	$	336,811,883	$	852,619	$	343,442,028

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

Investment Type	Balance as of January 1, 2009		Accrued discounts/ premiums		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net purchase (sales)		Net transfers in or out of level 3		Balance as of June 30, 2009
Common Stock	$	-		-		-		-		852,619		-	$	852,619

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, pays the remuneration of officers, 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.

28

Notes to Financial Statements (unaudited)(continued)

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .50% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) did not exceed an annual rate of .35% of average daily net assets.

Effective May 1, 2009, Lord Abbett has voluntarily agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) do not exceed an annual rate of .37% of average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $541,682 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 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 amount 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 di fferences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

29

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	21,300,411
Net long-term capital gains		-		808,566
Total distributions paid	$	-	$	22,108,977

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	3,015,546	$	3,015,546

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	373,162,208
Gross unrealized gain		7,545,968
Gross unrealized loss		(37,266,148	)
Net unrealized security loss	$	(29,720,180	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$	43,070,911	$	117,598,836	$	83,478,471	$	42,477,644

* Includes U.S. Government sponsored enterprises securities.

6. DIRECTORS' REMUNERATION

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

30

Notes to Financial Statements (unaudited)(continued)

7. EXPENSE REDUCTIONS

The Company has entered into an arrangement with the Fund's transfer agent 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 & Trust Company ("SSB") is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

9. INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in debt securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called "lower-rated bonds" or "junk bonds") in which the Fund may invest. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High yield 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 economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. Alternatively, rising interest rates may cause payments to occur at a slower-then-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 i nvolved, they commonly are not guaranteed by the U.S. Government.

The Fund may invest up to 20% of its net assets in equity securities which may subject it to the general risks and considerations associated with such securities. 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 may invest up to 20% of its net assets in foreign securities, which may present increased market, liquidity, currency, political, information and other risks.

These factors can affect the Fund's performance.

31

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, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		5,894,127			7,383,249
Reinvestment of distributions		-			2,547,117
Shares reacquired		(3,279,210	)		(5,456,997	)
Increase		2,614,917			4,473,369

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

32

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

33

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

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

Lord Abbett Series Fund, Inc.

Bond-Debenture Portfolio

LASFBD-3-0609

(09/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Growth and
Income Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — Growth and Income Portfolio

Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholder: 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, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 – 6/30/09
Class VC
Actual	$	1,000.00	$	993.60	$	4.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.71

^†  Net expenses are equal to the Fund's annualized expense ratio of 0.94%, 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, 2009

Sector*	%**
Consumer Discretionary		19.93	%
Consumer Staples		7.04	%
Energy		12.08	%
Financial Services		31.05	%
Healthcare		9.52	%
Materials & Processing		1.86	%
Producer Durables		6.43	%
Technology		3.96	%
Utilities		3.27	%
Short-Term Investments		4.86	%
Total		100.00	%

  *  A sector may comprise several industries.

  **  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		Value (000)
COMMON STOCKS 95.49%
Advertising Agencies 0.43%
Omnicom Group, Inc.		131,500	$	4,153
Aerospace 0.35%
Raytheon Co.		76,300		3,390
Air Transportation 2.04%
Delta Air Lines, Inc.*		3,250,021		18,818
FedEx Corp.		17,700		984
Total				19,802
Asset Management & Custodian 4.58%
Franklin Resources, Inc.		266,300		19,176
Legg Mason, Inc.		167,100		4,074
State Street Corp.		179,500		8,472
T. Rowe Price Group, Inc.		304,400		12,684
Total				44,406
Automobiles 0.95%
Ford Motor Co.*		1,517,900		9,214
Banks: Diversified 8.66%
Bank of America Corp.		675,693		8,919
BB&T Corp.		303,217		6,665
Comerica, Inc.		72,900		1,542
M&T Bank Corp.		198,500		10,110
PNC Financial Services Group, Inc. (The)		332,846		12,918
SunTrust Banks, Inc.		72,200		1,188
Wells Fargo & Co.		1,761,001		42,722
Total				84,064
Beverage: Soft Drinks 2.14%
Coca-Cola Enterprises, Inc.		1,245,571		20,739
Biotechnology 1.56%
Amgen, Inc.*		285,996		15,141

Investments	Shares		Value (000)
Building Materials 0.30%
Masco Corp.		305,600	$	2,928
Cable Television Services 0.64%
Comcast Corp. Class A		342,902		4,969
Time Warner Cable, Inc.		39,951		1,265
Total				6,234
Chemical: Diversified 1.51%
Dow Chemical Co. (The)		487,400		7,867
Praxair, Inc.		95,500		6,787
Total				14,654
Communications Technology 0.24%
Cisco Systems, Inc.*		125,700		2,343
Computer Services, Software & Systems 1.93%
Adobe Systems, Inc.*		189,600		5,366
Oracle Corp.		624,640		13,380
Total				18,746
Computer Technology 0.83%
EMC Corp.*		14,900		195
Hewlett-Packard Co.		202,885		7,841
Total				8,036
Consumer Services: Miscellaneous 0.15%
Western Union Co. (The)		89,400		1,466
Cosmetics 0.20%
Avon Products, Inc.		73,600		1,897
Diversified Financial Services 14.06%
Bank of New York Mellon Corp. (The)		1,341,748		39,327
Goldman Sachs Group, Inc. (The)		192,472		28,378
JPMorgan Chase & Co.		1,475,138		50,317
Morgan Stanley		644,400		18,372
Total				136,394

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Diversified Manufacturing Operations 2.11%
Eaton Corp.		375,272	$	16,741
Honeywell International, Inc.		119,500		3,752
Total				20,493
Diversified Media 0.41%
Time Warner, Inc.		159,366		4,014
Diversified Retail 10.84%
Best Buy Co., Inc.		473,016		15,841
Gap, Inc. (The)		72,400		1,187
Home Depot, Inc. (The)		797,500		18,845
HSN, Inc.*		501,609		5,302
IAC/InterActiveCorp.*		518,322		8,319
J.C. Penney Co., Inc.		249,600		7,166
Kohl's Corp.*		434,700		18,583
Lowe's Cos., Inc.		44,500		864
Target Corp.		637,600		25,166
Wal-Mart Stores, Inc.		80,692		3,909
Total				105,182
Drug & Grocery Store Chains 1.71%
Kroger Co. (The)		753,153		16,607
Electronic Components 0.13%
Corning, Inc.		80,000		1,285
Entertainment 0.29%
Viacom, Inc.*		123,300		2,799
Financial Data & Systems 0.92%
Moody's Corp.		338,700		8,925
Foods 1.80%
Kraft Foods, Inc. Class A		690,797		17,505
Fruit & Grain Processing 0.92%
Archer Daniels Midland Co.		334,340		8,950

Investments	Shares		Value (000)
Gas Pipeline 0.38%
El Paso Corp.		396,070	$	3,656
Healthcare Management Services 1.12%
UnitedHealth Group, Inc.		321,100		8,021
WellPoint, Inc.*		56,000		2,850
Total				10,871
Homebuilding 0.50%
Pulte Homes, Inc.		547,400		4,834
Hotel/Motel 0.84%
Marriott International, Inc. Class A		370,049		8,167
Insurance: Multi-Line 2.55%
Aon Corp.		478,995		18,140
MetLife, Inc.		221,146		6,637
Total				24,777
Leisure Time 1.19%
Carnival Corp. Unit		446,650		11,510
Machinery: Construction & Handling 0.74%
Caterpillar, Inc.		215,600		7,123
Machinery: Industrial 0.06%
Joy Global, Inc.		17,000		607
Medical & Dental Instruments & Supplies 3.44%
Boston Scientific Corp.*		2,393,714		24,272
Covidien plc (Ireland)(a)		241,671		9,048
Total				33,320
Oil: Crude Producers 2.95%
Devon Energy Corp.		84,100		4,583
EOG Resources, Inc.		68,864		4,677
Occidental Petroleum Corp.		167,478		11,022

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Oil: Crude Producers (continued)
XTO Energy, Inc.		219,575	$	8,375
Total				28,657
Oil: Integrated 4.43%
Chevron Corp.		140,600		9,315
Exxon Mobil Corp.		241,655		16,894
Hess Corp.		311,500		16,743
Total				42,952
Oil Well Equipment & Services 4.37%
Cameron International Corp.*		38,100		1,078
Halliburton Co.		573,100		11,863
Schlumberger Ltd.		468,592		25,356
Smith International, Inc.		158,600		4,084
Total				42,381
Personal Care 0.26%
Colgate-Palmolive Co.		35,800		2,532
Pharmaceuticals 3.44%
Abbott Laboratories		248,964		11,711
Johnson & Johnson		72,200		4,101
Teva Pharmaceutical Industries Ltd. ADR		356,567		17,593
Total				33,405
Railroads 0.71%
Canadian National Railway Co. (Canada)(a)		161,100		6,921
Rental & Leasing Services: Consumer 2.04%
Hertz Global Holdings, Inc.*		2,475,747		19,781
Restaurants 0.07%
Starbucks Corp.*		48,900		679

Investments	Shares		Value (000)
Scientific Instruments: Control & Filter 0.44%
Parker Hannifin Corp.		98,900	$	4,249
Securities Brokerage & Services 0.39%
TD Ameritrade Holding Corp.*		217,900		3,822
Semiconductors & Components 0.84%
Intel Corp.		493,900		8,174
Steel 0.05%
Nucor Corp.		11,500		511
Textiles Apparel & Shoes 1.46%
J. Crew Group, Inc.*		522,429		14,116
Tobacco 0.23%
Altria Group, Inc.		135,774		2,225
Utilities: Telecommunications 3.29%
AT&T, Inc.		691,847		17,185
Sprint Nextel Corp.*		722,100		3,473
Verizon Communications, Inc.		365,700		11,238
Total				31,896
Total Common Stocks (cost $972,502,320)				926,533

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 4.88%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $25,150,000 of Federa l Home Loan Mortgage Corp. at 5.755% due 8/27/2014 and $21,750,000 of Federal Home Loan Mortgage Corp. at 2.875% due 11/23/2010; value: $48,271,313; proceeds: $47,321,294 (cost $47,321,294)	$	47,321	$	47,321
Total Investments in Securities 100.37% (cost $1,019,823,614)				973,854
Liabilities in Excess of Other Assets (0.37%)				(3,579	)
Net Assets 100.00%			$	970,275

  ADR  American Depositary Receipt.

  Unit  More than one class of securities traded together.

  *  Non-income producing security.

^(a)  Foreign security traded in U.S. dollars.

See Notes to Financial Statements.
7

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $1,019,823,614)	$	973,854,447
Receivables:
Investment securities sold		12,156,925
Interest and dividends		654,592
Capital shares sold		80,345
Prepaid expenses		786
Total assets		986,747,095
LIABILITIES:
Payables:
Investment securities purchased		13,848,324
Capital shares reacquired		1,584,961
Management fee		389,594
Directors' fees		135,480
Fund administration		31,175
Accrued expenses and other liabilities		482,225
Total liabilities		16,471,759
NET ASSETS	$	970,275,336
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,831,769,847
Undistributed net investment income		6,936,736
Accumulated net realized loss on investments		(822,461,080	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(45,970,167	)
Net Assets	$	970,275,336
Outstanding shares (200 million shares of common stock authorized, .001  $par value)		56,547,700
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	17.16

See Notes to Financial Statements.
8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends (net of foreign withholding taxes of $29,222)	$	11,819,789
Interest		2,399
Total investment income		11,822,188
Expenses:
Management fee		2,515,251
Shareholder servicing		1,843,366
Fund administration		203,112
Reports to shareholders		105,639
Professional		28,718
Custody		20,059
Directors' fees		18,141
Other		20,749
Gross expenses		4,755,035
Expense reductions (See Note 8)		(2,374	)
Net expenses		4,752,661
Net investment income		7,069,527
Net realized and unrealized gain (loss):
Net realized loss on investments		(324,162,019	)
Net realized loss on redemption in-kind (See Note 6)		(181,621,468	)
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		383,212,032
Net realized and unrealized loss		(122,571,455	)
Net Decrease in Net Assets Resulting From Operations	$	(115,501,928	)

See Notes to Financial Statements.
9

Statements of Changes in Net Assets (unaudited)

DECREASE IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	7,069,527		$	30,196,214
Net realized loss on investments		(324,162,019	)		(313,306,748	)
Net realized loss on redemption in-kind (See Note 6)		(181,621,468	)		—
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities   denominated in foreign currencies		383,212,032			(597,109,674	)
Net decrease in net assets resulting from operations		(115,501,928	)		(880,220,208	)
Distributions to shareholders from:
Net investment income		—			(30,381,573	)
Net realized gain		—			(7,112,546	)
Total distributions to shareholders		—			(37,494,119	)
Capital share transactions (See Note 11):
Proceeds from sales of shares		21,272,936			231,850,955
Reinvestment of distributions		—			37,494,119
Cost of shares reacquired		(72,913,363	)		(269,196,904	)
Cost of redemption in-kind (See Note 6)		(352,677,721	)		—
Net increase (decrease) in net assets resulting from capital share transactions		(404,318,148	)		148,170
Net decrease in net assets		(519,820,076	)		(917,566,157	)
NET ASSETS:
Beginning of period	$	1,490,095,412		$	2,407,661,569
End of period	$	970,275,336		$	1,490,095,412
Undistributed (distributions in excess of) net investment income	$	6,936,736		$	(132,791	)

See Notes to Financial Statements.
10

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	17.27		$	27.91		$	29.34		$	26.16		$	27.18		$	24.52
Investment operations:
Net investment income(a)		.11			.35			.39			.39			.29			.27
Net realized and unrealized gain (loss)		(.22	)(b)		(10.55	)		.64			4.12			.60			2.83
Total from investment operations		(.11	)		(10.20	)		1.03			4.51			.89			3.10
Distributions to shareholders from:
Net investment income		—			(.36	)		(.38	)		(.36	)		(.27	)		(.22	)
Net realized gain		—			(.08	)		(2.08	)		(.97	)		(1.64	)		(.22	)
Total distributions		—			(.44	)		(2.46	)		(1.33	)		(1.91	)		(.44	)
Net asset value, end of period	$	17.16		$	17.27		$	27.91		$	29.34		$	26.16		$	27.18
Total Return(c)		(.64	)%(d)		(36.42	)%		3.44	%		17.27	%		3.25	%		12.65	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.47	%(d)		.90	%		.88	%		.87	%		.91	%		.89	%
Expenses, excluding expense reductions		.47	%(d)		.90	%		.88	%		.87	%		.91	%		.89	%
Net investment income		.69	%(d)		1.51	%		1.27	%		1.38	%		1.11	%		1.05	%
Supplemental Data:
Net assets, end of period (000)	$	970,275		$	1,490,095		$	2,407,662		$	2,153,380		$	1,592,826		$	1,176,597
Portfolio turnover rate		35.85	%(d)(e)		113.29	%		91.72	%(e)		51.65	%(e)		46.71	%		27.91	%

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

^(b) The per share amount does not represent the net realized and unrealized gain/loss as presented on the Statement of Operations for the period because of the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.

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

^(d) Not annualized.

^(e) 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 an open-end management investment company, incorporated under Maryland law in 1989. The Company consists of eight separate portfolios (the "Funds"). This report covers Growth and Income Portfolio (the "Fund"). The Fund is diversified as defined under the Act.

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns remains open for the fiscal years ended December 31, 2005 through December 31, 2008. 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.

(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 the Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies on the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on investments and foreign currency related transactions on the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

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

(h)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1 (000)		Level 2 (000)		Total (000)
Common Stocks	$	926,533	$	-	$	926,533
Repurchase Agreement		-		47,321		47,321
Total	$	926,533	$	47,321	$	973,854

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .50% of the Fund's average daily net assets.

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

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value ("NAV") of the Fund's Class VC Shares held in the insurance company's separate account to service and maintain the Variable Contract owners' accounts. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. For the six months ended June 30, 2009, the Fund incurred expenses of $1,769,245 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 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 amount 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 di fferences 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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	30,381,573
Net long-term capital gains		-		7,112,546
Total distributions paid	$	-	$	37,494,119

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	174,242,085	$	174,242,085

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,099,046,281
Gross unrealized gain		72,062,785
Gross unrealized loss		(197,254,619	)
Net unrealized security loss	$	(125,191,834	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments and including redemption in-kind) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	354,372,443	$	747,696,382

15

Notes to Financial Statements (unaudited)(continued)

There were no purchases or sales of U.S. Government securities during the six months ended June 30, 2009.

6. REDEMPTION IN-KIND

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payments for a redemption of Fund shares ("redemption in-kind"). For financial reporting purposes, the Fund recognizes a gain on redemption in-kind to the extent the value of the distributed securities exceeds their costs; the Fund recognizes a loss if cost exceeds value. During the six months ended June 30, 2009, shareholders of the Fund redeemed Fund shares in exchange for Fund portfolio securities, causing the Fund to realize a net loss of $181,621,468.

7. DIRECTORS' REMUNERATION

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

8. EXPENSE REDUCTIONS

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

9. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

10. INVESTMENT RISKS

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

16

Notes to Financial Statements (unaudited)(concluded)

Due to its investment in multinational companies, the Fund may experience increased market, liquidity, currency, political, information and other risks.

These factors can affect the Fund's performance.

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		1,403,014			9,857,097
Reinvestment of distributions		-			2,310,174
Shares reacquired		(4,862,036	)		(12,147,332	)
Redemption in-kind		(26,280,009	)		-
Increase (decrease)		(29,739,031	)		19,939

12. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth and Income Portfolio

LASFGI-3-0609
(08/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—
Growth Opportunities Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund—Growth Opportunities Portfolio

Semiannual Report

For the six-month period ended June 30, 2009

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, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 - 6/30/09
Class VC
Actual	$	1,000.00	$	1,150.80	$	6.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.86	$	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, 2009

Sector*	%**
Consumer Discretionary		24.74	%
Consumer Staples		2.26	%
Energy		9.02	%
Financial Services		10.69	%
Healthcare		12.06	%
Materials & Processing		4.09	%
Producer Durables		12.75	%
Technology		21.61	%
Utilities		1.16	%
Short-Term Investments		1.62	%
Total		100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		Value (000)
COMMON STOCKS 98.16%
Advertising Agencies 0.42%
Lamar Advertising Co. Class A*		23,129	$	353
Aerospace 0.62%
Rockwell Collins, Inc.		12,538		523
Asset Management & Custodian 5.36%
Affiliated Managers Group, Inc.*		7,458		434
BlackRock, Inc.		4,376		768
Northern Trust Corp.		21,236		1,140
State Street Corp.		19,452		918
T. Rowe Price Group, Inc.		30,665		1,278
Total				4,538
Auto Services 0.48%
Goodyear Tire & Rubber Co. (The)*		36,101		406
Banks: Diversified 0.98%
City National Corp.		14,827		546
KeyCorp		54,021		283
Total				829
Beverage: Soft Drinks 0.63%
Coca-Cola Enterprises, Inc.		32,087		534
Biotechnology 3.79%
Alexion Pharmaceuticals, Inc.*		13,320		548
Celgene Corp.*		12,788		612
Cephalon, Inc.*		7,025		398
Genzyme Corp.*		7,219		402
Life Technologies Corp.*		10,999		459
Myriad Genetics, Inc.*		13,558		483
OSI Pharmaceuticals, Inc.*		10,823		305
Total				3,207

Investments	Shares		Value (000)
Casinos & Gambling 2.49%
International Game Technology		50,368	$	801
MGM Mirage*		43,371		277
Penn National Gaming, Inc.*		26,173		762
WMS Industries, Inc.*		8,465		267
Total				2,107
Chemical: Diversified 1.74%
Airgas, Inc.		19,530		792
Celanese Corp. Series A		28,819		684
Total				1,476
Coal 1.01%
CONSOL Energy, Inc.		25,191		856
Commercial Services 0.88%
Iron Mountain, Inc.*		12,892		371
Robert Half International, Inc.		15,731		371
Total				742
Communications Technology 0.89%
Juniper Networks, Inc.*		31,993		755
Computer Services, Software & Systems 7.66%
ANSYS, Inc.*		17,169		535
BMC Software, Inc.*		24,129		815
Citrix Systems, Inc.*		31,719		1,012
Cognizant Technology Solutions Corp. Class A*		38,990		1,041
Equinix, Inc.*		8,969		652
F5 Networks, Inc.*		8,033		278
Intuit, Inc.*		24,380		687
McAfee, Inc.*		24,200		1,021
OpenTable, Inc.*		8,100		244
VMware, Inc. Class A*		7,317		200
Total				6,485

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Computer Technology 2.94%
NetApp, Inc.*		43,935	$	866
NVIDIA Corp.*		66,180		747
Palm, Inc.*		21,577		358
Western Digital Corp.*		19,716		522
Total				2,493
Cosmetics 1.27%
Avon Products, Inc.		32,488		838
Estee Lauder Cos., Inc. (The) Class A		7,283		238
Total				1,076
Diversified Financial Services 0.56%
Lazard Ltd. Class A		17,678		476
Diversified Manufacturing Operations 1.17%
Eaton Corp.		12,064		538
ITT Corp.		10,154		452
Total				990
Diversified Retail 10.67%
Abercrombie & Fitch Co. Class A		20,898		531
Advance Auto Parts, Inc.		15,337		636
American Eagle Outfitters, Inc.		42,496		602
Bed Bath & Beyond, Inc.*		23,432		721
Dick's Sporting Goods, Inc.*		32,411		557
Dress Barn, Inc. (The)*		29,402		420
GameStop Corp. Class A*		12,350		272
Kohl's Corp.*		20,979		897
Limited Brands, Inc.		60,848		728
Nordstrom, Inc.		38,335		762
O'Reilly Automotive, Inc.*		17,365		661
Ross Stores, Inc.		18,542		716
TJX Companies, Inc. (The)		34,871		1,097
Urban Outfitters, Inc.*		21,161		442
Total				9,042

Investments	Shares		Value (000)
Education Services 2.27%
Apollo Group, Inc. Class A*		9,390	$	668
DeVry, Inc.		10,405		521
Strayer Education, Inc.		3,346		730
Total				1,919
Electronic Components 1.11%
Amphenol Corp. Class A		29,768		942
Electronic Entertainment 1.08%
Activision Blizzard, Inc.*		37,650		476
Electronic Arts, Inc.*		20,135		437
Total				913
Engineering & Contracting Services 2.83%
Fluor Corp.		15,367		788
Jacobs Engineering Group, Inc.*		10,532		443
Nalco Holding Co.		41,823		704
URS Corp.*		9,292		460
Total				2,395
Entertainment 0.43%
Marvel Entertainment, Inc.*		10,271		366
Fertilizers 0.97%
CF Industries Holdings, Inc.		2,065		153
Intrepid Potash, Inc.*		23,757		667
Total				820
Financial Data & Systems 1.05%
Fiserv, Inc.*		19,508		892
Gas Pipeline 0.37%
EQT Corp.		9,022		315
Healthcare Facilities 0.85%
DaVita, Inc.*		14,633		724
Healthcare Management Services 0.51%
Humana, Inc.*		13,365		431

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Healthcare Services 1.66%
CardioNet, Inc.*		15,595	$	254
Cerner Corp.*		4,818		300
Express Scripts, Inc.*		12,420		854
Total				1,408
Homebuilding 0.39%
NVR, Inc.*		658		331
Hotel/Motel 1.61%
Marriott International, Inc. Class A		28,801		636
Starwood Hotels & Resorts Worldwide, Inc.		32,867		730
Total				1,366
Insurance: Life 0.43%
Principal Financial Group, Inc.		19,525		368
Luxury Items 0.32%
Tiffany & Co.		10,845		275
Machinery: Agricultural 0.24%
AGCO Corp.*		6,985		203
Machinery: Industrial 0.42%
Kennametal, Inc.		18,615		357
Medical & Dental Instruments & Supplies 0.94%
C.R. Bard, Inc.		10,648		793
Medical Services 1.78%
Covance, Inc.*		10,996		541
Quest Diagnostics, Inc.		17,177		969
Total				1,510
Metal & Minerals: Diversified 0.38%
Cliffs Natural Resources, Inc.		13,231		324
Metal Fabricating 0.98%
Precision Castparts Corp.		11,425		834

Investments	Shares		Value (000)
Miscellaneous: Consumer Staples 0.33%
Energizer Holdings, Inc.*		5,400	$	282
Offshore Drilling & Other Services 1.45%
Atwood Oceanics, Inc.*		14,536		362
Diamond Offshore Drilling, Inc.		10,451		868
Total				1,230
Oil: Crude Producers 3.61%
Cabot Oil & Gas Corp.		12,359		379
Continental Resources, Inc.*		12,452		345
Noble Energy, Inc.		8,025		473
Petrohawk Energy Corp.*		21,209		473
Range Resources Corp.		17,492		724
Southwestern Energy Co.*		17,032		662
Total				3,056
Oil: Integrated 0.37%
Sunoco, Inc.		13,338		309
Oil Well Equipment & Services 2.20%
Cameron International Corp.*		26,473		749
Oceaneering International, Inc.*		14,791		669
Smith International, Inc.		17,151		442
Total				1,860
Personal Care 0.63%
Church & Dwight Co., Inc.		9,830		534
Pharmaceuticals 2.50%
AmerisourceBergen Corp.		35,146		623
Vertex Pharmaceuticals, Inc.*		17,750		633
Watson Pharmaceuticals, Inc.*		25,676		865
Total				2,121
Producer Durables: Miscellaneous 0.64%
W.W. Grainger, Inc.		6,629		543

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Production Technology Equipment 1.22%
Lam Research Corp.*		23,273	$	605
Varian Semiconductor Equipment Associates, Inc.*		17,784		427
Total				1,032
Railroads 0.50%
Kansas City Southern*		26,502		427
Real Estate Investment Trusts 0.72%
Simon Property Group, Inc.		11,783		606
Restaurants 1.69%
Darden Restaurants, Inc.		17,933		591
Jack in the Box, Inc.*		18,054		405
Yum! Brands, Inc.		12,934		431
Total				1,427
Scientific Instruments: Control & Filter 1.19%
Parker Hannifin Corp.		13,722		589
Roper Industries, Inc.		9,201		417
Total				1,006
Scientific Instruments: Electrical 1.02%
AMETEK, Inc.		24,935		862
Scientific Instruments: Gauges & Meters 0.52%
Agilent Technologies, Inc.*		10,939		222
Itron, Inc.*		3,937		217
Total				439
Securities Brokerage & Services 1.56%
IntercontinentalExchange, Inc.*		8,395		959
NASDAQ OMX Group, Inc. (The)*		17,025		363
Total				1,322
Semiconductors & Components 6.12%
Altera Corp.		19,089		311
Atheros Communications, Inc.*		21,784		419

Investments	Shares		Value (000)
Avnet, Inc.*		21,787	$	458
Broadcom Corp. Class A*		33,745		837
Cypress Semiconductor Corp.*		19,959		184
Intersil Corp. Class A		35,742		449
Linear Technology Corp.		24,320		568
Microchip Technology, Inc.		14,569		329
ON Semiconductor Corp.*		107,861		740
Silicon Laboratories, Inc.*		23,360		886
Total				5,181
Telecommunications Equipment 0.54%
American Tower Corp. Class A*		14,633		461
Textiles Apparel & Shoes 2.00%
Carter's, Inc.*		21,378		526
Coach, Inc.		23,678		636
Polo Ralph Lauren Corp. Class A		5,104		273
Under Armour, Inc. Class A*		11,465		257
Total				1,692
Tobacco 0.66%
Lorillard, Inc.		8,216		557
Transportation: Miscellaneous 0.91%
Expeditors International of Washington, Inc.		23,070		769
Truckers 1.79%
C.H. Robinson Worldwide, Inc.		6,853		357
Con-way, Inc.		18,908		668
J.B. Hunt Transport Services, Inc.		16,225		495
Total				1,520
Utilities: Electrical 0.52%
PPL Corp.		13,243		437

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Shares		Value (000)
Utilities: Telecommunications 0.64%
MetroPCS Communications, Inc.*		41,029	$	546
Wholesale & International Trade 0.65%
LKQ Corp.*		33,450		550
Total Common Stocks (cost $82,628,010)				83,143
	Principal Amount (000)
SHORT-TERM INVESTMENT 1.62%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $1,280,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $1,401,600; proceeds: $1,371,946 (cost $1,371,946)	$	1,372		1,372
Total Investments in Securities 99.78% (cost $83,999,956)				84,515
Other Assets in Excess of Liabilities 0.22%				190
Net Assets 100.00%			$	84,705

*  Non-income producing security.

See Notes to Financial Statements.
8

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $83,999,956)	$	84,515,374
Receivables:
Investment securities sold		2,118,159
Dividends		28,921
From advisor (See Note 3)		11,154
Capital shares sold		6,228
Total assets		86,679,836
LIABILITIES:
Payables:
Investment securities purchased		1,704,020
Management fee		54,339
Capital shares reacquired		42,947
Directors' fees		5,616
Fund administration		2,717
Accrued expenses and other liabilities		165,180
Total liabilities		1,974,819
NET ASSETS	$	84,705,017
COMPOSITION OF NET ASSETS:
Paid-in capital	$	98,925,494
Accumulated net investment loss		(77,870	)
Accumulated net realized loss on investments		(14,658,025	)
Net unrealized appreciation on investments		515,418
Net Assets	$	84,705,017
Outstanding shares (50 million shares of common stock authorized, .001  $par value)		7,450,387
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	11.37

See Notes to Financial Statements.
9

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends	$	381,656
Interest		97
Total investment income		381,753
Expenses:
Management fee		302,899
Shareholder servicing		139,288
Reports to shareholders		38,773
Professional		18,799
Fund administration		15,145
Custody		3,304
Directors' fees		1,230
Other		1,199
Gross expenses		520,637
Expense reductions (See Note 7)		(140	)
Expenses reimbursed by advisor (See Note 3)		(66,149	)
Net expenses		454,348
Net investment loss		(72,595	)
Net realized and unrealized gain (loss):
Net realized loss on investments		(9,854,342	)
Net change in unrealized depreciation on investments		20,643,928
Net realized and unrealized gain		10,789,586
Net Increase in Net Assets Resulting From Operations	$	10,716,991

See Notes to Financial Statements.
10

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment loss	$	(72,595	)	$	(427,421	)
Net realized loss on investments		(9,854,342	)		(4,746,039	)
Net change in unrealized appreciation/depreciation on investments		20,643,928			(39,857,678	)
Net increase (decrease) in net assets resulting from operations		10,716,991			(45,031,138	)
Distributions to shareholders from:
Net realized gain		–			(1,488,067	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		8,718,198			19,104,461
Reinvestment of distributions		–			1,488,067
Cost of shares reacquired		(9,642,020	)		(25,579,821	)
Net decrease in net assets resulting from capital share transactions		(923,822	)		(4,987,293	)
Net increase (decrease) in net assets		9,793,169			(51,506,498	)
NET ASSETS:
Beginning of period	$	74,911,848		$	126,418,346
End of period	$	84,705,017		$	74,911,848
Accumulated net investment loss	$	(77,870	)	$	(5,275	)

See Notes to Financial Statements.
11

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.88		$	16.34		$	14.67		$	13.73		$	13.30		$	11.96
Investment operations:
Net investment loss(a)		(.01	)		(.06	)		(.09	)		(.04	)		(.06	)		(.07	)
Net realized and unrealized gain (loss)		1.50			(6.20	)		3.22			1.12			.68			1.41
Total from investment operations		1.49			(6.26	)		3.13			1.08			.62			1.34
Distributions to shareholders from:
Net realized gain		–			(.20	)		(1.46	)		(.14	)		(.19	)		–	(b)
Net asset value, end of period	$	11.37		$	9.88		$	16.34		$	14.67		$	13.73		$	13.30
Total Return(c)		15.08	%(d)		(38.24	)%		21.28	%		7.89	%		4.62	%		11.23	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expense reimbursed		.59	%(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses, including expense reductions and expense reimbursed		.59	%(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses, excluding expense reductions and expenses reimbursed		.68	%(d)		1.35	%		1.31	%		1.36	%		1.42	%		1.86	%
Net investment loss		(.09	)%(d)		(.43	)%		(.55	)%		(.25	)%		(.49	)%		(.58	)%
Supplemental Data:
Net assets, end of period (000)	$	84,705		$	74,912		$	126,418		$	98,888		$	52,890		$	23,709
Portfolio turnover rate		47.56	%(d)		125.21	%		118.74	%		153.71	%		108.55	%		78.80	%

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

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

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

^(d) Not annualized.

See Notes to Financial Statements.
12

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

The investment objective of the Fund is capital appreciation. The Fund offers Variable Contract class shares ("Class VC Shares"), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

13

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns remains open for the fiscal years ended December 31, 2005 through December 31, 2008. 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.

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

(g) Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 particu lar valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

14

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1 (000)		Level 2 (000)		Total
Common Stocks	$	83,143		–	$	83,143
Repurchase Agreement		–	$	1,372		1,372
Total	$	83,143	$	1,372	$	84,515

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .80% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) did not exceed an annual rate of .40% of average daily net assets.

Effective May 1, 2009, Lord Abbett has voluntarily agreed to reimburse the Fund to the extent necessary so that total annual operating expense (excluding management fee) do not exceed an annual rate of .40% of the average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $132,518 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.

15

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 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 amount 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 di fferences 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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	–	$	258,762
Net long-term capital gains		–		1,229,305
Total distributions paid	$	–	$	1,488,067

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	2,929,794	$	2,929,794

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	84,349,462
Gross unrealized gain		7,661,135
Gross unrealized loss		(7,495,223	)
Net unrealized security gain	$	165,912

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	35,710,530	$	36,448,760

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2009.

16

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 have been invested in the funds. Such amounts and earnings accrued thereon are included in Directors' fees on the Statement of Operations and in Directors' fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. EXPENSE REDUCTIONS

The Company has entered into an arrangement with the Fund's transfer agent 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 Fund'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 its investments in multinational companies, the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund's performance.

17

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, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		848,402			1,571,975
Reinvestment of distributions		–			158,474
Shares reacquired		(981,037	)		(1,883,566	)
Increase (decrease)		(132,635	)		(153,117	)

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

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 each Fund's proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett's Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission's ("SEC") Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

19

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth Opportunities Portfolio

LASFGO-3-0609

(08/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—International Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — International Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund – International Portfolio for the six-month period ended June 30, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 - 6/30/09
Class VC*
Actual	$	1,000.00	$	1,208.40	$	5.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.44	$	5.41

^†  Net expenses are equal to the Fund's annualized expense ratio of 1.08%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

*  The annualized expenses of the Fund have been restated to 1.20%. Had these restated expenses been in place throughout the most recent one-half year period, expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class VC	$	6.57	$	6.01

Portfolio Holdings Presented by Sector

June 30, 2009

Sector*	%**
Basic Materials		10.85	%
Consumer Cyclical		13.11	%
Consumer Non-Cyclical		10.23	%
Diversified Financials		5.79	%
Energy		7.98	%
Healthcare		7.23	%
Industrial Goods & Services		14.89	%
Non-Property Financials		6.48	%
Property & Property Services		4.03	%
Technology		6.83	%
Telecommunications		0.39	%
Transportation		3.17	%
Utilities		5.25	%
Short-Term Investment		3.77	%
Total		100.00	%

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

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		U.S. $ Value (000)
LONG-TERM INVESTMENTS 95.36%
COMMON STOCKS 93.85%
Australia 2.72%
Mining & Metals 0.46%
Lihir Gold Ltd.*		63,462	$	151
Non-Oil Energy 0.46%
Felix Resources Ltd.		13,027		149
Oil & Gas 0.90%
Centennial Coal Co., Ltd.		149,828		297
Utilities & Infrastructure 0.90%
DUET Group		239,005		297
Total Australia				894
Belgium 0.40%
Non-Property Financials
KBC Groep NV*		7,176		131
Brazil 1.28%
Diversified Consumer Non-Cyclicals 1.19%
Souza Cruz SA		13,800		393
Retail 0.09%
Le Lis Blanc Deux Comercio e Confeccoes de Roupas SA		17,995		29
Total Brazil				422
Canada 2.72%
Mining & Metals 1.08%
Equinox Minerals Ltd.*		153,100		354
Oil & Gas 1.64%
Addax Petroleum Corp.		3,100		131

Investments	Shares		U.S. $ Value (000)
Crescent Point Energy Trust Unit		13,900	$	410
				541
Total Canada				895
China 5.62%
Computer Software 1.07%
Sohu.com, Inc.*		5,603		352
Diversified Financials 1.04%
CNinsure, Inc. ADR		25,500		342
Diversified Industrial Goods & Services 1.68%
China Zhongwang Holdings Ltd.*		402,800		553
Food & Drink 0.64%
Uni-President China Holdings Ltd.		385,000		212
Surface Transportation 1.19%
Zhuzhou CSR Times Electric Co., Ltd.		277,000		392
Total China				1,851
Denmark 0.40%
Food & Drink
Carlsberg A/S		2,038		131
Egypt 1.42%
Autos & Auto Parts 0.41%
Ghabbour Auto*		30,977		135
Diversified Financials 1.01%
EFG-Hermes Holding SAE		81,779		332
Total Egypt				467
France 4.39%
Autos & Auto Parts 1.27%
Renault SA*		11,371		417

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		U.S. $ Value (000)
France (continued)
Communications Equipment 1.00%
Gemalto NV*		9,515	$	329
Engineering & Capital Goods 1.52%
Neopost SA		5,563		499
Media 0.60%
Ipsos SA		7,874		198
Total France				1,443
Germany 8.99%
Aerospace & Defense 1.37%
Rheinmetall AG		10,454		452
Chemicals 1.89%
Symrise GmbH & Co. AG		28,813		425
Wacker Chemie AG		1,709		196
				621
Diversified Energy 0.36%
Q-Cells SE*		5,798		118
Diversified Industrial Goods & Services 0.39%
Hamburger Hafen und Logistik AG		3,329		128
Electrical Equipment 0.50%
Tognum AG		12,578		165
Electronics 0.52%
Aixtron AG		14,029		172
Engineering & Capital Goods 0.88%
MAN SE		4,691		288
Healthcare Facilities 1.05%
Gerresheimer AG		15,575		345
Healthcare Products & Supplies 1.31%
Fresenius Medical Care AG & Co. ADR		9,600		432

Investments	Shares		U.S. $ Value (000)
Mining & Metals 0.72%
Kloeckner & Co. SE*		11,144	$	237
Total Germany				2,958
Greece 2.44%
Consumer Durables 0.96%
Jumbo SA		32,341		317
Non-Property Financials 1.48%
Alpha Bank AE*		30,313		332
Hellenic Exchanges SA		13,717		154
				486
Total Greece				803
Hong Kong 2.87%
Communications Equipment 0.67%
VTech Holdings Ltd.		32,000		218
Leisure & Recreation 1.64%
Rexcapital Financial Holdings Ltd.*		6,950,000		538
Property Services 0.56%
Sino-Ocean Land Holdings Ltd.		161,500		185
Total Hong Kong				941
Indonesia 1.34%
Mining & Metals 0.53%
PT Bumi Resources Tbk		953,500		174
Property (Excluding Services) 0.81%
PT Bakrieland Development Tbk*		5,485,500		159
PT Ciputra Development Tbk*		1,512,651		107
				266
Total Indonesia				440

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		U.S. $ Value (000)
Ireland 1.91%
Diversified Consumer Non-Cyclicals 0.85%
C&C Group plc		82,578	$	278
Healthcare Products & Supplies 0.54%
United Drug plc		64,376		179
Non-Property Financials 0.52%
Irish Life & Permanent plc		33,431		170
Total Ireland				627
Italy 7.88%
Aerospace & Defense 1.05%
Finmeccanica SpA		24,540		345
Diversified Financials 1.35%
Azimut Holding SpA		46,745		443
Food & Drink 1.59%
Davide Campari-Milano SpA		65,512		524
Surface Transportation 1.31%
Ansaldo STS SpA		23,402		431
Utilities & Infrastructure 2.58%
Hera SpA		184,906		450
Terna-Rete Elettrica Nationale SpA		120,150		400
				850
Total Italy				2,593
Japan 18.69%
Chemicals 3.20%
JSR Corp.		21,500		369
Sumitomo Chemical Co., Ltd.		78,000		352
ZEON Corp.		85,000		333
				1,054

Investments	Shares		U.S. $ Value (000)
Computer Software 1.11%
Capcom Co., Ltd.		20,300	$	366
Consumer Non-Durables 0.99%
Benesse Corp.		8,100		325
Diversified Financials 0.24%
Nippon Residential Investment Corp. REIT		32		79
Electronics 0.67%
IBIDEN Co., Ltd.		7,800		220
General Manufacturing & Services 0.96%
FP Corp.		7,200		317
Healthcare Products & Supplies 3.24%
Hogy Medical Co., Ltd.		7,000		356
Mediceo Paltac Holdings Co., Ltd.		28,200		323
Shionogi & Co., Ltd.		20,000		388
				1,067
Non-Property Financials 1.67%
Kabu.com Securities Co., Ltd.		410		548
Property (Excluding Services) 0.54%
Japan Prime Realty Investment Corp. REIT		81		176
Property Services 0.35%
Nippon Commercial Investment Corp. REIT		60		115
Retail 5.33%
Isetan Mitsukoshi Holdings Ltd.		44,892		459
K's Holdings Corp.		20,600		535
Nitori Co., Ltd.		7,350		522
Yamada Denki Co., Ltd.		4,090		239
				1,755

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		U.S. $ Value (000)
Japan (continued)
Telecommunications Services 0.39%
Okinawa Cellular Telephone Co.		75	$	129
Total Japan				6,151
Kazakhstan 0.93%
Oil & Gas
KazMunaiGas Exploration Production GDR		16,100		306
Mexico 0.56%
Diversified Financials
Desarrolladora Homex SA de CV ADR*		6,600		184
Netherlands 3.03%
Consumer Non-Durables 1.34%
Koninklijke Ahold NV		38,344		440
Electrical Equipment 0.59%
Draka Holding NV*		14,621		195
Electronics 0.73%
ASML Holding NV		11,108		240
General Manufacturing & Services 0.37%
Randstad Holding NV*		4,449		123
Total Netherlands				998
Norway 0.65%
Chemicals
Yara International ASA		7,690		215
Philippines 1.30%
Property Services
Megaworld Corp.		21,037,000		428

Investments	Shares		U.S. $ Value (000)
Spain 3.62%
Food & Drink 1.77%
Ebro Puleva SA		21,416	$	325
Viscofan SA		12,044		257
				582
General Manufacturing & Services 1.14%
Prosegur Compania de Seguridad SA		11,717		376
Utilities & Infrastructure 0.71%
Red Electrica Corporacion SA		5,158		233
Total Spain				1,191
Switzerland 3.03%
Chemicals 2.22%
Lonza Group AG		3,113		309
Syngenta AG		1,816		422
				731
Diversified Financials 0.37%
EFG International AG		11,271		122
Property (Excluding Services) 0.44%
Orascom Development Holding AG*		3,187		143
Total Switzerland				996
Taiwan 1.00%
Diversified Financials
iShares MSCI Taiwan Index Fund ETF		32,754		330
Thailand 0.99%
Banks & Financial Services
Bangkok Bank Public Co., Ltd.		99,533		327

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		U.S. $ Value (000)
Turkey 0.17%
Diversified Financials
Turkiye Is Bankasi AS		19,148	$	56
United Kingdom 14.70%
Aerospace & Defense 1.51%
Cobham plc		174,658		496
Air Transportation 0.64%
easyJet plc*		47,138		210
Computer Software 1.00%
Micro Focus International plc		53,593		330
Consumer Building 0.89%
Bellway plc		14,387		144
Persimmon plc		26,007		150
				294
Engineering & Construction 1.25%
Babcock International Group plc		51,777		410
Food & Drink 1.37%
Britvic plc		84,523		388
New Britain Palm Oil Ltd.		10,758		62
				450
General Manufacturing & Services 1.54%
Intertek Group plc		29,493		506
Healthcare Facilities 0.52%
Southern Cross Healthcare plc*		73,483		171
Leisure & Recreation 1.24%
PartyGaming plc*		51,755		209
Sportingbet plc*		213,402		200
				409

Investments	Shares		U.S. $ Value (000)
Non-Property Financials 1.37%
Schroders plc		33,347	$	450
Oil & Gas 3.61%
Ceres Power Holdings plc*		26,573		85
Dana Petroleum plc*		8,958		207
Dragon Oil plc*		44,000		263
Heritage Oil plc*		6,708		59
Premier Oil plc*		11,219		202
Tullow Oil plc		24,234		374
				1,190
Retail 0.56%
Marks & Spencer Group plc		36,783		185
Total United Kingdom				4,838
Total Common Stocks (cost $28,451,740)				30,879
PREFERRED STOCKS 1.51%
Brazil 1.02%
Utilities & Infrastructure
Companhia de Transmissao de Energia Eletrica Paulista		13,633		335
Germany 0.49%
Healthcare Products & Supplies
Fresenius SE		2,983		161
Total Preferred Stocks(cost $472,844)				496
RIGHT 0.00%
Brazil
Utilities & Infrastructure
Companhia de Transmissao de Energia Eletrica Paulista* (expires: 7/17/09)(cost $—)		140		—	(a)
Total Long-Term Investments(cost $28,924,584)				31,375

See Notes to Financial Statements.
8

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 3.73%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $1,145,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $1,253,775; proceeds: $1,228,760 (cost $1,228,760)	$	1,229	$	1,229
Total Investments in Securities 99.09%(cost $30,153,344)				32,604
Foreign Cash and Other Assets in Excess of Liabilities 0.91%				298
Net Assets 100.00%			$	32,902

  ADR  American Depositary Receipt.

  ETF  Exchange Traded Fund.

  GDR  Global Depositary Receipt.

  REIT  Real Estate Investment Trust

  Unit  More than one class of securities traded together.

  *  Non-income producing security.

^(a)  Value is less than $1,000.

See Notes to Financial Statements.
9

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $30,153,344)	$	32,604,219
Foreign cash, at value (cost $299,047)		301,027
Receivables:
Investment securities sold		132,245
Interest and dividends		84,469
Capital shares sold		7,748
From advisor (See Note 3)		7,361
Prepaid expenses		6
Total assets		33,137,075
LIABILITIES:
Payables:
Investment securities purchased		117,106
Management fee		18,792
Capital shares reacquired		13,144
Directors' fee		2,180
Fund administration		1,005
Accrued expenses and other liabilities		82,841
Total liabilities		235,068
NET ASSETS	$	32,902,007
COMPOSITION OF NET ASSETS:
Paid-in capital	$	44,209,221
Undistributed net investment income		240,720
Accumulated net realized loss on investments and foreign currency related transactions		(14,001,954	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,454,020
Net Assets	$	32,902,007
Outstanding shares by class (50 million shares of common stock authorized, .001  $par value)		5,456,487
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	6.03

See Notes to Financial Statements.
10

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends (net of foreign withholding taxes of $46,164)	$	381,431
Interest and other		10,393
Total investment income		391,824
Expenses:
Management fee		90,336
Shareholder servicing		33,217
Custody		29,064
Professional		20,680
Reports to shareholders		13,424
Fund administration		4,818
Directors' fees		364
Other		2,146
Gross expenses		194,049
Expense reductions (See Note 7)		(43	)
Expenses reimbursed by advisor (See Note 3)		(63,341	)
Net expenses		130,665
Net investment income		261,159
Net realized and unrealized gain (loss):
Net realized loss on investments and foreign currency related transactions (net of foreign capital gain tax)		(3,369,605	)
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		8,864,409
Net realized and unrealized gain		5,494,804
Net Increase in Net Assets Resulting From Operations	$	5,755,963

See Notes to Financial Statements.
11

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	261,159		$	336,724
Net realized loss on investments and foreign currency related transactions		(3,369,605	)		(10,643,155	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities   denominated in foreign currencies		8,864,409			(7,500,106	)
Net increase (decrease) in net assets resulting from operations		5,755,963			(17,806,537	)
Distributions to shareholders from:
Net investment income		–			(198,465	)
Net realized gain		–			(808,752	)
Total distributions to shareholders		–			(1,007,217	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		9,364,376			14,193,044
Reinvestment of distributions		–			1,007,215
Cost of shares reacquired		(3,812,803	)		(8,754,752	)
Net increase in net assets resulting from capital share transactions		5,551,573			6,445,507
Net increase (decrease) in net assets		11,307,536			(12,368,247	)
NET ASSETS:
Beginning of period	$	21,594,471		$	33,962,718
End of period	$	32,902,007		$	21,594,471
Undistributed (distributions in excess of) net investment income	$	240,720		$	(20,439	)

See Notes to Financial Statements.
12

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.99		$	10.83		$	11.89		$	10.43		$	8.56		$	7.10
Investment operations:
Net investment income(a)		.05			.10			.08			.10			.01			.01
Net realized and unrealized gain (loss)		.99			(5.69	)		.44			2.91			2.26			1.46
Total from investment operations		1.04			(5.59	)		.52			3.01			2.27			1.47
Distributions to shareholders from:
Net investment income		–			(.05	)		(.11	)		(.05	)		–			(.01	)
Net realized gain		–			(.20	)		(1.47	)		(1.50	)		(.40	)		–
Total distributions		–			(.25	)		(1.58	)		(1.55	)		(.40	)		(.01	)
Net asset value, end of period	$	6.03		$	4.99		$	10.83		$	11.89		$	10.43		$	8.56
Total Return(b)		20.84	%(c)		(51.53	)%		4.73	%		29.08	%		26.63	%		20.71	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.54	%(c)		1.06	%		1.15	%		1.15	%		1.40	%		1.34	%
Expenses, including expense reductions and expenses reimbursed		.54	%(c)		1.06	%		1.15	%		1.15	%		1.40	%		1.34	%
Expenses, excluding expense reductions and expenses reimbursed		.80	%(c)		1.53	%		1.36	%		1.65	%		2.41	%		3.45	%
Net investment income		1.07	%(c)		1.31	%		.67	%		.87	%		.14	%		.12	%
Supplemental Data:
Net assets, end of period (000)	$	32,902		$	21,594		$	33,963		$	28,093		$	12,571		$	6,873
Portfolio turnover rate		55.28	%(c)		123.71	%		106.30	%		98.50	%		70.54	%		68.22	%

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

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

^(c) Not annualized.

See Notes to Financial Statements.
13

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

14

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, 2005 through December 31, 2008. 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.

(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 the Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies on the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on investments and foreign currency related transactions on the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

At June 30, 2009 the Fund had entered into foreign exchange contracts in which they had agreed to purchase and sell various foreign currencies with approximate values of $95,099 and $26,889, respectively.

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

(h)  Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which the 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

15

Notes to Financial Statements (unaudited)(continued)

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

(i)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1 (000)			Level 2 (000)		Total (000)
Common Stocks	$	30,879		$	-	$	30,879
Preferred Stocks		496			-		496
Rights		-	(a)		-		-	(a)
Repurchase Agreement		-			1,229		1,229
Total	$	31,375		$	1,229	$	32,604

^(a) Value is less than $1,000.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management agreement with Lord, Abbett & Co. LLC ("Lord Abbett") pursuant to which Lord Abbett supplies the Fund with investment management services and executive and other personnel, pays the remuneration of officers, provides office space and pays for ordinary

16

Notes to Financial Statements (unaudited)(continued)

and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .75% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) did not exceed an annual rate of .25% of average daily net assets.

Effective May 1, 2009, Lord Abbett is voluntarily reimbursing the Fund to the extent necessary so that total annual operating expenses (excluding management fee) do not exceed an annual rate of .45% of average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $28,082 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 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 amount 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

17

Notes to Financial Statements (unaudited)(continued)

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

The tax character of distributions paid during the six months ended June 30, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	290,999
Net long-term capital gains		-		716,218
Total distributions paid	$	-	$	1,007,217

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	6,556,266	$	6,556,266

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	32,197,108
Gross unrealized gain		2,164,864
Gross unrealized loss		(1,757,753	)
Net unrealized security gain	$	407,111

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	19,208,282	$	12,745,366

There were no purchases or sales of U.S. Government securities during the six months ended June 30, 2009.

6. DIRECTORS' REMUNERATION

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

18

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 the Fund's transfer agent 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. 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. 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 6/30/2009 (unaudited)			Year Ended December 31, 2008
Shares sold		1,906,965			2,092,393
Reinvestment of distributions		-			208,966
Shares reacquired		(774,687	)		(1,114,116	)
Increase		1,132,278			1,187,243

19

Notes to Financial Statements (unaudited)(concluded)

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

20

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

21

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

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

Lord Abbett Series Fund, Inc.

International Portfolio

LASFI-3-06/09

(08/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Large Cap Core Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — Large Cap Core Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Series Fund – Large Cap Core Portfolio for the six-month period ended June 30, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		6/30/09		1/1/09 – 6/30/09
Class VC*
Actual	$	1,000.00	$	1,051.80	$	5.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64	$	5.21

^†  Net expenses are equal to the Fund's annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

*  The annualized expenses of the Fund have been restated to 0.95%. Had these restated expenses been in place throughout the most recent one-half year period, expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class VC	$	4.83	$	4.76

Portfolio Holdings Presented by Sector

June 30, 2009

Sector*	%**
Consumer Discretionary		13.66	%
Consumer Staples		6.16	%
Energy		11.75	%
Financial Services		17.60	%
Healthcare		9.08	%
Materials & Processing		7.77	%
Producer Durables		5.34	%
Technology		18.92	%
Utilities		3.44	%
Short-Term Investment		6.28	%
Total		100.00	%

  *  A sector may comprise several industries.

**  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		Value (000)
COMMON STOCKS 97.49%
Aerospace 2.24%
Boeing Co. (The)		2,247	$	96
Lockheed Martin Corp.		1,468		118
Raytheon Co.		1,111		49
United Technologies Corp.		5,223		271
Total				534
Asset Management & Custodian 2.99%
BlackRock, Inc.		554		97
State Street Corp.		7,388		349
T. Rowe Price Group, Inc.		6,432		268
Total				714
Banks: Diversified 4.87%
Bank of America Corp.		21,923		289
Fifth Third Bancorp		6,145		44
PNC Financial Services Group, Inc. (The)		6,681		259
U.S. Bancorp		9,456		170
Wells Fargo & Co.		16,450		399
Total				1,161
Beverage: Soft Drinks 1.45%
Coca-Cola Co. (The)		4,064		195
PepsiCo, Inc.		2,723		150
Total				345
Biotechnology 2.78%
Amgen, Inc.*		3,633		192
Baxter International, Inc.		2,583		137
Celgene Corp.*		2,491		119
Genzyme Corp.*		2,581		144
Myriad Genetics, Inc.*		2,003		71
Total				663
Casinos & Gambling 0.47%
International Game Technology		7,100		113

Investments	Shares		Value (000)
Chemical: Diversified 2.71%
Dow Chemical Co. (The)		13,320	$	215
E.I. du Pont de Nemours & Co.		3,188		82
Praxair, Inc.		4,915		349
Total				646
Communications Technology 3.21%
Cisco Systems, Inc.*		18,097		337
QUALCOMM, Inc.		9,470		428
Total				765
Computer Services, Software & Systems 6.76%
Adobe Systems, Inc.*		6,740		191
ANSYS, Inc.*		2,154		67
Citrix Systems, Inc.*		3,139		100
Google, Inc. Class A*		932		393
Microsoft Corp.		21,732		517
Oracle Corp.		6,972		149
VMware, Inc. Class A*		4,098		112
Yahoo!, Inc.*		5,389		84
Total				1,613
Computer Technology 3.97%
Apple, Inc.*		2,735		390
Hewlett-Packard Co.		9,676		374
International Business Machines Corp.		1,751		183
Total				947
Consumer Services: Miscellaneous 0.34%
Western Union Co. (The)		4,926		81
Copper 0.14%
Freeport-McMoRan Copper & Gold, Inc.		680		34
Diversified Financial Services 7.76%
Bank of New York Mellon Corp. (The)		11,215		329

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Diversified Financial Services (continued)
Capital One Financial Corp.		177	$	4
Goldman Sachs Group, Inc. (The)		3,947		582
JPMorgan Chase & Co.		18,048		616
Morgan Stanley		11,211		320
Total				1,851
Diversified Manufacturing Operations 0.49%
Honeywell International, Inc.		3,734		117
Diversified Media 0.60%
Time Warner, Inc.		5,685		143
Diversified Retail 8.16%
Bed Bath & Beyond, Inc.*		4,102		126
Best Buy Co., Inc.		8,180		274
Dick's Sporting Goods, Inc.*		16,634		286
Home Depot, Inc. (The)		10,561		250
J.C. Penney Co., Inc.		6,004		172
Kohl's Corp.*		7,673		328
Macy's, Inc.		2,682		32
Target Corp.		8,018		316
Wal-Mart Stores, Inc.		3,320		161
Total				1,945
Drug & Grocery Store Chains 0.33%
CVS Caremark Corp.		2,445		78
Electronic Components 0.57%
Corning, Inc.		8,433		135
Electronic Entertainment 2.51%
Activision Blizzard, Inc.*		30,150		381
Electronic Arts, Inc.*		9,989		217
Total				598
Entertainment 0.41%
Walt Disney Co. (The)		4,198		98

Investments	Shares		Value (000)
Fertilizers 3.58%
Monsanto Co.		7,521	$	559
Potash Corp. of Saskatchewan, Inc. (Canada)(a)		3,173		295
Total				854
Financial Data & Systems 0.10%
MasterCard, Inc. Class A		146		24
Foods 0.72%
Kellogg Co.		1,416		66
Kraft Foods, Inc. Class A		4,130		105
Total				171
Fruit & Grain Processing 1.00%
Archer Daniels Midland Co.		8,934		239
Gold 0.89%
Barrick Gold Corp. (Canada)(a)		6,325		212
Healthcare Services 1.20%
Express Scripts, Inc.*		3,783		260
Medco Health Solutions, Inc.*		569		26
Total				286
Hotel/Motel 2.21%
Marriott International, Inc. Class A		10,914		241
Starwood Hotels & Resorts Worldwide, Inc.		4,221		94
Wynn Resorts Ltd.*		5,420		191
Total				526
Insurance: Life 0.40%
Prudential Financial, Inc.		2,558		95
Insurance: Multi-Line 1.87%
Aon Corp.		5,738		217
MetLife, Inc.		7,619		229
Total				446

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Leisure Time 1.09%
Carnival Corp. Unit		8,900	$	229
Royal Caribbean Cruises Ltd.		2,194		30
Total				259
Medical & Dental Instruments & Supplies 0.33%
St. Jude Medical, Inc.*		1,887		78
Medical Equipment 0.21%
Medtronic, Inc.		1,448		51
Medical Services 0.43%
Quest Diagnostics, Inc.		1,799		102
Metal Fabricating 0.76%
Precision Castparts Corp.		2,480		181
Oil: Crude Producers 3.37%
Apache Corp.		2,967		214
Devon Energy Corp.		2,016		110
EOG Resources, Inc.		1,251		85
Occidental Petroleum Corp.		2,360		155
Range Resources Corp.		1,047		43
Southwestern Energy Co.*		2,360		92
XTO Energy, Inc.		2,739		104
Total				803
Oil: Integrated 6.96%
Chevron Corp.		3,524		233
ConocoPhillips		2,116		89
Exxon Mobil Corp.		8,056		563
Hess Corp.		5,941		319
Marathon Oil Corp.		952		29
Suncor Energy, Inc. (Canada)(a)		4,513		137
Valero Energy Corp.		3,355		57
Weatherford International Ltd.*		11,902		233
Total				1,660

Investments	Shares		Value (000)
Oil Well Equipment & Services 1.89%
Schlumberger Ltd.		6,458	$	349
Smith International, Inc.		3,919		101
Total				450
Personal Care 1.97%
Colgate-Palmolive Co.		2,546		180
Procter & Gamble Co. (The)		5,683		290
Total				470
Pharmaceuticals 4.50%
Abbott Laboratories		5,686		267
Gilead Sciences, Inc.*		4,144		194
Johnson & Johnson		4,657		265
Merck & Co., Inc.		4,792		134
Pfizer, Inc.		6,701		101
Vertex Pharmaceuticals, Inc.*		3,177		113
Total				1,074
Railroads 1.94%
Burlington Northern Santa Fe Corp.		3,203		236
Union Pacific Corp.		4,343		226
Total				462
Restaurants 0.49%
Darden Restaurants, Inc.		2,343		77
Wendy's/Arby's Group, Inc. Class A		10,106		40
Total				117
Scientific Instruments: Control & Filter 0.24%
Parker Hannifin Corp.		1,327		57
Scientific Instruments: Electrical 0.20%
Emerson Electric Co.		1,456		47
Securities Brokerage & Services 0.31%
Charles Schwab Corp. (The)		4,256		75

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Shares		Value (000)
Semiconductors & Components 2.26%
Broadcom Corp. Class A*		1,871	$	46
Intel Corp.		19,862		329
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		7,131		67
Texas Instruments, Inc.		4,575		98
Total				540
Telecommunications Equipment 0.40%
Nokia Corp. ADR		6,476		94
Textiles Apparel & Shoes 0.44%
Coach, Inc.		3,934		106
Tobacco 0.94%
Altria Group, Inc.		3,489		57
Philip Morris International, Inc.		3,842		168
Total				225
Transportation: Miscellaneous 0.45%
United Parcel Service, Inc. Class B		2,146		107
Utilities: Electrical 0.99%
Dominion Resources, Inc.		2,383		80
FPL Group, Inc.		1,687		96
Progress Energy, Inc.		1,616		61
Total				237
Utilities: Miscellaneous 0.27%
Comcast Corp. Class A		4,497		63
Utilities: Telecommunications 2.32%
AT&T, Inc.		18,360		456
Verizon Communications, Inc.		3,190		98
Total				554
Total Common Stocks (cost $25,358,217)				23,246

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 6.53%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $1,455,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $1,593,225; proceeds: $1,557,540 (cost $1,557,540)	$	1,558	$	1,558
Total Investments in Securities 104.02% (cost $26,915,757)				24,804
Liabilities in Excess of Other Assets (4.02%)				(959	)
Net Assets 100.00%			$	23,845

ADR  American Depositary Receipt.

  Unit  More than one class of securities traded together.

  *  Non-income producing security.

^(a)  Foreign security traded in U.S. dollars.

See Notes to Financial Statements.
7

Statement of Assets and Liabilities (unaudited)

June 30, 2009

ASSETS:
Investments in securities, at value (cost $26,915,757)	$	24,803,979
Receivables:
Investment securities sold		60,087
Capital shares sold		26,659
Dividends		19,749
From advisor (See Note 3)		9,509
Prepaid expenses		35
Total assets		24,920,018
LIABILITIES:
Payables:
Investment securities purchased		1,009,457
Management fee		12,960
Capital shares reacquired		6,298
Directors' fees		782
Fund administration		740
Accrued expenses and other liabilities		45,194
Total liabilities		1,075,431
NET ASSETS	$	23,844,587
COMPOSITION OF NET ASSETS:
Paid-in capital	$	28,796,071
Undistributed net investment income		108,274
Accumulated net realized loss on investments		(2,947,980	)
Net unrealized depreciation on investments		(2,111,778	)
Net Assets	$	23,844,587
Outstanding shares (50 million shares of common stock authorized, .001  $par value)		2,612,939
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	9.13

See Notes to Financial Statements.
8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends (net of foreign withholding taxes of $744)	$	212,316
Interest		38
Total investment income		212,354
Expenses:
Management fee		70,040
Shareholder servicing		37,599
Professional		17,032
Reports to shareholders		12,964
Fund administration		4,002
Custody		3,929
Directors' fees		386
Other		370
Gross expenses		146,322
Expense reductions (See Note 7)		(37	)
Expenses reimbursed by advisor (See Note 3)		(41,990	)
Net expenses		104,295
Net investment income		108,059
Net realized and unrealized gain (loss):
Net realized loss on investments		(1,766,517	)
Net change in unrealized depreciation on investments		2,878,589
Net realized and unrealized gain		1,112,072
Net Increase in Net Assets Resulting From Operations	$	1,220,131

See Notes to Financial Statements.
9

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	108,059		$	227,714
Net realized loss on investments		(1,766,517	)		(1,144,332	)
Net change in unrealized appreciation/depreciation on investments		2,878,589			(6,887,290	)
Net increase (decrease) in net assets resulting from operations		1,220,131			(7,803,908	)
Distributions to shareholders from:
Net investment income		–			(227,312	)
Net realized gain		–			(146,412	)
Total distributions to shareholders		–			(373,724	)
Capital share transactions (See Note 10):
Proceeds from sales of shares		4,766,311			9,769,588
Reinvestment of distributions		–			373,724
Cost of shares reacquired		(1,612,809	)		(3,693,367	)
Net increase in net assets resulting from capital share transactions		3,153,502			6,449,945
Net increase (decrease) in net assets		4,373,633			(1,727,687	)
NET ASSETS:
Beginning of period	$	19,470,954		$	21,198,641
End of period	$	23,844,587		$	19,470,954
Undistributed net investment income	$	108,274		$	215

See Notes to Financial Statements.
10

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31									4/29/2005(a) to
	(unaudited)			2008			2007			2006			12/31/2005
Per Share Operating Performance
Net asset value, beginning of period	$	8.68		$	12.89		$	12.14		$	10.86		$	10.00
Investment operations:
Net investment income(b)		.05			.12			.09			.10			.06
Net realized and unrealized gain (loss)		.40			(4.16	)		1.21			1.30			.83
Total from investment operations		.45			(4.04	)		1.30			1.40			.89
Distributions to shareholders from:
Net investment income		–			(.10	)		(.08	)		(.07	)		(.03	)
Net realized gain		–			(.07	)		(.47	)		(.05	)		–
Total distributions		–			(.17	)		(.55	)		(.12	)		(.03	)
Net asset value, end of period	$	9.13		$	8.68		$	12.89		$	12.14		$	10.86
Total Return(c)		5.18	%(d)		(31.28	)%		10.68	%		12.91	%		8.87	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expense reimbursed		.52	%(d)		1.10	%		1.10	%		1.10	%		1.10	%(e)
Expenses, including expense reductions and expense reimbursed		.52	%(d)		1.10	%		1.10	%		1.10	%		.74	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.72	%(d)		1.49	%		1.45	%		1.91	%		7.79	%(e)
Net investment income		.53	%(d)		1.08	%		.72	%		.89	%		1.41	%(e)
Supplemental Data:
Net assets, end of period (000)	$	23,845		$	19,471		$	21,199		$	13,743		$	4,992
Portfolio turnover rate		30.66	%(d)		40.08	%		42.46	%		34.27	%		24.42	%(d)

^(a) Commencement of operations.

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

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

^(d) Not annualized.

^(e) Annualized.

See Notes to Financial Statements.
11

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns remains open for the fiscal years ended December 31, 2005 through December 31, 2008. 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.

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

(g)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 i n a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

13

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1 (000)		Level 2 (000)		Total
Common Stocks	$	23,246		-	$	23,246
Repurchase Agreement		-	$	1,558		1,558
Total	$	23,246	$	1,558	$	24,804

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .70% of the Fund's average daily net assets.

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

For the period January 1, 2009 through April 30, 2009, Lord Abbett contractually agreed to reimburse the Fund to the extent necessary so that total annual operating expenses (excluding management fee) did not exceed an annual rate of .35% of average daily net assets.

Effective May 1, 2009, Lord Abbett has voluntarily agreed to reimburse the Fund to the extent necessary so that total annual operating expense (excluding management fee) do not exceed an annual rate of .25% of the average daily net assets.

Lord Abbett may stop the voluntary reimbursement or change the level of reimbursement at any time.

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, 2009, the Fund incurred expenses of $35,020 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 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 amount 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 di fferences 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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	-	$	227,376
Net long-term capital gains		-		146,348
Total distributions paid	$	-	$	373,724

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	590,022	$	590,022

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	27,080,523
Gross unrealized gain		1,086,322
Gross unrealized loss		(3,362,866	)
Net unrealized security loss	$	(2,276,544	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	9,146,019	$	6,031,613

15

Notes to Financial Statements (unaudited)(continued)

There were no purchases or sales of U.S. Government securities during the six months ended June 30, 2009.

6. DIRECTORS' REMUNERATION

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

7. EXPENSE REDUCTIONS

The Company has entered into an arrangement with the Fund's transfer agent 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 or other types of stocks, such as small company stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. Growth stocks may be more volatile than other stocks. In addition, if the Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to its investments in multinational companies, 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, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		564,980			900,643
Reinvestment of distributions		-			45,027
Shares reacquired		(194,527	)		(348,275	)
Increase		370,453			597,395

11. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statement through this date.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Large-Cap Core Portfolio

LASFLCC-3-0609

(8/09)

2009

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Value Portfolio

For the six-month period ended June 30, 2009

Lord Abbett Series Fund — Mid Cap Value Portfolio
Semiannual Report

For the six-month period ended June 30, 2009

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, 2009. For detailed and more timely 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.

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

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.

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, 2009 through June 30, 2009).

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 1/1/09 – 6/30/09" 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†
	1/1/09		06/30/09		1/1/09 – 06/30/09
Class VC
Actual	$	1,000.00	$	1,007.60	$	6.07
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.76	$	6.11

^†  Net expenses are equal to the Fund's annualized expense ratio of 1.22%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half period).

Portfolio Holdings Presented by Sector

June 30, 2009

Sector*	%**
Consumer Discretionary		17.04	%
Consumer Staples		2.37	%
Energy		12.00	%
Financial Services		14.48	%
Healthcare		11.07	%
Materials & Processing		6.57	%
Producer Durables		20.47	%
Technology		8.47	%
Utilities		5.03	%
Short-Term Investment		2.50	%
Total		100.00	%

  *  A sector may comprise several industries.

  **  Represents percent of total investments.

3

Schedule of Investments (unaudited)

June 30, 2009

Investments	Shares		Value (000)
COMMON STOCKS 97.01%
Advertising Agencies 2.03%
Interpublic Group of Cos., Inc. (The)*		808,058	$	4,081
Omnicom Group, Inc.		127,500		4,026
Total				8,107
Aerospace 1.05%
Alliant Techsystems, Inc.*		29,900		2,463
Curtiss-Wright Corp.		57,700		1,715
Total				4,178
Air Transportation 0.94%
Continental Airlines, Inc. Class B*		283,500		2,512
Southwest Airlines Co.		187,400		1,261
Total				3,773
Asset Management & Custodian 2.31%
State Street Corp.		195,900		9,246
Auto Parts 1.73%
Autoliv, Inc. (Sweden)(a)		89,608		2,578
BorgWarner, Inc.		88,079		3,008
WABCO Holdings, Inc.		74,800		1,324
Total				6,910
Banks: Diversified 3.33%
City National Corp.		121,700		4,482
Comerica, Inc.		165,400		3,498
Commerce Bancshares, Inc.		29,000		923
M&T Bank Corp.		86,400		4,400
Total				13,303
Casinos & Gambling 1.12%
International Game Technology		280,600		4,462

Investments	Shares		Value (000)
Chemical: Diversified 1.45%
Celanese Corp. Series A		243,700	$	5,788
Commercial Services: Rental & Leasing 0.74%
GATX Corp.		114,863		2,954
Commercial Vehicles & Parts 0.36%
PACCAR, Inc.		44,100		1,434
Communications Technology 2.04%
Anixter International, Inc.*		74,200		2,789
Tellabs, Inc.*		936,502		5,366
Total				8,155
Computer Services, Software & Systems 5.93%
Adobe Systems, Inc.*		296,680		8,396
CA, Inc.		111,800		1,949
Diebold, Inc.		46,700		1,231
Intuit, Inc.*		134,100		3,776
McAfee, Inc.*		128,923		5,439
Sybase, Inc.*		93,093		2,918
Total				23,709
Containers & Packaging 1.07%
Ball Corp.		94,365		4,262
Diversified Financial Services 2.55%
Lazard Ltd. Class A		252,900		6,808
Raymond James Financial, Inc.		196,418		3,380
Total				10,188
Diversified Manufacturing Operations 4.30%
Eaton Corp.		136,200		6,076
ITT Corp.		99,600		4,432
Pentair, Inc.		76,800		1,968

See Notes to Financial Statements.
4

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Diversified Manufacturing Operations (continued)
Tyco International Ltd. (Switzerland)(a)		181,630	$	4,719
Total				17,195
Diversified Retail 7.16%
American Eagle Outfitters, Inc.		424,700		6,018
Big Lots, Inc.*		46,800		984
Foot Locker, Inc.		282,263		2,955
Genuine Parts Co.		115,513		3,877
Macy's, Inc.		236,823		2,785
Nordstrom, Inc.		135,600		2,697
PetSmart, Inc.		163,300		3,504
TJX Companies, Inc. (The)		183,700		5,779
Total				28,599
Drug & Grocery Store Chains 1.28%
Kroger Co. (The)		231,497		5,105
Electronics 0.24%
Trimble Navigation Ltd.*		48,800		958
Engineering & Contracting Services 3.45%
Jacobs Engineering Group, Inc.*		143,800		6,053
KBR, Inc.		337,898		6,231
URS Corp.*		30,100		1,491
Total				13,775
Financial Data & Systems 0.37%
Jack Henry &Associates, Inc.		71,800		1,490
Foods 1.08%
J.M. Smucker Co. (The)		88,400		4,302
Gas Pipeline 2.75%
EQT Corp.		185,900		6,490

Investments	Shares		Value (000)
Williams Cos., Inc. (The)		288,800	$	4,508
Total				10,998
Healthcare Facilities 1.64%
DaVita, Inc.*		132,600		6,558
Healthcare Services 1.96%
HealthSouth Corp.*		325,735		4,704
McKesson Corp.		71,300		3,137
Total				7,841
Hotel/Motel 3.56%
Marriott International, Inc. Class A		197,125		4,351
Starwood Hotels &Resorts Worldwide, Inc.		206,600		4,587
Wynn Resorts Ltd.*		150,100		5,299
Total				14,237
Household Equipment/Products 0.44%
Snap-on, Inc.		60,760		1,746
Insurance: Multi-Line 4.07%
ACE Ltd. (Switzerland)(a)		165,219		7,308
Aon Corp.		209,700		7,941
Markel Corp.*		3,600		1,014
Total				16,263
Insurance: Property-Casualty 1.51%
PartnerRe Ltd.		93,190		6,053
Luxury Items 0.30%
Fossil, Inc.*		50,600		1,218
Machinery: Engines 0.68%
Cummins, Inc.		76,650		2,699
Machinery: Industrial 0.62%
Kennametal, Inc.		128,400		2,463
Medical & Dental Instruments & Supplies 2.38%
Covidien plc (Ireland)(a)		119,000		4,455

See Notes to Financial Statements.
5

Schedule of Investments (unaudited)(continued)

June 30, 2009

Investments	Shares		Value (000)
Medical & Dental Instruments & Supplies (continued)
Patterson Cos., Inc.*		233,200	$	5,060
Total				9,515
Medical Equipment 0.33%
Varian Medical Systems, Inc.*		37,400		1,314
Metal Fabricating 2.85%
Kaydon Corp.		46,453		1,513
Precision Castparts Corp.		22,400		1,636
Reliance Steel &Aluminum Co.		214,158		8,222
Total				11,371
Oil: Crude Producers 3.85%
Cabot Oil & Gas Corp.		123,400		3,781
EOG Resources, Inc.		55,895		3,796
Forest Oil Corp.*		168,400		2,513
Noble Energy, Inc.		67,100		3,957
Range Resources Corp.		31,900		1,321
Total				15,368
Oil: Integrated 1.20%
Transocean Ltd. (Switzerland)*(a)		64,545		4,795
Oil Well Equipment & Services 4.14%
Cameron International Corp.*		102,900		2,912
Halliburton Co.		290,160		6,006
Oceaneering International, Inc.*		39,000		1,763
Smith International, Inc.		148,600		3,826
Superior Energy Services, Inc.*		117,900		2,036
Total				16,543

Investments	Shares		Value (000)
Paints & Coatings 1.18%
Valspar Corp. (The)		208,506	$	4,698
Pharmaceuticals 4.70%
AmerisourceBergen Corp.		341,000		6,049
Mylan, Inc.*		717,074		9,358
Watson Pharmaceuticals, Inc.*		100,000		3,369
Total				18,776
Producer Durables: Miscellaneous 1.83%
SPX Corp.		84,400		4,133
W.W. Grainger, Inc.		38,644		3,164
Total				7,297
Railroads 1.20%
Kansas City Southern*		296,600		4,778
Scientific Instruments: Control & Filter 2.88%
Donaldson Co., Inc.		81,286		2,816
Parker Hannifin Corp.		140,500		6,036
Roper Industries, Inc.		58,674		2,658
Total				11,510
Scientific Instruments: Gauges & Meters 0.24%
Itron, Inc.*		17,600		969
Scientific Instruments: Pollution Control 0.98%
Republic Services, Inc.		160,762		3,924
Securities Brokerage & Services 0.25%
Jefferies Group, Inc.*		47,400		1,011
Semiconductors & Components 0.21%
Marvell Technology Group Ltd.*		73,149		851

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(concluded)

June 30, 2009

Investments	Shares		Value (000)
Shipping 1.11%
Kirby Corp.*		139,397	$	4,431
Textiles Apparel & Shoes 0.62%
Guess?, Inc.		96,100		2,477
Utilities: Electrical 1.83%
CMS Energy Corp.		398,818		4,818
Northeast Utilities		111,563		2,489
Total				7,307
Utilities: Gas Distributors 0.53%
Piedmont Natural Gas Co., Inc.		87,570		2,111
Utilities: Telecommunications 2.64%
CenturyTel, Inc.		127,231		3,906
EMBARQ Corp.		158,167		6,653
Total				10,559
Total Common Stocks (cost $380,474,713)				387,574

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 2.49%
Repurchase Agreement
Repurchase Agreement dated 6/30/2009, Zero Coupon due 7/1/2009 with State Street Bank & Trust Co. collateralized by $9,270,000 of Federal Home Loan Mortgage Corp. at 6.875% due 9/15/2010; value: $10,150,650; proceeds: $9,951,421 (cost $9,951,421)	$	9,951	$	9,951
Total Investments in Securities 99.50% (cost $390,426,134)				397,525
Other Assets in Excess of Liabilities 0.50%				2,003
Net Assets 100.00%			$	399,528

*  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, 2009

ASSETS:
Investments in securities, at value (cost $390,426,134)	$	397,525,301
Receivables:
Investment securities sold		3,734,648
Capital shares sold		325,211
Dividends		322,502
Prepaid expenses		362
Total assets		401,908,024
LIABILITIES:
Payables:
Investment securities purchased		1,732,238
Management fee		240,442
Capital shares reacquired		146,212
Directors' fees		82,378
Fund administration		12,944
Accrued expenses and other liabilities		166,172
Total liabilities		2,380,386
NET ASSETS	$	399,527,638
COMPOSITION OF NET ASSETS:
Paid-in capital	$	772,176,908
Undistributed net investment income		1,614,652
Accumulated net realized loss on investments		(381,363,089	)
Net unrealized appreciation on investments		7,099,167
Net Assets	$	399,527,638
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		37,739,749
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	10.59

See Notes to Financial Statements.
8

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2009

Investment income:
Dividends	$	4,200,238
Interest		982
Total investment income		4,201,220
Expenses:
Management fee		1,545,726
Shareholder servicing		755,424
Fund administration		82,439
Reports to shareholders		70,987
Professional		24,619
Custody		10,445
Directors' fees		7,157
Other		8,693
Gross expenses		2,505,490
Expense reductions (See Note 8)		(768	)
Net expenses		2,504,722
Net investment income		1,696,498
Net realized and unrealized gain (loss):
Net realized loss on investments		(253,956,083	)
Net realized loss on redemption in-kind (See Note 6)		(31,304,963	)
Net change in unrealized depreciation on investments		267,665,234
Net realized and unrealized loss		(17,595,812	)
Net Decrease in Net Assets Resulting From Operations	$	(15,899,314	)

See Notes to Financial Statements.
9

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Six Months Ended June 30, 2009 (unaudited)			For the Year Ended December 31, 2008
Operations:
Net investment income	$	1,696,498		$	9,628,363
Net realized loss on investments		(253,956,083	)		(93,907,465	)
Net realized loss on redemption in-kind (See Note 6)		(31,304,963	)		–
Net change in unrealized appreciation/depreciation on investments		267,665,234			(293,182,584	)
Net decrease in net assets resulting from operations		(15,899,314	)		(377,461,686	)
Distributions to shareholders from:
Net investment income		–			(9,667,724	)
Net realized gain		–			(32,305,496	)
Total distributions to shareholders		–			(41,973,220	)
Capital share transactions (See Note 11):
Proceeds from sales of shares		15,266,086			60,325,957
Reinvestment of distributions		–			41,973,219
Cost of shares reacquired		(45,239,169	)		(197,658,370	)
Cost of redemption in-kind (See Note 6)		(91,964,108	)		–
Net decrease in net assets resulting from capital share transactions		(121,937,191	)		(95,359,194	)
Net decrease in net assets		(137,836,505	)		(514,794,100	)
NET ASSETS:
Beginning of period	$	537,364,143		$	1,052,158,243
End of period	$	399,527,638		$	537,364,143
Undistributed (distributions in excess of) net investment income	$	1,614,652		$	(81,846	)

See Notes to Financial Statements.
10

Financial Highlights

	Six Months Ended 6/30/2009			Year Ended 12/31
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	10.51		$	18.90		$	21.78		$	21.09		$	20.79		$	17.04
Investment operations:
Net investment income(a)		.04			.19			.09			.10			.11			.09
Net realized and unrealized gain (loss)		.04	(b)		(7.68	)		.07			2.47			1.60			4.01
Total from investment operations		.08			(7.49	)		.16			2.57			1.71			4.10
Distributions to shareholders from:
Net investment income		–			(.21	)		(.10	)		(.11	)		(.10	)		(.06	)
Net realized gain		–			(.69	)		(2.94	)		(1.77	)		(1.31	)		(.29	)
Total distributions		–			(.90	)		(3.04	)		(1.88	)		(1.41	)		(.35	)
Net asset value, end of period	$	10.59		$	10.51		$	18.90		$	21.78		$	21.09		$	20.79
Total Return(c)		.76	%(d)		(39.36	)%		.58	%		12.23	%		8.22	%		24.04	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.60	%(d)		1.15	%		1.12	%		1.12	%		1.13	%		1.17	%
Expenses, excluding expense reductions		.60	%(d)		1.15	%		1.12	%		1.12	%		1.13	%		1.17	%
Net investment income		.41	%(d)		1.21	%		.40	%		.48	%		.51	%		.46	%
Supplemental Data:
Net assets, end of period (000)	$	399,528		$	537,364		$	1,052,158		$	1,226,358		$	1,197,020		$	834,428
Portfolio turnover rate		73.22	%(d)(e)		30.43	%		35.39	%(e)		27.96	%(e)		24.67	%		17.61	%

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

^(b) The per share amount does not represent the net realized and unrealized loss as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.

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

^(d) Not annualized.

^(e) 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 an open-end management investment company, incorporated under Maryland law in 1989. The Company consists of eight separate portfolios (the "Funds"). This report covers the Mid-Cap Value Portfolio (the "Fund"). The Fund is diversified as defined under the Act.

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

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

(a)  Investment Valuation–Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Securiti es for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

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

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

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

12

Notes to Financial Statements (unaudited)(continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns remains open for the fiscal years ended December 31, 2005 through December 31, 2008. 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.

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

(g)  Fair Value Measurements–In accordance with Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 p articular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

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

13

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

Investment Type	Level 1 (000)		Level 2 (000)		Total (000)
Common Stocks	$	387,574	$	–	$	387,574
Repurchase Agreement		–		9,951		9,951
Total	$	387,574	$	9,951	$	397,525

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, pays the remuneration of officers, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio.

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

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

For the six months ended June 30, 2009, the effective management fee paid to Lord Abbett was at an annualized rate of .75% of the Fund's average daily net assets.

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

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily net asset value ("NAV") of the Fund's Class VC Shares held in the insurance company's separate account to service and maintain the Variable Contract owners' accounts. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. For the six months ended June 30, 2009, the Fund incurred expenses of $719,325 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 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 amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal

14

Notes to Financial Statements (unaudited)(continued)

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, 2009 and the fiscal year ended December 31, 2008 was as follows:

	Six Months Ended 6/30/2009 (unaudited)		Year Ended 12/31/2008
Distributions paid from:
Ordinary income	$	–	$	11,178,159
Net long-term capital gains		–		30,795,061
Total distributions paid	$	–	$	41,973,220

As of December 31, 2008, the capital loss carryforward, along with the related expiration date, was as follows:

2016		Total
$	59,666,300	$	59,666,300

As of June 30, 2009, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	400,005,082
Gross unrealized gain		23,934,474
Gross unrealized loss		(26,414,255	)
Net unrealized security loss	$	(2,479,781	)

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments and including redemptions in-kind) for the six months ended June 30, 2009 were as follows:

Purchases		Sales
$	292,018,648	$	399,502,435

There were no purchases or sales of U.S. Government securities during the six months ended June 30, 2009.

15

Notes to Financial Statements (unaudited)(continued)

6. REDEMPTION IN-KIND

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payments for a redemption of Fund shares ("redemption in-kind"). For financial reporting purposes, the Fund recognizes a gain on redemption in-kind to the extent the value of the distributed securities exceeds their costs; the Fund recognizes a loss if cost exceeds value. During the six months ended June 30, 2009, shareholders of the Fund redeemed Fund shares in exchange for Fund portfolio securities, causing the Fund to realize a net loss of $31,304,963.

7. DIRECTORS' REMUNERATION

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

8. EXPENSE REDUCTIONS

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

9. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

10. INVESTMENT RISKS

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

These factors can affect the Fund's performance.

16

Notes to Financial Statements (unaudited)(concluded)

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2009 (unaudited)			Year Ended December 31, 2008
Shares sold		1,557,840			4,224,226
Reinvestment of distributions		-			4,248,301
Shares reacquired		(4,731,052	)		(13,010,723	)
Redemption in-kind		(10,229,600	)		-
Decrease		(13,402,812	)		(4,538,196	)

12. SUBSEQUENT EVENTS

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165, Subsequent Events, adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 14, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

17

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

18

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

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Mid-Cap Value Portfolio

LASFMCV-3-0609

(08/09)

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 17, 2009
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: August 17, 2009

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 17, 2009
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: August 17, 2009

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Robert S. Dow, certify that:

1.I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:  August 17, 2009

/s/ Robert S. Dow

Robert S. Dow

Chief Executive Officer and Chairman

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Joan A. Binstock, certify that:

1.I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period

covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.   The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:  August 17, 2009

/s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

EX-99.906CERT

EXHIBIT 99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

1.This report on Form N-CSR of Lord Abbett Series Fund, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date:  August 17, 2009

By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman
By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.